Mergers and acquisitions (M&As) are important corporate strategy actions that are vital for the companies in order to survive in this competitive global world. The popularity of those actions has increased over the years, especially in the international domain. In the UK, both the number and value of cross-border M&As has increased significantly over the years. Despite this increase, there haven’t been enough studies or clear evidence about whether venturing abroad to acquire foreign targets leads the companies to better performance compared to staying domestically.udTherefore, the purpose of this thesis is to investigate the M&A phenomenon deeply and compare between cross-border and domestic M&As made by UK public acquirer firms. More specifically, the thesis concentrates on three main issues which are: (1) the difference between the returns to shareholders of acquirer firms involved in cross-border and domestic M&As; (2) the difference between the operating performance of acquirer firms involved in cross-border and domestic M&As; and (3) the difference between the impacts of cross-border and domestic M&As on the operating performance of acquirer and target firms combined.udMarket-based and accounting-based approaches are used to investigate a sample of UK acquirer firms engaged in cross-border and domestic M&As both in the short-term and in the long-term periods. In general, the results reveal insignificant differences between the shareholders’ returns and operating performances of acquirer firms involved in cross-border and domestic M&As over the short- and long-term periods. On the other hand, the results for acquirer and target combined firms show that cross-border M&As have lower operating performances than domestic M&As.udRecommendations are provided in order to help the decision and policy makers in the companies to decide whether cross-border M&As should be actively encouraged or discouraged in comparison with domestic M&As.ud
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机译：并购（M＆A）是重要的公司战略行动，对于公司要在竞争激烈的全球环境中生存至关重要。这些年来，这些行动越来越受欢迎，尤其是在国际领域。在英国，这些年来，跨国并购的数量和价值均显着增加。尽管有这种增加，但对于进行海外冒险以获取外国目标是否使公司比在国内呆住相比，使公司的业绩更好没有足够的研究或明确的证据。 ud因此，本论文的目的是深入研究并购现象并进行比较在英国公共收购方公司进行的跨国和国内并购之间。更具体地说，本文集中在三个主要问题上：（1）涉及跨国和国内并购的收购方公司的股东收益之间的差异； （2）涉及跨国并购的并购公司的经营业绩与国内并购之间的差异； （3）跨国和国内并购对并购方和目标公司经营绩效的影响之间的差异。 ud以市场为基础和基于会计为基础的方法被用来调查英国从事跨国并购的并购方公司的样本。短期和长期的边境和国内并购。总体而言，结果表明，在短期和长期内，参与跨国和国内并购的收购方公司的股东收益与经营业绩之间的差异不大。另一方面，对收购方和目标合并公司的结果表明，跨国并购的经营业绩要低于国内并购。 ud提供了建议，以帮助公司的决策者和决策者确定是否进行跨国并购。与国内并购相比应受到鼓励或劝阻。 ud
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