跨國併購是企業追求成長的手段之一，但是同時需要承擔額外的風險。過去研究中得知人力資本是影響併購績效的重要因素，但同時文化差距會使投資人預期在併購後需要更高的整併成本，於是跨國併購時會有較差的市場反應，甚至有較差的併購後績效。
東南亞國家協會在2005年，東協推出工程MRA政策對勞動市場進行區域整合，希望增加東協工程師在境內的移動力，紓緩短期技術勞工不足的問題，增加海外企業的投資意願及績效。
本研究發現依賴勞動力的美國企業在東協進行併購時，會取得較佳的市場反應。但實施工程MRA後，美國企業在東協進行併購時，沒有因政策實施而獲得更好的市場反應與併購後績效，且兩國之間文化的因素，也對市場反應沒有顯著的影響。但是企業實際進入東協市場並開始整併時，若被併企業當地的文化較和諧，將有較好的併購後績效。但隨著時間拉長，其影響隨之降低。

Cross-border merger & acquisition is one of the methods for growth opportunity. At the same time, acquiring firms will take higher risk stemmed from institutional differences or cultural distance than domestic M&A.
In order to attract foreign capital to invest in ASEAN countries, ASEAN developed a regional labor policy named ASEAN Engineering Mutual Recognition Agreement. The purpose of ASEAN Engineering MRA is to increase the mobility of local engineers within the ASEAN and alleviate the lack of skilled labor.
This research suggests that the US acquiring firms didn’t get a better market reaction and post-merger performance after ASEAN engineering MRA and cultural distance didn’t influence the market reaction. US acquiring firms would have better post-merger performance if the host country’s culture is more kindness and openness. But this effect will disappear as time goes by.

Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1), 165-189. doi:https://doi.org/10.1016/j.jfineco.2012.08.006
Alimov, A. (2015). Labor market regulations and cross-border mergers and acquisitions. Journal of International Business Studies, 46(8), 984-1009. doi:10.1057/jibs.2015.16
Chia, S. Y. (2006). Labor Mobility and East Asian Integration. Asian Economic Policy Review, 1(2), 349-367. doi:10.1111/j.1748-3131.2006.00042.x
Datta, D. K., & Puia, G. (1995). Cross-Border Acquisitions: An Examination of the Influence of Relatedness and Cultural Fit on Shareholder Value Creation in U.S. Acquiring Firms. MIR: Management International Review, 35(4), 337- 359. Retrieved from www.jstor.org/stable/40228285
David, K., & Singh, H. (1994). Sources of Acquisition Cultural Risk. In G. von Krogh, A. Sinatra, & H. Singh (Eds.), The Management of Corporate Acquisitions: International Perspectives (pp. 251-292). London: Palgrave Macmillan UK.
Davis, M. (1996). Defining “Engineer:” How To Do It and Why It Matters. Journal of Engineering Education, 85(2), 97-101. doi:10.1002/j.2168- 9830.1996.tb00217.x
Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of Cross-Border Mergers and Acquisitions. The Journal of finance, 67(3), 1045-1082. doi:10.1111/j.1540-6261.2012.01741.x
Grossman, S. J., & Hart, O. D. (1986). The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration. Journal of Political Economy, 94(4), 691-719. doi:10.1086/261404
Hart, O., & Moore, J. (1990). Property Rights and the Nature of the Firm. Journal of Political Economy, 98(6), 1119-1158. doi:10.1086/261729
Hofstede, G. (1984). Culture's consequences: International differences in work- related values (Vol. 5): sage.
Hofstede, G. H., Hofstede, G. J., & Minkov, M. (2005). Cultures and organizations: Software of the mind (Vol. 2): Mcgraw-hill New York.
Larsson, R., & Lubatkin, M. (2001). Achieving Acculturation in Mergers and Acquisitions: An International Case Survey. Human Relations, 54(12), 1573- 1607. doi:10.1177/00187267015412002
Lee, K. H., Mauer, D. C., & Xu, E. Q. (2018). Human capital relatedness and mergers and acquisitions. Journal of Financial Economics, 129(1), 111-135. doi:https://doi.org/10.1016/j.jfineco.2018.03.008
Levine, R., Lin, C., & Shen, B. (2020). Cross-border acquisitions: Do labor regulations affect acquirer returns? Journal of International Business Studies, 51(2), 194-217. doi:10.1057/s41267-019-00281-1
Morosini, P., Shane, S., & Singh, H. (1998). National Cultural Distance and Cross- Border Acquisition Performance. Journal of International Business Studies, 29(1), 137-158. doi:10.1057/palgrave.jibs.8490029
Moschieri, C., Ragozzino, R., & Campa, J. M. (2014). Does Regional Integration Change the Effects of Country-Level Institutional Barriers on M&A? The Case of the European Union. Management International Review, 54(6), 853- 877. doi:10.1007/s11575-014-0206-7
Weber, Y. (1996). Corporate Cultural Fit and Performance in Mergers and Acquisitions. Human Relations, 49(9), 1181-1202. doi:10.1177/001872679604900903