“…This stream of literature has often contrasted entry modes in terms of equity and non-equity entries, noting how equity entries provide greater control over the foreign subsidiaries but also greater risk (Kogut & Singh, 1988;Hennart, & Reddy, 1997;Isobe et al, 2000) and are better to transfer knowledge internally (Phene et al, 2012). This stream has identified several factors that influence the M&A outcome such as multinational experience (Harzing, 2002), local experience (Barkema & Vermeulen, 1998), product diversity (Brouthers & Brouthers, 2000), internal knowledge transfer (Phene et al, 2012), the selection of the target firms (Haspeslagh & Jemison, 1991) and post-M&A cross-border integration (Shimizu et al, 2004), but also industry and even country-level (Kogut & Singh, 1988;Hennart & Reddy, 1997) factors such as technological intensity, host country market attractiveness, internal isomorphic pressures, legal constraints. The cultural dimension in M&As has been one of the most often studied variables (Stahl & Voigt, 2005) in international strategy.…”