企業併購市場快速加溫，它是讓公司獲得增長機會的方法之一。然而，文化差異在併購決策中發揮著重要作用，並可能影響併購的績效。
本研究使用1990-2020年間區域全面經濟夥伴協定國家的3,270個跨國收購的樣本，並發現文化距離越大，併購完成的可能性就越少。而如果主併公司所在的國家高度重視女性權利或兩國之間存在較大的男性化差距，主併方較不會選擇位於東盟國家的公司作為併購標的。如果他們仍然這樣做，在2015年區域全面經濟夥伴協定談判加速後，他們將對宣告效果產生負面影響。在RCEP的出現後，若是歐美國家想要進入東亞市場，可以直接併購區域全面經濟夥伴協定中非東協國家的公司，而不必選擇原本的東協國家的公司。

Merger and acquisition (M&A) activities have been greatly increasing globally in the past few decades. It is one of the methods for growth opportunity. However, cultural differences play an important role in M&A decision-making and are likely to impact the performance of M&As.
Using a sample of 3,270 cross-border acquisitions in RCEP countries during 1990–2020, this study finds that: larger cultural distance is associated with fewer chances of completing an acquisition deal. And if the acquirer's country places a high emphasis on women's rights or there is a large MAS gap between the two countries, the acquirer should be less likely to choose a company located in ASEAN countries as the target. If they still do so, they would have a negative impact on the announcement effect after RCEP negotiations accelerated in 2015. After the implementation of RCEP, firms in the Western countries can choose to acquire firms in non-ASEAN countries in RCEP when they want to enter the East Asian market.

1. Introduction 1
2. Literature Review 4
2.1 Literature on Cultural Difference 4
2.2 Literature on Gender Differences 7
2.3 Literature on ASEAN and RCEP 8
3. Hypothesis & Methodology 13
3.1 Hypothesis 13
3.2 Sample and Methodology 13
3.3 Description of Variables 15
3.4 Summary Statistics 20
4. Empirical Results 24
4.1 Univariate Analysis 24
4.2 Multivariate Analysis 25
5. Conclusion 29
Appendix 31
Reference 34

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