ARTYKUŁ
The Impact of Cross-Border Mergers and Acquisitions on Financial Performance and Intangible Assets of Agribusinesses in Emerging Countries
 
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1
Faculty of Management, Civitas University, Polska
 
2
Department of Management Sciences, Superior University Lahore, Pakistan, Pakistan
 
3
Canterbury Institute of Management, Australia
 
 
Submission date: 2025-10-12
 
 
Final revision date: 2026-01-18
 
 
Acceptance date: 2026-02-18
 
 
Online publication date: 2026-05-25
 
 
Corresponding author
Mudassira Sarfraz   

Faculty of Management, Civitas University, Warsaw, Polska
 
 
 
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ABSTRACT
This study investigates the impact of mergers and acquisitions (M&A) on intangible assets and financial performance of agribusiness firms in emerging economies, focusing on Brazil, Russia, India, China, and South Africa. Using data from 25 firms between 2015 and 2020, this study applies Data Envelopment Analysis (DEA), Tobit regression, and t-tests to compare financial and intangible asset outcomes before and after M&A. The results show a significant post-merger increase in the scale and efficiency of intangible assets, accompanied by greater investments in customer relationships and marketing and improved sales turnover. However, short-term operating profitability, measured by EBIT margin, does not show a statistically significant improvement. These findings suggest that cross-border M&A strengthen intangible value creation and organizational capabilities, while financial performance gains may materialize after some time, due to integration costs and restructuring processes.
eISSN:2299-6184
ISSN:0013-3205
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