Figure 1.
At the far left is a filled circle marking the start. A box below reads Initiation Date with an upward arrow to the timeline. Above the timeline, a box reads Rumors can be made anytime here with multiple downward arrows pointing to different points along the line. A box labelled Pre dash Announcement Date appears above the left half of the timeline. The timeline section is divided by dotted vertical lines into Proposal and Negotiation slash Auction. Beneath Negotiation slash Auction is a shaded bar labelled Due Diligence spanning part of that section. A box below the centre reads Announcement Date with an upward arrow to the timeline. To the right above the timeline is a box labelled Post dash Announcement Date. At the far right, a filled circle marks the end, with a box below reading Completed slash Withdrawn and an upward arrow to the timeline. At the bottom, a long box reads Negative influences of institutional distances between the home and host country with upward arrows pointing to earlier stages of the timeline.Cross-border mergers and acquisitions process
Source: Based on Liu (2021) and adapted