Figure 3.
The diagram shows a central box labelled Unrealised C B M A Deals. On the left side, a heading reads China. Three boxes appear vertically aligned under this heading. The top box reads Economic Freedom Distance. The middle box reads Corruption Distance. The bottom box reads Cultural Distance. Arrows from each of these three boxes point toward the central box. A minus sign appears beside the arrows from Economic Freedom Distance and Corruption Distance. A plus sign appears beside the arrow from Cultural Distance. On the right side, a heading reads Russia. Three boxes appear vertically aligned under this heading. The top box reads Economic Freedom Distance. The middle box reads Corruption Distance. The bottom box reads Cultural Distance. Arrows from each of these three boxes point toward the central box. A minus sign appears beside the arrows from Economic Freedom Distance and Corruption Distance. A plus sign appears beside the arrow from Cultural Distance.The relationship between institutional distance and the number of unrealized cross-border mergers and acquisitions deals