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Mergers and acquisitions (M&As) are of three types: domestic, inbound and outbound cross-border. Inbound M&As provide an inflow of foreign funds into the economy, whereas outbound M&As involve the outflow of domestic funds. This paper examines the impact of domestic and cross-border mergers and acquisitions in Brazil on each other.

The authors analyze M&A activity in Brazil and examine the impact domestic, inbound and outbound M&As have on each other. The study uses a vector auto-regressive model to test the relationships for each quarter of 2000–2018. The M&A activity is operationalized using the total number of deals and the cumulative value of the deals in a particular period.

The results depict stark contrast for M&A activity measured through incidences and monetary value. Overall, the number of deals can better explain each other than value. The authors find that, in terms of incidences, domestic M&A is Granger caused by both outbound and inbound M&As together. Further, inbound and domestic M&As together Granger cause outbound M&As in terms of aggregate monetary value. The impulse response function reveals that incidence shocks created in M&A activity are longer lasting than the value shocks.

The results have implications for businesses and policymakers. The study reveals the complexities of crowding effects important for businesses. The government needs to structure its future investment-promotion strategies depending on the objectives related to the number and value of M&A activity.

The study uses econometric tools and empirical methods to find the unexplored nature of the relationship between domestic, outbound and inbound cross-border M&As.

This study reviews the literature on institutional theory in international business and examines the institutional factors behind the success or failure of multinational corporations (MNCs) in emerging markets.

This systematic literature review analysed 116 peer-reviewed articles published in leading journals between 2005 and 2022. The R package Bibliometrix and VOSviewer visualization software were used for analysis. A hybrid methodology combining bibliometric and content analyses was utilized to obtain a descriptive evaluation of the publication impact along with a keyword co-occurrence map, context-specific institutional effects and subsidiary strategies.

The Journal of International Business Studies, along with influential authors such as Mike W. Peng, Klaus Meyer, and Mehmet Demirbag, have taken the lead in advancing institutional theories for MNC internationalization in emerging markets. The clusters from the co-word analysis revealed dominant MNC entry modes, institutional distances and MNC localization strategies. The content analysis highlights how the institutional environment is operationalized across the macro-, micro- and meso-institutional contexts and how the MNC subsidiary responds in emerging markets. Meso-level interactions emphasize the relational aspects of business strategies in emerging markets.

Contextualizing subsidiary strategies and institutional forms can help managers align their strategic responses to the dynamic relationship between subsidiaries and the institutional environment. The review findings will enable policymakers to simplify regulatory policies and encourage MNC subsidiary networks with local stakeholders in emerging markets.

Legitimacy strategies such as corporate community involvement in emerging markets are crucial for enhancing societal support and removing stakeholders' scepticism for MNC business operations in emerging markets. Moral legitimacy should be implemented by managers, such as lending support to disaster management efforts and humanitarian crises, as they expand to new business environments of emerging markets.

This study is the first to explore institutional diversity and subsidiary strategic responses in a three-layered institutional context. The findings highlight the relevance of contextualizing institutional perspectives for international business scholars and practitioners as they help build context-specific theoretical frameworks and business strategies. Future research recommendations are suggested in the macro-, micro- and meso-institutional contexts.

Adiponectin, a bioactive molecule produced by adipose tissue, has potential effect in increasing insulin sensitivity. Adiponectin levels reduction is associated with type 2 diabetes mellitus (T2DM) and its complications, including cardiovascular disease (CVD). Triglyceride-to-high-density lipoprotein (TG:HDL) ratio can be used as a predictor of CVD risk in T2DM patients. Whiteleg shrimp (Litopenaeus vannamei) shell contains astaxanthin, macro- and micro-nutrients that may exert synergistic beneficial effects. This study aims to determine the effect of L. vannamei shell powder (LVSP) in improving adiponectin, TG, HDL and TG:HDL of T2DM Wistar rat, and to investigate the presence of any correlations between adiponectin and lipid markers.

A total of 25 male Wistar rats were divided into five equal groups: control negative [C(−)], control positive [C(+)], treatments 1, 2 and 3 (T1, T2 and T3, respectively). C(+), T1, T2 and T3 were maintained on a high-fat diet for 14 days before streptozotocin (STZ) injection. T1 and T2 groups were administered two different doses of LVSP, while T3 group was provided astaxanthin supplement (AST).

LVSP treatments significantly increase adiponectin (p = 0.04) and HDL (p < 0.001) but reduced TG (p < 0.001) and TG:HDL (p < 0.001). A higher LVSP dose was more effective in improving all markers than the lower dose; moreover, there was a comparable effect as that of AST in increasing the adiponectin levels. Strong correlations were observed between adiponectin and lipid markers.

This study shows that LVSP as a functional food, can ameliorate adiponectin levels and normalizes blood glucose levels. The LVSP reduces the risk of CVD because of the reduction of TG:HDL.