UNCERTAINTY, STATE INVOLVEMENT, AND CORPORATE CONSOLIDATION: M&A CASE STUDIES FROM BRICS ECONOMIES
DOI:
https://doi.org/10.5281/zenodo.18062689Keywords:
economic policy uncertainty; mergers and acquisitions; emerging markets; BRICS; positivist methodology; institutional uncertainty.Abstract
This article investigates how firms in BRICS economies respond to economic policy uncertainty through
mergers and acquisitions (M&A), using a comparative case study approach. Focusing on major transactions in Brazil,
Russia, India, China, and South Africa, the study examines how institutional environments, ownership structures, and
governance arrangements shape corporate consolidation strategies under conditions of policy volatility, geopolitical risk,
and regulatory change. The analysis draws on in-depth case reviews of representative M&A transactions, including
state-influenced restructuring, private-sector consolidation, and cross-border acquisitions. Each case is analysed within
its national institutional context to identify the mechanisms through which uncertainty affects deal motivation, transaction
design, and post-merger integration. Particular attention is paid to the role of state ownership, compliance constraints,
sanctions exposure, and governance capacity in mediating firm responses to uncertainty. The study adopts an institutional
and comparative analytical framework, treating economic policy uncertainty as a structural feature of emerging markets
rather than a temporary shock. By comparing cases across distinct political–economic systems, the article highlights both
common adaptation patterns, such as domestic consolidation and strategic restructuring, and country-specific responses
driven by differences in regulatory regimes and state involvement. The novelty of the article lies in its systematic crosscountry
comparison of M&A cases under uncertainty within the BRICS bloc. The findings contribute to the qualitative
literature on corporate strategy in emerging markets by demonstrating how firms navigate uncertainty through governance
choices and ownership arrangements. The study also offers practical insights for policymakers and practitioners seeking
to understand how institutional design influences the effectiveness of M&A activity under persistent uncertainty
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