The evolutionary mechanism of global cross-border technology M&As: a network perspective analysis

Cross-border technology mergers and acquisitions (M&As) play a vital role in global technology diffusion, yet their network formation mechanisms and evolution patterns remain underexplored. Based on 40,761 high-tech cross-border M&As from 1997 to 2022, this study applies complex network analysis and the exponential random graph model (ERGM) to examine the structural characteristics and driving mechanisms of the global cross-border technology M&A network. Results show that the network exhibits small-world characteristics and core–periphery structures, and further evolves into a multi-center pattern as its scale and complexity increase. At the same time, the network exhibits significant reciprocity. High- and low-income countries (regions) tend to select partners with similar economic levels, while middle-income countries (regions) show significant sender and receiver effects. Geographical, linguistic, and institutional proximity positively influence network formation, with geographical proximity the most prominent. We show that global cross-border technology M&As are not borderless market transactions, but an evolving network in which reciprocity, economic hierarchy, and proximity systematically govern access to technological assets.