Nurhazrina Mat Rahim - Faculty of Accountancy, Universiti Teknologi MARA, Malaysia
ali ruhani - Graduate School of Business, Universiti Sains Malaysia, Malaysia

The ASEAN firms’ contribution to the worldwide CBMA sales is irrefutable evidenced by the increase in ASEAN CBMA sales for two consecutive years–2014 and 2015. With the ASEAN firms’ preference in using CBMA as their external growth strategy, the CBMA success is crucial and thus the low CBMA completion among Asia-Pacific CBMA players commands attention. In addition, the inferior country-level governance standard of ASEAN countries seems to have no impact on the value of CBMA sales in ASEAN. Accordingly, this study aims to examine the successrate of CBMA involving ASEAN target firms and to determine whether country-level governance standard plays an important role in the CBMA success. Analysing the CBMA involving ASEAN target firms from the year 2002 to 2013, this study found that the success rate is only 40.7%. The country-level corporate governance is an important determinant of the ASEAN target firms’ CBMA success as it creates value through positive spillover

ASEAN target, CBMAs, corporate governance spillover, CBMA success