We examine the effects of various religions on the offer premiums of cross-border mergers and acquisitions involving US firms. Using a sample of 1181 cross-border deals, we discover that religious variables such as Buddhist, Catholic, and Protestant do not have any effect on cross-border mergers and acquisitions offer premiums. However, we discover a negative relationship between religious concentration and offer premiums. when a US acquirer firm makes a cross-border deal with high-religious concentration countries, the premium is lower relative to countries with low religious concentration. But when foreign firms acquire US firms, we cannot find evidence that the acquirer’s religious concentration has any effect on offer premiums.

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