This study investigates the determinants influencing ownership participation in cross-border mergers and acquisitions (CBM&As) within the banking industry by using data from 79 CBM&A deals in the banking sector spanning from 2008 to 2021. The study focuses on the acquirer's perspective and considers determinants affecting ownership choice decisions across three dimensions: acquirer's level factors (acquirer's concentrated ownership, acquirer prior M&A experience), acquiree's level factors (acquiree's concentrated ownership, acquiree’s performance), and country level factors (institutional distance). The findings reveal that the acquirer's prior experience in CBM&A and the concentrated ownership structure of the target company have a significant positive impact on ownership participation in cross-border M&As. However, the study did not find any significant association between ownership choice and other factors, including the acquirer's concentrated ownership structure, the target company's performance, and the institutional distance between the home and host country.

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