الفهرس 
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Abstract
Stock payment effect on future operating performance is still sparse and their results are different across researchers. The objective of this research is to examine the effect of stock payment and stock payment size in the cross-border M&A on firm‟s financial performance, using a sample of 276 cross-border M&A transactions in the United Kingdom to acquire or merge with companies in the EU. For univariate analysis, I used abnormal operating performance based on comparable firms in the same industry. For regression analysis, I used abnormal operating performance based on industry average. My results show that stock payment (and stock payment size) did not have negative impact on the post-acquisition operating performance. I tried to offer further evidence that M&As that are financed by stock are not value destructive, despite it‟s generally negative effect on stock returns.