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We thank the editors and two anonymous reviewers for their comments and helpful suggestions. Sarianna Lundan and John Hagedoorn are at ABSTRACT This paper reviews recent empirical evidence to assess the implications of alliance formation and increasing merger and acquisition activity of multinationals in the context of the eclectic paradigm. Specifically, the paper will concentrate on the performance implications of international expansion via alliances and mergers, and their relationship todoi:10.1080/13571510110051469 fatcat:sp4kpryuiraalibavaz2je3b7u