Welche Konsequenzen haben außenwirtschaftliche Investitionskontrollen?

Abstract Many countries have introduced foreign investment screening to protect geopolitical interests in cross-border M&A transactions. As these screenings rapidly expand across countries and sectors, concerns are mounting about potential market distortions and political misuse. Evidence partly confirms these concerns and suggests that even the mere possibility of their application can deter investment and crowd out economically sound transactions. The observed capital market reactions are consistent with increased investor uncertainty, fears of protectionist intervention, and limited market correction mechanisms. At the same time, the geoeconomic benefits of such screenings remain unknown, making it difficult to assess and justify their overall impact.