A REALIST–POSITIVIST FRAMEWORK FOR ANALYSING MERGERS AND ACQUISITIONS UNDER ECONOMIC POLICY UNCERTAINTY

This article articulates the research philosophy and epistemological foundations underpinning an empirical
investigation of mergers and acquisitions (M&A) under conditions of economic policy uncertainty in emerging markets,
with a particular focus on the BRICS economies. The study addresses growing methodological challenges associated
with analysing corporate behaviour in institutionally volatile environments characterised by policy unpredictability,
geopolitical risk, and regulatory change. Grounded in a realist–positivist paradigm, the article justifies the treatment of
economic policy uncertainty, ownership structures, and M&A outcomes as objective and observable phenomena that
can be systematically analysed using quantitative methods. The ontological position assumes that uncertainty manifests
through measurable policy actions and institutional constraints, while the epistemological stance emphasises empirical
observation, hypothesis testing, and econometric modelling as the primary means of knowledge generation. The paper
adopts a deductive methodological logic, drawing on real options theory, institutional economics, and corporate finance
theory to derive empirically testable assumptions regarding M&A initiation and deal completion under uncertainty.
Particular attention is given to endogeneity concerns inherent in uncertainty research, motivating the use of instrumental
variable techniques, robustness checks, and alternative model specifications. The novelty of the work lies in providing a
coherent philosophical and methodological justification for cross-country econometric analysis of M&A activity in emerging
markets, where uncertainty is structural rather than transitory. The article contributes to the literature by strengthening
the conceptual foundations for empirical research on corporate strategy under uncertainty and by offering a rigorous
framework applicable to policy-relevant analysis in reforming economies