... upwards and downwards respectively, and when they shift positions, the equilibrium shifts from R=(GF, GF) and P=(M&A, M&A) in Figure 1 and 2 expand, otherwise, T=(GF, M&A) and S=(M&A, ... (cross-border mergers and acquisitions, M&A) and Greenfield investment (GF). Since the dilemma of a firm between GF and M&A is similar to the one between cooperation and defection in Prisoner’s ... mergers and acquisitions vs. Greenfield foreign N.D. Thien, H.T.T. Trang / VNU Journal of Science, Natural Sciences and Technology 25 (2009) 123-131 125 Table 2. PD payoffs with T=5, R=3, P=1 and...