This study explores the absolute and comparative influence of home country macro determinants, both dynamic and static, on domestic and cross border mergers and acquisitions (CBMA) volumes. The study examines (i)the impact of home country stability factors: political stability, corruption and country level governance on domestic and CBMA volumes (ii) the impact of macro determinants: liquidity, exchange rate and innovation on domestic and CBMA volumes and (iii) impact of cultural distance on CBMA volumes. Analysis of 411,403 M&A transactions in G19 countries using negative binomial fixed effects panel regression shows that domestic acquisitions volumes are mainly driven by low home country corruption and high home country governance, despite political instability. Greater country governance propel inbound acquisitions, while low home country corruption drives more outbound acquisitions. Analysis pf 44,756 domestic acquisitions and 20,917 CBMA transactions during the period 1995 to 2019 shows that exchange rate parity, followed by innovation increase the outbound M&A volumes in BRICS countries. Inbound M&A volumes are predominantly influenced by greater exchange rate parity, followed by liquidity in BRICS nations. A multinomial logistic regression analysis of 7,247 CBMA deals of China and India imply that full acquisition is a preferred choice of equity ownership compared to majority and minority stakes for inbound segment in China when individualism and long term orientation (LTO) distances are high. But in India, as LTO distance increases, full ownership is preferred over majority stake for inbound and minority ownership is the preferred choice over majority stake for outbound acquisitions.