Though executives at multinational companies see China, India and Southeast Asia as the most attractive locations for mergers and acquisitions, a survey commissioned by Marsh, Mercer and Kroll suggests that these regions are almost as risky to invest in as Africa.

According to the report “M&A Beyond Borders: Opportunities and Risks,” 57 percent of dealmakers surveyed described their potential interest in China, India and Southeast Asia over the next 18 months as significant or very significant. However, they found several issues that made those regions risky, including questionable business practices, environment, intellectual property protection and insufficient financial recourse.

In an earlier survey about their attitudes toward cross-border deals, executives at multinational firms around the world gave China, India and Southeast Asia an average risk rating of 5.3 out of a maximum 8. The rating for Africa was 5.5, followed by Latin America (3.8), the Middle East (3.5), Eastern Europe (2.8), North America (2.1), Western Europe (1.9) and Australia, Japan and Korea region (1.6).

The report focuses on a survey of 670 senior executives worldwide conducted by the Economist Intelligence Unit. Other findings include: 68 percent of those surveyed expect more than 10 percent of their revenue growth to be attributable to mergers and acquisitions in the next 18 months; cultural and employee integration were considered the two biggest issues respondents faced following a previous transaction; and smaller and medium-sized companies expect more from mergers and acquisitions than larger firms.