Completion of high-tech M&As by chinese firms: knowledge distance, industry attractiveness and government involvement

IF 4.9 2区管理学 Q1 MANAGEMENT

Asia Pacific Journal of Management Pub Date : 2023-09-30 DOI:10.1007/s10490-023-09923-3

Monica Yang, Qi Ai

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引用次数: 0

Abstract

Abstract This paper draws upon institutional theory to incorporate the multi-level influences of institutional environment (i.e., knowledge distance at the country level, industry attractiveness at the industry level, and government involvement at the firm level) in order to examine the determinants that affect acquisition completion. Based on a sample of 797 outward M&As in the high-tech industry initiated by Chinese firms from 1991 to 2018, we found that the likelihood of completing an acquisition increases when the knowledge distance between China and the host country decreases and in the presence of a high attractiveness of the Chinese high-tech industry involved. In addition, we found that government involvement in the acquiring firms has different influences from that in the target ones on the likelihood of acquisition completion. Specifically, we only found that the likelihood of acquisition completion decreases in the presence of government involvement in the target firm. The influence of government involvement in the acquiring firms on acquisition completion was not significant. The implications of this study of high-tech M&As enacted by firms from emerging markets are thus discussed.

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中国企业完成高新技术并购:知识距离、产业吸引力和政府参与

摘要本文运用制度理论，将制度环境(即国家层面的知识距离、行业层面的产业吸引力和企业层面的政府参与)的多层次影响纳入研究，以考察影响并购完成的决定因素。基于1991 - 2018年中国企业发起的797起对外并购案例的样本，我们发现，当中国与东道国的知识距离减小，且涉及的中国高科技产业具有较高的吸引力时，完成并购的可能性增加。此外，我们发现政府对收购企业的参与对收购完成可能性的影响不同于对目标企业的参与。具体来说，我们发现只有在政府参与目标公司的情况下，收购完成的可能性才会降低。政府介入并购企业对并购完成的影响不显著。本文讨论了新兴市场企业对高科技并购的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asia Pacific Journal of Management MANAGEMENT-

CiteScore

9.70

自引率

9.30%

发文量

期刊介绍： The Asia Pacific Journal of Management publishes original manuscripts on management and organizational research in the Asia Pacific region, encompassing Pacific Rim countries and mainland Asia. APJM focuses on the extent to which each manuscript addresses matters that pertain to the most fundamental question: “What determines organization success?” The major academic disciplines that we cover include entrepreneurship, human resource management, international business, organizational behavior, and strategic management. However, manuscripts that belong to other well-established disciplines such as accounting, economics, finance, marketing, and operations generally do not fall into the scope of APJM. We endeavor to be the major vehicle for exchange of ideas and research among management scholars within or interested in the broadly defined Asia Pacific region.Key features include: Rigor - maintained through strict review processes, high quality global reviewers, and Editorial Advisory and Review Boards comprising prominent researchers from many countries. Relevance - maintained by its focus on key management and organizational trends in the region. Uniqueness - being the first and most prominent management journal published in and about the fastest growing region in the world. Official affiliation - Asia Academy of ManagementFor more information, visit the AAOM website:www.baf.cuhk.edu.hk/asia-aom/ Officially cited as: Asia Pac J Manag