Are proactive outbound cross-border mergers and acquisitions effective for firms' R&D? New evidence from emerging market enterprises

IF 5.9 2区管理学 Q1 MANAGEMENT

Journal of International Management Pub Date : 2024-05-10 DOI:10.1016/j.intman.2024.101155

Xianming Wu , Maoqiong Wang , Victor Cui

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引用次数: 0

Abstract

As emerging market enterprises (EMEs) shift from passive foreign capital acquisition to proactive “going global” strategies, do their outbound cross-border mergers and acquisitions (M&As) stimulate innovation? By analyzing China's M&A data from 2007 to 2020, we explore firms' total R&D, exploitative R&D, and exploratory R&D. Employing difference-in-differences (DID) and propensity score matching (PSM) methodologies, our findings indicate that, compared to inbound cross-border M&As, proactive outbound cross-border M&As promote firms' exploitative R&D but inhibit total and exploratory R&D. EMEs engaged in outbound and inbound cross-border M&As exhibit distinct R&D orientations. The effects of outbound cross-border M&As on firms' R&D are moderated differently by government subsidies and the intensity of regional intellectual property protection. Further analysis underscores the advantages of participating in cross-border M&As (firms as acquirers and targets) over domestic M&As. Moreover, outbound cross-border M&As increase firms' substantial innovation outputs. Our study further proves that what drives the results is not solely the international dimension of M&As; proactive engagement in outbound cross-border M&As holds greater significance.

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积极主动的境外跨国并购对企业研发有效吗？新兴市场企业的新证据

随着新兴市场企业（EMEs）从被动的外资并购向主动的 "走出去 "战略转变，它们的境外跨国并购（M&As）是否刺激了创新？通过分析中国 2007 年至 2020 年的并购数据，我们探讨了企业的研发总量、开发性研发和探索性研发。利用差分法（DID）和倾向得分匹配法（PSM），我们的研究结果表明，与入境跨境并购相比，主动出境跨境并购促进了企业的开发性研发，但抑制了总研发和探索性研发。参与出境和入境跨境并购的中小企业表现出不同的研发导向。出境跨境并购对企业研发的影响受政府补贴和地区知识产权保护强度的不同影响。进一步的分析强调了参与跨国并购（企业作为收购方和目标）比参与国内并购更有优势。此外，对外跨境并购增加了企业的实质性创新产出。我们的研究进一步证明，推动研究结果的不仅仅是跨国并购的国际层面，主动参与境外跨国并购具有更大的意义。

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

Journal of International Management MANAGEMENT-

自引率

9.80%

发文量

审稿时长

81 days

期刊介绍： The Journal of International Management is devoted to advancing an understanding of issues in the management of global enterprises, global management theory, and practice; and providing theoretical and managerial implications useful for the further development of research. It is designed to serve an audience of academic researchers and educators, as well as business professionals, by publishing both theoretical and empirical research relating to international management and strategy issues. JIM publishes theoretical and empirical research addressing international business strategy, comparative and cross-cultural management, risk management, organizational behavior, and human resource management, among others.