The Impact of International Mergers and Acquisitions on Rivals’ Performance: The Role of Formal and Informal Institutions

IF 8.9 1区管理学 Q1 BUSINESS

Journal of World Business Pub Date : 2025-01-03 DOI:10.1016/j.jwb.2024.101608

Dimitrija Kalanoski, Francesco Cappa, Michele Pinelli, Jean-Philippe Bonardi

引用次数: 0

Abstract

The article examines how firms' institutional environments influence rivals' expected performance following horizontal M&A announcements of competitors. Grounded in institutional economics, we propose that institutional distance affects M&As' economic efficiency by influencing deal completion and creating subsequent differential costs and benefits post-deal completion. Our analysis of 124 international M&A announcements reveals that rivals’ performance is negatively affected by negative formal institutional distance between the acquirer and target, but positively affected by negative formal distance between the rival and acquirer. In addition, informal institutional distance between the acquirer and target has positive effect on rivals’ performance—though this effect vanishes for high-status acquirers.

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国际并购对竞争对手绩效的影响：正式制度和非正式制度的作用

本文考察了竞争对手横向并购公告后，企业制度环境对竞争对手预期绩效的影响。在制度经济学的基础上，我们提出制度距离通过影响交易完成并在交易完成后产生后续的差异成本和收益来影响并购公司的经济效率。我们对124个跨国并购公告的分析表明，竞争对手的绩效受到收购方与目标方之间负正式制度距离的负向影响，而受到竞争对手与收购方之间负正式制度距离的正向影响。此外，收购方与目标公司之间的非正式制度距离对竞争对手的绩效有积极影响，尽管这种影响在高地位的收购方中消失。

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 World Business BUSINESS-

CiteScore

16.50

自引率

11.20%

发文量

期刊介绍： The Journal of World Business holds a distinguished position as a leading publication within the realm of International Business. Rooted in a legacy dating back to 1965, when it was established as the Columbia Journal of World Business, JWB is committed to disseminating cutting-edge research that reflects significant advancements in the field. The journal actively seeks submissions that propel new theoretical frameworks and innovative perspectives on International Business phenomena. Aligned with its domain statement, submissions are expected to possess a clear multinational, cross-border, or international comparative focus, while remaining pertinent to the study of management and organizations. JWB particularly encourages submissions that challenge established theories or assumptions, presenting pioneering or counterintuitive findings. With an inclusive approach, the journal welcomes contributions from diverse conceptual and theoretical traditions, encompassing allied social sciences and behavioral sciences. Submissions should either develop new theories or rigorously test existing ones, employing a variety of qualitative, quantitative, or other methodological approaches. While JWB primarily caters to scholars and researchers, it values contributions that explore implications for Multinational Enterprises and their management, as well as ramifications for public policy and the broader societal role of business.