Cross-border mergers and acquisitions: links between acquiring firm capabilities and resources and target country location

IF 2.2 4区管理学 Q3 BUSINESS

Multinational Business Review Pub Date : 2020-05-29 DOI:10.1108/mbr-02-2019-0010

R. Parente, K. Kelley, Yannick Thams, Marcelo J. Alvarado-Vargas

{"title":"Cross-border mergers and acquisitions: links between acquiring firm capabilities and resources and target country location","authors":"R. Parente, K. Kelley, Yannick Thams, Marcelo J. Alvarado-Vargas","doi":"10.1108/mbr-02-2019-0010","DOIUrl":null,"url":null,"abstract":"\nPurpose\nDrawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages.\n\n\nDesign/methodology/approach\nUsing a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance.\n\n\nFindings\nIt is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations.\n\n\nOriginality/value\nThis paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.\n","PeriodicalId":46630,"journal":{"name":"Multinational Business Review","volume":" ","pages":""},"PeriodicalIF":2.2000,"publicationDate":"2020-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1108/mbr-02-2019-0010","citationCount":"4","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Multinational Business Review","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1108/mbr-02-2019-0010","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 4

Abstract

Purpose Drawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages. Design/methodology/approach Using a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance. Findings It is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations. Originality/value This paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.

查看原文本刊更多论文

跨国并购:收购企业能力和资源与目标国家位置之间的联系

目的借鉴折衷范式和制度距离理论的调节维度，提出要理解企业的跨境并购（CBMA）地点选择，就必须考察收购方的所有权优势。设计/方法/方法利用美国企业在1999年至2015年进行的CBMA样本，探讨了获得企业所有权优势——金融和创新能力——在多大程度上影响目标企业国家选择与监管距离的关系。研究结果表明，具有较强创新能力的并购企业可能会选择与本土市场监管距离较小的国家作为目标企业；而财务能力更强的公司则将目标锁定在更远国家的公司。原创性/价值本文建立在对CBMA活动的重要研究的基础上，重点研究了与目标公司与收购方之间的调节距离有关的被广泛忽视的收购前资源。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Multinational Business Review BUSINESS-

CiteScore

5.40

自引率

14.80%

发文量

期刊介绍： Multinational Business Review publishes high quality and innovative peer-review research on the strategy, organization and performance of multinational enterprise (MNE), international business history, geography of international business, and the impact of international business on economic growth and development. The journal encourages papers that are cross-disciplinary in nature, and that address new and important issues in international business. Multinational Business Review also promotes research on under-represented regions such as Africa, Central and Eastern Europe, Latin America, and South East Asia and their MNEs, as well as under-studied topics such as the role of trade, investment and other public policies. Specific topics of interest include innovation and entrepreneurship in an international context; corporate governance and ownership; social, environmental and political risk; the role of multilateral institutions; and the nature of emerging market multinationals. The title seeks strong conceptual studies, contributing to the advancement of theories and frameworks, and sound empirical work, whether qualitative or quantitative, suggesting managerial, economic or government policy recommendations. The journal encourages replication studies that contribute to our understanding of the reliability and validity of current knowledge. Finally, Multinational Business Review welcomes proposals for perspectives pieces that offer critical and challenging viewpoints; surveys of the literature particularly those that use new and innovative bibliometric methods; and special issues on topics of relevance to Multinational Business Review.