How cross-cultural experience shapes emerging-market multinationals’ domestic performance after a cross-border acquisition

IF 7.4 2区 管理学 Q1 BUSINESS
Guus Hendriks , Arjen H.L. Slangen , Pursey P.M.A.R. Heugens
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引用次数: 0

Abstract

Although many cross-border acquisitions (CBAs) by emerging-market multinationals (EMMs) are aimed at improving domestic operating performance, the conditions under which such CBAs are the most effective have been underexplored. Drawing on global strategy research on resource recombination and organizational learning, we propose that the effectiveness of domestic-improvement oriented CBAs crucially depends on EMMs' cross-cultural experience, as EMMs apply different forms of resource recombination to such CBAs as a function of that experience, with varying degrees of success. Specifically, we hypothesize a U-shaped relationship between an EMM's cross-cultural experience and the domestic productivity growth it realizes from a domestic-improvement oriented CBA, and that this relationship is steeper for acquisitions involving more intensive integration or relatively larger targets but flatter for acquirers from countries with larger institutional voids. Measuring both the depth and breadth of firms' cross-cultural experience, we obtain support for our hypotheses in a sample of 423 domestic-improvement oriented CBAs by manufacturing firms from 13 emerging economies, thereby shedding light on what determines the effectiveness of such CBAs.

跨文化经验如何塑造新兴市场跨国公司跨境收购后的国内绩效
尽管新兴市场跨国公司(emm)的许多跨境收购(cba)旨在改善国内经营业绩,但这种cba最有效的条件尚未得到充分探讨。通过对资源重组和组织学习的全球战略研究,我们提出,以国内改进为导向的cba的有效性在很大程度上取决于emm的跨文化经验,因为emm将不同形式的资源重组作为这种经验的功能应用于这些cba,并取得了不同程度的成功。具体来说,我们假设EMM的跨文化经验与其从国内改进型CBA中实现的国内生产率增长之间存在u型关系,并且对于涉及更密集整合或相对较大目标的收购而言,这种关系更为陡峭,而对于来自制度空白较大的国家的收购方而言,这种关系更为平缓。通过测量企业跨文化经验的深度和广度,我们从来自13个新兴经济体的423家制造业企业的国内改善型企业信任评估样本中获得了对我们假设的支持,从而揭示了是什么决定了这些企业信任评估的有效性。
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来源期刊
CiteScore
13.00
自引率
7.10%
发文量
75
期刊介绍: Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.
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