Cultural heterogeneity, acquisition experience and the performance of Chinese cross-border acquisitions

IF 1.4 4区经济学 Q3 ECONOMICS

Journal of the Asia Pacific Economy Pub Date : 2023-04-03 DOI:10.1080/13547860.2021.1950112

Lili Kang, Fei Peng, S. Anwar

引用次数: 5

Abstract

Abstract Using data over the 2010-2015 period, we investigate the effect of cultural heterogeneity and cross-border acquisition experience on post-acquisition performance of Chinese publicly listed companies (PLCs). We find that between and within cultural heterogeneity has a negative and statistically significant effect on post-acquisition performance, but the effect of acquisition experience on post-acquisition performance is positive. We find that the dynamic marginal effects of cultural heterogeneity and acquisition experience on post-acquisition performance of Chinese PLCs are contingent on the scale of acquisition. Chinese PLCs can improve their post-acquisition performance by overcoming the issues arising from cultural heterogeneity, accumulating acquisition experience, and exploiting economies of scale. However, in the case of state-owned PLCs, prior cross-border acquisition experience can adversely affect the performance of new cross-border acquisitions.

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文化异质性、并购经验与中国跨国并购绩效

摘要利用2010-2015年期间的数据，我们研究了文化异质性和跨境收购经验对中国上市公司收购后业绩的影响。我们发现，文化之间和文化内部的异质性对习得后的表现有负面和统计学意义的影响，但习得经验对习得后表现的影响是积极的。我们发现，文化异质性和习得经验对中国PLC习得后表现的动态边际效应取决于习得规模。中国PLC可以通过克服文化异质性、积累收购经验和利用规模经济来提高收购后的绩效。然而，就国有PLC而言，先前的跨境收购经验可能会对新跨境收购的业绩产生不利影响。

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

Journal of the Asia Pacific Economy ECONOMICS-

CiteScore

3.70

自引率

7.10%

发文量

期刊介绍： Journal of the Asia Pacific Economy (JAPE) is concerned primarily with the developing economies within Pacific Asia and South Asia. It aims to promote greater understanding of the complex factors that have influenced and continue to shape the transformation of the diverse economies in this region. Studies on developed countries will be considered only if they have implications for the developing countries in the region. The journal''s editorial policy is to maintain a sound balance between theoretical and empirical studies. JAPE publishes research papers in economics but also welcomes papers that deal with economic issues using a multi-disciplinary approach. Submissions may range from overviews spanning the region or parts of it, to papers with a detailed focus on particular issues facing individual countries. JAPE has a broad readership, which makes papers concerned with narrow and detailed technical matters inappropriate for inclusion. In addition, papers should not be simply one more application of a formal model or statistical technique used elsewhere. Authors should note that discussion of results must make sense intuitively, and relate to the institutional and historical context of the geographic area analyzed. We particularly ask authors to spell out the practical policy implications of their findings for governments and business. In addition to articles, JAPE publishes short notes, comments and book reviews. From time to time, it also publishes special issues on matters of great importance to economies in the Asia Pacific area.