地理距离是否代表对外撤资的高概率?来自日本跨国公司的证据

IF 0.9 Q3 BUSINESS, FINANCE
Yanwen Jiang, Mikiharu Noma
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引用次数: 0

摘要

我们旨在明确解释企业母国与东道国之间的地理距离对日本跨国企业对外并购(M&A)撤资决策的积极影响。我们对 45 个国家和地区的 496 家企业在 2005 年至 2015 年期间进行的 868 次并购进行了分析,结果表明,在贸然推断地理距离的影响之前,明确区分各种对外撤资动机非常重要,尤其是区分是失败驱动还是全球业务战略驱动。我们进一步发现,地理距离的影响取决于母公司和交易层面的属性,即地理距离对大型企业、年轻企业和完全控制模式下的海外业务的影响较小;但对高债务负担企业的影响则恰恰相反。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do geographic distances proxy a high probability of foreign divestment? Evidence from Japanese multinational firms

We aim to provide an unambiguous explanation for the positive influence of the geographic distance between a firm's home and host country on divestment decisions of Japanese multinational firms’ outbound merger and acquisition (M&A). Our analysis of 868 acquisitions made by 496 firms in 45 countries and regions from 2005 to 2015 highlights the importance of drawing a clear distinction among various foreign divestment motives before inferring the impact of geographic distances rashly, especially whether it is failure-driven or global business strategy-driven. We further find that its impact hinges on parent firm- and deal-level attributes, that is, geographic distance is less salient for large firms, young firms, and foreign operations under a complete control mode; however, the opposite was the case for firms with a high debt burden.

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来源期刊
CiteScore
2.30
自引率
7.10%
发文量
69
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