通过聘请外国独立董事克服原产地责任:中国企业跨国并购的证据

IF 8.9 1区 管理学 Q1 BUSINESS
Lin Yu , Tao Bai , Jingwei Yin , Xue Tan
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引用次数: 0

摘要

来自公司治理机构薄弱国家的公司在进行跨国并购(M&As)时往往会面临原产地责任。我们认为,这些企业可以通过聘请外籍独立董事(FID)来克服这种挑战,因为这可以表明他们与国际公司治理标准接轨的承诺和努力。基于 2004 年至 2017 年间的中国上市公司样本,我们发现外籍独立董事对实现跨境 M&As 的可能性有积极影响。我们的机制检验表明,外资并购协议确实可以通过加强公司治理实践促进公司实现跨境并购,这体现在四大审计师的采用和分析师预测误差的降低上。此外,外商直接投资对国有股权较高的公司的积极影响更大,但对外资股权较高的公司的积极影响较弱。我们的研究结果在一系列其他分析中都是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Overcoming the liability of origin by hiring foreign independent directors: Evidence from Chinese firms' cross-border M&As

Firms from countries with weak corporate governance institutions tend to face liability of origin when they conduct cross-border mergers and acquisitions (M&As). We argue that they can overcome such challenges through hiring foreign independent directors (FIDs) as it can signal their commitments and efforts to align with international corporate governance standards. Based on a sample of Chinese listed firms between 2004 and 2017, we find that the FIDs have a positive impact on the likelihood of achieving cross-border M&As. Our mechanism tests show that FIDs could indeed facilitate firms' cross-border M&As through enhancing corporate governance practices as reflected by the adoption of Big 4 auditors and lower analyst forecasting errors. Moreover, the positive impact of FIDs is stronger for firms with higher state ownership, but weaker for firms with higher foreign ownership. Our findings are robust across a set of additional analyses.

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来源期刊
CiteScore
16.50
自引率
11.20%
发文量
73
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.
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