跨国距离与跨国并购绩效的相互作用:一个制度视角

IF 3.2 Q2 BUSINESS
S. Kukreja, G. Maheshwari, Archana Singh
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引用次数: 0

摘要

目的本研究旨在检验母国-东道国距离对跨境并购绩效的影响。设计/方法/方法本研究的结果基于483笔已完成的跨境交易的最终样本,这些交易涉及金砖国家的收购方和分布在27个国家的目标。在控制先前经验等因素的同时,考察了九个制度距离维度对交易绩效的影响。在选择事件窗口中计算的累计异常回报被用作交易绩效的衡量标准。研究结果验证了跨国距离的解释力,并表明金融和文化距离对交易绩效产生负面影响,而政治和全球联系距离对绩效产生积极影响。有趣的是,没有发现地理距离与绩效结果相关。研究局限性/含义本研究的结果提醒人们不要将跨国距离测量进行汇总,并指出需要承认和分析距离的多维性质。实际含义本研究的结果有望帮助管理者制定国际化战略和目标选择,最大限度地提高业绩和股东财富。原创性/价值本研究有助于了解国际化和跨国距离。它是第一个使用大量多国新兴市场数据集调查机构距离对交易绩效影响的报告之一。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Interplay of cross-country distance with cross-border M&A performance: an institutional perspective
Purpose This study aims to examine the impact of home–host country distance on the cross-border mergers and acquisitions performance. Design/methodology/approach The results of this study are based on a final sample of 483 completed cross-border deals involving BRICS nation acquirers and targets spread across a set of 27 nations. While controlling for prior experience, among other factors, the impact of nine institutional distance dimensions on deal performance is examined. Cumulative abnormal returns calculated over the select event windows are used as a measure of deal performance. Findings The results of this study validate the explanatory power of cross-country distance and exhibit that financial and cultural distance exert a negative influence on deal performance, whereas political and global connectedness distance positively impacts performance. Interestingly, geographic distance is not found to be related to performance outcomes. Research limitations/implications The results of this study caution against possible aggregation of the cross-country distance measure and point towards the need to acknowledge and analyse the multi-dimensional nature of distance. Practical implications The results of this study are expected to aid managers in devising internationalisation strategies and target selection, maximising their performance and shareholder wealth. Originality/value This study contributes to the knowledge of internationalisation and cross-country distance. It presents as one of the first to investigate the impact of institutional distance on deal performance using a substantially large multi-country emerging market data set.
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来源期刊
CiteScore
6.90
自引率
25.80%
发文量
28
期刊介绍: Review of International Business and Strategy is keen to present contemporary and innovative research that proposes new perspectives or challenges existing theories, and that advances the understanding of issues related to international business and global strategy. Themes covered by the journal include (but are not limited to): Internationalization of firms and international entrepreneurship Effects of international environment (political, social, economic and institutional) on international business activities and firm strategies Knowledge transfer strategies and innovation in MNEs Location strategies in international business activities.
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