The competitive effects of financial and fiscal institutional arbitrage opportunities: Evidence from cross-border M&AS

IF 7.4 2区管理学 Q1 BUSINESS Long Range Planning Pub Date : 2023-06-01 DOI:10.1016/j.lrp.2023.102324

Valentina Fani , Dimitrija Kalanoski , Olivier Bertrand

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Abstract

This study investigates whether and when differences in the financial and fiscal regulatory systems between the countries of acquirers and targets that engage in cross-border M&As influence rivals' corporate responses. Drawing on the institutional arbitrage and competitive dynamics logics, we argue that cross-border M&As that provide opportunities for financial institutional gains for the targets and fiscal institutional gains for the acquirers pose a threat to the rivals and hence provoke an increase in the number of rivals' corporate responses. Additionally, we argue that the effect of cross-border M&As providing financial and fiscal institutional arbitrage opportunities on the number of rivals' corporate responses gets stronger with rivals' awareness, motivation, and capability to respond. An analysis of a unique dataset of rivals’ corporate activities before and after large horizontal cross-border M&As of their competitors in the manufacturing industry between 1999 and 2014 provides support for our main theoretical arguments and provides some contingent considerations.

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金融和财政制度套利机会的竞争效应:来自跨国并购的证据

本研究调查了参与跨境并购的收购方和目标国之间的金融和财政监管体系是否以及何时存在差异；As影响竞争对手的企业反应。基于制度套利和竞争动力学的逻辑，我们认为跨国并购是一种竞争机制；由于这为目标公司提供了金融机构收益的机会，而收购方的金融机构收益对竞争对手构成了威胁，因此导致竞争对手的企业反应数量增加。此外，我们还认为，跨国并购的影响；随着提供金融和财政机构套利机会，竞争对手的企业反应数量随着竞争对手的意识、动机和反应能力而变得更强。对大型横向跨国并购前后竞争对手企业活动的独特数据集的分析；1999年至2014年间，他们在制造业的竞争对手为我们的主要理论论点提供了支持，并提供了一些偶然的考虑。

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来源期刊

Long Range Planning Multiple-

CiteScore

13.00

自引率

7.10%

发文量

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.