Global Strategy Journal最新文献_第2页

Cross-investments by multinationals: A new perspective 跨国公司的交叉投资：新视角

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-12-03 DOI: 10.1002/gsj.1499

Mark Casson, Nigel Wadeson

Research Summary

Cross-flows of foreign direct investment (FDI) occur when firms invest in each other's home countries, affecting the terms of competition in each market. They are explained by internalization theory but have never been comprehensively investigated. This article models cross-investment in a duopoly with differentiated products. The firms decide whether to enter each market and whether to serve it through trade or local production. The model combines firm-, country-, and industry-level factors. It places cross-investment in the wider context of cross-sourcing, including cross-trading and asymmetric sourcing. It reveals different forms of cross-investment rather than being limited to cross-multidomestic. Overall, cross-investment is favored by highly differentiated products, low comparative advantage, large markets, high trade costs, and low costs of FDI.

Managerial Summary

Cross-investment, where firms conduct FDI into each other's home countries, is an important phenomenon but has received little recent attention in international business literature. This article seeks, through mathematical modeling, to establish a better understanding of it in the wider context of cross-sourcing. This helps to show how the strategy of the individual firm fits with those of the other firms in an international industry and how different possible industry structures and performance levels result. It includes choices over the locations from which markets are served being a potential source of first-mover advantage. For instance, committing to producing in a country could reduce the cost of serving its market, potentially altering the equilibrium outcome in favor of the first mover.

外国直接投资（FDI）的交叉流动是指企业在彼此的母国进行投资，从而影响每个市场的竞争条件。内部化理论可以解释这种现象，但从未对其进行过全面研究。本文对具有差异化产品的双头垄断中的交叉投资进行建模。企业决定是否进入每个市场，以及是通过贸易还是本地生产为市场提供服务。模型结合了企业、国家和行业层面的因素。它将交叉投资置于交叉采购（包括交叉贸易和非对称采购）的大背景下。它揭示了交叉投资的不同形式，而不仅仅局限于跨多国投资。总体而言，产品差异化程度高、比较优势低、市场规模大、贸易成本高、外国直接投资成本低，都有利于交叉投资。

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引用次数: 0

Responsibility boundaries and the governance of global value chains: The interplay of efficiency, ethical, and institutional pressures in global strategy 责任边界与全球价值链治理：全球战略中效率、道德和制度压力的相互作用

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-11-03 DOI: 10.1002/gsj.1498

Thomas DeBerge

Research Summary

I explore the relationship of firm global strategy and global value chain (GVC) governance, within a context of expanding responsibility boundaries for unethical practices in the value chain. Specifically, focusing on the tantalum supply chain within the digital electronics GVC, I conduct a case-based process study that contextualizes the different strategic responses of three manufacturers of tantalum capacitors when faced with similar efficiency, ethical, and institutional pressures. Integrating the GVC and global strategy literatures, I find that structural inertia in GVCs limits the efficacy of strategies that preserve, rather than alter, the governance structure, instead requiring a strategic restructuring carried out by individual firms, whose internalization of responsibility boundaries is encouraged by the institutionalization of these boundaries through public policy.

Managerial Summary

Unethical practices within global value chains are increasingly becoming the responsibility of firms with no direct control over such practices, leading to growing pressures for firms to alter their global strategies to meet social and institutional demands. Research has focused on strategies that preserve the structure of the value chain, despite questions about the efficacy of these approaches. By looking at the case of “conflict minerals” within the digital electronics value chain, this study finds that inherent flaws in value chain structures, which managers can identify, require individual firms to implement strategies that change the structure of the value chain, specifically by increasing ownership and control over the linkages where unethical practices occur and encouraging public policies that add value to these strategies.

研究摘要在价值链中不道德行为的责任边界不断扩大的背景下，我探讨了企业全球战略与全球价值链（GVC）治理之间的关系。具体而言，我以数字电子产品全球价值链中的钽供应链为重点，开展了一项基于案例的过程研究，对三家钽电容器制造商在面临类似的效率、道德和制度压力时所采取的不同战略对策进行了分析。结合全球价值链和全球战略的相关文献，我发现全球价值链中的结构惯性限制了那些维护而非改变治理结构的战略的有效性，相反，需要各个公司进行战略重组，而公共政策对责任边界的制度化又鼓励了这些公司将责任边界内部化。管理总结全球价值链中的不道德行为越来越多地成为企业的责任，而企业却无法直接控制这些行为，这导致企业面临越来越大的压力，需要改变其全球战略，以满足社会和制度的要求。尽管这些方法的有效性受到质疑，但研究的重点还是放在维护价值链结构的战略上。通过研究数码电子产品价值链中的 "冲突矿产 "案例，本研究发现，价值链结构中的固有缺陷（管理者可以识别这些缺陷）要求各个公司实施改变价值链结构的战略，特别是通过增加对发生不道德做法的环节的所有权和控制权，以及鼓励为这些战略增加价值的公共政策。

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引用次数: 0

Scarce resources or damaged goods? On the legitimacy of laid-off workers following MNC failure 稀缺资源还是受损商品？论跨国公司失败后下岗工人的合法性

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-10-25 DOI: 10.1002/gsj.1497

Kristina Vaarst Andersen, Mark Lorenzen, Agnieszka Urszula Nowinska

Research Summary

We contribute to theorizing global human resource strategy by analyzing the mobility of workers laid off due to the failure of a MNC employer. The job opportunities of laid-off workers are affected by their industry legitimacy. Focusing on scarce specialized workers, we propose that prospective MNC employers share an interest in retaining such workers' legitimacy. However, in the light of organizational failure, they may suffer from cross-border legitimacy loss conditioned by their former employer's MNC structure—specifically, their former organizational units or geographical locations. We present an illustrative case study of traders laid off by a spectacular bankruptcy in the global bunker industry. This inspires a discussion of how MNC top management can manipulate worker legitimacy following an organizational failure.

Managerial Summary

Strategic hiring of globally mobile scarce specialized workers is central to global human resource strategy. We analyze what drives the legitimacy and mobility of such workers after being laid off by a bankruptcy of their former employer. We demonstrate that laid off workers experience comparatively high legitimacy loss when they were previously assigned to an MNC organizational unit or geographical location where other workers were suspected of being responsible for failure. This weakens their bargaining position vis-a-vis a prospective employer. We present an illustrative case study of traders laid off by a spectacular bankruptcy in the global bunker oil industry.

研究摘要我们通过分析因跨国公司雇主倒闭而下岗的工人的流动性，为全球人力资源战略的理论化做出了贡献。下岗工人的就业机会受其行业合法性的影响。针对稀缺的专业工人，我们提出，未来的跨国公司雇主都希望保留这些工人的合法性。然而，在组织失败的情况下，他们可能会受到其前雇主的跨国公司结构--特别是其前组织单位或地理位置--的影响而遭受跨国合法性损失。我们介绍了一个具有说明性的案例研究，研究对象是因全球船用燃料行业破产而下岗的贸易商。这启发我们讨论跨国公司高层管理者如何在组织失败后操纵工人的合法性。管理总结战略性雇佣全球流动的稀缺专业工人是全球人力资源战略的核心。我们分析了被前雇主破产解雇的工人的合法性和流动性的驱动因素。我们的研究表明，如果被解雇的员工之前被分配到跨国公司的一个组织单位或地理位置，而其他员工被怀疑对失败负有责任，那么他们就会经历相对较高的合法性损失。这削弱了他们与未来雇主讨价还价的地位。我们介绍了一个说明性案例研究，研究对象是因全球船用燃油行业的重大破产而下岗的贸易商。

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引用次数: 0

Cross-border acquisitions by sovereign wealth funds: A legitimacy-based view 主权财富基金的跨境收购:基于合法性的观点

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-10-01 DOI: 10.1002/gsj.1496

Samuele Murtinu, Vittoria G. Scalera, Roger Strange

Research Summary

Drawing on institutional economics and the legitimacy-based view of political risk, we investigate the factors determining the realization of cross-border investments by sovereign wealth funds (SWFs), whose investments often suffer from a lack of legitimacy in host countries. Using matching models on all the realized and potential investments, we find that investments are more likely to materialize when the SWF home country and the host country enjoy cordial political relations or are involved in a trade agreement. Contrary to the theoretical predictions, SWF politicization does not per se represent an impediment to the realization of investments. Rather, it has a negative effect on the likelihood of an investment's realization only in the presence of trade agreements.

Managerial Summary

A recent trend in the global economy is the increasing cross-border investment activity undertaken by sovereign wealth funds (SWFs), large investment vehicles where financial and political goals often co-exist. On the grounds of possible financial or political destabilization, SWFs' cross-border investments attract scrutiny and suspicion in host countries, hindering their realization. We analyze SWF- and country-level factors that may determine the successful realization of SWFs' cross-border acquisitions. We suggest that managers ex ante select target firms and host countries by considering their fund's governance and degree of independence from home-country politics in interaction with bilateral (home-host country) political and economic relations, so as to secure legitimacy for their investments and maximize the chances that cross-border investment strategies may materialize.

基于制度经济学和基于合法性的政治风险观点，我们研究了决定主权财富基金(SWFs)跨境投资实现的因素，这些基金的投资往往在东道国缺乏合法性。通过对所有已实现和潜在投资的匹配模型，我们发现，当主权财富基金母国与东道国享有友好的政治关系或参与贸易协定时，投资更有可能实现。与理论预测相反，主权财富基金政治化本身并不构成投资实现的障碍。相反，只有在存在贸易协定的情况下，它才会对投资实现的可能性产生负面影响。全球经济最近的一个趋势是，主权财富基金(SWFs)进行的跨境投资活动日益增多。主权财富基金是金融和政治目标往往并存的大型投资工具。由于可能造成金融或政治不稳定，主权财富基金的跨境投资在东道国受到审查和怀疑，阻碍了它们的实现。我们分析了主权财富基金和国家层面的因素，这些因素可能决定主权财富基金跨境收购的成功实现。我们建议基金经理在选择目标公司和东道国时，应考虑其基金的治理状况以及在与双边(东道国)政治和经济关系的互动中对母国政治的独立程度，以确保其投资的合法性，并最大限度地提高跨境投资战略实现的机会。

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引用次数: 0

Networks of internationalizing digital platforms in physical place and digital space 物理场所和数字空间的国际化数字平台网络

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-09-21 DOI: 10.1002/gsj.1495

Tamara Galkina, Irina Atkova, Francesca Ciulli

Research Summary

The existing literature provides contradictory evidence on how digital platform firms establish network relations for internationalization. Some studies argue that they all but obviate the need for traditional relations in physical places. Others argue that these firms can suffer from overreliance on online interactions in digital space. We examine the coexistence of the network relations of international digital platform firms in physical place and digital space. Our multiple-case study identifies three coexistence mechanisms: reinforcement, separation, and simulation. These mechanisms are conditioned by three respective modes of bordering between physical place and digital space: soldering, interosculation, and division. We contribute to the network approach to internationalization and formulate implications for the concepts of location and borders in international business.

Managerial Summary

International digital platform firms establish traditional network relations in physical places and rely heavily on online interactions in digital space. However, how do they combine their networking activities in these two localities? We examine the coexistence of the network relations of international digital platform firms in physical place and digital space and identify three coexistence mechanisms: reinforcement, separation, and simulation. These mechanisms are conditioned by three respective modes of bordering between physical place and digital space: soldering, interosculation, and division. We show that international platform companies, despite being digital in nature, are well advised to pay attention to not only digital but also actual physical networking, and that they come to see these as mutually nurturing.

现有文献对数字平台企业如何建立国际化网络关系提供了相互矛盾的证据。一些研究认为，它们几乎消除了在物理场所建立传统关系的必要性。其他人则认为，这些公司可能会因过度依赖数字空间中的在线互动而遭受损失。我们研究了国际数字平台公司在物理场所和数字空间的网络关系共存。我们的多案例研究确定了三种共存机制:强化、分离和模拟。这些机制是由物理空间和数字空间之间的三种各自的边界模式所制约的:焊接、相互接触和分割。我们为国际化的网络方法做出了贡献，并为国际商业中的位置和边界概念制定了含义。国际数字平台公司在实体场所建立传统的网络关系，严重依赖数字空间中的在线互动。然而，他们如何将这两个地区的网络活动结合起来呢?我们研究了国际数字平台公司在物理场所和数字空间中的网络关系共存，并确定了三种共存机制:强化、分离和模拟。这些机制是由物理空间和数字空间之间的三种各自的边界模式所制约的:焊接、相互接触和分割。我们表明，尽管国际平台公司本质上是数字化的，但我们建议它们不仅要关注数字网络，还要关注实际的物理网络，并且它们将这两者视为相互促进的关系。

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引用次数: 0

Ownership, institutions, and the agency of M&A completion 并购的所有权、机构和代理完成

2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-09-13 DOI: 10.1002/gsj.1494

Thomas Lindner, Jakob Müllner, Harald Puhr

Abstract Research Summary In this paper, we study how variations in debt and equity ownership and the institutions that govern interactions between different types of principals and agents affect the completion likelihood of acquisitions. Using a sample of 55,722 acquisitions, our study finds that risk‐averse debtholders reduce the completion likelihood of acquisitions. When acquisitions cross borders, the acquiring capital providers become exposed to institutional environments that have evolved to prioritize different ideologies or principals because of the structure and customers of local capital markets. As a result, institutional duality in home and target countries reduces the completion likelihood of acquisitions. Our study integrates varieties of capitalism arguments and firm‐level agency conflicts and highlights the theoretical importance of capital markets and their concentration. Managerial Summary An acquisition is a highly consequential negotiation process between managers and capital providers of a firm. Based on their evaluation of a potential deal, managers propose acquisitions to capital providers who either accept it or pressure managers into withdrawing from the announced deal. This study considers firms' capital structure and cross‐national differences in the governing institutions to explain the resistance of capital providers against announced acquisitions. In particular, it points to the fear of capital providers losing control of their firms as a driver of their resistance against cross‐border acquisitions. However, when a favorable capital‐market structure in the target's home country alleviates the fears of capital providers, their resistance weakens.

摘要本文研究了不同类型的委托人和代理人之间的债务所有权和股权所有权的变化以及管理其相互作用的制度如何影响收购完成的可能性。通过对55,722宗收购的样本分析，我们的研究发现，风险厌恶型债权人降低了收购完成的可能性。当收购跨越国界时，收购资本提供者就会暴露在制度环境中，这些制度环境已经演变为优先考虑不同的意识形态或委托人，因为当地资本市场的结构和客户。因此，母国和目标国的制度二元性降低了收购完成的可能性。我们的研究整合了各种资本主义争论和企业层面的代理冲突，并强调了资本市场及其集中度的理论重要性。收购是公司管理者和资本提供者之间的一个非常重要的谈判过程。根据对潜在交易的评估，基金经理向资本提供者提出收购建议，资本提供者要么接受收购，要么向基金经理施压，要求他们退出已宣布的交易。本研究考虑了公司的资本结构和治理机构的跨国差异，以解释资本提供者对已宣布收购的抵制。特别是，它指出了对资本提供者失去对其公司控制权的恐惧，这是他们抵制跨境收购的一个驱动因素。然而，当目标国有利的资本市场结构缓解了资本提供者的担忧时，他们的阻力就会减弱。

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引用次数: 0

Complexity and multinationals 复杂性与跨国公司

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-09-04 DOI: 10.1002/gsj.1493

Marcus M. Larsen, Julian Birkinshaw, Yue Maggie Zhou, Gabriel R. G. Benito

The multinational corporation (MNC) is a typical example of a complex organization. In this essay, we employ an established body of literature on complexity in organizations to explore and discuss the nature and consequences of complexity for global strategy and MNCs. On that basis, we develop a simple organizing framework for complexity in global strategies emphasizing the source (external and internal complexity) and type (process and structural complexity) of complexity. We use this framework to structure and discuss the six research contributions in this Special Issue. We conclude by suggesting additional avenues of research on the interface between global strategy and complexity.Firms internationalize because they recognize business opportunities abroad and devise strategies to successfully exploit them. At the same time, managers face increasing complexity as MNCs expand internationally and engage in more unknown and dispersed operations. Not only do MNCs face considerable complexity by operating in diverse and uncertain environments, but also by managing and coordinating organizational tasks and activities spanning multiple countries. This essay discusses these challenges and corresponding strategies for MNC managers. It also provides an overview of the six research articles included in this Special Issue about complexity and MNCs.

跨国公司是复杂组织的典型代表。在这篇文章中，我们采用了关于组织复杂性的成熟文献来探索和讨论复杂性对全球战略和跨国公司的性质和后果。在此基础上，我们为全球战略中的复杂性开发了一个简单的组织框架，强调复杂性的来源(外部和内部复杂性)和类型(过程和结构复杂性)。我们用这个框架来组织和讨论本期特刊的六项研究贡献。最后，我们提出了关于全球战略和复杂性之间的界面的其他研究途径。公司国际化是因为他们认识到国外的商业机会，并制定战略来成功地利用它们。与此同时，随着跨国公司的国际扩张，以及从事更多未知和分散的业务，管理人员面临的复杂性日益增加。跨国公司不仅因在多样化和不确定的环境中运营而面临相当大的复杂性，而且还要管理和协调跨越多个国家的组织任务和活动。本文讨论了跨国公司管理者面临的这些挑战和相应的策略。它还概述了本期特刊中关于复杂性和跨国公司的六篇研究文章。

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引用次数: 1

When do investors see value in international environmental management certification of multinational corporations? A study of ISO 14001 certification after the Paris Agreement 投资者何时看到跨国公司国际环境管理认证的价值？《巴黎协定》后的ISO14001认证研究

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-08-08 DOI: 10.1002/gsj.1490

Irene Margaret, Frederiek Schoubben, Ernst Verwaal

Research Summary

Despite the prominence of International Organization for Standardization (ISO) 14001 certification as a global strategy instrument, there is persistent doubt about its effectiveness as a value-generating tool, especially for multinational corporations (MNCs). This study draws on institutional theory to explain the varying market valuations of international environmental management certification following a strongly binding multilateral environmental agreement. We submit that ISO 14001 certification increases the market value of MNCs more strongly following the institutional pressures exerted by the strongly binding Paris Agreement. This effect varies due to institutional country-of-origin effects and exposure to host countries with stringent environmental regulations. We provide empirical support using a difference-in-differences analysis of 3193 MNCs from 60 countries with pledged commitments to emission reductions in the Paris Agreement.

Managerial Summary

International Organization for Standardization (ISO) 14001 has been recognized as pivotal for achieving sustainable development goals. Nevertheless, managers continue to seek financial justifications for adopting this prominent global standard. Our study shows that ISO 14001 increases the market value of multinational corporations (MNCs) more strongly following the binding Paris Agreement, as the global standard reassures investors about corporate alignment with global climate goals. Although the financial impact of ISO 14001 appears to be greater for MNCs from emerging economies, owing to the lower expectations associated with institutional quality in emerging economies, investors correct the (economic) evaluation of ISO-certified MNCs according to their exposure to host countries with stringent environmental regulations. These findings inform managers of the importance of aligning corporate sustainability with geographical diversification strategies.

尽管国际标准化组织（ISO）14001认证是一项全球战略工具，但其作为价值创造工具的有效性一直存在疑问，尤其是对跨国公司而言。本研究利用制度理论来解释在一项具有强烈约束力的多边环境协议之后，国际环境管理认证的市场估值变化。我们认为，在具有强烈约束力的《巴黎协定》施加的制度压力下，ISO14001认证更有力地提高了跨国公司的市场价值。这种影响因原产国的制度影响和对环境法规严格的东道国的暴露而有所不同。我们通过对来自60个国家的3193家跨国公司的差异分析提供实证支持，这些跨国公司在《巴黎协定》中承诺减排。国际标准化组织（ISO）14001已被公认为实现可持续发展目标的关键。尽管如此，管理人员仍在寻求采用这一突出的全球标准的财务理由。我们的研究表明，随着全球标准向投资者保证企业与全球气候目标的一致性，ISO 14001在具有约束力的《巴黎协定》之后更有力地提高了跨国公司的市场价值。尽管ISO 14001对新兴经济体的跨国公司的财务影响似乎更大，但由于新兴经济体对机构质量的期望较低，投资者根据其在严格环境法规的东道国的敞口，纠正了对ISO认证跨国公司的（经济）评估。这些发现使管理者认识到将企业可持续性与地域多元化战略相结合的重要性。

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引用次数: 0

Are foreign-born CEOs held to a higher performance standard? The role of national origin in CEO dismissals 外国出生的ceo是否有更高的绩效标准?国籍在CEO解雇中的作用

IF 5.7 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-08-02 DOI: 10.1002/gsj.1491

Yannick Thams, Marketa Rickley

Research Summary

Foreign-born chief executive officers (CEOs) are increasingly common in US corporations. However, little is known about whether they are held to the same performance standard as native-born CEOs. We examine whether CEO national origin moderates the relationship between firm performance and CEO dismissal. Drawing on social identity and attribution theories, we argue that CEO foreignness becomes more salient when firm performance is poor, increasing foreign-born CEOs' dismissal likelihood. Using a large sample of US firms, we find that at low levels of performance, the dismissal probability for foreign-born CEOs is 15.96% compared to 4.02% for native-born CEOs. While the increase in foreign-born CEOs in US corporations may reflect the declining importance of national origin for C-suite appointments, boards' evaluations of these “elite migrants” may be biased.

Managerial Summary

Foreign-born leaders are increasingly common in US C-suites and currently manage several global firms, including Google, Microsoft, and Pepsi. But, once hired, are foreign- and native-born CEOs evaluated uniformly by corporate boards? Given that CEOs are more likely to be dismissed when firm performance is low, we compare dismissal likelihoods for foreign- and native-born CEOs when performance is subpar. Using a sample of 11,947 observations from firms in the Standard & Poor's 1500, we find significant disparities in the dismissal likelihoods between the two groups. At low levels of performance and ceteris paribus, the dismissal likelihood for a foreign-born CEO is 15.96% compared to 4.02% for a native-born CEO, highlighting biases relating to foreign origin in CEO evaluations.

外国出生的首席执行官(ceo)在美国企业中越来越普遍。然而，很少有人知道他们是否与本土ceo有相同的绩效标准。我们考察了CEO国籍是否调节了公司绩效与CEO离职之间的关系。根据社会认同和归因理论，我们认为当公司业绩不佳时，CEO的外国籍会变得更加突出，这增加了外国出生的CEO被解雇的可能性。通过对美国公司的大量样本研究，我们发现，在低绩效水平下，外国出生的ceo被解雇的概率为15.96%，而本土出生的ceo被解雇的概率为4.02%。虽然美国公司中外国出生的首席执行官的增加可能反映了国籍对高管任命的重要性下降，但董事会对这些“精英移民”的评估可能存在偏见。外国出生的领导者在美国越来越普遍，目前管理着几家全球性公司，包括bb0、微软和百事可乐。但是，一旦被聘用，公司董事会对外国和本土出生的首席执行官的评估是统一的吗?考虑到ceo在公司业绩不佳时更有可能被解雇，我们比较了外国和本土出生的ceo在业绩不佳时被解雇的可能性。通过对标准普尔1500指数中11947家公司的观察样本，我们发现这两组公司被解雇的可能性存在显著差异。在低绩效和其他条件相同的情况下，外国出生的CEO被解雇的可能性为15.96%，而本土出生的CEO被解雇的可能性为4.02%，这突出了在CEO评估中与外国出身有关的偏见。

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引用次数: 0

Deal completion in cross border acquisitions waves: The role of deal timing and pace 跨境收购浪潮中的交易完成：交易时机和速度的作用

IF 7.6 2区管理学 Q1 BUSINESS

Global Strategy Journal

Pub Date : 2023-08-02 DOI: 10.1002/gsj.1492

Mohammad Fuad, Ajai S. Gaur, Chinmay Pattnaik

Research Summary

Cross-border acquisitions (CBAs) exhibit a wave-like pattern, clustering temporally, industry-wise, and at the country level. We draw upon the bargaining power perspective and argue that CBA wave context alters the relative bargaining position between acquirer and target firms, which affects deal completion. Our findings suggest that acquisition wave deals have a lower likelihood of completion compared to non-wave deals. However, within a CBA wave, we find that acquirers that move early and with a high acquisition pace have a higher likelihood of deal completion. We test our arguments on a simulation-based dataset comprising 17,815 wave and non-wave deals identified between 1990 and 2012 across 13 acquirer and 21 target countries. We contribute to the CBA literature by differentiating between wave and non-wave environments and their impact on deal completion.

Managerial Summary

Cross-border acquisitions (CBAs) often happen in waves that emerge at the industry and country-levels. These waves are characterized by heightened level of acquisition activities such that the relative position of acquirer and target firms is different within waves as compared to outside of the waves. As a result, acquisition deals announced within waves are less likely to be completed than those announced outside of the waves. At the same time, acquiring firms that announce acquisitions at an early stage within a CBA wave and move with a faster speed to conduct more acquisitions are more likely to successfully close the deals than other firms.

跨境收购(cba)呈现出一种波浪式的模式，在时间上、行业上和国家层面上都具有集群性。本文运用议价能力视角，认为CBA浪潮背景改变了收购方与目标公司之间的相对议价地位，从而影响了交易的完成。我们的研究结果表明，与非收购浪潮交易相比，收购浪潮交易的完成可能性较低。然而，在一轮CBA浪潮中，我们发现，行动早、收购速度快的收购方完成交易的可能性更高。我们在一个基于模拟的数据集上测试了我们的论点，该数据集包括1990年至2012年间13个收购方和21个目标国家的17,815笔波浪和非波浪交易。我们通过区分波动和非波动环境及其对交易完成的影响，为CBA文献做出了贡献。跨境收购(cba)经常在行业和国家层面出现。这些浪潮的特点是收购活动水平的提高，使得收购方和目标公司的相对地位在浪潮内与在浪潮外是不同的。因此，在并购浪潮中宣布的收购交易完成的可能性低于在并购浪潮之外宣布的收购交易。与此同时，在CBA浪潮的早期阶段宣布收购并以更快的速度进行更多收购的收购公司比其他公司更有可能成功完成交易。

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引用次数: 1