{"title":"国家安全审查和所有权参与跨国收购","authors":"Jiangang Jiang , Jianhong Zhang","doi":"10.1016/j.ibusrev.2024.102329","DOIUrl":null,"url":null,"abstract":"<div><p>Despite the growing institutional pressure derived from rising nationalism and national security concerns being recognized, we know relatively little about how this pressure influences firms’ internationalization strategy, and the policy effect of the national security review regime (NSRR) is under-researched. This study explores the impact of NSRR in host countries on foreign acquirers’ ownership participation in cross-border acquisitions (CBAs). We developed a theoretical framework from a legitimacy perspective to explain how the implementation of the NSRR impacts acquirers’ ownership decisions, and how this impact is conditional on situational conditions. Based on the data on the CBAs conducted by Chinese multinational enterprises (CMNEs) in OECD countries during 2003–2020, we found a negative effect of the NSRR on ownership participation. The negative effect is weaker for private acquirers, private targets, acquisitions in insensitive sectors, acquisitions between countries with relatively smaller ideological differences, and acquisitions in host countries with lower economic growth.</p></div>","PeriodicalId":51352,"journal":{"name":"International Business Review","volume":"33 6","pages":"Article 102329"},"PeriodicalIF":5.9000,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"National security review and ownership participation in cross-border acquisitions\",\"authors\":\"Jiangang Jiang , Jianhong Zhang\",\"doi\":\"10.1016/j.ibusrev.2024.102329\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Despite the growing institutional pressure derived from rising nationalism and national security concerns being recognized, we know relatively little about how this pressure influences firms’ internationalization strategy, and the policy effect of the national security review regime (NSRR) is under-researched. This study explores the impact of NSRR in host countries on foreign acquirers’ ownership participation in cross-border acquisitions (CBAs). We developed a theoretical framework from a legitimacy perspective to explain how the implementation of the NSRR impacts acquirers’ ownership decisions, and how this impact is conditional on situational conditions. Based on the data on the CBAs conducted by Chinese multinational enterprises (CMNEs) in OECD countries during 2003–2020, we found a negative effect of the NSRR on ownership participation. The negative effect is weaker for private acquirers, private targets, acquisitions in insensitive sectors, acquisitions between countries with relatively smaller ideological differences, and acquisitions in host countries with lower economic growth.</p></div>\",\"PeriodicalId\":51352,\"journal\":{\"name\":\"International Business Review\",\"volume\":\"33 6\",\"pages\":\"Article 102329\"},\"PeriodicalIF\":5.9000,\"publicationDate\":\"2024-08-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Business Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0969593124000763\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Business Review","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0969593124000763","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
National security review and ownership participation in cross-border acquisitions
Despite the growing institutional pressure derived from rising nationalism and national security concerns being recognized, we know relatively little about how this pressure influences firms’ internationalization strategy, and the policy effect of the national security review regime (NSRR) is under-researched. This study explores the impact of NSRR in host countries on foreign acquirers’ ownership participation in cross-border acquisitions (CBAs). We developed a theoretical framework from a legitimacy perspective to explain how the implementation of the NSRR impacts acquirers’ ownership decisions, and how this impact is conditional on situational conditions. Based on the data on the CBAs conducted by Chinese multinational enterprises (CMNEs) in OECD countries during 2003–2020, we found a negative effect of the NSRR on ownership participation. The negative effect is weaker for private acquirers, private targets, acquisitions in insensitive sectors, acquisitions between countries with relatively smaller ideological differences, and acquisitions in host countries with lower economic growth.
期刊介绍:
The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.