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중국회사의 해외인수합병 성과에 미치는 제도적거리의 영향력에 관한 연구Influence of institutional distance on Chinese firms’ performance after cross-border M&A
- Other Titles
- Influence of institutional distance on Chinese firms’ performance after cross-border M&A
- Issue Date
- Jun-2016
- Publisher
- 한국무역통상학회
- Keywords
- cross-border M& A; institutional distance; state ownership; international experience
- Citation
- 무역통상학회지, v.16, no.2, pp.233 - 261
- Journal Title
- 무역통상학회지
- Volume
- 16
- Number
- 2
- Start Page
- 233
- End Page
- 261
- ISSN
- 1738-4354
- Abstract
- We analyzed the performance of Chinese firms after cross-border M&A (CBM&A) from an institutional perspective. Based on the features of Chinese firms’ CBM&A, institutional distance and state ownership are examined, which are two core variables of the institutional view. In this study, 198 CBM&As undertaken by Chinese firms between 2000 and 2010 were examined. The results indicate that institutional distance has a negative impact on the performance of Chinese firms after CBM&A. Both state ownership and international experience have positive effects on firm performance after CBM&A; however, institutional distance has a negative moderating effect on these positive relationships. The institutional perspective may explain the poor performance of Chinese firms after CBM&A. Discussion of our results yields various implications.
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Collections - 경영대학 > 경영학부(글로벌경영학) > 1. Journal Articles
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