期刊
JOURNAL OF THE ASIA PACIFIC ECONOMY
卷 28, 期 2, 页码 738-765出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/13547860.2021.1950112
关键词
Acquisition experience; cross-border acquisition; cultural distance; rice-wheat culture; scale effect
类别
This study examines the impact of cultural heterogeneity and cross-border acquisition experience on the post-acquisition performance of Chinese publicly listed companies (PLCs) using data from 2010 to 2015. The results show that cultural heterogeneity has a negative effect on post-acquisition performance, while acquisition experience has a positive effect. The dynamic marginal effects of these factors on performance are contingent on the scale of acquisition.
Using data over the 2010-2015 period, we investigate the effect of cultural heterogeneity and cross-border acquisition experience on post-acquisition performance of Chinese publicly listed companies (PLCs). We find that between and within cultural heterogeneity has a negative and statistically significant effect on post-acquisition performance, but the effect of acquisition experience on post-acquisition performance is positive. We find that the dynamic marginal effects of cultural heterogeneity and acquisition experience on post-acquisition performance of Chinese PLCs are contingent on the scale of acquisition. Chinese PLCs can improve their post-acquisition performance by overcoming the issues arising from cultural heterogeneity, accumulating acquisition experience, and exploiting economies of scale. However, in the case of state-owned PLCs, prior cross-border acquisition experience can adversely affect the performance of new cross-border acquisitions.
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