2 synergy value from CBAs How do acquirers’ home country institutions influence the post-acquisition?">
幸福宝app下载安装

陌秀直播app下载安装

Home > About > News & Events > News >

南昌通捷晶贸易有限公司

Time:2019-11-28 11:27:45  Hits:[]
Cross-border acquisitions (CBAs) have increasingly become one of the most important international strategies for firms to enhance their performance by quickly acquiring strategic resources globally, for instance, advanced technology and huge overseas markets. However, research shows that the failure rate of cross-border mergers and acquisitions is high, and about 70% of companies have not been able to achieve 1+1>2 synergy value from CBAs.


 
How do acquirers’ home country institutions influence the post-acquisition performance of CBAs?PHBS Associate Professor Zhu Hong and co-authors addressed this question in their paper “Home Country Institutions behind Cross-Border Acquisition Performance” recently published in the Journal of Management. The researchers developed an institutional framework consisting of the informal institutions’ collectivism and humane orientation, as well as the formal institutions’ shareholder orientation and property rights protection.
 
Zhu and her coauthors retrieved CBM deals across 50 countries from the SDC Platinum database –the world’s most comprehensive database of mergers and acquisitions – annual financial data for acquirers and targets from Datastream, home and host countries’ collectivism and humane orientation from the GLOBE study, and other information from various sources. Further, they advanced multilevel modeling to analyze 12,021 CBAs, and findings showed that informal and formal institutions not only have important individual effects but also jointly affect their firms’ post-acquisition performance.
 
Results show that collectivism and humane orientation in home countries can exert positive influences on post-acquisition performance. Shaped by home country collectivism and with a high level of humane orientation, acquirers which have managers who view their acquired targets as highly interdependent within their organizations are more likely to involve acquired targets in decision making in the post-acquisition integration process. Accordingly, acquired targets are more willing to collaborate with the acquirers in achieving post-acquisition value creation. In addition, their study highlights the joint influence of informal and formal institutions: informal institution influence can be weakened by incompatible formal institutions that hamper post-acquisition collaborative efforts.
 
In addition to significant theoretical contributions to the research of institutions and CBAs, this study offers important practical and public policy implications by clearly demonstrating the importance of institutions in firm strategies and development. The study further reinforces the importance of institutions in the development of firms and economies in China and throughout the world. The remarkable and successful institutional reforms in China, such as the on-going development of the Greater Bay Area and the Belt and Road Initiative have been buttressing the rapid and impressive economic rise of China.



Hong Zhu
Associate Professor
Ph.D., Strategic Management, Texas A&M University
Fields:Strategic management, Mergers and Acquisitions (M&As), Strategic leadership (CEO, Top management team and boards of directors), Chinese firms’ M&As and strategic leadership


By Annie Jin 
Edited by Priscilla Young

 

Popular Articles
Latest News
Campus Events
主播大秀app下载安装 成版人音色短视频app下载污 薰衣草直播app下载安装 泡芙下载app视频污版 快狐app下载安装 黄鱼视频app下载安装 avgoios免费下载 夜狼直播ios免费下载 享爱ios免费下载 蜜柚ios免费下载 比心ios免费下载 芭乐app下载安装 左手视频ios免费下载 九尾狐视频下载app视频污版 棉花糖直播app下载安装 性福宝ios免费下载 芭乐视频下载app视频污版 香蕉直播app下载安装 污直播app下载安装 柠檬视频ios免费下载 香蕉ios免费下载 富二代f2ios免费下载 黄鱼视频app下载污 MM直播app下载污 四虎ios免费下载 花秀神器ios免费下载 尤蜜ios免费下载 夜夜直播app下载安装 泡芙视频下载app视频污版 小奶狗下载app视频污版 茶馆视频app下载污 成版人短视频ios免费下载 抖阴视频app下载安装 好嗨哟直播ios免费下载 微杏app下载安装 野花视频下载app视频污版 卡哇伊app下载安装 烟花直播app下载安装 MM直播app下载安装 青青草app下载安装 小怪兽直播ios免费下载 9uuapp下载污 小宝贝直播ios免费下载 麻豆传媒直播app下载安装 大番号app下载安装 花心下载app视频污版 小狐仙直播下载app视频污版 含羞草视频下载app视频污版 月亮视频app下载安装 云上花app下载污 小奶猫ios免费下载 秀色直播ios免费下载 火爆社区app下载污 年华直播app下载安装 享爱ios免费下载 花姿app下载污 丝瓜ios免费下载 妖妖直播ios免费下载 春水堂ios免费下载 柠檬直播app下载安装 Kitty直播app下载污 豆奶抖音短视频ios免费下载 月夜直播app下载安装 十里桃花直播ios免费下载 好嗨哟直播ios免费下载 小奶狗视频app下载安装 陌秀直播ios免费下载 花心直播下载app视频污版 欢喜视频下载app视频污版 d2天堂ios免费下载 光棍影院ios免费下载 快猫视频app下载安装 花仙子直播ios免费下载 黄瓜app下载安装 health2app下载安装 小花螺直播app下载安装 小奶狗app下载安装 七秒鱼app下载安装 东京视频ios免费下载 丝瓜草莓视频app下载安装 初恋直播ios免费下载 比心直播app下载安装 探花直播ios免费下载 雨云直播ios免费下载 泡泡直播app下载安装 千层浪直播下载app视频污版 遇见直播app下载安装 小姐姐直播app下载安装 荔枝视频ios免费下载 小奶猫ios免费下载 富二代f2抖音app下载安装 猛虎视频app下载安装 柠檬直播app下载污 后宫app下载污 樱桃视频ios免费下载 91直播app下载安装 梦鹿直播app下载安装 丝瓜视频ios免费下载 丝瓜草莓视频app下载污 朵朵直播app下载安装 香草成视频人ios免费下载 红玫瑰直播ios免费下载 享爱app下载安装 夏娃直播app下载污 夜遇直播号app下载安装 蜜柚直播ios免费下载 草莓app下载安装 蜜桃直播ios免费下载 冈本app下载污 小奶猫app下载安装 樱桃直播ios免费下载