Completion of Chinese overseas acquisitions: Institutional perspectives and evidence

International Business Review - Tập 20 - Trang 226-238 - 2011
Jianhong Zhang1, Chaohong Zhou2, Haico Ebbers1
1Nyenrode Business University, Breukelen, The Netherlands
2School of Economics, Utrecht University, Janskerkhof 12, 3512 BL Utrecht, The Netherlands

Tài liệu tham khảo

Antkiewicz, 2007, Recent Chinese buyout activity and the implications for wider global investment rules, Canadian Public Policy/Analyse de Politiques, 33, 207, 10.3138/cpp.33.2.207 Athreye, 2009, Introduction: The internationalization of Chinese and Indian firms – trends, motivations and strategy, Industrial and Corporate Change, 18, 209, 10.1093/icc/dtp007 Anderson, 2006, Trade and contract enforcement, Contributions to Economic Analyses and Policy, 5, 1 Bittlingmayer, 2000, DOS Kapital: Has antitrust action against Microsoft created value in the computer industry?, Journal of Financial Economics, 55, 329, 10.1016/S0304-405X(99)00053-7 Brambor, 2006, Understanding interaction models: Improving empirical analyses, Political Analysis, 14, 63, 10.1093/pan/mpi014 Branch, 2008, A note on takeover success prediction, International Review of Financial Analysis, 17, 1186, 10.1016/j.irfa.2007.07.003 Brown, 1986, Risk arbitrage and the prediction of successful corporate takeovers, Financial Management, 15, 54, 10.2307/3664844 Brunetti, 1998, Investment and institutional uncertainty: A comparative study of different measures, Weltwirtschaftlixhes Archiv, 134, 513, 10.1007/BF02707928 Buckley, 2007, The determinants of Chinese outward foreign direct investment, Journal of International Business Studies, 38, 499, 10.1057/palgrave.jibs.8400277 Child, 2005, The internationalization of Chinese firms: A case for theoretical extension?, Management and Organization Review, 1, 381, 10.1111/j.1740-8784.2005.0020a.x Cotter, 1997, Do independent directors enhance target shareholder wealth during tender offers?, Journal of Financial Economics, 39, 3 Dikova, 2010, Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the business service industry, 1981–2001, Journal of International Business Studies, 41, 223, 10.1057/jibs.2009.10 DiMaggio, 1983, The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields, American Sociological Review, 48, 147, 10.2307/2095101 Duggal, 1994, Institutional investors, anti-takeover defenses and success of hostile takeover bids, Quarterly Review of Economics and Finance, 34, 387, 10.1016/1062-9769(94)90022-1 Flanagan, 1996, Announcements of purely related and purely unrelated mergers and shareholder returns: Reconciling the relatedness paradox, Journal of Management, 22, 823, 10.1177/014920639602200602 Friedrich, 1982, In defense of multiplicative terms in multiple regression equations, American Journal of Political Sciences, 26, 797, 10.2307/2110973 Hébert, 2005, Expatriation as a bridge over troubled water: A knowledge-based perspective applied to cross-border acquisitions, Organization Studies, 26, 1455, 10.1177/0170840605057067 Henry, D. (2002). Directors’ recommendations in takeovers: An agency and governance analysis. Working paper, La Trobe University. Henry, 2004, Corporate governance and ownership structure of target companies and the outcome of takeovers, Pacific-Basin Finance Journal, 12, 419, 10.1016/j.pacfin.2003.09.004 Hirshleifer, 1990, Share tendering strategies and the success of hostile takeover bids, Journal of Political Economy, 98, 295, 10.1086/261679 Hoffmeister, 1981, Predicting outcomes of cash tender offers, Financial Management, 9, 50, 10.2307/3664856 Holl, 1996, The determinants of outcome in UK takeover bids, International Journal of the Economics of Business, 3, 165, 10.1080/758528451 Holl, 1988, The Determinants and effects of actual, abandoned and contested mergers, Managerial and Decision Economics, 9, 1, 10.1002/mde.4090090101 Ionascu, D., Meyer, K. E., & Erstin, S. (2004). Institutional distance and international business strategies in emerging economies. Working paper number 728, William Davidson Institute, University of Michigan Business School. Kostova, 1999, Transnational transfer of strategic organizational practices: A contextual perspective, Academy of Management Review, 24, 308, 10.5465/amr.1999.1893938 Kostova, 2002, Adoption of an organizational practice by subsidiaries of multinational corporations: Institutional and regional effects, Academy of Management Journal, 45, 215, 10.2307/3069293 Kostova, 1999, Organizational legitimacy under conditions of complexity: The case of the multinational enterprises, Academy of Management Review, 24, 64, 10.5465/amr.1999.1580441 Li, 2005, Ownership reform among state firms in China and its implications, Management Decision, 43, 568, 10.1108/00251740510593567 Li, 2008, The roles and performance of state firms and non-state firms in China's economic transition, World Development, 36, 39, 10.1016/j.worlddev.2007.01.008 Luo, 2005, Do insiders learn from outsiders? Evidence from mergers and acquisitions, Journal of Finance, 4, 1951, 10.1111/j.1540-6261.2005.00784.x Meon, 2008, Institutional quality and trade: Which institutions? Which trade?, Economic Inquiry, 46, 227, 10.1111/j.1465-7295.2007.00064.x Mudambi, 2002, Institutions and international business: A theoretical overview, International Business Review, 11, 635, 10.1016/S0969-5931(02)00042-2 Muehlfeld, 2007, Completion or abandonment of mergers and acquisitions: Evidence from the newspaper industry, 1981–2000, Journal of Media Economics, 20, 107, 10.1080/08997760701193746 North, 1990 North, 1991, Institutions, Journal of Economic Perspectives, 5, 97, 10.1257/jep.5.1.97 O'Sullivan, 1998, The impact of board composition and ownership on the nature and outcome of UK takeovers, Corporate Governance: An International Review, 6, 92, 10.1111/1467-8683.00088 O'Sullivan, 1998, Internal versus external control: An analysis of board composition and ownership in UK takeovers, Journal of Management and Governance, 2, 17, 10.1023/A:1009903426321 O'Sullivan, 1999, Board composition, ownership structure and hostile takeovers: Some UK evidence, Accounting and Business Research, 29, 139, 10.1080/00014788.1999.9729575 OECD. (2005). OECD guidelines on corporate governance of state-owned enterprises. OECD Publishing. Officer, 2003, Termination fees in mergers and acquisitions, Journal of Financial Economics, 69, 431, 10.1016/S0304-405X(03)00119-3 Peng, 2000 Peng, 2002, Towards an institution-based view of business strategy, Asia Pacific Journal of Management, 19, 251, 10.1023/A:1016291702714 Peng, 2008, An institution-based view of international business strategy: A focus on emerging economies, Journal of International Business Studies, 39, 920, 10.1057/palgrave.jibs.8400377 Pryor, 2001, Dimensions of the worldwide merger boom, Journal of Economic Issues, 32, 825, 10.1080/00213624.2001.11506416 Raad, 1995, Capital structure and ownership distribution of tender offer targets: An empirical study, Financial Management, 24, 45, 10.2307/3665876 Rodrik, 2002, Trade policy reforms as institutional reform, 3 Scott, 1995 Scott, 2002, The changing world of Chinese enterprises: An institutional perspective’, 59 Sethi, 2009, Reappraising liabilities of foreignness within an integrated perspective of the costs and benefits of doing business abroad, International Business Review, 18, 404, 10.1016/j.ibusrev.2009.02.006 Slangen, 2009, Cultural distance, political risk, or governance quality? Towards a more accurate conceptualization and measurement of external uncertainty in foreign mode research, International Business Review, 18, 276, 10.1016/j.ibusrev.2009.02.014 Sudarsanam, 1995, The role of defensive strategies and ownership structure of target firms: Evidence from UK hostile takeover bids, European Financial Management, 1, 223, 10.1111/j.1468-036X.1995.tb00018.x Sudarsanam, 1996, Large shareholders, takeovers and target valuation, Journal of Business Finance and Accounting, 23, 295, 10.1111/j.1468-5957.1996.tb00914.x Toth, 2008, Cross-border M&A deals: National security and interest reviews raise flags, Inside Counsel, 18, 20 UNCTAD. (2005). World investment report 2005: Transnational corporations and the internationalization of R&D. New York and Geneva: UNCTAD. Vermeulen, 2001, Learning through acquisitions, Academy of Management Journal, 44, 457, 10.2307/3069364 Wachtell, Lipton, Rosen, & Katz. 2008. Cross-border M&A – Checklist for successful acquisitions in the U.S. Retrieved from http://www.corpgov.deloitte.com/site/us/board-governance/boards-role-in-M-and-A Walkling, 1985, Predicting tender offer success: A logistic analysis, Journal of Financial and Quantitative Analysis, 20, 461, 10.2307/2330762 Warner, 2004, Late development’ experience and the evolution of transnational firms in the People's Republic of China, Asia Pacific Business Review, 10, 324, 10.1080/1360238042000264397 Weir, 1997, Corporate governance, performance and take-overs: An empirical analysis of UK mergers, Applied Economics, 29, 1465, 10.1080/000368497326291 Williamson, 1985 Wright, 2005, Strategy research in emerging economies: Challenging the conventional wisdom, Journal of Management Studies, 42, 1, 10.1111/j.1467-6486.2005.00487.x Xiao, 2005, The challenges facing outbound Chinese M&A, International Financial Law Review, 24, 44 Xu, 2002, Institutional distance and multinational enterprise, Academy of Management Review, 27, 608, 10.2307/4134406 Yamakawa, 2008, What drives new ventures to internationalize from emerging to developed economies?, Entrepreneurship: Theory and Practice, 32, 59, 10.1111/j.1540-6520.2007.00216.x Zaheer, 1995, Overcoming the liability of foreignness, Academy of Management Journal, 38, 341, 10.2307/256683 Zhou, 2010, Institutional constraints and ecological processes: Evolution of foreign-invested enterprises in the Chinese construction industry, 1993–2005, Journal of International Business Studies, 41, 539, 10.1057/jibs.2009.61