标题:The stock market performance of exploration-oriented and exploitation-oriented cross-border mergers and acquisitions: Evidence from emerging market enterprises
作者:Zhang, Zhu; Lyles, Marjorie A.; Wu, Changqi
作者机构:[Zhang, Zhu] Univ Int Business & Econ, 10 Huixin East St, Beijing 100029, Peoples R China.; [Lyles, Marjorie A.] Florida Int Univ, Coll Business, Mi 更多
通讯作者:Zhang, Z(zhuzhang@uibe.edu.cn)
通讯作者地址:Zhang, Z (corresponding author), Univ Int Business & Econ, 10 Huixin East St, Beijing 100029, Peoples R China.
来源:INTERNATIONAL BUSINESS REVIEW
出版年:2020
卷:29
期:4
DOI:10.1016/j.ibusrev.2020.101707
关键词:Exploration-oriented acquisitions; Exploitation-oriented acquisitions;; Performance; Emerging market MNEs; China
摘要:This study builds on insights from mergers and acquisitions (M&A) studies and the perspective that stock market performance is affected by the M&A strategies of firms. Past studies show that acquisitions are an effective way to exploit existing knowledge and explore new possibilities. We argue that stock market performance can be a response to exploration/exploitation strategies in the context of cross-border M&As by emerging market multinationals. Based on cross-border M&A data of Chinese multinationals, we find that exploration-oriented acquisitions have worse stock market performance than exploitation-oriented acquisitions. Furthermore, we find support for our premise that acquiring firms can reduce the risk of exploration-oriented acquisitions by having more high-discretion slack resources or by maintaining a high level of equity share of the target firm. In addition, acquiring firms perform better if they conduct exploration-oriented acquisitions in related industries. Our results contribute to a better understanding of exploration and exploitation in the context of M&As.
收录类别:SCOPUS;SSCI
资源类型:期刊论文
原文链接:https://www.scopus.com/inward/record.uri?eid=2-s2.0-85084457569&doi=10.1016%2fj.ibusrev.2020.101707&partnerID=40&md5=13f65c22a98748cc71cbfd9bc05364e7
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