Do the ties of corporate executives and directors affect short-term M&A return growth? Evidence from China

References

• Agrawal, A., & Walkling, R. A. (1994). Executive careers and compensation surrounding takeover bids. The Journal of Finance, 49(3), 985–1014. https://doi.org/10.1111/j.1540-6261.1994.tb00085.x
   Google Scholar
• Ahuja, G., & Katila, R. (2001). Technological acquisitions and the innovation performance of acquiring firms: A longitudinal study. Strategic Management Journal, 22(3), 197–220. https://doi.org/10.1002/smj.157
   Web of Science ®Google Scholar
• Andries, A. M., & Virlan, C. A. (2017). Risk arbitrage in emerging Europe: Are cross-border mergers and acquisition deals more risky. Economic Research-Ekonomska Istraživanja, 30, 1, 1367–1389. https://doi.org/10.1080/1331677x.2017.1355259
   Web of Science ®Google Scholar
• Baghdadi, G. A., Bhatti, I., Nguyen, L. H., & Podolski, E. J. (2018). Skill or effort? Institutional ownership and managerial efficiency. Journal of Banking & Finance, 91(6), 19–33. https://doi.org/10.1016/j.jbankfin.2018.04.002
   Google Scholar
• Barbalet, J. (2021). Where does Guanxi come from? Bao, Shu, and Renqing in Chinese connections. Asian Journal of Social Science, 49(1), 31–37. https://doi.org/10.1016/j.ajss.2020.11.001
   Web of Science ®Google Scholar
• Bargeron, L. L., Schlingemann, F. P., Stulz, R. M., & Zutter, C. J. (2008). Why do private acquirers pay so little compared to public acquirers. Journal of Financial Economics, 89(3), 375–390. https://doi.org/10.1016/j.jfineco.2007.11.005
   Web of Science ®Google Scholar
• Bizjak, J. M., Lemmon, M. L., & Whitby, R. J. (2009). Option backdating and board interlocks. Review of Financial Studies, 22(11), 4821–4847. https://doi.org/10.1093/rfs/hhn120
   Web of Science ®Google Scholar
• Borlea, S. N., Achim, M. V., & Mare, C. (2017). Board characteristics and firm performances in emerging economies lessons from Romania. Economic Research-Ekonomska Istraživanja, 30(1), 55–75. https://doi.org/10.1080/1331677X.2017.1291359
   Web of Science ®Google Scholar
• Cai, Y., & Sevilir, M. (2012). Board connections and M&A transactions. Journal of Financial Economics, 103(2), 327–349. https://doi.org/10.1016/j.jfineco.2011.05.017
   Web of Science ®Google Scholar
• Chae, J., Kim, S., & Lee, E. J. (2009). How corporate governance affects payout policy under agency problems and external financing constraints. Journal of Banking & Finance, 33(11), 2093–2101. https://doi.org/10.1016/j.jbankfin.2009.05.003
   Web of Science ®Google Scholar
• Changqi, W., & Ningling, X. (2010). Determinants of cross-border merger & acquisition performance of Chinese enterprises. Procedia - Social and Behavioral Sciences, 2(5), 6896–6905. https://doi.org/10.1016/j.sbspro.2010.05.040
   Google Scholar
• Cheng, C., & Yang, M. (2017). Enhancing performance of cross-border mergers and acquisitions in developed markets: The role of business ties and technological innovation capability. Journal of Business Research, 81, 107–117. https://doi.org/10.1016/j.jbusres.2017.08.019
   Web of Science ®Google Scholar
• Cui, H., & Leung, S. (2020). The long-run performance of acquiring firms in mergers and acquisitions: Does managerial ability matter? Journal of Contemporary Accounting & Economics, 16(1), 100185. https://doi.org/10.1016/j.jcae.2020.100185
   Web of Science ®Google Scholar
• Daniliuc, S. O., Li, L., & Wee, M. (2020). Busy directors and firm performance: Evidence from Australian mergers. Pacific-Basin Finance Journal, 64, 101434. https://doi.org/10.1016/j.pacfin.2020.101434
   Web of Science ®Google Scholar
• Denis, D. K., & McConnell, J. J. (2003). International corporate governance. The Journal of Financial and Quantitative Analysis, 38(1), 1–36. https://doi.org/10.2307/4126762
   Web of Science ®Google Scholar
• Dodd, O., Frijns, B., & Gilbert, A. (2015). On the role of cultural distance in the decision to cross-list. European Financial Management, 21(4), 706–741. https://doi.org/10.1111/j.1468-036X.2013.12038.x
   Web of Science ®Google Scholar
• El-Khatib, R., Fogel, K., & Jandik, T. (2015). CEO network centrality and merger performance. Journal of Financial Economics, 116(2), 349–382. https://doi.org/10.1016/j.jfineco.2015.01.001
   Web of Science ®Google Scholar
• Hwang, B., & Kim, S. (2009). It pays to have friends. Journal of Financial Economics, 93(1), 138–158. https://doi.org/10.1016/j.jfineco.2008.07.005
   Web of Science ®Google Scholar
• Ishii, J., & Xuan, Y. (2014). Acquirer-target social ties and merger outcomes. Journal of Financial Economics, 112(3), 344–363. https://doi.org/10.1016/j.jfineco.2014.02.007
   Web of Science ®Google Scholar
• Krishnamurti, C., Shams, S., Pensiero, D., & Velayutham, E. (2019). Socially responsible firms and mergers and acquisitions performance: Australian evidence. Pacific-Basin Finance Journal, 57, 101193. https://doi.org/10.1016/j.pacfin.2019.101193
   Web of Science ®Google Scholar
• Krug, J. A., & Hegarty, W. H. (1997). Post-acquisition turnover among U.S. top management teams: An analysis of the effects of foreign vs. domestic acquisitions of U.S. targets. Strategic Management Journal, 18(8), 667–675. https://doi.org/10.1002/(sici)1097-0266(199709)18:8<667::aid-smj918>3.0.co;2-e
   Web of Science ®Google Scholar
• Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences Kenneth Lehn. Journal of Political Economy, 93(6), 1155–1177. https://doi.org/10.1086/261354
   Web of Science ®Google Scholar
• Li, Y., Tian, G. G., & Wang, X. (2021). The effect of Guanxi culture on the voting of independent directors: Evidence from China. Pacific-Basin Finance Journal, 67(5), 101524. https://doi.org/10.1016/j.pacfin.2021.101524
   Google Scholar
• Malmendier, U., Pouzo, D., & Vanasco, V. (2020). Investor experiences and international capital flows. Journal of International Economics, 124, 103302. https://doi.org/10.1016/j.jinteco.2020.103302
   Web of Science ®Google Scholar
• Masulis, R. W., Wang, C., & Xie, F. (2007). Corporate governance and acquirer returns. The Journal of Finance, 62(4), 1851–1889. https://doi.org/10.1111/j.1540-6261.2007.01259.x
   Web of Science ®Google Scholar
• Nguyen, H. W., Zhu, Z., Jung, Y. H., & Kim, D. S. (2022). Determinants of M&A acquisition premium: A social capital perspective. Competitiveness Review: An International Business Journal, 32(2), 214–229. https://doi.org/10.1108/CR-05-2020-0074
   Web of Science ®Google Scholar
• Peng, M. W., & Luo, Y. (2000). Managerial ties and firm performance in a transition economy: The nature of a micro-macro link. Academy of Management Journal, 43(3), 486–501. https://doi.org/10.5465/1556406
   Web of Science ®Google Scholar
• Pugliese, A., Minichilli, A., & Zattoni, A. (2014). Integrating agency and resource dependence theory: Firm profitability, industry regulation, and board task performance. Journal of Business Research, 67(6), 1189–1200. https://doi.org/10.1016/j.jbusres.2013.05.003
   Web of Science ®Google Scholar
• Putra, M. E., & Suwardi, I. S. (2015). Structural off-line handwriting character recognition using approximate subgraph matching and Levenshtein distance. Procedia Computer Science, 59, 340–349. https://doi.org/10.1016/j.procs.2015.07.529
   Google Scholar
• Renneboog, L., & Zhao, Y. (2014). Director networks and takeovers. Journal of Corporate Finance, 28, 218–234. https://doi.org/10.1016/j.jcorpfin.2013.11.012
   Web of Science ®Google Scholar
• Sasaki, H., Fugetsu, B., & Sakata, I. (2020). Emerging scientific field detection using citation networks and topic models—A case study of the nanocarbon field. Applied System Innovation, 3(3), 40. https://doi.org/10.3390/asi3030040
   Google Scholar
• Servaes, H. (1991). Tobin's Q and the gains from takeovers. Journal of Finance, 46(1), 409–419. https://doi.org/10.1111/j.1540-6261.1991.tb03758.x
   Web of Science ®Google Scholar
• Shanley, M. T., & Correa, M. E. (1992). Agreement between top Management teams and expectations for post acquisition performance. Strategic Management Journal, 13(4), 245–266. https://doi.org/10.1002/smj.4250130402
   Web of Science ®Google Scholar
• Staszkiewicz, P., Chomiak-Orsa, I., & Staszkiewicz, I. (2020). Dynamics of the COVID-19 contagion and mortality: Country factors, social media, and market response evidence from a global panel analysis. IEEE Access, 8, 106009–106022. https://doi.org/10.1109/ACCESS.2020.2999614
   Web of Science ®Google Scholar
• Tao, Q., Li, H., Wu, Q., Zhang, T., & Zhu, Y. (2019). The dark side of board network centrality: Evidence from merger performance. Journal of Business Research, 104(104), 215–232. https://doi.org/10.1016/j.jbusres.2019.07.019
   Google Scholar
• Travlos, N. G. (1987). Corporate takeover bids, methods of payment, and bidding firms' stock returns. The Journal of Finance, 42(4), 943–963. https://doi.org/10.1111/j.1540-6261.1987.tb03921.x
   Web of Science ®Google Scholar
• Thraya, M. F., Lichy, J., Louizi, A., & Rzem, M. (2019). High-tech acquirers and the moderating role of corporate governance. The Journal of High Technology Management Research, 30(2), 100354. https://doi.org/10.1016/j.hitech.2019.100354
   Google Scholar
• Uzzi, B. (1996). The sources and consequences of embeddedness for the economic performance of organizations: The network effect. American Sociological Review, 61(4), 674–698. https://doi.org/10.2307/2096399
   Web of Science ®Google Scholar
• Weber, Y., & Tarba, S. Y. (2012). Mergers and acquisitions process: The use of corporate culture analysis. Cross Cultural Management: An International Journal, 19(3), 288–303. https://doi.org/10.1108/13527601211247053
   Google Scholar
• Yang, S., & Chen, S. (2021). Market reactions for targets of M&A rumours-evidence from China. Economic Research-Ekonomska Istraživanja, 34(1), 2956–2974. https://doi.org/10.1080/1331677X.2020.1865826
   Web of Science ®Google Scholar
• Zhang, Z. (2014). Internal financing capability, corporate governance quality and M&A performance. Research on Financial and Economic Issues, (6), 51–56.
   Google Scholar
• Zhou, B., Dutta, S., & Zhu, P. (2020). CEO tenure and mergers and acquisitions. Finance Research Letters, 34, 101277. https://doi.org/10.1016/j.frl.2019.08.025
   Web of Science ®Google Scholar