Cross-border Mergers and Acquisitions in China: An Industry Panel Study, 1991–2005

References

• Agarwal , S. and Ramaswami , S. N. 1992 . Choice of foreign market entry mode: impact of ownership, location and internalization factors . Journal of International Business Studies , 23 ( 1 ) : 1 – 27 .
   Web of Science ®Google Scholar
• Andrade , G. , Mitchell , M. and Stafford , E. 2001 . New Evidence and Perspectives on Mergers . Journal of Economic Perspective , 15 : 103 – 120 .
   Web of Science ®Google Scholar
• Andrade , G. and Stafford , E. 2004 . Investigating the economic role of mergers . Journal of Corporate Finance , 10 : 1 – 36 .
   Web of Science ®Google Scholar
• Audretsch , D. B. 1989 . The determinants of conglomerate mergers . American Economist , : 33
   Google Scholar
• Baltagi , B. H. 1995 . Econometric Analysis of Panel Data , Chichester and New York : John Wiley .
   Google Scholar
• Barell , D. and Holland , D. 2000 . Foreign direct investment and enterprises restructuring in Central Europe . Economics of Transition , 8 : 477 – 504 .
   Web of Science ®Google Scholar
• Berggren , C. 2003 . Mergers, MNEs and innovation – the need for new research approaches . Scandinavian Journal of Management , 19 : 173 – 191 .
   Google Scholar
• Brouthers , K. D. , Brouthers , L. E. and Werner , S. 1996 . Dunning's Eclectic Theory and the smaller firm: the impact of ownership and locational advantages on the choice of entry-modes in the computer software industry . International Business Review , 5 : 377 – 395 .
   Google Scholar
• Cameron , A. C. and Trivedi , P. K. 1998 . Regression Analysis of Count Data , Cambridge : Cambridge University Press .
   Google Scholar
• Chapman , K. 2003 . Cross-border mergers/acquisitions: a review and research agenda . Journal of Economic Geography , 3 : 309 – 334 .
   Web of Science ®Google Scholar
• Chen , C. and Finlay , C. 2003 . A review of cross-border mergers and acquisitions in Apec . Asian-Pacific Economic Literature , 17 : 14 – 38 .
   Google Scholar
• Chen, C. H. (1997), The determinants of foreign and domestic merger activities in U.S. manufacturing industries. Ph.D. dissertation, the University of Wisconsin.
   Google Scholar
• China Daily (2005) Overseas investment on the up, 1 February, p. 1.
   Google Scholar
• Cooke , F. L. 2006 . Acquisitions of Chinese state-owned enterprises by multinational corporations: driving forces, barriers and implications for HRM . British Journal of Management , 17 : 107 – 123 .
   Web of Science ®Google Scholar
• Driffield , N. L. and Munday , M. C. 2000 . Industrial performance, agglomeration, and foreign manufacturing investment in the UK . Journal of International Business Studies , 31 : 21 – 37 .
   Web of Science ®Google Scholar
• Driffield , N. L. , Munday , M. C. and Roberts , A. 2002 . Foreign direct investment, transactions linkages, and the performance of the domestic sector . International Journal of the Economics of Business , 9 : 335 – 351 .
   Google Scholar
• Dubin, M. (1975), Foreign acquisitions and the growth of the multinational firm. Ph.D. dissertation, Harvard Business School.
   Google Scholar
• Economist Intelligence Unit (2004) China Is Number 1 for R&D Investment. Report, October.
   Google Scholar
• Finkelstein , S. 1997 . Interindustry merger patterns and resource dependence: a replication and extension of Pfeffer (1972) . Strategic Management Journal , 18 : 787 – 810 .
   Web of Science ®Google Scholar
• Galbraith , C. S. and Schendel , D. 1983 . An empirical analysis of strategy types . Strategic Management Journal , 4 : 153 – 173 .
   Web of Science ®Google Scholar
• Galbraith , C. S. and Stiles , C. H. 1984 . Merger strategies as a response to bilateral market power . Academy of Management Journal , 27 : 511 – 524 .
   Web of Science ®Google Scholar
• Geroski , P. A. 1995 . What do we know about entry? . International Journal of Industrial Organization , 13 : 421 – 440 .
   Web of Science ®Google Scholar
• Gort , M. 1969 . An economic disturbance theory of mergers . Quarterly Journal of Economics , 83 : 624 – 642 .
   Web of Science ®Google Scholar
• Hall, B. (1987), The effect of takeover activity on corporate research and development. NBER Working Paper No. 2191, March.
   Google Scholar
• Harding , H. 2006a . Beijing's nationalist backlash . The Wall Street Journal Asia , 24 October, A15
   Google Scholar
• Harding , H. 2006b . The Wall Street Journal Asia , 24 October, A18
   Google Scholar
• Harris , R. S. and Ravenscraft , D. 1991 . The role of acquisitions on foreign direct investment: evidence from the U.S. Stock Market . Journal of Finance , 46 : 825 – 844 .
   Web of Science ®Google Scholar
• Head , K. C. , Ries , J. C. and Swenson , D. L. 1995 . Agglomeration benefits and location choice: evidence from Japanese manufacturing investments in the United States . Journal of International Economics , 38 : 223 – 247 .
   Web of Science ®Google Scholar
• Healy , P. M. and Palepu , K. G. 1993 . “ International corporate equity acquisitions: who, where and why? ” . In Foreign Direct Investment , Edited by: Froot , K. A. 231 – 250 . Chicago, IL : Chicago University Press .
   Google Scholar
• Hopkins , H. D. 1999 . Cross-border mergers and acquisitions: global and regional perspectives . Journal of International Management , 5 : 207 – 239 .
   Google Scholar
• Hsiao , C. 2003 . Analysis of Panel Data , 2nd ed , Cambridge : Cambridge University Press .
   Google Scholar
• Jefferson , G. H. , Rawski , T. G. and Zheng , Y. 1992 . Growth, efficiency, and convergence in China's state and collective industry . Economic Development & Cultural Change , 40 : 239 – 267 .
   Web of Science ®Google Scholar
• Jensen , M. C. 1993 . The modern industrial revolution, exit, and the failure of internal control systems . Journal of Finance , 48 : 831 – 880 .
   Web of Science ®Google Scholar
• Klein , M. W. and Rosengren , E. S. 1994 . The real exchange rate and foreign direct investment in the United States: relative wealth vs. relative wage effects . Journal of International Economics , 36 : 373 – 390 .
   Web of Science ®Google Scholar
• Knickerbocker , F. T. 1973 . Oligopolistic reaction and multinational enterprise . International Executive , 15 : 7 – 9 .
   Google Scholar
• Krugman , P. 1991 . Geography and Trade , Cambridge, MA : MIT Press .
   Google Scholar
• Louri , H. 2001 . Entry through acquisition: determinants of multinational firm choices . Review of Industrial Organization , 19 : 199 – 209 .
   Web of Science ®Google Scholar
• Luo , Y. 2000a . How to Enter China: Choices and Lessons , Ann Arbor, MI : University of Michigan Press .
   Google Scholar
• Luo , Y. 2000b . Partnering with Chinese Firms: Lessons for International Managers , Aldershot : Ashgate .
   Google Scholar
• Luo , Y. 2001 . Determinants of entry in an emerging economy: a multilevel approach . Journal of Management Studies , 38 : 443 – 472 .
   Web of Science ®Google Scholar
• Maksimovic , V. and Phillips , G. 2001 . The market for corporate assets: who engage in mergers and asset sales and are there gains? . Journal of Finance , 56 : 2019 – 2065 .
   Web of Science ®Google Scholar
• McCann , M. 2001 . Cross-Border acquisitions: the UK experience . Applied Economics , 33 ( 4 ) : 457 – 461 .
   Web of Science ®Google Scholar
• Milman , C. D. 1999 . Merger and acquisition activity in China: 1985–1996 . Multinational Business Review , 7 : 106 – 110 .
   Google Scholar
• Mitchell , M. L. and Mulherin , J. H. 1996 . The impact of industry shocks on takeover and restructuring activity . Journal of Financial Economics , 41 : 193 – 229 .
   Web of Science ®Google Scholar
• Mulherin , J. H. and Boone , A. L. 2000 . Comparing acquisitions and divestitures . Journal of Corporate Finance , 6 : 117 – 139 .
   Google Scholar
• OECD (Organization for Economic Cooperation and Development) (2006) Recent Developments in China's Policies Towards Cross-Border Mergers and Acquisitions (M&As): Supplement to the 2006 Investment Policy Review of China Investment Division, Directorate for Financial and Enterprises Affairs, OECD, December. Available online at www.oecd.org/dataoecd/1/26/37808943.pdf
   Google Scholar
• Peng , M. W. 2001 . The resource-based view and international business . Journal of Management , 27 : 803 – 829 .
   Web of Science ®Google Scholar
• Peng , M. W. 2006 . Making M&A fly in China . Harvard Business Review , 84 : 26 – 27 .
   Web of Science ®Google Scholar
• Pfeffer , J. 1972 . Merger as a response to organizational interdependence . Administrative Science Quarterly , 17 : 382 – 394 .
   Web of Science ®Google Scholar
• Porter , M. E. 1980 . Competitive Strategy – Techniques for Analyzing Industries and Competitors , New York : Free Press .
   Google Scholar
• PricewaterhouseCoopers (2002) M&A insights in Asia-Pacific surveys. Available at http://www.pwchk.com/home/eng/ts.html
   Google Scholar
• Rege , U. P. 1984 . Accounting ratios to locate take-over targets . Journal of Business Finance and Accounting , 11 : 301 – 311 .
   Google Scholar
• Resmini , L. 2000 . The determinants of foreign direct investment in the CEECs: new evidence from sectoral patterns . Economics of Transition , 8 : 665 – 689 .
   Web of Science ®Google Scholar
• Rondinelli , D. A. and Black , S. S. 2000 . Multinational strategic alliances and acquisitions in Central and Eastern Europe: partnerships in privatization . The Academy of Management Executive , 14 : 85 – 98 .
   Google Scholar
• Rondinelli , D. A. and Vastag , G. 1998 . Private investment and environmental protection: Alcoa-Kofem's strategy in Hungary . European Management Journal , 16 : 422 – 430 .
   Google Scholar
• Scherer , F. M. and Ross , D. 1990 . Industrial Market Structure and Economic Performance , Boston, MA : Houghton Mifflin .
   Google Scholar
• Schwartz , S. 1982 . Factors affecting the probability of being acquired: evidence for the United States . Economic Journal , 92 : 391 – 398 .
   Web of Science ®Google Scholar
• Thomson ONE Banker Database (2006) Thomson Financial, data access http://banker.thomsonib.com/ta
   Google Scholar
• Uhlenbruck , K. and De Castro , J. O. 2000 . Foreign acquisitions in Central and Eastern Europe: outcomes of outcomes of privatization in transition economies . Academy of Management Journal , 43 : 381 – 402 .
   Web of Science ®Google Scholar
• UNCTAD (United Nations Conference on Trade and Development) (2006) World Investment Report 2006: FDI from Developing and Transition Economies: Implications for Development, Geneva: United Nations.
   Google Scholar
• Vasconcellos , G. M. and Kish , R. J. 1996 . Factors affecting cross-border merger and acquisitions: the Canada–U.S. experience . Global Finance Journal , 7 : 223 – 238 .
   Google Scholar
• Verbeek , M. 2000 . A Guide to Modern Econometrics , Chichester : John Wiley .
   Google Scholar
• Walkenhorst , P. 2004 . Economic transition and the sectoral patterns of foreign direct investment . Emerging Markets Finance and Trade , 40 : 5 – 26 .
   Web of Science ®Google Scholar
• Wheeler , D. and Mody , A. 1992 . International investment location decisions: the case of US firms . Journal of International Economics , 33 : 57 – 76 .
   Web of Science ®Google Scholar
• Wilson , B. D. 1980 . The propensity of multinational companies to expand through acquisitions . Journal of International Business Studies , 11 : 59 – 65 .
   Web of Science ®Google Scholar
• Woodard , K. and Wang , A. Q. 2004 . Acquisitions in China: a view of the field . The China Business Review , 31 : 34 – 38 .
   Google Scholar
• Yu , C.-M. J. and Ito , K. 1988 . Oligopolistic reaction and foreign direct investment: the case of the U.S. tire and textiles industries . Journal of International Business Studies , 19 : 449 – 460 .
   Web of Science ®Google Scholar