852
Views
0
CrossRef citations to date
0
Altmetric
POLITICS

Cross-border mergers and acquisitions: A double-edged sword for Chinese firms’ innovation performance

&
Article: 2272320 | Received 24 Jul 2022, Accepted 13 Oct 2023, Published online: 30 Oct 2023

References

  • Ahammad, M., Tarba, S., Glaister, K., Kwan, I., Sarala, R., & Montanheiro, L. (2017). Motives for cross-border mergers and acquisitions. In Tarba, S. (Ed.), Mergers and acquisitions in practice (pp. 44-52). Routledge Taylor & Francis Group.
  • Ahammad, M. F., Tarba, S. Y., Liu, Y., & Glaister, K. W. (2016). Knowledge transfer and cross-border acquisition performance: The impact of cultural distance and employee retention. International Business Review, 25(1), 66–17. https://doi.org/10.1016/j.ibusrev.2014.06.015
  • Ahmed, B., Xie, H., Ali, Z., Ahmad, I., & Guo, M. (2022). Internationalization of emerging economies: Empirical investigation of cross-border mergers & acquisitions and greenfield investment by Chinese firms. Journal of Innovation & Knowledge, 7(3), 100200. https://doi.org/10.1016/j.jik.2022.100200
  • Audretsch, B. D., & Belitski, M. (2023). The limits to open innovation and its impact on innovation performance. Technovation, 119, 102519. https://doi.org/10.1016/j.technovation.2022.102519
  • Avioutskii, V., & Tensaout, M. (2022). Contextualizing international ambidextrous strategies of Chinese multinational enterprises. Thunderbird International Business Review, 64(5), 429–442. https://doi.org/10.1002/tie.22267
  • Banalieva, E. R. (2014). Embracing the second best? Synchronization of reform speeds, excess high discretion slack, and performance of transition economy firms. Global Strategy Journal, 4(2), 104–126. https://doi.org/10.1111/j.2042-5805.2014.1075.x
  • Bartlett, C. A., & Beamish, P. W. (2018). Transnational management. Cambridge University Press. https://doi.org/10.1017/9781108500067
  • Bauer, F., & Matzler, K. (2014). Antecedents of M&A success: The role of strategic complementarity, cultural fit, and degree and speed of integration. Strategic Management Journal, 35(2), 269–291. https://doi.org/10.1002/smj.2091
  • Berchicci, L. (2013). Towards an open R&D system: Internal R&D investment, external knowledge acquisition and innovative performance. Research Policy, 42(1), 117–127. https://doi.org/10.1016/j.respol.2012.04.017
  • Bronzini, R., & Piselli, P. (2016). The impact of R&D subsidies on firm innovation. Research Policy, 45(2), 442–457. https://doi.org/10.1016/j.respol.2015.10.008
  • Brown, J. R., Martinsson, G., & Petersen, B. C. (2017). What promotes R&D? Comparative evidence from around the world. Research Policy, 46(2), 447–462. https://doi.org/10.1016/j.respol.2016.11.010
  • Bruton, G. D., Peng, M. W., Ahlstrom, D., Stan, C., & Xu, K. (2015). State-owned enterprises around the world as hybrid organizations. Academy of Management Perspectives, 29(1), 92–114. https://doi.org/10.5465/amp.2013.0069
  • Castellaneta, F., & Zollo, M. (2014). The dimensions of experiential learning in the management of activity load. Organization Science, 26(1), 140–157. https://doi.org/10.1287/orsc.2014.0906
  • 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
  • Chen, F., Meng, Q., & Li, X. (2018). Cross-border post-merger integration and technology innovation: A resource-based view. Economic Modelling, 68, 229–238. https://doi.org/10.1016/j.econmod.2017.07.012
  • Chetty, S., Johanson, M., & Martín, O. M. (2014). Speed of internationalization: Conceptualization, measurement and validation. Journal of World Business, 49(4), 633–650. https://doi.org/10.1016/j.jwb.2013.12.014
  • Cho, S., & Chung, C. Y. (2022). Review of the literature on merger waves. Journal of Risk and Financial Management, 15(10), 432. https://doi.org/10.3390/jrfm15100432
  • Christofi, M., Vrontis, D., Thrassou, A., & Shams, S. R. (2019). Triggering technological innovation through cross-border mergers and acquisitions: A micro-foundational perspective. Technological Forecasting and Social Change, 146, 148–166. https://doi.org/10.1016/j.techfore.2019.05.026
  • Coccia, M. (2008). Spatial mobility of knowledge transfer and absorptive capacity: Analysis and measurement of the impact within the geoeconomic space. The Journal of Technology Transfer, 33(1), 105–122. https://doi.org/10.1007/s10961-007-9032-4
  • Coccia, M. (2017). Sources of technological innovation: Radical and incremental innovation problem-driven to support competitive advantage of firms. Technology Analysis & Strategic Management, 29(9), 1048–1061. https://doi.org/10.1080/09537325.2016.1268682
  • Coccia, M. (2018). Optimization in R&D intensity and tax on corporate profits for supporting labor productivity of nations. The Journal of Technology Transfer, 43(3), 792–814. https://doi.org/10.1007/s10961-017-9572-1
  • Colombo, M. G., & Rabbiosi, L. (2014). Technological similarity, post-acquisition R&D reorganization, and innovation performance in horizontal acquisitions. Research Policy, 43(6), 1039–1054. https://doi.org/10.1016/j.respol.2014.01.013
  • Cui, L., & Jiang, F. (2012). State ownership effect on firms’ FDI ownership decisions under institutional pressure: A paper of Chinese outward-investing firms. Journal of International Business Studies, 43(3), 264–284. https://doi.org/10.1057/jibs.2012.1
  • Datta, P., & Roumani, Y. (2015). Knowledge-acquisitions and post-acquisition innovation performance: A comparative hazards model. European Journal of Information Systems, 24, 202–226. https://doi.org/10.1057/ejis.2014.32
  • Deng, P., Delios, A., & Peng, M. W. (2020). A geographic relational perspective on the internationalization of emerging market firms. Journal of International Business Studies, 51(1), 50–71. https://doi.org/10.1057/s41267-019-00276-y
  • Deng, P., & Yang, M. (2015). Cross-border mergers and acquisitions by emerging market firms: A comparative investigation. International Business Review, 24(1), 157–172. https://doi.org/10.1016/j.ibusrev.2014.07.005
  • Dikova, D., Panibratov, A., & Veselova, A. (2019). Investment motives, ownership advantages and institutional distance: An examination of Russian cross-border acquisitions. International Business Review, 28(4), 625–637. https://doi.org/10.1016/j.ibusrev.2018.12.007
  • Dong, L., Li, X., McDonald, F., & Xie, J. (2019). Distance and the completion of Chinese cross-border mergers and acquisitions. Baltic Journal of Management, 14(3), 500–519. https://doi.org/10.1108/BJM-06-2018-0223
  • Du, M., & Boateng, A. (2015). State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms. International Business Review, 24(3), 430–442. https://doi.org/10.1016/j.ibusrev.2014.10.002
  • Du, J., & Zhang, Y. (2018). Does one belt one road initiative promote Chinese overseas direct investment? China Economic Review, 47, 189–205. https://doi.org/10.1016/j.chieco.2017.05.010
  • Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045–1082. https://doi.org/10.1111/j.1540-6261.2012.01741.x
  • Greene, W. H. (2003). Econometric analysis. Pearson Education India.
  • Griliches, Z. (1998). Patent statistics as economic indicators: A survey. In Griliches, Z. (Ed.), R&D and productivity: The econometric evidence (pp. 287–343). University of Chicago Press.
  • Gu, W. (2023). Impact of managers’ overconfidence upon listed firms’ entrepreneurial behavior in an emerging market. Journal of Business Research, 155, 113453. https://doi.org/10.1016/j.jbusres.2022.113453
  • Hughes, P., Hughes, M., Stokes, P., Lee, H., Rodgers, P., & Degbey, W. Y. (2020). Micro-foundations of organizational ambidexterity in the context of cross-border mergers and acquisitions. Technological Forecasting and Social Change, 153, 119932. https://doi.org/10.1016/j.techfore.2020.119932
  • Kaufmann, D., Kraay, A., & Mastruzzi, M. (2011). The worldwide governance indicators: Methodology and analytical issues1. Hague Journal on the Rule of Law, 3(2), 220–246. https://doi.org/10.1017/S1876404511200046
  • Lebedev, S., Peng, M. W., Xie, E., & Stevens, C. E. (2015). Mergers and acquisitions in and out of emerging economies. Journal of World Business, 50(4), 651–662. https://doi.org/10.1016/j.jwb.2014.09.003
  • Li, J. (2022). Can technology-driven cross-border mergers and acquisitions promote green innovation in emerging market firms? Evidence from China. Environmental Science and Pollution Research, 29(19), 27954–27976. https://doi.org/10.1007/s11356-021-18154-2
  • Liang, Y., Giroud, A., & Rygh, A. (2022). Strategic asset-seeking acquisitions, technological gaps, and innovation performance of Chinese multinationals. Journal of World Business, 57(4), 101325. https://doi.org/10.1016/j.jwb.2022.101325
  • Li, W., Guo, B., & Xu, G. (2017). Making the next move: When does the newness of experience matter in overseas sequential entries of multinational companies? International Business Review, 26(5), 908–926. https://doi.org/10.1016/j.ibusrev.2017.03.001
  • Li, J., Li, P., & Wang, B. (2019). The liability of opaqueness: State ownership and the likelihood of deal completion in international acquisitions by Chinese firms. Strategic Management Journal, 40(2), 303–327. https://doi.org/10.1002/smj.2985
  • Li, W., Su, Y., & Wang, K. (2022). How does economic policy uncertainty affect cross-border M&A: Evidence from Chinese firms. Emerging Markets Review, 52, 100908. https://doi.org/10.1016/j.ememar.2022.100908
  • Liu, H., Li, Y., Yang, R., & Li, X. (2021). How do Chinese firms perform before and after cross-border mergers and acquisitions? Emerging Markets Finance and Trade, 57(2), 348–364. https://doi.org/10.1080/1540496X.2018.1556636
  • Liu, H., Wang, Y., Jiang, J., & Wu, P. (2020). How green is the “belt and road initiative”?–evidence from Chinese OFDI in the energy sector. Energy Policy, 145, 111709. https://doi.org/10.1016/j.enpol.2020.111709
  • Liu, C. L. E., & Zhang, Y. (2014). Learning process and capability formation in cross-border buyer-supplier relationships: A qualitative case paper of Taiwanese technological firms. International Business Review, 23(4), 718–730. https://doi.org/10.1016/j.ibusrev.2013.11.001
  • Lv, J., Xiong, Y., & Zheng, Y. (2022). Determinants of outward foreign direct investment entry mode choice: Evidence from Chinese-listed companies. Chinese Management Studies, 16(1), 231–243. https://doi.org/10.1108/CMS-08-2020-0347
  • Meyer, K. E., Ding, Y., Li, J., & Zhang, H. (2018). Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad. In State-owned multinationals (pp. 211–251). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-51715-5_9
  • Meyer, K. E., & Peng, M. W. (2016). Theoretical foundations of emerging economy business research. Journal of International Business Studies, 47(1), 3–22. https://doi.org/10.1057/jibs.2015.34
  • Muehlfeld, K., Rao Sahib, P., & Van Witteloostuijn, A. (2012). A contextual theory of organizational learning from failures and successes: A paper of acquisition completion in the global newspaper industry, 1981–2008. Strategic Management Journal, 33(8), 938–964. https://doi.org/10.1002/smj.1954
  • Naji, H. A., Xue, Q., Zheng, K., & Lyu, N. (2020). Investigating the significant individual historical factors of driving risk using hierarchical clustering analysis and quasi-poisson regression model. Sensors, 20(8), 2331. https://doi.org/10.3390/s20082331
  • Nawaz, A., & Tian, R. (2022). The impact of authentic leadership on project success: The mediating effect of organizational learning and innovation. International Journal of Managing Projects in Business, 15(6), 960–982. Vol. ahead-of-print No. ahead-of print. https://doi.org/10.1108/IJMPB-12-2021-0329
  • North, D. C. (1991). Towards a theory of institutional change. The Quarterly Review of Economics and Business, 31(4), 3–12.
  • Renneboog, L., & Vansteenkiste, C. (2019). Failure and success in mergers and acquisitions. Journal of Corporate Finance, 58, 650–699. https://doi.org/10.1016/j.jcorpfin.2019.07.010
  • Sarala, R. M., Junni, P., Cooper, C. L., & Tarba, S. Y. (2016). A sociocultural perspective on knowledge transfer in mergers and acquisitions. Journal of Management, 42(5), 1230–1249. https://doi.org/10.1177/0149206314530167
  • Stiebale, J. (2016). Cross-border M&As and innovative activity of acquiring and target firms. Journal of International Economics, 99, 1–15. https://doi.org/10.1016/j.jinteco.2015.12.005
  • Tang, H., Fang, S., & Jiang, D. (2022). The market value effect of digital mergers and acquisitions: Evidence from China. Economic Modelling, 116, 106006. https://doi.org/10.1016/j.econmod.2022.106006
  • Tao, F., Liu, X., Gao, L., & Xia, E. (2017). Do cross-border mergers and acquisitions increase short-term market performance? The case of Chinese firms. International Business Review, 26(1), 189–202. https://doi.org/10.1016/j.ibusrev.2016.06.006
  • Teece, D. J. (1986). Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy, 15(6), 285–305. https://doi.org/10.1016/0048-7333(86)90027-2
  • Wang, X. (2018). Natural resource endowment,“Institutional endowment” and China’s direct investment in ASEAN. World Economy Studies, 8, 123–134. https://doi.org/10.13516/j.cnki.wes.2018.08.011
  • Xie, E., Reddy, K. S., & Liang, J. (2017). Country-specific determinants of cross-border mergers and acquisitions: A comprehensive review and future research directions. Journal of World Business, 52(2), 127–183. https://doi.org/10.1016/j.jwb.2016.12.005
  • Zhang, Z., Lyles, M. A., & Wu, C. (2020). The stock market performance of exploration-oriented and exploitation-oriented cross-border mergers and acquisitions: Evidence from emerging market enterprises. International Business Review, 29(4), 101707. https://doi.org/10.1016/j.ibusrev.2020.101707
  • Zhang, X., Ma, X., Wang, Y., Li, X., & Huo, D. (2016). What drives the internationalization of Chinese SMEs? The joint effects of international entrepreneurship characteristics, network ties, and firm ownership. International Business Review, 25(2), 522–534. https://doi.org/10.1016/j.ibusrev.2015.09.001
  • Zhang, J., Tan, J., & Wong, P. K. (2015). When does investment in political ties improve firm performance? The contingent effect of innovation activities. Asia Pacific Journal of Management, 32(2), 363–387. https://doi.org/10.1007/s10490-014-9402-z
  • Zhang, H., & Yang, H. (2022). Cross-border M&As and technological innovation: The moderating roles of formal and informal institutional distance. Journal of Knowledge Management, 26(5), 1280–1305. https://doi.org/10.1108/JKM-12-2020-0905
  • Zhang, T., Zho, J. Y., Hussain, R. Y., Wang, M., & Ren, K. (2022). Research on the cultivation of green competitiveness among Chinese heavily polluting enterprises under country/district environmental regulations. Frontiers in Environmental Science, 10. https://doi.org/10.3389/fenvs.2022.955744
  • Zheng, N., Wei, Y., Zhang, Y., & Yang, J. (2016). In search of strategic assets through cross-border merger and acquisitions: Evidence from Chinese multinational enterprises in developed economies. International Business Review, 25(1), 177–186. https://doi.org/10.1016/j.ibusrev.2014.11.009