دانلود رایگان مقاله ادغام مرزی و حصول توسط شرکت در حال ظهور بازار

ABSTRACT

This paper applies and extends resource dependence theory (RDT) to comparatively investigate major factors that determine the level of cross-border mergers and acquisitions (M&As) by emerging market firms (EMFs) in developed and developing markets. We argue that the resource dependence logic of M&As (or simply the M&A logic) provides a unique perspective in better understanding the internationalization of EMFs via cross-border M&As, but the explanation is bounded by institutional environment (i.e., government effectiveness) in a host nation. Our empirical results, based on a large panel data analysis of cross-border M&As by EMFs from nine emerging economies from 2000 to 2012, suggest that the intensity of EMFs to acquire vital resources for constraint absorption increases the likelihood of their cross-border M&As and the positive relationship is negatively moderated by host government effectiveness. On top of that, consistent with the predictions of resource dependence arguments, we found differences in the determinants of cross-border M&As by EMFs in developed and developing countries. Finally, host country factors attracting Chinese M&As are different from those attracting other emerging economies. Thus, generalization of Chinese M&A deals to other EMFs need to be cautious.

5. Discussion and conclusions

With an increasing importance of EMFs in international investment (Deng, 2012; UNCTAD, 2014; Wang et al., 2012), this study focuses on major determinants of cross-border M&As from emerging economies in different destinations in the resource dependence logic of M&As (or simply the M&A logic). Our results suggest that a higher level of resource and market availability in host countries increases the intensity of international acquisitions by EMFs. In addition, we find that facing lower host government effectiveness EMFs are more likely to respond to EMNC-host country interdependence pressures to engage in cross-border M&As, indicating that host government effectiveness is indeed a boundary condition of the M&A logic in global settings. Overall, we explore the moderating effects of government effectiveness, as a consequence of institutional systems in a host nation, while linking them through the common thread of the resource dependence perspective. In so doing, we contribute to the extant literature in several distinct ways.