دانلود رایگان مقاله اکتساب شرکت چند ملیتی بازار در حال توسعه

Abstract

We theorize that in an attempt to facilitate the transfer of tacit assets during cross-border acquisitions, Emerging Market Multinationals (EMNEs) pursue higher levels of equity participation when targets are based in locations that are institutionally distant in terms of knowledge protection and economic development. Furthermore, we propose that these direct relationships are stronger for EMNEs than they are for MNEs. We test these propositions by comparing the cross-border acquisition activity of firms based in BRIC countries versus the U.K. While we do find a positive linear relationship between knowledge distance and equity participation, the link with economic distance is curvilinear. We also find that both dimensions of distance have greater positive effects on equity participation for EMNEs in comparison. The key implications are that institutional distance may be a positive for EMNEs and that their behavior does seem significantly different than traditional MNEs. This offers support for EMNEspecific internationalization theories.

6. Conclusion

Motivated by the need to further understand a prominent new group of cross-border acquirers, we investigated EMNE acquisitions over an 11 year period. We posited that when pursuing targets in locations that are more economically developed and more protective of knowledge assets, EMNEs would pursue greater equity share to gain greater control over the target and facilitate the transfer of tacit assets. These acquisitions are a part of the broader goal to become and remain globally competitive. We found support for this in that both dimensions of institutional distance were found to have a significant positive effect on equity participation. Furthermore, as suggested by EMNE specific internationalization theory, we found that these dimensions of institutional distance affected EMNEs differently than MNEs from a more developed country. This offers support for the idea that EMNEs are different than more traditional MNEs from the developed world. Though institutional distance has long been held to be a deterrent to aggressive acquisition behavior, EMNEs may see institutional distance between their home country and the targets country as a positive during internationalization.