Effect of acquisition type on industrial development in emerging markets: evidence from China
Abstract
In this paper, we proposed a model of how corporate acquisition influences industrial performance by exploring industry-level and firm-level ownership characteristics in emerging markets. Based on a database of 1,934 acquisitions of listed firms in China, we examined the relationship between corporate acquisition type and industrial performance and the moderating effects of industrial and firm ownership characteristics. The study generated three major findings: 1) compared with cross-industry acquisitions, intra-industry acquisitions of firms have a stronger positive effect on industrial performance; 2) corporate ownership and industrial ownership variables exert different moderating impact on the relationship between acquisition type and industrial performance; and 3) firm ownership and industrial ownership have a joint moderating effect on the relationship between acquisition type and industrial performance. By conceptually arguing and empirically verifying how multi-level factors influence industrial performance in the context of emerging economies, we contributed to the study of the relationship between the micro-level firm acquisition and the macro-level industrial development in several distinct ways.
Keyword : acquisition type and performance, cross-industry and intra-industry acquisitions, Chinese companies, emerging markets, ownership characteristics, state-owned enterprises (SOEs)
How to Cite
Yue, Q., Deng, P., Hua, X., & Jiang, L. (2022). Effect of acquisition type on industrial development in emerging markets: evidence from China. Journal of Business Economics and Management, 23(2), 238–262. https://doi.org/10.3846/jbem.2022.16044
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Blonigen, B. A. (2016). Industrial policy and downstream export performance. Economic Journal, 126(595), 1635–1659. https://doi.org/10.1111/ecoj.12223
Brito, D. (2003). Preemptive mergers under spatial competition. International Journal of Industrial Organization, 21(10), 1601–1622. https://doi.org/10.1016/S0167-7187(03)00048-1
Cai, Q. F., & Tian, L. (2019). Industrial policy and cross-industrial M&As. Chinese Industrial Economics, 36(1), 81–99.
Capron, L. (1999). The long-term performance of horizontal acquisitions. Strategic Management Journal, 20(11), 987–1018. 3.0.CO;2-B> https://doi.org/10.1002/(SICI)1097-0266(199911)20:11<987::AID-SMJ61>3.0.CO;2-B
Capron, L., & Pistre, N. (2002). When do acquirers earn abnormal returns? Strategic Management Journal, 23(9), 781–794. https://doi.org/10.1002/smj.262
Chakrabarti, A., & Mitchell, W. (2016). The role of geographic distance in completing related acquisitions. Strategic Management Journal, 37(4), 673–694. https://doi.org/10.1002/smj.2366
Chen, F. (2008). The Motives for international acquisitions. Journal of International Business Studies, 39(3), 454–471. https://doi.org/10.1057/palgrave.jibs.8400357
Chen, F., Li, F., & Meng, Q. (2017). Integration and autonomy in Chinese technology-sourcing cross-border M&As. Technology Analysis & Strategic Management, 29(9), 1002–1014. https://doi.org/10.1080/09537325.2016.1261102
Cornaggia, J., & Li, J. Y. (2019). The value of access to finance: Evidence from M&As. Journal of Financial Economics, 131(1), 232–250. https://doi.org/10.1016/j.jfineco.2018.09.003
Cuypers, I. R. P., Cuypers, Y., & Martin, X. (2017). When the target may know better. Strategic Management Journal, 38(3), 609–625. https://doi.org/10.1002/smj.2502
Deng, P. (2013). Chinese outward direct investment research: Theoretical integration and recommendations. Management and Organization Review, 9(3), 513–539. https://doi.org/10.1111/more.12030
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
Deng, P., & Zhang, S. (2018). Institutional quality and internationalization of emerging market firms. Journal of Business Research, 92, 279–289. https://doi.org/10.1016/j.jbusres.2018.07.014
Deng, P., Delios, A., & Peng, M. (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
Erel, I., Jang, Y., & Weisbach, M. S. (2015). Do acquisitions relieve target firms’ financial constraints? Journal of Finance, 70(1), 289–328. https://doi.org/10.1111/jofi.12155
Feldman, M. P., & Kelley, R. (2006). The ex ante assessment of knowledge spillovers. Research Policy, 35(10), 1509–1521. https://doi.org/10.1016/j.respol.2006.09.019
Furfine, C. H., & Rosen, R. J. (2011). Mergers increase default risk. Journal of Corporate Finance, 17(4), 832–849. https://doi.org/10.1016/j.jcorpfin.2011.03.003
Garcia-Castro, R., & Francoeur, C. (2016). When more is not better. Strategic Management Journal, 37(2), 406–424. https://doi.org/10.1002/smj.2341
Gaur, A. S., Malhotra, S., & Zhu, P. (2013). Acquisition announcements and stock market valuations of acquiring firms’ rivals. Strategic Management Journal, 34(2), 215–232. https://doi.org/10.1002/smj.2009
Graebner, M., Heimeriks, K., Huy, Q., Vaara, E., Sonenshein, S., & Boje, D. (2017). The process of postmerger integration. Academy of Management Annals, 11(1), 1–32. https://doi.org/10.5465/annals.2014.0078
Harris, R. S., & Ravenscraft, D. (1991). The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market. Journal of Finance, 46(3), 825–844. https://doi.org/10.1111/j.1540-6261.1991.tb03767.x
Hitt, M. A., Hoskisson, R., Johnson, A., & Moesel, D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 39(5), 1084–1119.
Humphery-Jenner, M., Sautner, Z., & Suchard, J. (2017). Cross-border mergers and acquisitions: The role of private equity firms. Strategic Management Journal, 38(8), 1688–1700. https://doi.org/10.1002/smj.2623
Jo, Y., & Kim, J. (2019). The impact of experience on private target acquisition in high-technology industries. Sustainability, 11(6), 1603. https://doi.org/10.3390/su11061603
Jovanovic, B., & Braguinsky, S. (2004). Bidder discounts and target premium in takeovers. American Economic Review, 94(1), 46–56. https://doi.org/10.1257/000282804322970698
Karim, S. (2006). Modularity in organizational structure. Strategic Management Journal, 27(9), 799–823. https://doi.org/10.1002/smj.547
King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance. Strategic Management Journal, 25(2), 187–200. https://doi.org/10.1002/smj.371
Kleer, R. (2010). Government R&D subsidies as a signal for private investors. Research Policy, 39(10), 1361–1374. https://doi.org/10.1016/j.respol.2010.08.001
Li, J., & Wan, G. (2016). China’s cross-border mergers and acquisitions: A contextual distance perspective. Management and Organization Review, 12(3), 449–456. https://doi.org/10.1017/mor.2016.23
Li, J., Li, P., & Wang, B. (2019). The liability of opaqueness: State ownership and the likelihood of deal completion. Strategic Management Journal, 40(2), 303–327. https://doi.org/10.1002/smj.2985
Li, Q., & Deng, P. (2017). From international new ventures to MNCs: Cross the chasm effect on internationalization paths. Journal of Business Research, 70(1), 92–100. https://doi.org/10.1016/j.jbusres.2016.07.002
Liang, X., Lu, X., & Wang, L. (2012). Outward internationalization of private enterprises in China. Journal of World Business, 47(1), 134–144. https://doi.org/10.1016/j.jwb.2011.02.002
Lin, H.-C., & Chou, Y.-Y. (2016). The Impact of industry commonality on post-merger performance. Advances in Economics and Business, 46(6), 297–305. https://doi.org/10.13189/aeb.2016.040604
Lin, J. Y., & Tan, G. (1999). Policy burdens, accountability, and the soft budget constraint. American Economic Review, 89(2), 426–431. https://doi.org/10.1257/aer.89.2.426
Lin, S. L., Lu, J., Su, J.-B., & Chen, W.-P. (2018). Sustainable returns: The effect of regional industrial development policy. Sustainability, 10(8), 2769. https://doi.org/10.3390/su10082769
Lins, K. V., & Servaes, H. (2002). Is corporate diversification beneficial in emerging markets? Financial Management, 31(2), 5–31.
Louis, M. R. (1980). Surprise and sense making: What newcomers experience in entering unfamiliar organizational settings. Administrative Science Quarterly, 25(2), 226–251. https://doi.org/10.2307/2392453
Luo, Y., Xue, Q., & Han, B. (2010). How emerging market governments promote outward FDI: Experience from China. Journal of World Business, 45(1), 68–79. https://doi.org/10.1016/j.jwb.2009.04.003
Makri, M., Hitt, M. A., & Lane, P. J. (2010). Complementary technologies, knowledge relatedness, and invention outcomes in high technology mergers and acquisitions. Strategic Management Journal, 31(6), 602–628. https://doi.org/10.1002/smj.829
Marcela, M., DiVito, L., & Desyllas, P. (2016). When do acquirers invest in the R&D assets of acquired science-based firms in cross-border acquisitions? Long Range Planning, 49(2), 221–240. https://doi.org/10.1016/j.lrp.2015.07.002
Meuer, J. (2014). Archetypes of inter-firm relations in the implementation of management innovation. Organization Studies, 35(1), 121–145. https://doi.org/10.1177/0170840613495339
Meyer-Doyle, P., Lee, S., & Helfat, C. (2019). Disentangling the microfoundations of acquisition behavior and performance. Strategic Management Journal, 40(11), 1733–1756. https://doi.org/10.1002/smj.3069
Misangyi, V. F., Elms, H., Greckhamer, T., & Lepine, J. A. (2006). A new perspective on a fundamental debate. Strategic Management Journal, 27(6), 571–590. https://doi.org/10.1002/smj.530
Orsi, L., Ganzaroli, A., De Noni, I., & Marelli, F. (2015). Knowledge utilisation drivers in technological M&As. Technology Analysis & Strategic Management, 27(8), 877–894. https://doi.org/10.1080/09537325.2015.1023788
Palich, L., Cardinal, B., & Miller, C. (2000). Curvilinearity in the diversification–performance linkage. Strategic Management Journal, 21(2), 155–174. https://doi.org/10.1002/(SICI)1097-0266(200002)21:2
Park, C. (2003). Prior performance characteristics of related and unrelated acquirers. Strategic Management Journal, 24(5), 471–480. https://doi.org/10.1002/smj.310
Peng, M. W., Wang, D., & Jiang, Y. (2008). An institution-based view of international business strategy. Journal of International Business Studies, 39(5), 920–936. https://doi.org/10.1057/palgrave.jibs.8400377
Sears, J., & Hoetker, G. (2014). Technological overlap, technological capabilities, and resource recombination in technological acquisitions. Strategic Management Journal, 35(1), 48–67. https://doi.org/10.1002/smj.2083
Tan, Q., & Sousa, M. (2018). Performance and business relatedness as drivers of exit decision: A study of MNCs from an emerging country. Global Strategy Journal, 8(4), 612–634. https://doi.org/10.1002/gsj.1170
Tehseen, S., Deng, P., Wu, B., & Gao, Y. (2021). Culture values and entrepreneurial innovations: A comparative study of Malaysian ethnic entrepreneurs. Journal of Small Business Management, ahead-of-print. https://doi.org/10.1080/00472778.2021.1934848
Tian, M., Deng, P., Zhang, Y., & Salmador, M. P. (2018). How does culture influence innovation? A systematic literature review. Management Decision, 56(5), 1088–1107. https://doi.org/10.1108/MD-05-2017-0462
Vega Martinez, E., Martinez Serna, M., & Parga Montoya, N. (2020). Dimensions of learning and its impact on organizational performance and competitiveness in SMEs. Journal of Business Economics and Management, 21(2), 395–420. https://doi.org/10.3846/jbem.2020.11801
Wu, B., & Deng, P. (2020). Internationalization of SMEs from emerging markets: An institutional escape perspective. Journal of Business Research, 108, 337–350. https://doi.org/10.1016/j.jbusres.2019.10.037
Xin, K., Sun, Y., Zhang, R., & Liu, X. (2019). Debt financing and technology innovation: Evidence from China. Journal of Business Economics and Management, 20(5), 841–859. https://doi.org/10.3846/jbem.2019.10185
Yan, H., Wang, J., & Deng, P. (2018). Outbound linkage and inbound leverage for emerging multinationals: A signaling theory perspective. Asia Pacific Journal of Management, 35(2), 347–372. https://doi.org/10.1007/s10490-017-9554-8
Yin, X., & Shanley, M. (2008). Industry determinants of the “merger versus alliance” decision. Academy of Management Review, 33(2), 473–491. https://doi.org/10.5465/AMR.2008.31193515
Yue, Q., Deng, P., Cao, Y., & Hua, X. (2021). Post-acquisition control strategy and cross-border acquisition performance of Chinese MNEs: A fsQCA approach. Management Decision, 59(12), 2970–2991. https://doi.org/10.1108/MD-08-2020-0986
Zaremba, A., Szyszka, A., Plotnicki, M., & Grobelny, P. (2018). Post-merger returns in frontier markets, or how we learned to stop worrying and love the acquirers. Journal of Business Economics and Management, 19(1), 96–109. https://doi.org/10.3846/16111699.2017.1399162
Bergh, D. (1997). Predicting divestiture of unrelated acquisitions: An integrative model of exante conditions. Strategic Management Journal, 18(9), 715–731. 3.0.CO;2-6> https://doi.org/10.1002/(SICI)1097-0266(199710)18:9<715::AID-SMJ912>3.0.CO;2-6
Bertrand, O., & Capron, L. (2015). Productivity enhancement at home via cross-border acquisitions. Strategic Management Journal, 36(5), 640–658. https://doi.org/10.1002/smj.2256
Bettinazzi, E. M., & Zollo, M. (2017). Stakeholder orientation and acquisition performance. Strategic Management Journal, 38(12), 2465–2485. https://doi.org/10.1002/smj.2672
Blonigen, B. A. (2016). Industrial policy and downstream export performance. Economic Journal, 126(595), 1635–1659. https://doi.org/10.1111/ecoj.12223
Brito, D. (2003). Preemptive mergers under spatial competition. International Journal of Industrial Organization, 21(10), 1601–1622. https://doi.org/10.1016/S0167-7187(03)00048-1
Cai, Q. F., & Tian, L. (2019). Industrial policy and cross-industrial M&As. Chinese Industrial Economics, 36(1), 81–99.
Capron, L. (1999). The long-term performance of horizontal acquisitions. Strategic Management Journal, 20(11), 987–1018. 3.0.CO;2-B> https://doi.org/10.1002/(SICI)1097-0266(199911)20:11<987::AID-SMJ61>3.0.CO;2-B
Capron, L., & Pistre, N. (2002). When do acquirers earn abnormal returns? Strategic Management Journal, 23(9), 781–794. https://doi.org/10.1002/smj.262
Chakrabarti, A., & Mitchell, W. (2016). The role of geographic distance in completing related acquisitions. Strategic Management Journal, 37(4), 673–694. https://doi.org/10.1002/smj.2366
Chen, F. (2008). The Motives for international acquisitions. Journal of International Business Studies, 39(3), 454–471. https://doi.org/10.1057/palgrave.jibs.8400357
Chen, F., Li, F., & Meng, Q. (2017). Integration and autonomy in Chinese technology-sourcing cross-border M&As. Technology Analysis & Strategic Management, 29(9), 1002–1014. https://doi.org/10.1080/09537325.2016.1261102
Cornaggia, J., & Li, J. Y. (2019). The value of access to finance: Evidence from M&As. Journal of Financial Economics, 131(1), 232–250. https://doi.org/10.1016/j.jfineco.2018.09.003
Cuypers, I. R. P., Cuypers, Y., & Martin, X. (2017). When the target may know better. Strategic Management Journal, 38(3), 609–625. https://doi.org/10.1002/smj.2502
Deng, P. (2013). Chinese outward direct investment research: Theoretical integration and recommendations. Management and Organization Review, 9(3), 513–539. https://doi.org/10.1111/more.12030
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
Deng, P., & Zhang, S. (2018). Institutional quality and internationalization of emerging market firms. Journal of Business Research, 92, 279–289. https://doi.org/10.1016/j.jbusres.2018.07.014
Deng, P., Delios, A., & Peng, M. (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
Erel, I., Jang, Y., & Weisbach, M. S. (2015). Do acquisitions relieve target firms’ financial constraints? Journal of Finance, 70(1), 289–328. https://doi.org/10.1111/jofi.12155
Feldman, M. P., & Kelley, R. (2006). The ex ante assessment of knowledge spillovers. Research Policy, 35(10), 1509–1521. https://doi.org/10.1016/j.respol.2006.09.019
Furfine, C. H., & Rosen, R. J. (2011). Mergers increase default risk. Journal of Corporate Finance, 17(4), 832–849. https://doi.org/10.1016/j.jcorpfin.2011.03.003
Garcia-Castro, R., & Francoeur, C. (2016). When more is not better. Strategic Management Journal, 37(2), 406–424. https://doi.org/10.1002/smj.2341
Gaur, A. S., Malhotra, S., & Zhu, P. (2013). Acquisition announcements and stock market valuations of acquiring firms’ rivals. Strategic Management Journal, 34(2), 215–232. https://doi.org/10.1002/smj.2009
Graebner, M., Heimeriks, K., Huy, Q., Vaara, E., Sonenshein, S., & Boje, D. (2017). The process of postmerger integration. Academy of Management Annals, 11(1), 1–32. https://doi.org/10.5465/annals.2014.0078
Harris, R. S., & Ravenscraft, D. (1991). The role of acquisitions in foreign direct investment: Evidence from the U.S. stock market. Journal of Finance, 46(3), 825–844. https://doi.org/10.1111/j.1540-6261.1991.tb03767.x
Hitt, M. A., Hoskisson, R., Johnson, A., & Moesel, D. (1996). The market for corporate control and firm innovation. Academy of Management Journal, 39(5), 1084–1119.
Humphery-Jenner, M., Sautner, Z., & Suchard, J. (2017). Cross-border mergers and acquisitions: The role of private equity firms. Strategic Management Journal, 38(8), 1688–1700. https://doi.org/10.1002/smj.2623
Jo, Y., & Kim, J. (2019). The impact of experience on private target acquisition in high-technology industries. Sustainability, 11(6), 1603. https://doi.org/10.3390/su11061603
Jovanovic, B., & Braguinsky, S. (2004). Bidder discounts and target premium in takeovers. American Economic Review, 94(1), 46–56. https://doi.org/10.1257/000282804322970698
Karim, S. (2006). Modularity in organizational structure. Strategic Management Journal, 27(9), 799–823. https://doi.org/10.1002/smj.547
King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance. Strategic Management Journal, 25(2), 187–200. https://doi.org/10.1002/smj.371
Kleer, R. (2010). Government R&D subsidies as a signal for private investors. Research Policy, 39(10), 1361–1374. https://doi.org/10.1016/j.respol.2010.08.001
Li, J., & Wan, G. (2016). China’s cross-border mergers and acquisitions: A contextual distance perspective. Management and Organization Review, 12(3), 449–456. https://doi.org/10.1017/mor.2016.23
Li, J., Li, P., & Wang, B. (2019). The liability of opaqueness: State ownership and the likelihood of deal completion. Strategic Management Journal, 40(2), 303–327. https://doi.org/10.1002/smj.2985
Li, Q., & Deng, P. (2017). From international new ventures to MNCs: Cross the chasm effect on internationalization paths. Journal of Business Research, 70(1), 92–100. https://doi.org/10.1016/j.jbusres.2016.07.002
Liang, X., Lu, X., & Wang, L. (2012). Outward internationalization of private enterprises in China. Journal of World Business, 47(1), 134–144. https://doi.org/10.1016/j.jwb.2011.02.002
Lin, H.-C., & Chou, Y.-Y. (2016). The Impact of industry commonality on post-merger performance. Advances in Economics and Business, 46(6), 297–305. https://doi.org/10.13189/aeb.2016.040604
Lin, J. Y., & Tan, G. (1999). Policy burdens, accountability, and the soft budget constraint. American Economic Review, 89(2), 426–431. https://doi.org/10.1257/aer.89.2.426
Lin, S. L., Lu, J., Su, J.-B., & Chen, W.-P. (2018). Sustainable returns: The effect of regional industrial development policy. Sustainability, 10(8), 2769. https://doi.org/10.3390/su10082769
Lins, K. V., & Servaes, H. (2002). Is corporate diversification beneficial in emerging markets? Financial Management, 31(2), 5–31.
Louis, M. R. (1980). Surprise and sense making: What newcomers experience in entering unfamiliar organizational settings. Administrative Science Quarterly, 25(2), 226–251. https://doi.org/10.2307/2392453
Luo, Y., Xue, Q., & Han, B. (2010). How emerging market governments promote outward FDI: Experience from China. Journal of World Business, 45(1), 68–79. https://doi.org/10.1016/j.jwb.2009.04.003
Makri, M., Hitt, M. A., & Lane, P. J. (2010). Complementary technologies, knowledge relatedness, and invention outcomes in high technology mergers and acquisitions. Strategic Management Journal, 31(6), 602–628. https://doi.org/10.1002/smj.829
Marcela, M., DiVito, L., & Desyllas, P. (2016). When do acquirers invest in the R&D assets of acquired science-based firms in cross-border acquisitions? Long Range Planning, 49(2), 221–240. https://doi.org/10.1016/j.lrp.2015.07.002
Meuer, J. (2014). Archetypes of inter-firm relations in the implementation of management innovation. Organization Studies, 35(1), 121–145. https://doi.org/10.1177/0170840613495339
Meyer-Doyle, P., Lee, S., & Helfat, C. (2019). Disentangling the microfoundations of acquisition behavior and performance. Strategic Management Journal, 40(11), 1733–1756. https://doi.org/10.1002/smj.3069
Misangyi, V. F., Elms, H., Greckhamer, T., & Lepine, J. A. (2006). A new perspective on a fundamental debate. Strategic Management Journal, 27(6), 571–590. https://doi.org/10.1002/smj.530
Orsi, L., Ganzaroli, A., De Noni, I., & Marelli, F. (2015). Knowledge utilisation drivers in technological M&As. Technology Analysis & Strategic Management, 27(8), 877–894. https://doi.org/10.1080/09537325.2015.1023788
Palich, L., Cardinal, B., & Miller, C. (2000). Curvilinearity in the diversification–performance linkage. Strategic Management Journal, 21(2), 155–174. https://doi.org/10.1002/(SICI)1097-0266(200002)21:2
Park, C. (2003). Prior performance characteristics of related and unrelated acquirers. Strategic Management Journal, 24(5), 471–480. https://doi.org/10.1002/smj.310
Peng, M. W., Wang, D., & Jiang, Y. (2008). An institution-based view of international business strategy. Journal of International Business Studies, 39(5), 920–936. https://doi.org/10.1057/palgrave.jibs.8400377
Sears, J., & Hoetker, G. (2014). Technological overlap, technological capabilities, and resource recombination in technological acquisitions. Strategic Management Journal, 35(1), 48–67. https://doi.org/10.1002/smj.2083
Tan, Q., & Sousa, M. (2018). Performance and business relatedness as drivers of exit decision: A study of MNCs from an emerging country. Global Strategy Journal, 8(4), 612–634. https://doi.org/10.1002/gsj.1170
Tehseen, S., Deng, P., Wu, B., & Gao, Y. (2021). Culture values and entrepreneurial innovations: A comparative study of Malaysian ethnic entrepreneurs. Journal of Small Business Management, ahead-of-print. https://doi.org/10.1080/00472778.2021.1934848
Tian, M., Deng, P., Zhang, Y., & Salmador, M. P. (2018). How does culture influence innovation? A systematic literature review. Management Decision, 56(5), 1088–1107. https://doi.org/10.1108/MD-05-2017-0462
Vega Martinez, E., Martinez Serna, M., & Parga Montoya, N. (2020). Dimensions of learning and its impact on organizational performance and competitiveness in SMEs. Journal of Business Economics and Management, 21(2), 395–420. https://doi.org/10.3846/jbem.2020.11801
Wu, B., & Deng, P. (2020). Internationalization of SMEs from emerging markets: An institutional escape perspective. Journal of Business Research, 108, 337–350. https://doi.org/10.1016/j.jbusres.2019.10.037
Xin, K., Sun, Y., Zhang, R., & Liu, X. (2019). Debt financing and technology innovation: Evidence from China. Journal of Business Economics and Management, 20(5), 841–859. https://doi.org/10.3846/jbem.2019.10185
Yan, H., Wang, J., & Deng, P. (2018). Outbound linkage and inbound leverage for emerging multinationals: A signaling theory perspective. Asia Pacific Journal of Management, 35(2), 347–372. https://doi.org/10.1007/s10490-017-9554-8
Yin, X., & Shanley, M. (2008). Industry determinants of the “merger versus alliance” decision. Academy of Management Review, 33(2), 473–491. https://doi.org/10.5465/AMR.2008.31193515
Yue, Q., Deng, P., Cao, Y., & Hua, X. (2021). Post-acquisition control strategy and cross-border acquisition performance of Chinese MNEs: A fsQCA approach. Management Decision, 59(12), 2970–2991. https://doi.org/10.1108/MD-08-2020-0986
Zaremba, A., Szyszka, A., Plotnicki, M., & Grobelny, P. (2018). Post-merger returns in frontier markets, or how we learned to stop worrying and love the acquirers. Journal of Business Economics and Management, 19(1), 96–109. https://doi.org/10.3846/16111699.2017.1399162