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- W3216881951 endingPage "588" @default.
- W3216881951 startingPage "575" @default.
- W3216881951 abstract "Based on resource dependence theory, agency theory, and institutional theory, we develop an integrated conceptual framework for motivations, moderators, and performance of Chinese cross-border acquisitions. We then use a unique dataset, which covers the 2003–2016 period, to examine how market-seeking, resource-seeking, and managerial self-interest motivations of cross-border acquisitions influence the performance of China’s manufacturing sector publicly listed companies (PLCs). Analysis of the aggregated data shows strong support for market-seeking motivation for cross-border acquisitions. But we only find weak support for resource-seeking motivation. Our analysis also reveals the underlying agency problem thus supporting the managerial self-interest motivation for cross-border acquisitions. Disaggregated data analysis shows that all cross-border acquisitions are driven by market-seeking motivation, whereas resource-seeking is the main driver of acquisitions by state-owned and low-tech PLCs. Acquisitions by China’s private-owned PLCs and medium/high-tech PLCs are also motivated by managerial self-interest in free cash flow, which leads to the principal-agent conflict." @default.
- W3216881951 created "2021-12-06" @default.
- W3216881951 creator A5019845311 @default.
- W3216881951 creator A5020437089 @default.
- W3216881951 creator A5021460721 @default.
- W3216881951 date "2022-03-01" @default.
- W3216881951 modified "2023-09-23" @default.
- W3216881951 title "Cross-border acquisitions and the performance of Chinese publicly listed companies" @default.
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