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Determinants of cultural integration in Chinese Enterprises’ Cross-Border Mergers and Acquisitions
更新日期:2020-03-26     来源:东华大学学报(自然科学版)   作者:程诺  浏览次数:146
核心提示:《Determinants of cultural integration in Chinese Enterprises Cross-Border Mergers and Acquisitions》为作者:程诺最新的研究成果,本论文的主

《Determinants of cultural integration in Chinese Enterprises’ Cross-Border Mergers and Acquisitions》为作者:程诺最新的研究成果,本论文的主要观点为Various explanations have been suggested concerning the determinants of cultural integration in merger and acquisition (M&A) activities。 However, research conducted into the area of cultural integration in Chinese M&A activities remains relatively sparse and this paper provides more concrete empirical evidence of the impact Chinese M&A activities have on the shareholders of acquiring firms by scoring the 19 Chinese acquiring firms over the period of 2010 to 2018。 This paper aims to identify the determinants of cultural integration that exist in Chinese enterprises’ cross-border M&A activities。 Five determinants are discussed in this paper, and the impact of each one on post-acquisition cultural integration is controversial; previous studies have produced different views on the related hypothesis。 This paper focuses on exploring how the five determinants affect post- acquisition acculturation。 The five independent variables are degree of autonomy, merger relatedness, relative size, national cultural differences and the attractiveness of the acquirer。 And the dependent variable is culture integration concerning post- acquisition performance。 From the variables above, five hypotheses have been made and this study uses a form of quantitative analysis known as the Pearson correlation and a multiple regression analysis, which operates with a sample consisting of 19 M&As (2 domestic M&As and 17 cross-national cases)。 The results suggest that cultural integration is best achieved when the cultural difference is low, and the attractiveness of the acquirer is high。 However, further analysis shows that social controls also indirectly influence acculturation based on the degree of autonomy, although the degree of autonomy is not significant in this paper。 The highly destructive effects of cultural differences may explain the insignificant results of merger relatedness, as mergers with similar cultures will outperform mergers with disparate cultures。 Finally, relative size does not seem to have any effect on cultural integration。不知是否符合录用要求,望您批评与指正。