Democratization in the host country and institutional risk of cross-border M&A: an empirical study on Chinese listed enterprises
作者: Feiqiong ChenYangmin Xu
作者单位: 1School of Economics, Zhejiang University
刊名: Quality & Quantity, 2014, Vol.48 (2), pp.1013-1025
来源数据库: Springer Nature Journal
DOI: 10.1007/s11135-012-9822-0
关键词: DemocratizationInstitutional riskChinese listed enterprisesCross-border M&A
原始语种摘要: Abstract(#br)We take the sample of Chinese listed enterprises’ cross-border M&A from 1999 to 2010 to construct a Poisson distribution model, and theoretically explore and empirically research how democratization in the host country influences the going-out process of Chinese enterprises. The overall results show that democratization impedes the inflows of Chinese enterprises’ cross-border M&A, because the higher the degree of democratization in the host country, the stronger the intensity of industry protection and the greater the power of trade unions—and this creates institutional risk for Chinese enterprises. We also find institutional risk aroused by democratization deeply influences the cross-border M&A of Chinese state-owned enterprises and the M&A flowing into the natural resources...
全文获取路径: Springer Nature  (合作)
影响因子:0.728 (2012)

  • institutional 惯例的
  • empirical 经验的
  • country 地方
  • listed 坏布边
  • enterprises 关系企业
  • Chinese 汉语
  • study 学习
  • cross 十字
  • border 图廓间