The Impact of International Mergers and Acquisitions on Rivals' Performance: The Role of Formal and Informal Institutions

被引：1

作者：

Kalanoski, Dimitrija ^{[1
]}

Cappa, Francesco ^{[2
]}

Pinelli, Michele ^{[3
]}

Bonardi, Jean-Philippe ^{[4
]}

机构：

[1] Univ Manchester, Alliance Manchester Business Sch, Dept Int Business, Manchester, England

[2] Roma Tre Univ, Dept Ind Elect & Mech Engn, Rome, Italy

[3] Ca Foscari Univ, Venice Sch Management, Venice, Italy

[4] Univ Lausanne, HEC Lausanne, Dept Strategy, Lausanne, Switzerland

来源：

JOURNAL OF WORLD BUSINESS | 2025年 / 60卷 / 03期

关键词：

M & A; Formal Institutions; Informal institutions; Rivals; Expected performance; Event-study; Stock market performance; M-AND-A; CULTURAL-DIFFERENCES; POSTACQUISITION INTEGRATION; HORIZONTAL MERGERS; KNOWLEDGE TRANSFER; ACQUIRING FIRMS; DISTANCE; MARKET; ENTRY; FOREIGNNESS;

D O I：

10.1016/j.jwb.2024.101608

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The article examines how firms' institutional environments influence rivals' expected performance following horizontal M&A announcements of competitors. Grounded in institutional economics, we propose that institutional distance affects M&As' economic efficiency by influencing deal completion and creating subsequent differential costs and benefits post-deal completion. Our analysis of 124 international M&A announcements reveals that rivals' performance is negatively affected by negative formal institutional distance between the acquirer and target, but positively affected by negative formal distance between the rival and acquirer. In addition, informal institutional distance between the acquirer and target has positive effect on rivals' performance-though this effect vanishes for high-status acquirers.

引用

页数：17

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