Cultural tightness-looseness and inter-regional mergers and acquisitions: Evidence from China

被引：0

作者：

Liu, Hui ^{[1
]}

Ling, Leng ^{[2
]}

Wang, Ying ^{[1
,3
]}

机构：

[1] Shandong Univ Finance & Econ, Sch Finance, Jinan, Peoples R China

[2] Georgia Coll & State Univ, J Whitney Bunting Coll Business & Technol, Milledgeville, GA USA

[3] Shandong Univ Finance & Econ, Sch Finance, 40 Shungeng Rd, Jinan 250014, Shandong, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2024年 / 64卷 / 03期

关键词：

culture; mergers and acquisitions; tightness; NATIONAL CULTURE; RISK-TAKING; DISTANCE; BORDER; DIVERSITY; MATTER; VALUES; CLASH; WORK;

D O I：

10.1111/acfi.13228

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigated the role of culture in inter-regional mergers and acquisitions (M&As) within national borders, using a dataset that includes M&As conducted by Chinese listed firms from 2005 to 2019. Our research provides compelling evidence that the likelihood of an acquirer initiating a merger proposal - and the subsequent probability of reaching an agreement - decreases as the cultural tightness gap between the acquiring and target firms widens. Furthermore, we found that this negative impact of cultural tightness distance is more pronounced in non-state-owned firms and firms led by younger CEOs.

引用

页码：2577 / 2604

页数：28

共 63 条

[1] Gravity and culture in foreign portfolio investment [J].

Aggarwal, Raj ;

Kearney, Colm ;

Lucey, Brian .

JOURNAL OF BANKING & FINANCE, 2012, 36 (02) :525-538

[2] Lost in translation? The effect of cultural values on mergers around the world [J].

Ahern, Kenneth R. ;

Daminelli, Daniele ;

Fracassi, Cesare .

JOURNAL OF FINANCIAL ECONOMICS, 2015, 117 (01) :165-189

[3] Cultural Tightness-Looseness and Perceptions of Effective Leadership [J].

Aktas, Mert ;

Gelfand, Michele J. ;

Hanges, Paul J. .

JOURNAL OF CROSS-CULTURAL PSYCHOLOGY, 2016, 47 (02) :294-309

[4] The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility [J].

Bereskin, Fred ;

Byun, Seong K. ;

Officer, Micah S. ;

Oh, Jong-Min .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2018, 53 (05) :1995-2039

[5] Managing the post-acquisition integration process:: How the human integration and task integration processes interact to foster value creation [J].

Birkinshaw, J ;

Bresman, H ;

Håkanson, L .

JOURNAL OF MANAGEMENT STUDIES, 2000, 37 (03) :395-425

[6] Does national culture affect corporate innovation? International evidence [J].

Boubakri, Narjess ;

Chkir, Imed ;

Saadi, Samir ;

Zhu, Hui .

JOURNAL OF CORPORATE FINANCE, 2021, 66

[7] Political Promotion, CEO Incentives, and the Relationship Between Pay and Performance [J].

Cao, Xiaping ;

Lemmon, Michael ;

Pan, Xiaofei ;

Qian, Meijun ;

Tian, Gary .

MANAGEMENT SCIENCE, 2019, 65 (07) :2947-2965

[8] Mars-Venus marriages: Culture and cross-border M&A [J].

Chakrabarti, Rajesh ;

Gupta-Mukherjee, Swasti ;

Jayaraman, Narayanan .

JOURNAL OF INTERNATIONAL BUSINESS STUDIES, 2009, 40 (02) :216-236

[9] Mapping cultural tightness and its links to innovation, urbanization, and happiness across 31 provinces in China [J].

Chua, Roy Y. J. ;

Huang, Kenneth G. ;

Jin, Mengzi .

PROCEEDINGS OF THE NATIONAL ACADEMY OF SCIENCES OF THE UNITED STATES OF AMERICA, 2019, 116 (14) :6720-6725

[10]

Chung K., 2018, SSRN Electronic Journal, DOI [10.2139/ssrn.2796264, DOI 10.2139/SSRN.2796264]

← 1 2 3 4 5 6 7 →