Impact of enterprise ambidexterity capability and experience learning on cross-border MA performance: evidence from China
Research background: Through cross-border mergers and acquisitions (MA), enterprises in China can improve their technological innovation and organizational management capabilities to make up for the disadvantages of outsiders and enhance their international competitiveness. However, due to the lack...
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Veröffentlicht in: | Oeconomia Copernicana 2022-12, Vol.13 (4), p.1177-1214 |
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Sprache: | eng |
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Zusammenfassung: | Research background: Through cross-border mergers and acquisitions (MA), enterprises in China can improve their technological innovation and organizational management capabilities to make up for the disadvantages of outsiders and enhance their international competitiveness. However, due to the lack of experience, the success rate of cross-border MA of China enterpris-es is low, and the performance changes after MA differ. How to maximize the advantages of cross-border MA in obtaining technical resources and how to improve the performance of cross-border MA are important issues that China’s cross-border MA enterprises and academic circles need to solve. Purpose of the research: The aim of this study is to analyze the mechanism and boundary condi-tions of firms’ capability to exploit resources (RTC) and capability to explore resources (REC) with regard to cross-border MA performance from the perspective of experience learning based on organizational learning theory and resource-based theory. Methods: With 173 China A-share listed companies with cross-border MA events from 2010 to 2020 as samples, this study uses hierarchical regression analysis to test the impact of REC and RTC on cross-border MA performance and its mechanism. In the robustness test, this study adopts the measures of changing dependent and independent variables lagged for one year for analysis. In the mechanism test, this study uses intermediary and mediation effect models. Findings value added: The results show that RTC and REC have positive effects on the per-formance of cross-border MA. Prior experience learning (PE) and vicarious experience learning (VE) increase the probability of companies making cross-border MA decisions and have posi-tive effects on cross-border MA performance. Moreover, PE and VE play a partial mediating role in the positive impact of REC and RTC on cross-border MA performance, respectively. Formal and informal institutional distance weaken the positive effects of REC and RTC on the performance of cross-border MA. Enterprises in emerging economies should adapt to the insti-tutional environment of the host country to reduce the negative impact of institutional distance while taking advantage of experience learning when carrying out cross-border MA. |
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ISSN: | 2083-1277 2353-1827 |
DOI: | 10.24136/oc.2022.034 |