Managerial Risk‐taking in International Acquisitions in the Brewery Industry: Institutional and Ownership Influences Compared
研究了母国制度差异和所有权结构（集中型与分散型）如何影响跨国公司在国际收购中的管理风险承担，通过对比全球啤酒行业四家领先企业的12笔大型收购案例，发现国家制度与所有权类型共同塑造了不同的风险特征。
This paper deals with the role that institutional differences play in managerial risk‐taking when firms engage in international acquisitions. It is assumed that multinational corporations ( MNCs ) have different interests and capabilities when dealing with international acquisition, which in the authors’ view are significantly shaped by specific home country institutional influences. This study concerns the question of how different forms of ownership – concentrated (e.g. family and bank based) and dispersed (stock market based) – influence risk‐taking and managerial decision‐making in large international acquisitions. Comparing a total of 12 large acquisitions of four leading MNCs in the global brewery industry, the paper shows that mutually reinforcing influences of country of origin (coordinated vs liberal market economies) and ownership (family ownership vs stock market ownership) lead to different risk profiles and managerial risk‐taking with regard to international acquisitions.