Cross‐border networks and knowledge spillovers for foreign entry
研究了企业在先前目的地的子公司形成的跨境网络，发现该网络中的知识溢出能提高企业进入新目的地的可能性，对跨国并购研究有参考价值。
Abstract This paper studies cross‐border networks formed in firms' prior destinations in the context of cross‐border mergers and acquisitions (M&A). An acquirer owns a subsidiary in a prior destination, and the subsidiary's domestic network forms the cross‐border network of the acquirer due to their ownership link. We focus on the subsidiary's network of neighboring firms in a location within the prior destination. Using rich data on cross‐border M&A, we show that knowledge spillovers from this cross‐border network have a positive impact on the acquirer's likelihood of entering a new destination. Our results highlight the global externalities of multinationals' international economic activities.