Cultural, trust, and transparency effects on the use of anchoring in mergers and acquisitions
研究发现，国家文化、信任水平和信息法律透明度会影响并购中目标报价的锚定效应使用，且锚定会降低收购方长期绩效。
Abstract Although price anchoring is a global phenomenon, we find that country cultures, trust levels, and information/legal transparency affect its use in determining target offer prices. Price anchoring is associated with cultures that deemphasize long‐term orientation, uncertainty avoidance, and personal indulgence. Acquirers from countries with low levels of trust in people or the legal system are more likely to anchor their bids. Anchoring is more frequently observed in countries where information and legal transparency is poor. We find that the use of anchoring can result in reduced long‐term performance by acquirers.