Home country’s economic and political institutions: firms’ ownership decisions in cross-border acquisitions
研究了母国经济和政治制度如何影响企业在跨国并购中的所有权决策，发现发达的制度能降低不确定性，促使企业追求高所有权比例，且该影响受贸易依赖和企业能力调节。
Abstract The influences of a home country’s economic and political institutions on acquirers’ cross-border acquisitions (CBAs) ownership strategies remains unexplored. Acquirers face endogenous uncertainty (i.e., uncertainty that can be resolved in part by acquirers) when transferring headquarters resources to foreign target firms and exogenous uncertainty (i.e., uncertainty that cannot be resolved by acquirers) when there is an unpredictable policy change. We argue that well-developed economic and political institutions in a home country play a market-supporting and constraining role in mitigating endogenous and exogenous uncertainty respectively, enabling acquirers to seek high ownership stakes in CBAs. We also argue that the importance of a home country’s well-developed economic and political institutions for acquirers’ CBA ownership strategic decisions depends on mutual trade dependence between the acquirers’ home country and the target firms’ host countries and also on the economic capabilities of the acquirers developed in different industries and political capabilities developed in different host countries. To test these arguments, we analyze 133,623 CBAs between 2000 and 2020 and find support for the distinct roles played by a home country’s economic and political institutions.