We contend that contemporary scholarship must embrace the foundational approach in global business and strategy to consider the relevance of both efficiency and market-power effects in factoring the implications of multinational activity. We empirically test the degree to which efficiency and market-power effects manifest in a comprehensive sample of 4,370 cross-border acquisitions materializing between 1986 and 2010. Specifically, we employ three different measurement approaches to distinguish efficiency enhancing from market-power increasing cross-border acquisitions. Empirical results indicate that efficiency enhancing transactions manifest in two-thirds and market-power increasing transactions manifest in one-third of our sampled activities. Accordingly, our results affirm the literature's focus on efficiency effects, yet market-power effects are sufficiently sizable to merit scholarly attention.

中文翻译：

---

跨国企业的效率和市场支配力解读：三分之二不错

我们认为，当代学术必须采用全球商业和战略的基础方法，以考虑效率和市场力量效应在考虑跨国活动的影响时的相关性。我们在 1986 年至 2010 年间发生的 4,370 起跨境收购的综合样本中实证检验了效率和市场支配力效应的表现程度。具体而言，我们采用三种不同的测量方法来区分效率提升与市场支配力增加跨境收购。实证结果表明，提高效率的交易体现在三分之二的交易中，而增加市场力量的交易体现在我们抽样活动的三分之一中。因此，我们的结果肯定了文献对效率影响的关注，