Drawing upon the eclectic paradigm and the regulative dimension of institutional distance theory, it is posited that to understand a firms’ cross-border merger and acquisition (CBMA) location choices, it is critical to examine the acquirers’ ownership advantages.,Using a sample of CBMAs undertaken by US firms from 1999 to 2015, the paper explores the extent to which acquiring firm ownership advantages – financial and innovation capabilities – influence target firm country selection in relation to regulative distance.,It is shown that acquiring firms with greater innovative capabilities are likely to choose target firms in nations with less regulative distance from their home market; whereas firms with greater financial capabilities target firms in more distant nations.,This paper builds on the important research on CBMA activity, focusing on the largely neglected pre-acquisition resources in relation to the regulative distance between target firms and the acquirer.

中文翻译：

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跨国并购：收购公司能力和资源与目标国家/地区位置之间的联系

利用制度距离理论的折衷范式和调节维度，假定要了解企业的​​跨境并购（CBMA）区位选择，检查收购方的所有权优势至关重要。在对美国公司从1999年至2015年进行的CBMA进行分析的基础上，本文探讨了收购公司所有权优势（财务和创新能力）在多大程度上与监管距离相关地影响目标公司的国家选择。研究表明，具有更大创新能力的收购公司可能会在距本国市场监管距离较小的国家中选择目标公司；而财务能力更强的公司则以遥远国家的公司为目标。，本文基于对CBMA活动的重要研究，