The purpose of this paper is to investigate how emerging and developed market multinationals (EMMs and DMMs) differ in their acquisition behavior (vis-a-vis the choice of partial versus full acquisitions) when entering a developed market economy, Japan. We hypothesize that EMMs prefer partial acquisitions, whereas DMMs prefer full acquisitions due to what we call the country-of-origin effect. Additionally, we hypothesize that this country-of-origin effect is more pronounced for smaller firms. The results, based upon 224 strategic cross-border acquisitions in Japan, support these two hypotheses. This study contributes to the literature on EMMs.

中文翻译：

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新兴市场与发达市场跨国公司的收购行为

本文的目的是研究进入新兴市场经济国家日本时，新兴市场和发达国家的跨国公司（EMM和DMM）在收购行为（相对于部分收购还是全部收购的选择）方面的差异。我们假设EMM倾向于部分收购，而DMM则倾向于完全收购，这是由于我们所说的起源国效应。此外，我们假设这种起源国效应对于较小的公司更为明显。基于日本224项战略性跨国并购的结果支持了这两个假设。这项研究为有关EMM的文献做出了贡献。