This study examines how the effect of host country formal institutional uncertainty on the percentage of equity sought in cross border acquisitions is moderated by the host country industry (i.e. targets from the technology versus those from the non-technology industry). This study is based upon the legitimacy perspective of institutional theory and employs Tobit regression analysis on a sample of 1340 cross-border acquisitions. Results show that cross-border acquirers prefer a lower equity level for targets in institutionally less developed countries, and that this negative effect of host country institutional risk on the equity percentage sought is more pronounced for technology-based targets. This study shows that the industry selected has a bearing on equity sought in cross-border acquisitions. Investing in institutionally less developed countries is particularly challenging when the targets of acquisition are in the technology industry.

中文翻译：

---

正式的制度不确定性和寻求进入国外市场的公平性：行业重要吗？

这项研究研究了东道国产业如何缓和东道国形式制度不确定性对跨境收购中寻求股权比例的影响（即，技术目标与非技术产业的目标）。这项研究基于制度理论的合法性观点，并对1340个跨国并购样本进行了Tobit回归分析。结果表明，跨境收购方更倾向于在制度上较不发达国家中使用较低的目标股权水平，而基于技术的目标中，东道国机构风险对所寻求的股权比例的负面影响更为明显。这项研究表明，所选行业与跨境收购中寻求的股权有关。