Emerging country firms have been increasingly engaging in cross-border mergers and acquisitions, and these acquirers predominantly acquire firms from developed countries. The motivation for such acquisitions is to achieve market access but also to benefit from transfers of cross-border managerial skills and knowledge. The performance of such acquisitions has started to receive some research attention, particularly financial performance, but the transfers to other areas such as marketing have not yet been explored. This article addresses this gap by studying the experience of 34 acquirers from emerging countries which acquired firms in developed countries. This study uses two-stage window data envelopment analysis (DEA) and Tobit regression to investigate the impact of these acquisitions on the marketing capability and overall firm performance of the acquiring firms. The results show that the marketing capability of the acquiring firms did improve in the post-merger years and this improvement can be partly attributed to the acquisition. The findings also show that the overall performance of the acquiring firms improved following acquisition, but this is a continuation of superior performance from the pre-merger years rather than a synergistic gain from the acquisitions.

中文翻译：

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跨境并购：对营销能力和公司业绩的影响

新兴国家公司越来越多地从事跨国并购，这些收购方主要收购发达国家的公司。此类收购的动机是实现市场准入，同时也受益于跨境管理技能和知识的转移。此类收购的表现已开始受到一些研究关注，尤其是财务表现，但尚未探索向其他领域（如营销）的转移。本文通过研究来自新兴国家的 34 家收购发达国家公司的经验来弥补这一差距。本研究使用两阶段窗口数据包络分析 (DEA) 和 Tobit 回归来研究这些收购对收购公司的营销能力和整体公司绩效的影响。结果表明，收购公司的营销能力在合并后几年确实有所提高，这种提高可以部分归因于收购。调查结果还表明，收购公司的整体业绩在收购后有所改善，但这是合并前几年卓越业绩的延续，而不是收购带来的协同收益。