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The Influence of Nation-Level Institutions on Acquisition Premiums: A Cross-Country Comparative Study
Journal of Management ( IF 13.5 ) Pub Date : 2021-05-04 , DOI: 10.1177/01492063211010219
Chengguang Li 1 , Jerayr (John) Haleblian 2
Affiliation  

We build on neo-institutional theory to examine the manner in which nation-level institutions systematically affect domestic acquisitions—that is, acquisitions involving acquirers and targets from the same country. Specifically, we study in what way premiums are influenced through a set of cognitive, normative, and regulatory forces. In terms of cognitive pressures, we theorize that prior premium decisions of industry peers in the same country influence focal acquisition premiums, since prior premium decisions serve as reference frames for firms. In addition, we posit that normative forces in the form of the national cultural values of uncertainty avoidance, future orientation, and in-group collectivism affect bid premiums, as these factors influence the manner in which firms deal with the uncertainty, payoff time, and merger of groups inherent to acquisitions. Furthermore, we propose that a country’s regulatory pressures through its disclosure requirements influence premiums, since they reduce information asymmetries and affect a firm’s confidence in assessing its potential gains from acquisitions. Using a sample of domestic acquisitions, we find support for several of the hypotheses. Our work offers a cross-country comparative study of how nation-level institutions affect domestic bid premiums and makes theoretical contributions to acquisition premium research and institutional theory.



中文翻译:

国家机构对收购溢价的影响:一项跨国比较研究

我们以新制度理论为基础,研究了国家级制度对国内收购(即涉及同一国家的收购方和目标的收购)的系统性影响的方式。具体来说,我们研究通过一系列认知,规范和监管力量以何种方式影响保费。在认知压力方面,我们认为同一国家的同行同行的先前保费决定会影响重点收购溢价,因为先前的保费决定可以作为企业的参考框架。此外,我们假设以规避不确定性,未来取向和集团内集体主义的国家文化价值观形式的规范力量会影响投标溢价,因为这些因素影响着企业处理不确定性,偿还时间,并合并收购所固有的集团。此外,我们建议,一国通过其披露要求而受到的监管压力会影响溢价,因为它们会降低信息不对称性,并影响公司评估其从收购中获得的潜在收益的信心。使用国内收购的样本,我们发现了对一些假设的支持。我们的工作提供了有关国家级机构如何影响国内投标溢价的跨国比较研究,并为收购溢价研究和机构理论做出了理论贡献。使用国内收购的样本,我们发现了对一些假设的支持。我们的工作提供了有关国家级机构如何影响国内投标溢价的跨国比较研究,并为收购溢价研究和机构理论做出了理论贡献。使用国内收购的样本,我们发现了对一些假设的支持。我们的工作提供了有关国家级机构如何影响国内投标溢价的跨国比较研究,并为收购溢价研究和机构理论做出了理论贡献。

更新日期:2021-05-04
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