There is evidence to suggest that cross-border acquisitions by emerging market firms exhibit a wave-like pattern. In this paper, we examine the timing of cross-border acquisitions with a strategic asset-seeking motive within cross-border acquisition waves. Our findings suggest that emerging market firms are more likely to pursue acquisitions with a strategic asset-seeking motive during the early and decline phases of the wave, and lower during the wave peak. Further, we show that business group affiliation and foreign institutional shareholding moderate the relationship, thereby strengthening the propensity to pursue strategic asset-seeking acquisitions during the early phase of the wave. Our study based on a sample of 312 cross-border acquisitions conducted by Indian firms, provides support for our hypotheses.

有证据表明，新兴市场公司的跨境收购呈现出波浪式的模式。在本文中，我们研究了在跨境收购浪潮中具有战略资产寻求动机的跨境收购的时机。我们的研究结果表明，新兴市场公司更有可能在浪潮的早期和下降阶段出于战略资产寻求动机进行收购，而在浪潮高峰期则较低。此外，我们表明，业务集团隶属关系和外国机构持股缓和了这种关系，从而加强了在浪潮早期进行战略性资产寻求收购的倾向。我们的研究基于印度公司进行的 312 次跨境收购样本，为我们的假设提供了支持。