Purpose

The purpose of this paper is to examine how a country’s change readiness impacts international mergers and acquisitions (M&A) capital flows on a national level toward host countries. The authors unpack the construct of change readiness and identify how its different dimensions impact international M&As (IMA). The authors provide a theoretical framework based on the resource-based view to facilitate an understanding of this concept.

Design/methodology/approach

The authors used a fixed-effect analysis to study a sample of 2,970 IMAs announced by publicly traded US companies during 2013–2017.

Findings

The authors propose that higher levels of change readiness would help foreign firms to cope with risks and uncertainties generated by the changes and shocks in the environment of a host country. The authors find support for their hypotheses showing that higher levels of change readiness increase the number of IMAs that a country receives every year. This characteristic of the host country shows a significant influence, especially in technology-intensive IMA flows.

Practical implications

This study provides implications for business executives and policymakers both in terms of risk mitigation strategies and investment attraction. Understanding the fact that when it comes to foreign investment in the form of IMAs business executives are aware of the importance of change readiness in host countries might lead to motivate the governments and host country officials to provide better infrastructure to boost the change readiness in their economy.

Originality/value

Overall, this study improves our knowledge about mechanisms through which change readiness of host countries might impact firms' strategies for international expansion. As we are indeed living in the era of global disruptions and strong shocks caused by political turmoil, climate change and the spread of new diseases, this study contributes to the literature on risk mitigation in international business and is one of the first to look closely at the role of host countries' change readiness and the effect it might have on attracting international M&As.

中文翻译：

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经济体的变化准备对国际并购流动的影响

目的

本文的目的是研究一个国家的变革准备如何影响国际并购 (M&A) 资本在国家层面流向东道国。作者解开了变革准备的结构，并确定了它的不同维度如何影响国际并购 (IMA)。作者提供了一个基于资源的观点的理论框架，以促进对这一概念的理解。

设计/方法/方法

作者使用固定效应分析研究了 2013-2017 年美国上市公司宣布的 2,970 个 IMA 样本。

发现

作者提出，更高水平的变革准备将有助于外国公司应对东道国环境变化和冲击所产生的风险和不确定性。作者发现他们的假设得到支持，表明更高水平的变革准备会增加一个国家每年收到的 IMA 数量。东道国的这一特点显示出显着的影响，尤其是在技术密集型 IMA 流动中。

实际影响

本研究在风险缓解策略和投资吸引力方面为企业高管和政策制定者提供了启示。了解以 IMA 形式进行外国投资时，企业高管意识到东道国做好变革准备的重要性，这可能会促使政府和东道国官员提供更好的基础设施，以促进其经济的变革准备.

原创性/价值

总体而言，这项研究提高了我们对东道国的变化准备可能影响公司国际扩张战略的机制的认识。由于我们确实生活在一个由政治动荡、气候变化和新疾病传播引起的全球混乱和强烈冲击的时代，因此本研究为有关国际商业风险缓解的文献做出了贡献，并且是最早密切关注的研究之一。东道国变革准备的作用及其对吸引国际并购的影响。