Although many cross-border acquisitions (CBAs) by emerging-market multinationals (EMMs) are aimed at improving domestic operating performance, the conditions under which such CBAs are the most effective have been underexplored. Drawing on global strategy research on resource recombination and organizational learning, we propose that the effectiveness of domestic-improvement oriented CBAs crucially depends on EMMs' cross-cultural experience, as EMMs apply different forms of resource recombination to such CBAs as a function of that experience, with varying degrees of success. Specifically, we hypothesize a U-shaped relationship between an EMM's cross-cultural experience and the domestic productivity growth it realizes from a domestic-improvement oriented CBA, and that this relationship is steeper for acquisitions involving more intensive integration or relatively larger targets but flatter for acquirers from countries with larger institutional voids. Measuring both the depth and breadth of firms' cross-cultural experience, we obtain support for our hypotheses in a sample of 423 domestic-improvement oriented CBAs by manufacturing firms from 13 emerging economies, thereby shedding light on what determines the effectiveness of such CBAs.

尽管新兴市场跨国公司 (EMM) 的许多跨境收购 (CBA) 旨在提高国内经营业绩，但此类 CBA 在什么条件下最有效，但尚未得到充分探索。借鉴资源重组和组织学习的全球战略研究，我们提出，以国内改进为导向的 CBA 的有效性主要取决于 EMM 的跨文化经验，因为 EMM 将不同形式的资源重组应用于此类 CBA，作为该经验的函数，取得了不同程度的成功。具体来说，我们假设 EMM 的跨文化经验与其通过以国内改善为导向的 CBA 实现的国内生产力增长之间存在 U 形关系，对于涉及更深入整合或相对较大目标的收购，这种关系更为陡峭，但对于来自制度空白较大国家的收购方来说，这种关系更为平坦。通过衡量企业跨文化经验的深度和广度，我们在来自 13 个新兴经济体的制造企业的 423 个以国内改善为导向的 CBA 样本中获得了对我们假设的支持，从而揭示了决定此类 CBA 有效性的因素。