In emerging markets, where strategic information is hard to obtain and often unreliable, how local firms acquire information to execute cross-border acquisitions is unclear. In this paper, we posit that when the market for information is weak, and firms lack experiential knowledge, board interlocks with other cross-border acquirers affect the frequency and pace of cross-border acquisitions. Furthermore, we anticipate board interlock efficacy to decline with the focal firm's firsthand experience (substitution effect) and foreign institutional investors (FIIs) equity holding in the local firm (self-disciplining effect). We find support for our hypotheses in a large sample of Indian firms for the period 2003–2014. Our paper contributes to mergers and acquisitions and emerging markets literature.

在新兴市场，战略信息难以获取且往往不可靠，当地企业如何获取信息以执行跨境收购尚不清楚。在本文中，我们假设，当信息市场疲软且企业缺乏经验知识时，董事会与其他跨境收购方的相互联系会影响跨境收购的频率和节奏。此外，我们预计董事会联锁效力会随着焦点公司的第一手经验（替代效应）和外国机构投资者（FII）在当地公司的股权持有（自律效应）而下降。我们在 2003 年至 2014 年期间的大量印度公司样本中发现了对我们假设的支持。我们的论文为并购和新兴市场文献做出了贡献。