The post-acquisition performance of cross-border mergers and acquisitions conducted by Chinese firms in the high-tech industries: Profitable or innovative?

Monica Yang*, Qi Ai

*Corresponding author for this work

Research output: Contribution to JournalArticlepeer-review

Abstract

This article examines the characteristics and performance of cross-border mergers and acquisitions (M&As) conducted by Chinese firms in the high-tech industries. Multiple measures of firm performance were used in exploring the profitability and innovativeness of both the acquiring and target firms. With 1,340 cross-border M&As completed between 1990 and 2014, the major characteristics of these deals (e.g., industries of acquiring firms, countries of target firms, and the level of ownership) were identified. In terms of the performance of acquiring and target firms, the value creation hypothesis was supported by the innovation measure; however, it was not supported by accounting-based measures. The implications of this study and directions for future research are thus discussed.
Original languageEnglish
Pages (from-to)355-367
Number of pages13
JournalThunderbird International Business Review
Volume63
Issue number3
Early online date22 Feb 2021
DOIs
Publication statusPublished - 12 Apr 2021

Keywords

  • Chinese firms
  • high-tech industries
  • innovativeness
  • performance of cross-border M&As
  • profitability
  • Political Science and International Relations
  • Geography, Planning and Development
  • Business and International Management

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