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 language | English |
|---|---|
| Pages (from-to) | 355-367 |
| Number of pages | 13 |
| Journal | Thunderbird International Business Review |
| Volume | 63 |
| Issue number | 3 |
| Early online date | 22 Feb 2021 |
| DOIs | |
| Publication status | Published - 22 Feb 2021 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 9 Industry, Innovation, and Infrastructure
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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