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Do corporate governance and culture matter in cross-border acquisitions? Some Chinese evidence

Title
Do corporate governance and culture matter in cross-border acquisitions? Some Chinese evidence
Authors
Chae W.Y.Byun J.Choi P.M.S.Yang R.
Ewha Authors
변진호최문섭
SCOPUS Author ID
변진호scopus; 최문섭scopus
Issue Date
2018
Journal Title
Investment Management and Financial Innovations
ISSN
1810-4967JCR Link
Citation
Investment Management and Financial Innovations vol. 15, no. 1, pp. 90 - 105
Keywords
AcquisitionsCorporate governanceCultural factorsCumulative abnormal returnsMergers
Publisher
LLC CPC Business Perspectives
Indexed
SCOPUS scopus
Document Type
Article
Abstract
The Chinese market for corporate control has recently gained much academic attention. This research constructs a sample of 159 cross-border acquisitions made by 123 Chinese firms between 2010 and 2014 and relates the roles of governance and culture to the wealth effects of mergers. First, the shareholders of Chinese bidders experience gains upon the announcement of overseas mergers. Second, country- and firm-level governance notably affects the cumulative abnormal returns of Chinese acquirers. Lastly, and however, the cultural distance per Hofstede’s (1980) four cultural dimensions does not appear to be a significant factor in determining the shareholder wealth of Chinese purchasers. © Won Young Chae, Jinho Byun, Paul Moon Sub Choi, Ruilin Yang, 2018
DOI
10.21511/imfi.15(1).2018.09
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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