Cultural tightness-looseness and inter-regional mergers and acquisitions: Evidence from China

被引：0

作者：

Liu, Hui ^{[1
]}

Ling, Leng ^{[2
]}

Wang, Ying ^{[1
,3
]}

机构：

[1] Shandong Univ Finance & Econ, Sch Finance, Jinan, Peoples R China

[2] Georgia Coll & State Univ, J Whitney Bunting Coll Business & Technol, Milledgeville, GA USA

[3] Shandong Univ Finance & Econ, Sch Finance, 40 Shungeng Rd, Jinan 250014, Shandong, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2024年 / 64卷 / 03期

关键词：

culture; mergers and acquisitions; tightness; NATIONAL CULTURE; RISK-TAKING; DISTANCE; BORDER; DIVERSITY; MATTER; VALUES; CLASH; WORK;

D O I：

10.1111/acfi.13228

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigated the role of culture in inter-regional mergers and acquisitions (M&As) within national borders, using a dataset that includes M&As conducted by Chinese listed firms from 2005 to 2019. Our research provides compelling evidence that the likelihood of an acquirer initiating a merger proposal - and the subsequent probability of reaching an agreement - decreases as the cultural tightness gap between the acquiring and target firms widens. Furthermore, we found that this negative impact of cultural tightness distance is more pronounced in non-state-owned firms and firms led by younger CEOs.

引用

页码：2577 / 2604

页数：28

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