Abstract

This study connects corporate governance and international business literature streams focused on cross-border acquisition success and failure. Based on the results of fuzzy-set qualitative comparative analysis, we developed a mid-range theory stipulating that cross-border acquisition success and failure are associated with complementarities within and between the two groups of explanatory factors—acquirer corporate governance mechanisms and host-country institutions. Building on current research evidence suggesting the standalone necessity of solid acquirer corporate governance and high-quality host-country institutional infrastructure, we theorized that these two groups of explanatory factors play complementary roles in cross-border acquisition success. Our results also provide reinforcing evidence suggesting the duality of CEO power and the conjoined importance of host-country institutions in cross-border acquisitions.

摘要

本研究将公司治理与关注跨境收购成功与失败的国际商业文献流联系起来。基于模糊集定性比较分析的结果，我们发展了一个中档理论，规定跨国收购的成败与两组解释因素——收购方公司治理机制和东道国——内部和之间的互补性相关。机构。基于当前的研究证据表明坚实的收购方公司治理和高质量的东道国制度基础设施的独立必要性，我们推测这两组解释因素在跨境收购成功中发挥互补作用。