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題名 文化差異對海外投資的影響：以東協市場為例
The Impact of Cultural Differences on Overseas Investment: the ASEAN case
作者 張庭瑀
Chang, Ting-Yu
貢獻者 陳嬿如
Chen, Yenn-Ru
張庭瑀
Chang, Ting-Yu
關鍵詞 跨國併購
文化距離
男性化
東南亞國家協會
區域全面經濟夥伴協定
區域整合
Mergers and Acquisitions
Cultural distance
Masculinity
ASEAN
RCEP
Regional Integration
日期 2021
上傳時間 3-Jul-2021 00:40:45 (UTC+8)
摘要 企業併購市場快速加溫，它是讓公司獲得增長機會的方法之一。然而，文化差異在併購決策中發揮著重要作用，並可能影響併購的績效。
本研究使用1990-2020年間區域全面經濟夥伴協定國家的3,270個跨國收購的樣本，並發現文化距離越大，併購完成的可能性就越少。而如果主併公司所在的國家高度重視女性權利或兩國之間存在較大的男性化差距，主併方較不會選擇位於東盟國家的公司作為併購標的。如果他們仍然這樣做，在2015年區域全面經濟夥伴協定談判加速後，他們將對宣告效果產生負面影響。在RCEP的出現後，若是歐美國家想要進入東亞市場，可以直接併購區域全面經濟夥伴協定中非東協國家的公司，而不必選擇原本的東協國家的公司。
Merger and acquisition (M&A) activities have been greatly increasing globally in the past few decades. It is one of the methods for growth opportunity. However, cultural differences play an important role in M&A decision-making and are likely to impact the performance of M&As.
Using a sample of 3,270 cross-border acquisitions in RCEP countries during 1990–2020, this study finds that: larger cultural distance is associated with fewer chances of completing an acquisition deal. And if the acquirer`s country places a high emphasis on women`s rights or there is a large MAS gap between the two countries, the acquirer should be less likely to choose a company located in ASEAN countries as the target. If they still do so, they would have a negative impact on the announcement effect after RCEP negotiations accelerated in 2015. After the implementation of RCEP, firms in the Western countries can choose to acquire firms in non-ASEAN countries in RCEP when they want to enter the East Asian market.
參考文獻 Aguilera, R. V., & Dencker, J. C. (2004). The role of human resource management in cross-border mergers and acquisitions. The International Journal of Human Resource Management, 15(8), 1355-1370.
Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of financial Economics, 117(1), 165-189.
Akanni, M., & Ahammad, M. (2015). National Cultural Distance and International Acquisition Performance. Southeast Asia, 131(8).
Angwin, D., & Savill, B. (1997). Strategic perspectives on European cross-border acquisitions: A view from top European executives. European Management Journal, 15(4), 423-435.
Anwar, S., & Nguyen, L. P. (2011). Foreign direct investment and export spillovers: Evidence from Vietnam. International Business Review, 20(2), 177-193.
Armitage, S. (1995). Event study methods and evidence on their performance. Journal of economic surveys, 9(1), 25-52.
Bertrand, O., & Zuniga, P. (2006). R&D and M&A: Are cross-border M&A different? An investigation on OECD countries. International Journal of Industrial Organization, 24(2), 401-423.
Beyer, S. (1990). Gender differences in the accuracy of self-evaluations of performance. Journal of personality and social psychology, 59(5), 960.
Björkman, I., Stahl, G. K., & Vaara, E. (2007). Cultural differences and capability transfer in cross-border acquisitions: The mediating roles of capability complementarity, absorptive capacity, and social integration. Journal of International Business Studies, 38(4), 658-672.
Bjorvatn, K. (2004). Economic integration and the profitability of cross-border mergers and acquisitions. European Economic Review, 48(6), 1211-1226.
Blonigen, B. A. (1997). Firm-specific assets and the link between exchange rates and foreign direct investment. The American Economic Review, 447-465.
Buono, A. F., Bowditch, J. L., & Lewis III, J. W. (1985). When cultures collide: The anatomy of a merger. Human relations, 38(5), 477-500.
Caiazza, S., & Pozzolo, A. F. (2016). The determinants of failed takeovers in the banking sector: deal or country characteristics? Journal of Banking & Finance, 72, S92-S103.
Carow, K. A., & Kane, E. J. (2002). Event-study evidence of the value of relaxing long-standing regulatory restraints on banks, 1970–2000. The Quarterly Review of Economics and Finance, 42(3), 439-463.
Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2009). Mars–Venus marriages: Culture and cross-border M&A. Journal of International Business Studies, 40(2), 216-236.
Cording, M., Christmann, P., & King, D. R. (2008). Reducing causal ambiguity in acquisition integration: Intermediate goals as mediators ofintegration decisions and acquisition performance. Academy of management journal, 51(4), 744-767.
Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic literature, 47(2), 448-474.
Eichengreen, B., & Park, Y. C. (2003). Why has there been less financial integration in Asia than in Europe?
Elsaid, E., & Ursel, N. D. (2011). CEO succession, gender and risk taking. Gender in Management: An International Journal.
Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
Faccio, M., & Masulis, R. W. (2005). The choice of payment method in European mergers and acquisitions. The Journal of Finance, 60(3), 1345-1388.
Francis, B. B., Hasan, I., Sun, X., & Waisman, M. (2014). Can firms learn by observing? Evidence from cross-border M&As. Journal of Corporate Finance, 25, 202-215.
Hijzen, A., Görg, H., & Manchin, M. (2008). Cross-border mergers and acquisitions and the role of trade costs. European Economic Review, 52(5), 849-866.
Kim, Y.-H. (2009). Cross-border M&A vs. greenfield FDI: Economic integration and its welfare impact. Journal of Policy Modeling, 31(1), 87-101.
Kindra, G. S., Strizzi, N., & Mansor, N. (1998). The role of marketing in FDI generation: evidence from ASEAN countries. International Business Review, 7(4), 399-421.
King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta‐analyses of post‐acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2), 187-200.
Kogut, B., & Singh, H. (1988). The effect of national culture on the choice of entry mode. Journal of International Business Studies, 19(3), 411-432.
Larsson, R., & Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization science, 10(1), 1-26.
Larsson, R., & Lubatkin, M. (2001). Achieving acculturation in mergers and acquisitions: An international case survey. Human relations, 54(12), 1573-1607.
Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185-200.
Mitchell, W., & Shaver, J. M. (2002). What Role Do Acquisitions Play in Asian Firms` Global Strategies? Evidence from the Medical Sector, 1978–1995. Asia Pacific Journal of Management, 19(4), 489-502.
Morosini, P., Shane, S., & Singh, H. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), 137-158.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial Economics, 13(2), 187-221.
Nadolska, A., & Barkema, H. G. (2007). Learning to internationalise: the pace and success of foreign acquisitions. Journal of International Business Studies, 38(7), 1170-1186.
Oduro, I. M., & Agyei, S. K. (2013). Mergers & acquisition and firm performance: Evidence from the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(7), 99-107.
Offenberg, D., & Pirinsky, C. (2015). How do acquirers choose between mergers and tender offers? Journal of financial Economics, 116(2), 331-348.
Page, S. (2007). The difference: how the power of diversity creates better groups. In Firms, Schools and Societies. Princeton University Press.
Pangarkar, N., & Lim, H. (2003). Performance of foreign direct investment from Singapore. International Business Review, 12(5), 601-624.
Peterson, P. P. (1989). Event studies: A review of issues and methodology. Quarterly journal of business and economics, 36-66.
Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance, 36, 373-387.
Reus, T. H., & Lamont, B. T. (2009). The double-edged sword of cultural distance in international acquisitions. Journal of International Business Studies, 40(8), 1298-1316.
Rottig, D., Reus, T. H., & Tarba, S. Y. (2014). The impact of culture on mergers and acquisitions: A third of a century of research. In Advances in mergers and acquisitions. Emerald Group Publishing Limited.
Sharma, D. S., & Ho, J. (2002). The impact of acquisitions on operating performance: Some Australian evidence. Journal of Business Finance & Accounting, 29(1‐2), 155-200.
Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of international management, 10(3), 307-353.
Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.
Slangen, A. H. (2006). National cultural distance and initial foreign acquisition performance: The moderating effect of integration. Journal of World Business, 41(2), 161-170.
Stahl, G. K., & Voigt, A. (2008). Do cultural differences matter in mergers and acquisitions? A tentative model and examination. Organization science, 19(1), 160-176.
Tang, L., & Koveos, P. E. (2008). A framework to update Hofstede`s cultural value indices: economic dynamics and institutional stability. Journal of International Business Studies, 39(6), 1045-1063.
Very, P., Lubatkin, M., Calori, R., & Veiga, J. (1997). Relative standing and the performance of recently acquired European firms. Strategic Management Journal, 18(8), 593-614.
Very, P., & Schweiger, D. M. (2001). The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals. Journal of World Business, 36(1), 11-31.
Weber, R. A., & Camerer, C. F. (2003). Cultural conflict and merger failure: An experimental approach. Management science, 49(4), 400-415.
描述 碩士
國立政治大學
財務管理學系
108357009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108357009
資料類型 thesis
dc.contributor.advisor 陳嬿如zh_TW
dc.contributor.advisor Chen, Yenn-Ruen_US
dc.contributor.author (Authors) 張庭瑀zh_TW
dc.contributor.author (Authors) Chang, Ting-Yuen_US
dc.creator (作者) 張庭瑀zh_TW
dc.creator (作者) Chang, Ting-Yuen_US
dc.date (日期) 2021en_US
dc.date.accessioned 3-Jul-2021 00:40:45 (UTC+8)-
dc.date.available 3-Jul-2021 00:40:45 (UTC+8)-
dc.date.issued (上傳時間) 3-Jul-2021 00:40:45 (UTC+8)-
dc.identifier (Other Identifiers) G0108357009en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136052-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 108357009zh_TW
dc.description.abstract (摘要) 企業併購市場快速加溫，它是讓公司獲得增長機會的方法之一。然而，文化差異在併購決策中發揮著重要作用，並可能影響併購的績效。
本研究使用1990-2020年間區域全面經濟夥伴協定國家的3,270個跨國收購的樣本，並發現文化距離越大，併購完成的可能性就越少。而如果主併公司所在的國家高度重視女性權利或兩國之間存在較大的男性化差距，主併方較不會選擇位於東盟國家的公司作為併購標的。如果他們仍然這樣做，在2015年區域全面經濟夥伴協定談判加速後，他們將對宣告效果產生負面影響。在RCEP的出現後，若是歐美國家想要進入東亞市場，可以直接併購區域全面經濟夥伴協定中非東協國家的公司，而不必選擇原本的東協國家的公司。		zh_TW
dc.description.abstract (摘要) Merger and acquisition (M&A) activities have been greatly increasing globally in the past few decades. It is one of the methods for growth opportunity. However, cultural differences play an important role in M&A decision-making and are likely to impact the performance of M&As.
Using a sample of 3,270 cross-border acquisitions in RCEP countries during 1990–2020, this study finds that: larger cultural distance is associated with fewer chances of completing an acquisition deal. And if the acquirer`s country places a high emphasis on women`s rights or there is a large MAS gap between the two countries, the acquirer should be less likely to choose a company located in ASEAN countries as the target. If they still do so, they would have a negative impact on the announcement effect after RCEP negotiations accelerated in 2015. After the implementation of RCEP, firms in the Western countries can choose to acquire firms in non-ASEAN countries in RCEP when they want to enter the East Asian market.		en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review 4
2.1 Literature on Cultural Difference 4
2.2 Literature on Gender Differences 7
2.3 Literature on ASEAN and RCEP 8
3. Hypothesis & Methodology 13
3.1 Hypothesis 13
3.2 Sample and Methodology 13
3.3 Description of Variables 15
3.4 Summary Statistics 20
4. Empirical Results 24
4.1 Univariate Analysis 24
4.2 Multivariate Analysis 25
5. Conclusion 29
Appendix 31
Reference 34		zh_TW
dc.format.extent 5406517 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108357009en_US
dc.subject (關鍵詞) 跨國併購zh_TW
dc.subject (關鍵詞) 文化距離zh_TW
dc.subject (關鍵詞) 男性化zh_TW
dc.subject (關鍵詞) 東南亞國家協會zh_TW
dc.subject (關鍵詞) 區域全面經濟夥伴協定zh_TW
dc.subject (關鍵詞) 區域整合zh_TW
dc.subject (關鍵詞) Mergers and Acquisitionsen_US
dc.subject (關鍵詞) Cultural distanceen_US
dc.subject (關鍵詞) Masculinityen_US
dc.subject (關鍵詞) ASEANen_US
dc.subject (關鍵詞) RCEPen_US
dc.subject (關鍵詞) Regional Integrationen_US
dc.title (題名) 文化差異對海外投資的影響：以東協市場為例zh_TW
dc.title (題名) The Impact of Cultural Differences on Overseas Investment: the ASEAN caseen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Aguilera, R. V., & Dencker, J. C. (2004). The role of human resource management in cross-border mergers and acquisitions. The International Journal of Human Resource Management, 15(8), 1355-1370.
Ahern, K. R., Daminelli, D., & Fracassi, C. (2015). Lost in translation? The effect of cultural values on mergers around the world. Journal of financial Economics, 117(1), 165-189.
Akanni, M., & Ahammad, M. (2015). National Cultural Distance and International Acquisition Performance. Southeast Asia, 131(8).
Angwin, D., & Savill, B. (1997). Strategic perspectives on European cross-border acquisitions: A view from top European executives. European Management Journal, 15(4), 423-435.
Anwar, S., & Nguyen, L. P. (2011). Foreign direct investment and export spillovers: Evidence from Vietnam. International Business Review, 20(2), 177-193.
Armitage, S. (1995). Event study methods and evidence on their performance. Journal of economic surveys, 9(1), 25-52.
Bertrand, O., & Zuniga, P. (2006). R&D and M&A: Are cross-border M&A different? An investigation on OECD countries. International Journal of Industrial Organization, 24(2), 401-423.
Beyer, S. (1990). Gender differences in the accuracy of self-evaluations of performance. Journal of personality and social psychology, 59(5), 960.
Björkman, I., Stahl, G. K., & Vaara, E. (2007). Cultural differences and capability transfer in cross-border acquisitions: The mediating roles of capability complementarity, absorptive capacity, and social integration. Journal of International Business Studies, 38(4), 658-672.
Bjorvatn, K. (2004). Economic integration and the profitability of cross-border mergers and acquisitions. European Economic Review, 48(6), 1211-1226.
Blonigen, B. A. (1997). Firm-specific assets and the link between exchange rates and foreign direct investment. The American Economic Review, 447-465.
Buono, A. F., Bowditch, J. L., & Lewis III, J. W. (1985). When cultures collide: The anatomy of a merger. Human relations, 38(5), 477-500.
Caiazza, S., & Pozzolo, A. F. (2016). The determinants of failed takeovers in the banking sector: deal or country characteristics? Journal of Banking & Finance, 72, S92-S103.
Carow, K. A., & Kane, E. J. (2002). Event-study evidence of the value of relaxing long-standing regulatory restraints on banks, 1970–2000. The Quarterly Review of Economics and Finance, 42(3), 439-463.
Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2009). Mars–Venus marriages: Culture and cross-border M&A. Journal of International Business Studies, 40(2), 216-236.
Cording, M., Christmann, P., & King, D. R. (2008). Reducing causal ambiguity in acquisition integration: Intermediate goals as mediators ofintegration decisions and acquisition performance. Academy of management journal, 51(4), 744-767.
Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic literature, 47(2), 448-474.
Eichengreen, B., & Park, Y. C. (2003). Why has there been less financial integration in Asia than in Europe?
Elsaid, E., & Ursel, N. D. (2011). CEO succession, gender and risk taking. Gender in Management: An International Journal.
Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of cross‐border mergers and acquisitions. The Journal of Finance, 67(3), 1045-1082.
Faccio, M., & Masulis, R. W. (2005). The choice of payment method in European mergers and acquisitions. The Journal of Finance, 60(3), 1345-1388.
Francis, B. B., Hasan, I., Sun, X., & Waisman, M. (2014). Can firms learn by observing? Evidence from cross-border M&As. Journal of Corporate Finance, 25, 202-215.
Hijzen, A., Görg, H., & Manchin, M. (2008). Cross-border mergers and acquisitions and the role of trade costs. European Economic Review, 52(5), 849-866.
Kim, Y.-H. (2009). Cross-border M&A vs. greenfield FDI: Economic integration and its welfare impact. Journal of Policy Modeling, 31(1), 87-101.
Kindra, G. S., Strizzi, N., & Mansor, N. (1998). The role of marketing in FDI generation: evidence from ASEAN countries. International Business Review, 7(4), 399-421.
King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta‐analyses of post‐acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2), 187-200.
Kogut, B., & Singh, H. (1988). The effect of national culture on the choice of entry mode. Journal of International Business Studies, 19(3), 411-432.
Larsson, R., & Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization science, 10(1), 1-26.
Larsson, R., & Lubatkin, M. (2001). Achieving acculturation in mergers and acquisitions: An international case survey. Human relations, 54(12), 1573-1607.
Levi, M., Li, K., & Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185-200.
Mitchell, W., & Shaver, J. M. (2002). What Role Do Acquisitions Play in Asian Firms` Global Strategies? Evidence from the Medical Sector, 1978–1995. Asia Pacific Journal of Management, 19(4), 489-502.
Morosini, P., Shane, S., & Singh, H. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), 137-158.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial Economics, 13(2), 187-221.
Nadolska, A., & Barkema, H. G. (2007). Learning to internationalise: the pace and success of foreign acquisitions. Journal of International Business Studies, 38(7), 1170-1186.
Oduro, I. M., & Agyei, S. K. (2013). Mergers & acquisition and firm performance: Evidence from the Ghana Stock Exchange. Research Journal of Finance and Accounting, 4(7), 99-107.
Offenberg, D., & Pirinsky, C. (2015). How do acquirers choose between mergers and tender offers? Journal of financial Economics, 116(2), 331-348.
Page, S. (2007). The difference: how the power of diversity creates better groups. In Firms, Schools and Societies. Princeton University Press.
Pangarkar, N., & Lim, H. (2003). Performance of foreign direct investment from Singapore. International Business Review, 12(5), 601-624.
Peterson, P. P. (1989). Event studies: A review of issues and methodology. Quarterly journal of business and economics, 36-66.
Rao-Nicholson, R., Salaber, J., & Cao, T. H. (2016). Long-term performance of mergers and acquisitions in ASEAN countries. Research in International Business and Finance, 36, 373-387.
Reus, T. H., & Lamont, B. T. (2009). The double-edged sword of cultural distance in international acquisitions. Journal of International Business Studies, 40(8), 1298-1316.
Rottig, D., Reus, T. H., & Tarba, S. Y. (2014). The impact of culture on mergers and acquisitions: A third of a century of research. In Advances in mergers and acquisitions. Emerald Group Publishing Limited.
Sharma, D. S., & Ho, J. (2002). The impact of acquisitions on operating performance: Some Australian evidence. Journal of Business Finance & Accounting, 29(1‐2), 155-200.
Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of international management, 10(3), 307-353.
Shleifer, A., & Vishny, R. W. (2003). Stock market driven acquisitions. Journal of financial Economics, 70(3), 295-311.
Slangen, A. H. (2006). National cultural distance and initial foreign acquisition performance: The moderating effect of integration. Journal of World Business, 41(2), 161-170.
Stahl, G. K., & Voigt, A. (2008). Do cultural differences matter in mergers and acquisitions? A tentative model and examination. Organization science, 19(1), 160-176.
Tang, L., & Koveos, P. E. (2008). A framework to update Hofstede`s cultural value indices: economic dynamics and institutional stability. Journal of International Business Studies, 39(6), 1045-1063.
Very, P., Lubatkin, M., Calori, R., & Veiga, J. (1997). Relative standing and the performance of recently acquired European firms. Strategic Management Journal, 18(8), 593-614.
Very, P., & Schweiger, D. M. (2001). The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals. Journal of World Business, 36(1), 11-31.
Weber, R. A., & Camerer, C. F. (2003). Cultural conflict and merger failure: An experimental approach. Management science, 49(4), 400-415.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100590en_US