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題名 文化距離對開發中國家跨國收購的績效影響
The Impact of Culture Distance on the International Acquisition Performance in the Developing Country作者 姚育芸
Yao, Yu-Yun貢獻者 譚丹琪
Tan, Dan-Chi
姚育芸
Yao, Yu-Yun關鍵詞 文化距離
事件研究法
跨國收購績效
culture distance
event study
international acquisition performance日期 2020 上傳時間 3-Aug-2020 17:23:28 (UTC+8) 摘要 本研究以開發中國家之收購公司為研究主體，收購目標範圍為全球市場，從國 家間文化差異，對開發中國家進行跨國收購的影響，從而探討開發中國家於全球收 購成果。採用事件研究法，全球收購期間自 2010 年 1 月 1 日起至 2018 年 12 月 31 日底。本研究總結出兩個結論，第一，文化距離與跨國收購績效的關係，存在非線 性的倒 U 曲線;第二，文化距離越遠，收購方傾向以獨資進入異地市場。
This research examines the international acquisition performance of the developing country. The target acquired regions include the global market. The cultural difference be- tween countries has distinct effects on the mergers and acquisitions outcomes. The empir- ical findings based on cross-border acquisition show that the culture distance has an inverse U-shape relationship with the international acquisition performance, and that acquirers tend to enter culturally distant markets with wholly-owned subsidiaries.參考文獻 中文文獻白楊(2016)。中國大陸上市公司海內外併購事件宣告效果之分析。未出版之博 (碩)士論文，國立政治大學，國際經營與貿易學系，台北。吳承翰(2016)。文化距離與併購績效之關聯性研究。未出版之博(碩)士論文， 國立政治大學，企業管理研究所，台北。黃維娜(2008)。台灣策略聯盟之實證研究-以資訊電子產業為例。未出版之博 (碩)士論文，國立臺灣大學，國際企業學研究所，台北。葉以晨(2014)。台灣企業國內外購併宣告對股價之影響。未出版之博(碩)士論 文，國立政治大學，國際經營與貿易學系，台北。潘麗仙(2008)。台灣企業跨國併購宣告效果與資訊內涵。未出版之博(碩)士論 文，國立臺灣大學，國際企業學研究所，台北。英文文獻Aybar, Bülent. & Ficici, Aysun. (2009). Cross-border acquisitions and firm value:An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.Ball, Ray. & Brown, Philip. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.Barkema, Harry. G., Bell, John. H. J.& Pennings, Johannes. M. (1996). Foreign entry, cultural barriers, and learning. Strategic Management Journal, 17(2), 151-166.Basuil, Dynah. A. & Datta, Deepak. K. (2015). Effects of Industry- and Region-Specific Acquisition Experience on Value Creation in Cross-Border Acquisitions: The Moder- ating Role of Cultural Similarity. The Journal of Management Studies, 52(6), 766.Chari, Murali D. R. & Chang, Kiyoung. (2009). Determinants of the share of equity sought in cross-border acquisitions. Journal of International Business Studies, 40(8), 1277-1297.Chatterjee, Sayan., Lubatkin, Michael. H., Schweiger, David. M., & Weber, Yaakov. (1992). Cultural differences and shareholder value in related mergers: linking equity and human capital. Strategic Management Journal, 13(5), 319-334.Cuypers, Ilya R P., Ertug, Gokhan. & Hennart, Jean-françois. (2015). The effects of linguistic distance and lingua franca proficiency on the stake taken by acquirers in cross-border acquisitions. Journal of International Business Studies, 46(4), 429-442.Datta, Deepak. K., Puia, George. (1995). Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. ac- quiring firms. Management International Review, 35(4), 337-359.David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran. (2016). Statistics for Business & Economics. (13 Ed.). Location: Cengage Learning.Demirbag, Mehmet., Tatoglu, Ekrem., & Glaister, Keith. W. (2009). Equity-based entry modes of emerging country multinationals Lessons from Turkey. Journal of World Business, 44(4), 445-462.Dikova, Desislava. & Rao Sahib, Padma. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal of World Business, 48(1), 77.Dow, Douglas., Cuypers, Ilya R P., & Ertug, Gokhan. (2016). The effects of within- country linguistic and religious diversity on foreign acquisitions. Journal of Interna- tional Business Studies, 47(3), 319-346.Eckhardt, Giana. (2002). Culture`s Consequences: Comparing Values, Behaviors, Insti- tutions and Organisations Across Nations. Australian Journal of Management, 27(1), 89.Ferreira, Manuel Anibal Silva Portugal Vasconcelos., Vicente, Simone Cesar da Silva., Borini, Felipe Mendes. & Ribeiro de Almeida, Martinho Isnard. (2017). Degree of eq- uity ownership in cross-border acquisitions of Brazilian firms by multinationals: a stra- tegic response to institutional distance. Revista de Administração, 52(1), 59-69.Ferreira, Manuel Portugal., Borini, Felipe., Vicente, Simone. & Almeida, Martinho Ri- beiro. (2017). The pre-acquisition process: The temporal hiatus between the announce- ment and completion in foreign acquisitions in Brazil. International Journal of Emerg- ing Markets, 12(2), 400-414.Galavotti, Ilaria., Cerrato, Daniele., & Depperu, Donatella. (2017). Experience and Cross‐Border Acquisitions: An Organizational Learning Perspective. European Man- agement Review, 14(2), 119-131.Herger, Nils., Kotsogiannis, Christos., & Mccorriston, Steve. (2008). Cross-border ac- quisitions in the global food sector. European Review of Agricultural Economics, 35(4), 563-587.Isphording, Ingo. E. & Otten, Sebastian. (2014). Linguistic barriers in the destination language acquisition of immigrants. Journal of Economic Behavior & Organization, 105, 30.Isphording, Ingo. Eduard. & Otten, Sebastian. (2013). The Costs of Babylon--Linguis- tic Distance in Applied Economics. Review of International Economics, 21(2), 354-369.Kallunki, Juha-Pekka., Larimo, Jorma., & Pynnönen, Seppo. (2001). Value creation in foreign direct investments. Management International Review, 41(4), 357-376.Langenstein, Tim., Vojtková, Anna., Užík, Martin. & Ruepp, Andreas. (2018). Cross- border acquisitions in central and eastern europe with focus on russia versus germany deals: an empirical analysis. E+M Ekonomie a Management, 21(4), 207-225.Liang, Jie., Xie, En. & Redding, K S. (2017). The international market for corporate control and high-valuation cross-border acquisitions. International Journal of Law and Management, 59(6), 876-898.M Joshi, Amol. & Lahiri, Nandini. (2015). Language friction and partner selection in cross-border R&D alliance formation. Journal of International Business Studies, 46(2), 123-152.Malhotra, Shavin. & Sivakumar, K. (2011). Simultaneous determination of optimal cul- tural distance and market potential in international market entry. International Market- ing Review, 28(6), 601-626.Hitt, Michael., Ireland, Duane. & Hoskisson, Robert. (2011). Strategic management : competitiveness & globalization : concepts and cases(9th ed.). Mason, Ohio : South- Western Cengage Learning.Minkov, Michael. & Hofstede, Geert. (2011). The evolution of Hofstede`s doctrine. Cross Cultural Management, 18(1), 10-20.Morosini, Piero.,Shane, Scott. & Singh, Harbir. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), 137-158.Piekkari, Rebecca., Vaara, Eero., Tienari, Janne., & Säntti, Risto. (2005). Integration or disintegration? Human resource implications of a common corporate language decision in a cross-border merger. International Journal of Human Resource Management, 16(3), 330-344.Popli, Manish., Akbar, Mohammad., Kumar, Vikas., & Gaur, Ajai. (2016). Reconcep- tualizing cultural distance: The role of cultural experience reserve in cross-border ac- quisitions. Journal of World Business, 51(3), 404.Qian, Wang., Chun, Wang. Ying., Qi, Huang. Yu., & Qi, Ding. (2017). Cultural Dis- tance and Chinese Cross-Border Merger and Acquistion Performance. Journal of Mar- keting Development and Competitiveness, 11(4), 145-156.Qin, Hua. (2004). Determinants of successful acquisitions: The case of Cisco. ProQuest Dissertations and Theses, 80.Reus, Taco H. & Lamont, Bruce. T. (2009). The double-edged sword of cultural dis- tance in international acquisitions. Journal of International Business Studies, 40(8), 1298-1316.Seth, Anju., Song, Kean. P., & Pettit, A. Richardson. (2002). Value creation and de- struction in cross-border acquisitions: An empirical analysis of foreign acquisitions of U.S. firms. Strategic Management Journal, 23(10), 921-940.Slangen, Arjen H L. (2011). A Communication-Based Theory of the Choice Between Greenfield and Acquisition Entry. The Journal of Management Studies, 48(8), 1699.Stulz, René. M. & Williamson, Rohan. (2003). Culture, openness, and finance. Journal of Financial Economics, 70(3), 313.Tihanyi, Laszlo., Griffith, David. A., & Russell, Craig J. (2005). The effect of cultural distance on entry mode choice, international diversification, and MNE performance: a meta-analysis. Journal of International Business Studies, 36(3), 270-283.Vaara, Eero., Tienari, Janne., Piekkari, Rebecca., & Säntti, Risto. (2005). Journal of Management Studies, 42(3), 595-623.West, Joel., Graham, John. L. (2004). A Linguistic-based Measure of Cultural Distance and Its Relationship to Managerial Values. Management International Review, 44 (3), 239-260. 描述 碩士
國立政治大學
國際經營與貿易學系
107351016資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107351016 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan-Chi en_US dc.contributor.author (Authors) 姚育芸 zh_TW dc.contributor.author (Authors) Yao, Yu-Yun en_US dc.creator (作者) 姚育芸 zh_TW dc.creator (作者) Yao, Yu-Yun en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:23:28 (UTC+8) - dc.date.available 3-Aug-2020 17:23:28 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:23:28 (UTC+8) - dc.identifier (Other Identifiers) G0107351016 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130908 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 107351016 zh_TW dc.description.abstract (摘要) 本研究以開發中國家之收購公司為研究主體，收購目標範圍為全球市場，從國 家間文化差異，對開發中國家進行跨國收購的影響，從而探討開發中國家於全球收 購成果。採用事件研究法，全球收購期間自 2010 年 1 月 1 日起至 2018 年 12 月 31 日底。本研究總結出兩個結論，第一，文化距離與跨國收購績效的關係，存在非線 性的倒 U 曲線;第二，文化距離越遠，收購方傾向以獨資進入異地市場。 zh_TW dc.description.abstract (摘要) This research examines the international acquisition performance of the developing country. The target acquired regions include the global market. The cultural difference be- tween countries has distinct effects on the mergers and acquisitions outcomes. The empir- ical findings based on cross-border acquisition show that the culture distance has an inverse U-shape relationship with the international acquisition performance, and that acquirers tend to enter culturally distant markets with wholly-owned subsidiaries. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究動機與背景 1第二節 研究問題 2第貳章 文獻探討 3第一節 跨國收購的動機與進入障礙 3第二節 文化距離 5第三節 文化距離和跨境收購宣告效果的實證研究 9第叁章 研究設計 17第一節 研究假設 17第二節 樣本描述 20一、收購主併國特性 20二、收購目標國特性 22三、收購交易金額 23第三節 變數介紹 25第肆章 實證結果 31第一節 敘述性統計 31第二節 實證迴歸與剖析 36第伍章 結論 41第一節 研究結論 41第二節 管理意涵 43第三節 研究限制 45期刊書目文獻引用 47中文文獻 47英文文獻 47 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107351016 en_US dc.subject (關鍵詞) 文化距離 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) 跨國收購績效 zh_TW dc.subject (關鍵詞) culture distance en_US dc.subject (關鍵詞) event study en_US dc.subject (關鍵詞) international acquisition performance en_US dc.title (題名) 文化距離對開發中國家跨國收購的績效影響 zh_TW dc.title (題名) The Impact of Culture Distance on the International Acquisition Performance in the Developing Country en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻白楊(2016)。中國大陸上市公司海內外併購事件宣告效果之分析。未出版之博 (碩)士論文，國立政治大學，國際經營與貿易學系，台北。吳承翰(2016)。文化距離與併購績效之關聯性研究。未出版之博(碩)士論文， 國立政治大學，企業管理研究所，台北。黃維娜(2008)。台灣策略聯盟之實證研究-以資訊電子產業為例。未出版之博 (碩)士論文，國立臺灣大學，國際企業學研究所，台北。葉以晨(2014)。台灣企業國內外購併宣告對股價之影響。未出版之博(碩)士論 文，國立政治大學，國際經營與貿易學系，台北。潘麗仙(2008)。台灣企業跨國併購宣告效果與資訊內涵。未出版之博(碩)士論 文，國立臺灣大學，國際企業學研究所，台北。英文文獻Aybar, Bülent. & Ficici, Aysun. (2009). Cross-border acquisitions and firm value:An analysis of emerging-market multinationals. Journal of International Business Studies, 40(8), 1317-1338.Ball, Ray. & Brown, Philip. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.Barkema, Harry. G., Bell, John. H. J.& Pennings, Johannes. M. (1996). Foreign entry, cultural barriers, and learning. Strategic Management Journal, 17(2), 151-166.Basuil, Dynah. A. & Datta, Deepak. K. (2015). Effects of Industry- and Region-Specific Acquisition Experience on Value Creation in Cross-Border Acquisitions: The Moder- ating Role of Cultural Similarity. The Journal of Management Studies, 52(6), 766.Chari, Murali D. R. & Chang, Kiyoung. (2009). Determinants of the share of equity sought in cross-border acquisitions. Journal of International Business Studies, 40(8), 1277-1297.Chatterjee, Sayan., Lubatkin, Michael. H., Schweiger, David. M., & Weber, Yaakov. (1992). Cultural differences and shareholder value in related mergers: linking equity and human capital. Strategic Management Journal, 13(5), 319-334.Cuypers, Ilya R P., Ertug, Gokhan. & Hennart, Jean-françois. (2015). The effects of linguistic distance and lingua franca proficiency on the stake taken by acquirers in cross-border acquisitions. Journal of International Business Studies, 46(4), 429-442.Datta, Deepak. K., Puia, George. (1995). Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in U.S. ac- quiring firms. Management International Review, 35(4), 337-359.David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran. (2016). Statistics for Business & Economics. (13 Ed.). Location: Cengage Learning.Demirbag, Mehmet., Tatoglu, Ekrem., & Glaister, Keith. W. (2009). Equity-based entry modes of emerging country multinationals Lessons from Turkey. Journal of World Business, 44(4), 445-462.Dikova, Desislava. & Rao Sahib, Padma. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal of World Business, 48(1), 77.Dow, Douglas., Cuypers, Ilya R P., & Ertug, Gokhan. (2016). The effects of within- country linguistic and religious diversity on foreign acquisitions. Journal of Interna- tional Business Studies, 47(3), 319-346.Eckhardt, Giana. (2002). Culture`s Consequences: Comparing Values, Behaviors, Insti- tutions and Organisations Across Nations. Australian Journal of Management, 27(1), 89.Ferreira, Manuel Anibal Silva Portugal Vasconcelos., Vicente, Simone Cesar da Silva., Borini, Felipe Mendes. & Ribeiro de Almeida, Martinho Isnard. (2017). Degree of eq- uity ownership in cross-border acquisitions of Brazilian firms by multinationals: a stra- tegic response to institutional distance. Revista de Administração, 52(1), 59-69.Ferreira, Manuel Portugal., Borini, Felipe., Vicente, Simone. & Almeida, Martinho Ri- beiro. (2017). The pre-acquisition process: The temporal hiatus between the announce- ment and completion in foreign acquisitions in Brazil. International Journal of Emerg- ing Markets, 12(2), 400-414.Galavotti, Ilaria., Cerrato, Daniele., & Depperu, Donatella. (2017). Experience and Cross‐Border Acquisitions: An Organizational Learning Perspective. European Man- agement Review, 14(2), 119-131.Herger, Nils., Kotsogiannis, Christos., & Mccorriston, Steve. (2008). Cross-border ac- quisitions in the global food sector. European Review of Agricultural Economics, 35(4), 563-587.Isphording, Ingo. E. & Otten, Sebastian. (2014). Linguistic barriers in the destination language acquisition of immigrants. Journal of Economic Behavior & Organization, 105, 30.Isphording, Ingo. Eduard. & Otten, Sebastian. (2013). The Costs of Babylon--Linguis- tic Distance in Applied Economics. Review of International Economics, 21(2), 354-369.Kallunki, Juha-Pekka., Larimo, Jorma., & Pynnönen, Seppo. (2001). Value creation in foreign direct investments. Management International Review, 41(4), 357-376.Langenstein, Tim., Vojtková, Anna., Užík, Martin. & Ruepp, Andreas. (2018). Cross- border acquisitions in central and eastern europe with focus on russia versus germany deals: an empirical analysis. E+M Ekonomie a Management, 21(4), 207-225.Liang, Jie., Xie, En. & Redding, K S. (2017). The international market for corporate control and high-valuation cross-border acquisitions. International Journal of Law and Management, 59(6), 876-898.M Joshi, Amol. & Lahiri, Nandini. (2015). Language friction and partner selection in cross-border R&D alliance formation. Journal of International Business Studies, 46(2), 123-152.Malhotra, Shavin. & Sivakumar, K. (2011). Simultaneous determination of optimal cul- tural distance and market potential in international market entry. International Market- ing Review, 28(6), 601-626.Hitt, Michael., Ireland, Duane. & Hoskisson, Robert. (2011). Strategic management : competitiveness & globalization : concepts and cases(9th ed.). Mason, Ohio : South- Western Cengage Learning.Minkov, Michael. & Hofstede, Geert. (2011). The evolution of Hofstede`s doctrine. Cross Cultural Management, 18(1), 10-20.Morosini, Piero.,Shane, Scott. & Singh, Harbir. (1998). National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1), 137-158.Piekkari, Rebecca., Vaara, Eero., Tienari, Janne., & Säntti, Risto. (2005). Integration or disintegration? Human resource implications of a common corporate language decision in a cross-border merger. International Journal of Human Resource Management, 16(3), 330-344.Popli, Manish., Akbar, Mohammad., Kumar, Vikas., & Gaur, Ajai. (2016). Reconcep- tualizing cultural distance: The role of cultural experience reserve in cross-border ac- quisitions. Journal of World Business, 51(3), 404.Qian, Wang., Chun, Wang. Ying., Qi, Huang. Yu., & Qi, Ding. (2017). Cultural Dis- tance and Chinese Cross-Border Merger and Acquistion Performance. Journal of Mar- keting Development and Competitiveness, 11(4), 145-156.Qin, Hua. (2004). Determinants of successful acquisitions: The case of Cisco. ProQuest Dissertations and Theses, 80.Reus, Taco H. & Lamont, Bruce. T. (2009). The double-edged sword of cultural dis- tance in international acquisitions. Journal of International Business Studies, 40(8), 1298-1316.Seth, Anju., Song, Kean. P., & Pettit, A. Richardson. (2002). Value creation and de- struction in cross-border acquisitions: An empirical analysis of foreign acquisitions of U.S. firms. Strategic Management Journal, 23(10), 921-940.Slangen, Arjen H L. (2011). A Communication-Based Theory of the Choice Between Greenfield and Acquisition Entry. The Journal of Management Studies, 48(8), 1699.Stulz, René. M. & Williamson, Rohan. (2003). Culture, openness, and finance. Journal of Financial Economics, 70(3), 313.Tihanyi, Laszlo., Griffith, David. A., & Russell, Craig J. (2005). The effect of cultural distance on entry mode choice, international diversification, and MNE performance: a meta-analysis. Journal of International Business Studies, 36(3), 270-283.Vaara, Eero., Tienari, Janne., Piekkari, Rebecca., & Säntti, Risto. (2005). Journal of Management Studies, 42(3), 595-623.West, Joel., Graham, John. L. (2004). A Linguistic-based Measure of Cultural Distance and Its Relationship to Managerial Values. Management International Review, 44 (3), 239-260. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000681 en_US
