Publications-Theses
Article View/Open
Publication Export
-
題名 制度距離對開發中國家企業購併績效的影響
Cross-border acquisition performance of developing country multinationals: The effect of institutional distance作者 謝宜珍
Hsieh, Yi-Chen貢獻者 譚丹琪
Tan, Dan-Chi
謝宜珍
Hsieh, Yi-Chen關鍵詞 制度距離
購併績效
事件研究法
Institutional distance
Event study
Acquisition performance日期 2020 上傳時間 3-Aug-2020 17:24:17 (UTC+8) 摘要 本研究探討制度距離對企業併購績效的影響，並採用2006年至2018年間開發中國家的跨國購併資料共2210筆，其中被併國的制度距離六大面向平均分數皆高於主併國的制度距離六大面向平均分數，被併國的制度環境平均而言是優於主併國，顯示樣本中的開發中國家企業多朝制度環境較健全穩定的國家進行收購。本研究採用事件研究法進行驗證，根據資料分析結果，制度距離對開發中國家企業購併績效有顯著的正U型曲線關係。本研究認為制度距離對購併績效同時存在正面影響與負面影響，雖然制度環境不同使企業需要適應新環境、承擔違約或貪污風險進而產生額外成本降低購併績效，但開發中國家企業在較完善的制度環境中經營時，除了可以擁有較低的成本和風險進行更有效率的經濟活動外，購併所產生學習效果也會在比制度環境差的國家強，進而提升企業的價值，此正面的效果會隨著被併國的制度環境越好而增加。因此當兩國制度距離差異高於某個程度時，良好健全的制度環境所產生的正面效果會大於制度環境差異所產生的負面效果，制度距離反而對企業的購併績效產生正向影響進而提升企業的價值，導致制度距離對購併績效的影響呈現正U型曲線。
This study analyzes the impact of institutional distance on developing country company’s acquisition performance. The sample comprises 2210 cross-broader acquisitions by developing country companies from 2006 to 2018. To measure institutional distance, I used World Bank’s The Worldwide Governance Indicators, which comprise six dimensions that evaluate the governance environment and law system of each country. In my sample, the average scores of the indicators of target countries are higher than those of the acquirer’s countries. This means that developing country companies mostly take over targets in countries with more stable institutional environments. According to the results by event study, institutional distance has a significant U-shaped relationship with the acquisition performance. This result represents that institutional distance has both positive and negative effects on developing country company’s acquisition performance. When companies take time to adapt to the institutionally different environments, and may incur additional costs that would reduce their value. However, when they operate in more stable institutional environment, they will have lower costs and risks, and be more efficient in engaging in economic activities. And the learning effects will also be strong when companies acquire targets in stable institutional environment. Taking both negative and positive effects of institutional distances together, my empirical finding shows that when the institutional distance is lower than a certain level, the negative effect will surpass the positive effect. However, when the institutional distance reaches to a certain level, the positive effect will outweigh the negative effect.參考文獻 沈中華, 李建然 (2000). 事件研究法─財務與會計實證研究必備Amburgey, TL. & Miner, AS. (1992). Strategic momentum: The effects of repetitive, positional, and contextual momentum on merger activity. Strategic Management Journal, Vol.13, Issue5, pp.335-348.Berry, H., Guillén M. F. & Zhou, N. (2010). An institutional approach tocross-national distance. Journal of International Business Studies, Vol.41, pp.1460–1480.Carlson, P. (1997). Advancing the harmonisation of international accountingstandards: Exploring an alternative path. The International Journal of Accounting, Vol.32, Issue 3, pp.357-378Contractor, F. J., Lahiri, S., Elango, B. & Kundu, SK. (2014). Institutional, cultural and industry related determinants of ownership choices in emerging market FDI acquisitions. International Business Review, Vol.23, Issue 5, pp.931-941.Du, M. & Boateng, A. (2015). State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms. International Business Review, Vol.24, Issue 3, pp.430-442.Demirbaga, M., Glaistera, K. W. & Tatoglu, E. (2007). Institutional and transaction cost influences on MNEs’ ownership strategies of their affiliates: Evidence from an emerging market. Journal of World Business, Vol.42, Issue 4, pp.418-434.Dikova, D., Panibratov, A. & Veselova, A. (2019). Investment motives, ownership advantages and institutional distance: An examination of Russian cross-border acquisitions. International Business Review, Vol.28, Issue 4, pp.625-637.DiMaggio, P. J. & Powell, W. W. (2000). The iron cage revisited institutional isomorphism and collective rationality in organizational fields. Economics Meets Sociology in Strategic Management. Advances in Strategic Management, Vol.17, pp.143-166.Dikova, D., Sahib, P. R. & Van Witteloostuijn, A. (2010). Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies, Vol.41, Issue 2, pp.223–245.Estrin, S., Baghdasaryan, D. & Meyer, K. E. (2009). The Impact of Institutional and Human Resource Distance on International Entry Strategies. Journal of Management Study, Vol.46, Issue 7, pp.1171-1196.Finkelstein, S. & Haleblian, J. (2002). Understanding Acquisition Performance: The Role of Transfer Effects. Organization Science, Vol.13, Issue 1, pp.36-47.Gubbi, SR., Aulakh, PS., Ray, S., Sarkar, MB. & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, Vol.41, Issue 3, pp.397-418.Hofstede, G. (1980). Culture’s consequences: International differences in work-related values. Beverly Hills, CA: Sage.Hofstede, G. (2001). Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations.Hayward, MLA. (2002). When do firms learn from their acquisition experience? Evidence from 1990 to 1995. Strategic Management Journal, Vol.23, Issue 1, pp.21-39.Ho, M. H.W., Ghauri, P. N. & Larimo, J. A. (2018). Institutional distance and knowledge acquisition in international buyer-supplier relationships: The moderating role of trust. Asia Pacific Journal of Management, Vol.35, pp.427–447.Hoskisson, R. E., Hitt, M. A. & Hill, C. W. L. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, Vol.4, pp.325–341.Hitt, M. A., Ireland, R. D. & Hoskisson, R. E. (2007). Strategic Management: Competitiveness and Globalization.Hutzschenreuter, T., Kleindienst, I. & Schmitt, M. (2014). How Mindfulness and Acquisition Experience Affect Acquisition Performance. Management Decision, Vol.52, no.6, pp.1116-1147.Hughes, A., Mueller, DC. & Singh, A. (1980). Hypotheses about mergers. In Mueller, D. C. (ed.), The Determiniants and Effects of Mergers, Oelgeschlager, Gunn & Hain, Cambridge, MA, pp. 27-66.Higgins, R. C. & Schall, L. D. (1975). Corporate bankruptcy and conglomerate merger. Journal of Finance, Vol.30, Issue 1, pp.93-113.Huang, Z., Zhu, H. & Brass D. J. (2017). Cross‐border acquisitions and the asymmetric effect of power distance value difference on long‐term post‐acquisition performance. Strategic Management Journal, Vol.38, Issue 4, pp.972-991.Ilhan-Nas, T., Okan, T., Tatoglu, E., Demirbag, M. & Glaister, K. W. (2018). The effects of ownership concentration and institutional distance on the foreign entry ownership strategy of Turkish MNEs. Journal of Business Research, Vol.93, pp.173-183.Kostova, T. (1996). Success of the transnational transfer of organizational practices within multinational companies. Unpublished doctoral dissertation. University of Minnesota, Minneapolis.Kaufmann, D., Kraay, A. & Mastruzzi, M. (2010). Worldwide Governance Indicators: Dataset.Kor, Y. Y. & Mahoney, J. T. (2005). How dynamics, management, and governance of resource deployments influence firm‐level performance. Strategic Management Journal, Vol.26, Issue 5, pp.489-496.Kogut, B. & Singh, H. (1988). The Effect of National Culture on the Choice of Entry Mode. Journal of International Business Studies. Volume 19, pp.411–432.Kaplan, S. N. & Weisbach, M. S. (1992). The Success of Acquisitions: Evidence from Divestitures. The Journal of Finance, Vol.47, Issue 1, pp.107-138.Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. Journal of Finance, Voi.27, pp.521-545.Leontiades, M. (1986). The rewards of diversification into unrelated businesses. Journal of Business Strategy, pp.81-87.Liou, RS., Chao, MCH. & Yang, M. (2016). Emerging economies and institutional quality: Assessing the differential effects of institutional distances on ownership strategy. Journal of World Business, Vol.51, Issue 4, pp.600-611.Lorie, J. H. & Halpern, P. (1970). Conglomerates: The rhetoric and the evidence. Journal of Law and Economics, Vol.13, pp.149-166.Liou, RS. & Rao-Nicholson, R. (2017). Out of Africa: The role of institutional distance and host-home colonial tie in South African Firms’ post-acquisition performance in developed economies. International Business Review, Vol.26, Issue 6, pp.1184-1195.Meyer, K. E., Estrin, S., Bhaumik, S. K. & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, Vol.30, Issue 1, pp.61-80.Morosini, P. & Singh, H. (1994). Post-cross-border acquisitions: Implementing ‘national culture-compatible’ strategies to improve performance. European Management Journal, Vol.12, Issue 4, pp.390-400.Morosini, P., Scott S. & Singh, H. (1998). National Cultural Distance and Cross-Border Acquisition Performance. Journal of International Business Studies, Vol.29, Issue 1, pp.137–158.Moeller, S. B., Schilngemann, F. P. & Stulz, R. M. (2004). Do acquirers with more uncertain growth prospects gain less from acquisitions? IDEAS Working Paper Series from RePEc.North, DC. (1990). A Transaction Cost Theory of Politics. Journal of Theoretical Politics, Vol.2, Issue 4, pp.355-367.Naylor, T. H. & Tapon, F. (1982). The capital asset pricing model: An evaluation of its potential as a strategic planning tool. Management Science, Vol.28, Issue 10, pp.1166-1173.Penrose, E. T. (1959). The theory of the growth of the firm Oxford: Blackwells.Porter, M. (1980). Corporate Strategy.Pursche, W. (1990). Post-merger Management - The Project Stage: Focusing the Best Approach. The McKinsey Quarterly, 4.Reed, R. & Luffman, G. A. (1986). Diversification: the growing confusion. Strategic Management Journal, Vol.7, pp.29-35.Rao-Nicholson, R. & Salaber, J. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, Vol.22, Issue 6, pp.963-980.Stigler, G. J. (1968). A theory of oligopoly`. In Stigler, G. J. (ed.) The Organization of Industry, Irwin, Homewood, IL, pp. 39-63.Scherer, F. M. (1980). Industrial Market Structure and Industrial Performance.Shrivastava, P. (1986). Postmerger integration. Journal of Business Strategy, Vol.7, Issue 1, pp.65-76.Seth, A. (1990). Sources of value creation in acquisitions: An empirical investigation. Strategic Management Journal, Vol.11, Issue 6, pp.431-446.Scott, WR. (1995). Institutions and organizations. Thousand Oaks, CA: Sage.Singh, H. & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, Vol.8, Issue 4, pp.377-386.Salomon, R. & Wu, Z. (2012). Institutional distance and local isomorphism strategy. Journal of International Business Studies, Vol.43, Issue 4, pp.343-367.Tihanyi, L., Griffith, D. A. & Russell, C. J. (2005). The effect of cultural distance on entry mode choice, international diversification, and MNE performance: a meta-analysis. Journal of International Business Studies, Vol.36, pp.270–283.Yin, X. & Shanley, M. (2008). Industry Determinants of the “Merger Versus Alliance” Decision. Academy of Management Review, Vol. 33, No. 2.Zollo, M. & Reuer, J. J. (2010). Experience Spillovers Across Corporate Development Activities. Organization Science, Vol.21, Issue 6, pp.1195. 描述 碩士
國立政治大學
國際經營與貿易學系
107351026資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107351026 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) 謝宜珍 zh_TW dc.contributor.author (Authors) Hsieh, Yi-Chen en_US dc.creator (作者) 謝宜珍 zh_TW dc.creator (作者) Hsieh, Yi-Chen en_US dc.date (日期) 2020 en_US dc.date.accessioned 3-Aug-2020 17:24:17 (UTC+8) - dc.date.available 3-Aug-2020 17:24:17 (UTC+8) - dc.date.issued (上傳時間) 3-Aug-2020 17:24:17 (UTC+8) - dc.identifier (Other Identifiers) G0107351026 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130913 - 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) 107351026 zh_TW dc.description.abstract (摘要) 本研究探討制度距離對企業併購績效的影響，並採用2006年至2018年間開發中國家的跨國購併資料共2210筆，其中被併國的制度距離六大面向平均分數皆高於主併國的制度距離六大面向平均分數，被併國的制度環境平均而言是優於主併國，顯示樣本中的開發中國家企業多朝制度環境較健全穩定的國家進行收購。本研究採用事件研究法進行驗證，根據資料分析結果，制度距離對開發中國家企業購併績效有顯著的正U型曲線關係。本研究認為制度距離對購併績效同時存在正面影響與負面影響，雖然制度環境不同使企業需要適應新環境、承擔違約或貪污風險進而產生額外成本降低購併績效，但開發中國家企業在較完善的制度環境中經營時，除了可以擁有較低的成本和風險進行更有效率的經濟活動外，購併所產生學習效果也會在比制度環境差的國家強，進而提升企業的價值，此正面的效果會隨著被併國的制度環境越好而增加。因此當兩國制度距離差異高於某個程度時，良好健全的制度環境所產生的正面效果會大於制度環境差異所產生的負面效果，制度距離反而對企業的購併績效產生正向影響進而提升企業的價值，導致制度距離對購併績效的影響呈現正U型曲線。 zh_TW dc.description.abstract (摘要) This study analyzes the impact of institutional distance on developing country company’s acquisition performance. The sample comprises 2210 cross-broader acquisitions by developing country companies from 2006 to 2018. To measure institutional distance, I used World Bank’s The Worldwide Governance Indicators, which comprise six dimensions that evaluate the governance environment and law system of each country. In my sample, the average scores of the indicators of target countries are higher than those of the acquirer’s countries. This means that developing country companies mostly take over targets in countries with more stable institutional environments. According to the results by event study, institutional distance has a significant U-shaped relationship with the acquisition performance. This result represents that institutional distance has both positive and negative effects on developing country company’s acquisition performance. When companies take time to adapt to the institutionally different environments, and may incur additional costs that would reduce their value. However, when they operate in more stable institutional environment, they will have lower costs and risks, and be more efficient in engaging in economic activities. And the learning effects will also be strong when companies acquire targets in stable institutional environment. Taking both negative and positive effects of institutional distances together, my empirical finding shows that when the institutional distance is lower than a certain level, the negative effect will surpass the positive effect. However, when the institutional distance reaches to a certain level, the positive effect will outweigh the negative effect. en_US dc.description.tableofcontents 第一章 緒論.............................................. 1第一節 研究機............................................ 1第二節 研究問題.......................................... 2第二章 文獻探討.......................................... 3第一節 購併定義與購併模式................................. 3第二節 購併動機.......................................... 4第三節 購併的好處與壞處................................... 5第四節 購併的績效如何衡量................................. 9第五節 影響購併績效之因素.................................12第六節 制度距離..........................................14第三章 研究假說與研究設計.................................24第一節 研究假說..........................................24第二節 資料來源與研究設計.................................25第四章 實證結果..........................................37第一節 敘述統計..........................................37第二節 迴歸分析結果......................................42第五章 結論與建議........................................53第一節 研究結論..........................................53第二節 管理意涵..........................................54第三節 研究限制與未來方向.................................55第六章 參考文獻..........................................57 zh_TW dc.format.extent 36137915 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107351026 en_US dc.subject (關鍵詞) 制度距離 zh_TW dc.subject (關鍵詞) 購併績效 zh_TW dc.subject (關鍵詞) 事件研究法 zh_TW dc.subject (關鍵詞) Institutional distance en_US dc.subject (關鍵詞) Event study en_US dc.subject (關鍵詞) Acquisition performance en_US dc.title (題名) 制度距離對開發中國家企業購併績效的影響 zh_TW dc.title (題名) Cross-border acquisition performance of developing country multinationals: The effect of institutional distance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 沈中華, 李建然 (2000). 事件研究法─財務與會計實證研究必備Amburgey, TL. & Miner, AS. (1992). Strategic momentum: The effects of repetitive, positional, and contextual momentum on merger activity. Strategic Management Journal, Vol.13, Issue5, pp.335-348.Berry, H., Guillén M. F. & Zhou, N. (2010). An institutional approach tocross-national distance. Journal of International Business Studies, Vol.41, pp.1460–1480.Carlson, P. (1997). Advancing the harmonisation of international accountingstandards: Exploring an alternative path. The International Journal of Accounting, Vol.32, Issue 3, pp.357-378Contractor, F. J., Lahiri, S., Elango, B. & Kundu, SK. (2014). Institutional, cultural and industry related determinants of ownership choices in emerging market FDI acquisitions. International Business Review, Vol.23, Issue 5, pp.931-941.Du, M. & Boateng, A. (2015). State ownership, institutional effects and value creation in cross-border mergers & acquisitions by Chinese firms. International Business Review, Vol.24, Issue 3, pp.430-442.Demirbaga, M., Glaistera, K. W. & Tatoglu, E. (2007). Institutional and transaction cost influences on MNEs’ ownership strategies of their affiliates: Evidence from an emerging market. Journal of World Business, Vol.42, Issue 4, pp.418-434.Dikova, D., Panibratov, A. & Veselova, A. (2019). Investment motives, ownership advantages and institutional distance: An examination of Russian cross-border acquisitions. International Business Review, Vol.28, Issue 4, pp.625-637.DiMaggio, P. J. & Powell, W. W. (2000). The iron cage revisited institutional isomorphism and collective rationality in organizational fields. Economics Meets Sociology in Strategic Management. Advances in Strategic Management, Vol.17, pp.143-166.Dikova, D., Sahib, P. R. & Van Witteloostuijn, A. (2010). Cross-border acquisition abandonment and completion: The effect of institutional differences and organizational learning in the international business service industry, 1981–2001. Journal of International Business Studies, Vol.41, Issue 2, pp.223–245.Estrin, S., Baghdasaryan, D. & Meyer, K. E. (2009). The Impact of Institutional and Human Resource Distance on International Entry Strategies. Journal of Management Study, Vol.46, Issue 7, pp.1171-1196.Finkelstein, S. & Haleblian, J. (2002). Understanding Acquisition Performance: The Role of Transfer Effects. Organization Science, Vol.13, Issue 1, pp.36-47.Gubbi, SR., Aulakh, PS., Ray, S., Sarkar, MB. & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? The case of Indian firms. Journal of International Business Studies, Vol.41, Issue 3, pp.397-418.Hofstede, G. (1980). Culture’s consequences: International differences in work-related values. Beverly Hills, CA: Sage.Hofstede, G. (2001). Culture’s Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations.Hayward, MLA. (2002). When do firms learn from their acquisition experience? Evidence from 1990 to 1995. Strategic Management Journal, Vol.23, Issue 1, pp.21-39.Ho, M. H.W., Ghauri, P. N. & Larimo, J. A. (2018). Institutional distance and knowledge acquisition in international buyer-supplier relationships: The moderating role of trust. Asia Pacific Journal of Management, Vol.35, pp.427–447.Hoskisson, R. E., Hitt, M. A. & Hill, C. W. L. (1993). Managerial incentives and investment in R&D in large multiproduct firms. Organization Science, Vol.4, pp.325–341.Hitt, M. A., Ireland, R. D. & Hoskisson, R. E. (2007). Strategic Management: Competitiveness and Globalization.Hutzschenreuter, T., Kleindienst, I. & Schmitt, M. (2014). How Mindfulness and Acquisition Experience Affect Acquisition Performance. Management Decision, Vol.52, no.6, pp.1116-1147.Hughes, A., Mueller, DC. & Singh, A. (1980). Hypotheses about mergers. In Mueller, D. C. (ed.), The Determiniants and Effects of Mergers, Oelgeschlager, Gunn & Hain, Cambridge, MA, pp. 27-66.Higgins, R. C. & Schall, L. D. (1975). Corporate bankruptcy and conglomerate merger. Journal of Finance, Vol.30, Issue 1, pp.93-113.Huang, Z., Zhu, H. & Brass D. J. (2017). Cross‐border acquisitions and the asymmetric effect of power distance value difference on long‐term post‐acquisition performance. Strategic Management Journal, Vol.38, Issue 4, pp.972-991.Ilhan-Nas, T., Okan, T., Tatoglu, E., Demirbag, M. & Glaister, K. W. (2018). The effects of ownership concentration and institutional distance on the foreign entry ownership strategy of Turkish MNEs. Journal of Business Research, Vol.93, pp.173-183.Kostova, T. (1996). Success of the transnational transfer of organizational practices within multinational companies. Unpublished doctoral dissertation. University of Minnesota, Minneapolis.Kaufmann, D., Kraay, A. & Mastruzzi, M. (2010). Worldwide Governance Indicators: Dataset.Kor, Y. Y. & Mahoney, J. T. (2005). How dynamics, management, and governance of resource deployments influence firm‐level performance. Strategic Management Journal, Vol.26, Issue 5, pp.489-496.Kogut, B. & Singh, H. (1988). The Effect of National Culture on the Choice of Entry Mode. Journal of International Business Studies. Volume 19, pp.411–432.Kaplan, S. N. & Weisbach, M. S. (1992). The Success of Acquisitions: Evidence from Divestitures. The Journal of Finance, Vol.47, Issue 1, pp.107-138.Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. Journal of Finance, Voi.27, pp.521-545.Leontiades, M. (1986). The rewards of diversification into unrelated businesses. Journal of Business Strategy, pp.81-87.Liou, RS., Chao, MCH. & Yang, M. (2016). Emerging economies and institutional quality: Assessing the differential effects of institutional distances on ownership strategy. Journal of World Business, Vol.51, Issue 4, pp.600-611.Lorie, J. H. & Halpern, P. (1970). Conglomerates: The rhetoric and the evidence. Journal of Law and Economics, Vol.13, pp.149-166.Liou, RS. & Rao-Nicholson, R. (2017). Out of Africa: The role of institutional distance and host-home colonial tie in South African Firms’ post-acquisition performance in developed economies. International Business Review, Vol.26, Issue 6, pp.1184-1195.Meyer, K. E., Estrin, S., Bhaumik, S. K. & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic Management Journal, Vol.30, Issue 1, pp.61-80.Morosini, P. & Singh, H. (1994). Post-cross-border acquisitions: Implementing ‘national culture-compatible’ strategies to improve performance. European Management Journal, Vol.12, Issue 4, pp.390-400.Morosini, P., Scott S. & Singh, H. (1998). National Cultural Distance and Cross-Border Acquisition Performance. Journal of International Business Studies, Vol.29, Issue 1, pp.137–158.Moeller, S. B., Schilngemann, F. P. & Stulz, R. M. (2004). Do acquirers with more uncertain growth prospects gain less from acquisitions? IDEAS Working Paper Series from RePEc.North, DC. (1990). A Transaction Cost Theory of Politics. Journal of Theoretical Politics, Vol.2, Issue 4, pp.355-367.Naylor, T. H. & Tapon, F. (1982). The capital asset pricing model: An evaluation of its potential as a strategic planning tool. Management Science, Vol.28, Issue 10, pp.1166-1173.Penrose, E. T. (1959). The theory of the growth of the firm Oxford: Blackwells.Porter, M. (1980). Corporate Strategy.Pursche, W. (1990). Post-merger Management - The Project Stage: Focusing the Best Approach. The McKinsey Quarterly, 4.Reed, R. & Luffman, G. A. (1986). Diversification: the growing confusion. Strategic Management Journal, Vol.7, pp.29-35.Rao-Nicholson, R. & Salaber, J. (2013). The motives and performance of cross-border acquirers from emerging economies: Comparison between Chinese and Indian firms. International Business Review, Vol.22, Issue 6, pp.963-980.Stigler, G. J. (1968). A theory of oligopoly`. In Stigler, G. J. (ed.) The Organization of Industry, Irwin, Homewood, IL, pp. 39-63.Scherer, F. M. (1980). Industrial Market Structure and Industrial Performance.Shrivastava, P. (1986). Postmerger integration. Journal of Business Strategy, Vol.7, Issue 1, pp.65-76.Seth, A. (1990). Sources of value creation in acquisitions: An empirical investigation. Strategic Management Journal, Vol.11, Issue 6, pp.431-446.Scott, WR. (1995). Institutions and organizations. Thousand Oaks, CA: Sage.Singh, H. & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, Vol.8, Issue 4, pp.377-386.Salomon, R. & Wu, Z. (2012). Institutional distance and local isomorphism strategy. Journal of International Business Studies, Vol.43, Issue 4, pp.343-367.Tihanyi, L., Griffith, D. A. & Russell, C. J. (2005). The effect of cultural distance on entry mode choice, international diversification, and MNE performance: a meta-analysis. Journal of International Business Studies, Vol.36, pp.270–283.Yin, X. & Shanley, M. (2008). Industry Determinants of the “Merger Versus Alliance” Decision. Academy of Management Review, Vol. 33, No. 2.Zollo, M. & Reuer, J. J. (2010). Experience Spillovers Across Corporate Development Activities. Organization Science, Vol.21, Issue 6, pp.1195. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000673 en_US
