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題名 權力距離不對稱效應對新興國家企業跨境併購績效的影響
The Asymmetric Effect of Power Distance Difference on Acquisition Performance of Emerging Market Firms作者 陳昱君
Chen, Yu-Chun貢獻者 譚丹琪
Tan, Dan-Chi
陳昱君
Chen, Yu-Chun關鍵詞 跨國併購績效
文化差異
權力距離日期 2021 上傳時間 4-Aug-2021 14:27:01 (UTC+8) 摘要 儘管文化距離經常作為跨境併購或是跨文化管理研究的框架,但學術上對於文化差異帶來的影響卻有歧異的結果。Huang, Zhu & Brass(2017)將文化距離中的權力距離獨立出來,探討文化維度之間不對稱的觀點,本研究延續其研究脈絡與方法,並以2000-2018年間新興國家企業的跨境併購作為樣本,採用分段回歸模式分別去觀察在「併購方權力距離大於目標方權力距離」與「目標方權力距離大於併購方權力距離」兩種不同併購情境下,權力距離對於併購後績效的影響。此外,也加入產業相關性以及併購方的併購經驗作為調節變數。而研究最終發現,權力距離在「併購方權力距離大於目標方權力距離」與「目標方權力距離大於併購方權力距離」兩種不同併購情境下,對併購後績效皆產生負面效果,但統計上不顯著;調節效果方面,產業相關性在「併購方權力距離大於目標方權力距離」情形下具有正面且顯著的調節效果,能減緩權力距離的負面影響;而併購經驗在「目標方權力距離大於併購方權力距離」會減緩權力距離帶來的負面影響,但在「併購方權力距離大於目標方權力距離」時,則會加劇權力距離帶來的負面影響。
Many researches focused on the effect of culture difference on acquisition performance. However, they showed inconclusive results. Huang, Zhu & Brass(2017)mentioned the asymmetric effect of culture dimensions, and hence using one of them – power distance to justify the concept. In this study, I take emerging market firms from 2000 to 2018 as sample, and distinguish two difference scenarios – compared to targets, acquirers belong to culture of higher power distance and the opposite one. The analysis shows that the asymmetric effect of power distance depends on business relatedness and acquisition experience.參考文獻 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.Aureli, S., Ciambotti, M., & Dragoni, A. (2017). Emerging multinationals investing in developed countries. Management Research: Journal of the Iberoamerican Academy of Management.Basuil, D. A., & Datta, D. K. (2015). Effects of industry‐and region‐specific acquisition experience on value creation in cross‐border acquisitions: The moderating role of cultural similarity. Journal of Management Studies, 52(6), 766-795.Bertrand, O., & Capron, L. (2015). Productivity enhancement at home via cross‐border acquisitions: The roles of learning and contemporaneous domestic investments. Strategic Management Journal, 36(5), 640-658.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.Contractor, F. J., Lahiri, S., Elango, B., & Kundu, S. K. (2014). Institutional, cultural and industry related determinants of ownership choices in emerging market FDI acquisitions. International Business Review, 23(5), 931-941.Corporaal, G. (2011). Synergy-seeking versus distinction-drawing: Processes of integration and differentiation in a Japanese-Dutch takeover process. In 7th International CMS Conference at the University of Naples Frederico II.Datta, D. K., & Puia, G. (1995). Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in US acquiring firms. MIR: Management International Review, 337-359.Cogman, D., Jaslowitzer, P., & Rapp, M. S. (2015). Why emerging-market companies acquire abroad. McKinsey Insights, July, 13.Deng, P., & Yang, M. (2015). Cross-border mergers and acquisitions by emerging market firms: A comparative investigation. International Business Review, 24(1), 157-172.Dikova, D., & Sahib, P. R. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal of World Business, 48(1), 77-86.Earley, P. C. (1999). Playing follow the leader: Status-determining traits in relation to collective efficacy across cultures. Organizational behavior and human decision processes, 80(3), 192-212.Fu, P. P., & Yukl, G. (2000). Perceived effectiveness of influence tactics in the United States and China. The Leadership Quarterly, 11(2), 251-266.Galavotti, I., Cerrato, D., & Depperu, D. (2017). Experience and cross‐border acquisitions: an organizational learning perspective. European Management Review, 14(2), 119-131.Gaughan, P. A. (2010). Mergers, acquisitions, and corporate restructurings. John Wiley & Sons.Gelfand, M. J., Erez, M., & Aycan, Z. (2007). Cross-cultural organizational behavior. Annu. Rev. Psychol., 58, 479-514.Gladwell, M. (2008). Outliers: The story of success. Little, Brown.Haleblian, J., & Finkelstein, S. (1999). The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44(1), 29-56.Hambrick, D. C., & Cannella Jr, A. A. (1993). Relative standing: A framework for understanding departures of acquired executives. Academy of Management journal, 36(4), 733-762.Hanson, D., Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic management: Competitiveness and globalisation. Cengage AU.Haspeslagh, P. C., & Jemison, D. B. (1991). Managing acquisitions: Creating value through corporate renewal (Vol. 416). New York: Free Press.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, 38(4), 972-991.Hill, C. W., & Jones, G. R. (2011). Essentials of strategic management. Cengage Learning.Hitchcock, L., & Chickermane, N. (2015). Cross-border M&A Springboard to global growth. DeloitteHitt, M. A., Bierman, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective. Academy of Management journal, 44(1), 13-28.Hofstede, G. (1991). Empirical models of cultural differences.Hofstede, G., & Hofstede, G. H. (1984). Culture`s consequences: International differences in work-related values (Vol. 5). sage.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, 38(4), 972-991.Hunsaker, P. L., & Coombs, M. W. (1988). Mergers and Acquisitions-Managing the emotional issues. Personnel, 65(3), 56.Khatri, N. (2009). Consequences of power distance orientation in organisations. Vision, 13(1), 1-9.Klein, E. (1992). The US/Japanese HR culture clash. Personnel Journal, 71(11), 30-34.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.Lang, L. H., & Litzenberger, R. H. (1989). Rene M. Stulz, and Ralph A. Walking (1989),“Managerial Performance, Tobin’sq, and the Gains from Successful Tender Offers,”. Journal of Financial Economics, 24(1), 137-154.Li, J., & Qian, C. (2013). Principal‐principal conflicts under weak institutions: A study of corporate takeovers in China. Strategic Management Journal, 34(4), 498-508.Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: Asymmetries, opportunities, and the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1), 26-40.Meyer, E. (2014). The culture map: Breaking through the invisible boundaries of global business. Public Affairs.Meyer, K. E., Estrin, S., Bhaumik, S. K., & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic management journal, 30(1), 61-80.Morosini, P., Shane, S., & Singh, H. (1998). National cultural distance and cross-border acquisition performance. Journal of international business studies, 29(1), 137-158.Mudambi, R., Piscitello, L., & Rabbiosi, L. (2014). Reverse knowledge transfer in MNEs: subsidiary innovativeness and entry modes. Long Range Planning, 47(1-2), 49-63.Olie, R. (1990). Culture and integretion problems in international mergers and acquitions. European Management Journal, 8(2), 206-215.Popli, M., Akbar, M., Kumar, V., & Gaur, A. (2016). Reconceptualizing cultural distance: The role of cultural experience reserve in cross-border acquisitions. Journal of World Business, 51(3), 404-412.Qian, W., Chun, W. Y., Qi, H. Y., & Qi, D. (2017). Cultural Distance and Chinese Cross-Border Merger and Acquistion Performance. Journal of Marketing Development and Competitiveness, 11(4), 145-156.Schwens, C., Eiche, J., & Kabst, R. (2011). The moderating impact of informal institutional distance and formal institutional risk on SME entry mode choice. Journal of Management Studies, 48(2), 330-351.Seth, A. (1990). Sources of value creation in acquisitions: an empirical investigation. Strategic Management Journal, 11(6), 431-446.Seth, A. (1990). Value creation in acquisitions: A re‐examination of performance issues. Strategic management journal, 11(2), 99-115.Shenkar, O. (2001). Cultural distance revisited: Towards a more rigorous conceptualization and measurement of cultural differences. Journal of international business studies, 32(3), 519-535.Shockley-Zalabak, P., Ellis, K., & Winograd, G. (2000). Organizational trust: What it means, why it matters. Organization Development Journal, 18(4), 35.Singh, H., & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.Tsui, A. S., Nifadkar, S. S., & Ou, A. Y. (2007). Cross-national, cross-cultural organizational behavior research: Advances, gaps, and recommendations. Journal of management, 33(3), 426-478.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.Wade-Benzoni, K. A., Okumura, T., Brett, J. M., Moore, D. A., Tenbrunsel, A. E., & Bazerman, M. H. (2002). Cognitions and behavior in asymmetric social dilemmas: A comparison of two cultures. Journal of Applied Psychology, 87(1), 87.Wang, S. L., Luo, Y., Lu, X., Sun, J., & Maksimov, V. (2014). Autonomy delegation to foreign subsidiaries: An enabling mechanism for emerging-market multinationals. Journal of International Business Studies, 45(2), 111-130.Whitaker, S. C. (2016). Cross-border mergers and acquisitions. John Wiley & Sons.Ybema, S., & Byun, H. (2009). Cultivating cultural differences in asymmetric power relations. International Journal of Cross Cultural Management, 9(3), 339-358.Zollo, M., & Singh, H. (2004). Deliberate learning in corporate acquisitions: post‐acquisition strategies and integration capability in US bank mergers. Strategic management journal, 25(13), 1233-1256. 描述 碩士
國立政治大學
國際經營與貿易學系
108351028資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108351028 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) 陳昱君 zh_TW dc.contributor.author (Authors) Chen, Yu-Chun en_US dc.creator (作者) 陳昱君 zh_TW dc.creator (作者) Chen, Yu-Chun en_US dc.date (日期) 2021 en_US dc.date.accessioned 4-Aug-2021 14:27:01 (UTC+8) - dc.date.available 4-Aug-2021 14:27:01 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2021 14:27:01 (UTC+8) - dc.identifier (Other Identifiers) G0108351028 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136279 - 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) 108351028 zh_TW dc.description.abstract (摘要) 儘管文化距離經常作為跨境併購或是跨文化管理研究的框架,但學術上對於文化差異帶來的影響卻有歧異的結果。Huang, Zhu & Brass(2017)將文化距離中的權力距離獨立出來,探討文化維度之間不對稱的觀點,本研究延續其研究脈絡與方法,並以2000-2018年間新興國家企業的跨境併購作為樣本,採用分段回歸模式分別去觀察在「併購方權力距離大於目標方權力距離」與「目標方權力距離大於併購方權力距離」兩種不同併購情境下,權力距離對於併購後績效的影響。此外,也加入產業相關性以及併購方的併購經驗作為調節變數。而研究最終發現,權力距離在「併購方權力距離大於目標方權力距離」與「目標方權力距離大於併購方權力距離」兩種不同併購情境下,對併購後績效皆產生負面效果,但統計上不顯著;調節效果方面,產業相關性在「併購方權力距離大於目標方權力距離」情形下具有正面且顯著的調節效果,能減緩權力距離的負面影響;而併購經驗在「目標方權力距離大於併購方權力距離」會減緩權力距離帶來的負面影響,但在「併購方權力距離大於目標方權力距離」時,則會加劇權力距離帶來的負面影響。 zh_TW dc.description.abstract (摘要) Many researches focused on the effect of culture difference on acquisition performance. However, they showed inconclusive results. Huang, Zhu & Brass(2017)mentioned the asymmetric effect of culture dimensions, and hence using one of them – power distance to justify the concept. In this study, I take emerging market firms from 2000 to 2018 as sample, and distinguish two difference scenarios – compared to targets, acquirers belong to culture of higher power distance and the opposite one. The analysis shows that the asymmetric effect of power distance depends on business relatedness and acquisition experience. en_US dc.description.tableofcontents 第壹章 緒論 1第一節、 研究動機 1第二節、 研究問題 3第貳章 文獻探討 4第一節、 企業併購動機 4第二節、 影響併購績效的因素 9第參章 假說發展與研究設計 14第一節、 研究假設 14第二節、 樣本介紹 23第三節、 變數介紹 24第四節、 研究模型設計 28第肆章 實證結果 30第一節、 敘述性統計 30第二節、 模型實證結果 32第伍章 研究總結 45第一節、 研究結論 45第二節、 管理意涵 48第三節、 研究限制與未來發展 49參考文獻 50 zh_TW dc.format.extent 2264766 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108351028 en_US dc.subject (關鍵詞) 跨國併購績效 zh_TW dc.subject (關鍵詞) 文化差異 zh_TW dc.subject (關鍵詞) 權力距離 zh_TW dc.title (題名) 權力距離不對稱效應對新興國家企業跨境併購績效的影響 zh_TW dc.title (題名) The Asymmetric Effect of Power Distance Difference on Acquisition Performance of Emerging Market Firms en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 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.Aureli, S., Ciambotti, M., & Dragoni, A. (2017). Emerging multinationals investing in developed countries. Management Research: Journal of the Iberoamerican Academy of Management.Basuil, D. A., & Datta, D. K. (2015). Effects of industry‐and region‐specific acquisition experience on value creation in cross‐border acquisitions: The moderating role of cultural similarity. Journal of Management Studies, 52(6), 766-795.Bertrand, O., & Capron, L. (2015). Productivity enhancement at home via cross‐border acquisitions: The roles of learning and contemporaneous domestic investments. Strategic Management Journal, 36(5), 640-658.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.Contractor, F. J., Lahiri, S., Elango, B., & Kundu, S. K. (2014). Institutional, cultural and industry related determinants of ownership choices in emerging market FDI acquisitions. International Business Review, 23(5), 931-941.Corporaal, G. (2011). Synergy-seeking versus distinction-drawing: Processes of integration and differentiation in a Japanese-Dutch takeover process. In 7th International CMS Conference at the University of Naples Frederico II.Datta, D. K., & Puia, G. (1995). Cross-border acquisitions: An examination of the influence of relatedness and cultural fit on shareholder value creation in US acquiring firms. MIR: Management International Review, 337-359.Cogman, D., Jaslowitzer, P., & Rapp, M. S. (2015). Why emerging-market companies acquire abroad. McKinsey Insights, July, 13.Deng, P., & Yang, M. (2015). Cross-border mergers and acquisitions by emerging market firms: A comparative investigation. International Business Review, 24(1), 157-172.Dikova, D., & Sahib, P. R. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal of World Business, 48(1), 77-86.Earley, P. C. (1999). Playing follow the leader: Status-determining traits in relation to collective efficacy across cultures. Organizational behavior and human decision processes, 80(3), 192-212.Fu, P. P., & Yukl, G. (2000). Perceived effectiveness of influence tactics in the United States and China. The Leadership Quarterly, 11(2), 251-266.Galavotti, I., Cerrato, D., & Depperu, D. (2017). Experience and cross‐border acquisitions: an organizational learning perspective. European Management Review, 14(2), 119-131.Gaughan, P. A. (2010). Mergers, acquisitions, and corporate restructurings. John Wiley & Sons.Gelfand, M. J., Erez, M., & Aycan, Z. (2007). Cross-cultural organizational behavior. Annu. Rev. Psychol., 58, 479-514.Gladwell, M. (2008). Outliers: The story of success. Little, Brown.Haleblian, J., & Finkelstein, S. (1999). The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44(1), 29-56.Hambrick, D. C., & Cannella Jr, A. A. (1993). Relative standing: A framework for understanding departures of acquired executives. Academy of Management journal, 36(4), 733-762.Hanson, D., Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic management: Competitiveness and globalisation. Cengage AU.Haspeslagh, P. C., & Jemison, D. B. (1991). Managing acquisitions: Creating value through corporate renewal (Vol. 416). New York: Free Press.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, 38(4), 972-991.Hill, C. W., & Jones, G. R. (2011). Essentials of strategic management. Cengage Learning.Hitchcock, L., & Chickermane, N. (2015). Cross-border M&A Springboard to global growth. DeloitteHitt, M. A., Bierman, L., Shimizu, K., & Kochhar, R. (2001). Direct and moderating effects of human capital on strategy and performance in professional service firms: A resource-based perspective. Academy of Management journal, 44(1), 13-28.Hofstede, G. (1991). Empirical models of cultural differences.Hofstede, G., & Hofstede, G. H. (1984). Culture`s consequences: International differences in work-related values (Vol. 5). sage.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, 38(4), 972-991.Hunsaker, P. L., & Coombs, M. W. (1988). Mergers and Acquisitions-Managing the emotional issues. Personnel, 65(3), 56.Khatri, N. (2009). Consequences of power distance orientation in organisations. Vision, 13(1), 1-9.Klein, E. (1992). The US/Japanese HR culture clash. Personnel Journal, 71(11), 30-34.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.Lang, L. H., & Litzenberger, R. H. (1989). Rene M. Stulz, and Ralph A. Walking (1989),“Managerial Performance, Tobin’sq, and the Gains from Successful Tender Offers,”. Journal of Financial Economics, 24(1), 137-154.Li, J., & Qian, C. (2013). Principal‐principal conflicts under weak institutions: A study of corporate takeovers in China. Strategic Management Journal, 34(4), 498-508.Madhok, A., & Keyhani, M. (2012). Acquisitions as entrepreneurship: Asymmetries, opportunities, and the internationalization of multinationals from emerging economies. Global Strategy Journal, 2(1), 26-40.Meyer, E. (2014). The culture map: Breaking through the invisible boundaries of global business. Public Affairs.Meyer, K. E., Estrin, S., Bhaumik, S. K., & Peng, M. W. (2009). Institutions, resources, and entry strategies in emerging economies. Strategic management journal, 30(1), 61-80.Morosini, P., Shane, S., & Singh, H. (1998). National cultural distance and cross-border acquisition performance. Journal of international business studies, 29(1), 137-158.Mudambi, R., Piscitello, L., & Rabbiosi, L. (2014). Reverse knowledge transfer in MNEs: subsidiary innovativeness and entry modes. Long Range Planning, 47(1-2), 49-63.Olie, R. (1990). Culture and integretion problems in international mergers and acquitions. European Management Journal, 8(2), 206-215.Popli, M., Akbar, M., Kumar, V., & Gaur, A. (2016). Reconceptualizing cultural distance: The role of cultural experience reserve in cross-border acquisitions. Journal of World Business, 51(3), 404-412.Qian, W., Chun, W. Y., Qi, H. Y., & Qi, D. (2017). Cultural Distance and Chinese Cross-Border Merger and Acquistion Performance. Journal of Marketing Development and Competitiveness, 11(4), 145-156.Schwens, C., Eiche, J., & Kabst, R. (2011). The moderating impact of informal institutional distance and formal institutional risk on SME entry mode choice. Journal of Management Studies, 48(2), 330-351.Seth, A. (1990). Sources of value creation in acquisitions: an empirical investigation. Strategic Management Journal, 11(6), 431-446.Seth, A. (1990). Value creation in acquisitions: A re‐examination of performance issues. Strategic management journal, 11(2), 99-115.Shenkar, O. (2001). Cultural distance revisited: Towards a more rigorous conceptualization and measurement of cultural differences. Journal of international business studies, 32(3), 519-535.Shockley-Zalabak, P., Ellis, K., & Winograd, G. (2000). Organizational trust: What it means, why it matters. Organization Development Journal, 18(4), 35.Singh, H., & Montgomery, C. A. (1987). Corporate acquisition strategies and economic performance. Strategic Management Journal, 8(4), 377-386.Tsui, A. S., Nifadkar, S. S., & Ou, A. Y. (2007). Cross-national, cross-cultural organizational behavior research: Advances, gaps, and recommendations. Journal of management, 33(3), 426-478.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.Wade-Benzoni, K. A., Okumura, T., Brett, J. M., Moore, D. A., Tenbrunsel, A. E., & Bazerman, M. H. (2002). Cognitions and behavior in asymmetric social dilemmas: A comparison of two cultures. Journal of Applied Psychology, 87(1), 87.Wang, S. L., Luo, Y., Lu, X., Sun, J., & Maksimov, V. (2014). Autonomy delegation to foreign subsidiaries: An enabling mechanism for emerging-market multinationals. Journal of International Business Studies, 45(2), 111-130.Whitaker, S. C. (2016). Cross-border mergers and acquisitions. John Wiley & Sons.Ybema, S., & Byun, H. (2009). Cultivating cultural differences in asymmetric power relations. International Journal of Cross Cultural Management, 9(3), 339-358.Zollo, M., & Singh, H. (2004). Deliberate learning in corporate acquisitions: post‐acquisition strategies and integration capability in US bank mergers. Strategic management journal, 25(13), 1233-1256. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202100677 en_US
