Knowledge Structure and Review of Cross-border Merger and Acquisition Researches

Abstract

Abstract: Cross-border merger ( M&A) and acquisition has become one of the most active areas of current international business research in the last two decades. There are so many researches on this topic that it is necessary to conduct a systematic review of them to better understand the knowledge structure of the field and to provide new directions for future researches. We analyze 1287 papers published in 2000-2018 to explore the current state of researches on cross-border M&As by using bibliometric analysis and main path analysis, and analyze the content of 56 highly co-cited papers to explore the knowledge structure in this field. Based on this, we identify and summarize seven fundamental knowledge modules, including influencing factors and motivations, theoretical foundations, M&A process, M&A outcomes, contextual factors and characteristics of cross-border M&A in emerging economies, strategic decision making, and integration and management, which construct a 2W1H knowledge framework for cross-border M&As. Finally, based on literature review, we summarize the existing research deficiencies based on the 2W1H level of analysis and propose future research directions to provide reference for future agenda.

Key words: cross-border mergers and acquisitions, institutional logic, institutional theory, knowledge structure, bibliometric analysis

Wu Xiaojie, Zhong Wenyu, Tan Xiaoxia, Wang Xiuqiong. Knowledge Structure and Review of Cross-border Merger and Acquisition Researches[J]. Management Review, 2022, 34(10): 92-107.

References

[1] Ahammad M. F., Tarba S. Y., Liu Y., et al. Knowledge Transfer and Cross-border Acquisition Performance:The Impact of Cultural Distance and Employee Retention[J]. International Business Review, 2016,25(1):66-75;
[2] Nocke V., Yeaple S. Cross-border Mergers and Acquisitions vs. Greenfield Foreign Direct Investment:The Role of Firm Heterogeneity[J]. Journal of International Economics, 2007,72(2):336-365;
[3] Valentino A., Caroli M., Mayrhofer U. Establishment Modes and Network Relationships of Foreign Subsidiaries[J]. International Business Review, 2018,27(6):1250-1258;
[4] Deng P. Why do Chinese Firms Tend to Acquire Strategic Assets in International Expansion?[J]. Journal of World Business, 2009,44(1):74-84;
[5] Kumar V., Singh D., Purkayastha A., et al. Springboard Internationalization by Emerging Market Firms:Speed of First Cross-border Acquisition[J]. Journal of International Business Studies, 2020,51(2):172-193;
[6] Luo Y., Tung R. L. International Expansion of Emerging Market Enterprises:A Springboard Perspective[J]. Journal of International Business Studies, 2007,38(4):481-498;
[7] 魏江,王丁,刘洋. 来源国劣势与合法化战略——新兴经济企业跨国并购的案例研究[J]. 管理世界, 2020,36(3):101-120;
[8] Boateng A., Qian W., Tianle Y. Cross-border M&As by Chinese Firms:An Analysis of Strategic Motives and Performance[J]. Thunderbird International Business Review, 2008,50(4):259-270;
[9] Chari M. D. R., Chang K. Determinants of the Share of Equity Sought in Cross-border Acquisitions[J]. Journal of International Business Studies, 2009,40(8):1277-1297;
[10] Erel I., Liao R. C., Weisbach M. S. Determinants of Cross-border Mergers and Acquisitions[J]. The Journal of Finance, 2012, 67(3):1045-1082;
[11] Lewis Y., Bozos K. Mitigating Post-acquisition Risk:The Interplay of Cross-border Uncertainties[J]. Journal of World Business, 2019,54(5):100996;
[12] Rossi S., Volpin P. F. Cross-country Determinants of Mergers and Acquisitions[J]. Journal of Financial Economics, 2004,74(2):277-304;
[13] Basuil D. A., Datta D. K. Effects of Industry-and Region-specific Acquisition Experience on Value Creation in Cross-border Acquisitions:The Moderating Role of Cultural Similarity[J]. Journal of Management Studies, 2015,52(6):766-795;
[14] Dikova D., Sahib P. R., Van Witteloostuijn A. Cross-border Acquisition Abandonment and Completion:The Effect of Institutional Differences and Organizational Learning in the International Business Service Industry, 1981-2001[J]. Journal of International Business Studies, 2010,41(2):223-245;
[15] Li C., Shenkar O., Newburry W. E., et al. How Country Reputation Differentials Influence Market Reaction to International Acquisitions[J]. Journal of Management Studies, 2021,58(6):1609-1639;
[16] 谢洪明,章俨,刘洋,等. 新兴经济体企业连续跨国并购中的价值创造:均胜集团的案例[J]. 管理世界, 2019,35(5):161-178;
[17] Li J., Xia J., Lin Z. Cross-border Acquisitions by State-owned Firms:How do Legitimacy Concerns Affect the Completion and Duration of Their Acquisitions?[J]. Strategic Management Journal, 2017,38(9):1915-1934;
[18] Chen X., Liang X., Wu H. Cross-border Mergers and Acquisitions and CSR Performance:Evidence from China[J/OL]. Journal of Business Ethics, 2022:1-34, https://doi.org/10.1007/s10551-021-05025-6;
[19] Li J., Li P., Wang B. The Liability of Opaqueness:State Ownership and the Likelihood of Deal Completion in International Acquisitions by Chinese Firms[J]. Strategic Management Journal, 2019,40(2):303-327;
[20] Hernandez E., Shaver J. M. Network Synergy[J]. Administrative Science Quarterly, 2019,64(1):171-202;
[21] Haspeslagh P. C., Jemison D. B. Managing Acquisitions:Creating Value through Corporate Renewal[M]. New York:Free Press, 1991;
[22] Weber Y., Yedidia T. S. Mergers and Acquisitions Process:The Use of Corporate Culture Analysis[J]. Cross Cultural Management:An International Journal, 2012,19(3):288-303;
[23] Brueller N. N., Carmeli A., Markman G. D. Linking Merger and Acquisition Strategies to Post Merger Integration:A Configurational Perspective of Human Resource Management[J]. Journal of Management, 2018,44(5):1793-1818;
[24] Steigenberger N. The Challenge of Integration:A Review of the M&A Integration Literature[J]. International Journal of Management Reviews, 2017,19(4):408-431;
[25] Shimizu K., Hitt M. A., Vaidyanath D., et al. Theoretical Foundations of Cross-border Mergers and Acquisitions:A Review of Current Research and Recommendations for the Future[J]. Journal of International Management, 2004,10(3):307-353;
[26] Xie E., Reddy K. S., Liang J. Country-specific Determinants of Cross-border Mergers and Acquisitions:A Comprehensive Review and Future Research Directions[J]. Journal of World Business, 2017,52(2):127-183;
[27] 谢洪明,张倩倩,邵乐乐,等. 跨国并购的效应:研究述评及展望[J]. 外国经济与管理, 2016,38(8):59-80;
[28] Caiazza R., Volpe T. M&A Process:A Literature Review and Research Agenda[J]. Business Process Management Journal, 2015,21(1):205-220;
[29] Ferreira M. P., Santos J. C., de Almeida M. I. R., et al. Mergers & Acquisitions Research:A Bibliometric Study of Top Strategy and International Business Journals, 1980-2010[J]. Journal of Business Research, 2014,67(12):2550-2558;
[30] Graebner M. E., Heimeriks K. H., Huy Q. N., et al. The Process of Postmerger Integration:A Review and Agenda for Future Research[J]. Academy of Management Annals, 2017,11(1):1-32;
[31] Haleblian J., Devers C. E., McNamara G., et al. Taking Stock of What We Know about Mergers and Acquisitions:A Review and Research Agenda[J]. Journal of Management, 2009,35(3):469-502;
[32] King D. R., Wang G., Samimi M., et al. A Meta-analytic Integration of Acquisition Performance Prediction[J]. Journal of Management Studies, 2021,58(5):1198-1236;
[33] Parola H., Ellis K. M. M&A Negotiation Stage:A Review and Future Research Directions[J]. Advances in Mergers and Acquisitions, 2014,12:33-57;
[34] Linnenluecke M. K. Resilience in Business and Management Research:A Review of Influential Publications and a Research Agenda[J]. International Journal of Management Reviews, 2017,19(1):4-30;
[35] Nerur S., Rasheed A., Pandeyn A. Citation Footprints on the Sands of Time:An Analysis of Idea Migrations in Strategic Management[J]. Strategic Management Journal, 2016,37(6):1065-1084;
[36] 李杰. 科学计量与知识网络分析(第2版)[M]. 北京:首都经济贸易大学出版社, 2018;
[37] Bhupatiraju S., Nomaler Ö., Triulzi G., et al. Knowledge Flow-Analyzing the Core Literature of Innovation, Entrepreneurship and Science and Technology Studies[J]. Research Policy, 2012,41(7):1205-1218;
[38] Chen K., Zhang Y., Fu X. International Research Collaboration:An Emerging Domain of Innovation Studies?[J]. Research Policy, 2019,48(1):149-168;
[39] 杨书燕,吴小节,汪秀琼. 制度逻辑研究的文献计量分析[J]. 管理评论, 2017,29(3):90-109;
[40] 吴小节,谭晓霞,汪秀琼,等. 新兴市场跨国公司国际扩张:知识框架与研究综述[J]. 南开管理评论, 2019,22(6):99-113;
[41] Dikova D., Panibratov A., Veselova A., et al. The Joint Effect of Investment Motives and Institutional Context on Russian International Acquisitions[J]. International Journal of Emerging Markets, 2016,11(4):674-692;
[42] Hummon N. P., Dereian P. Connectivity in a Citation Network:The Development of DNA Theory[J]. Social Networks, 1989,11(1):39-63;
[43] Tao F., Liu X., Gao L., et al. Do Cross-border Mergers and Acquisitions Increase Short-term Market Performance? The Case of Chinese Firms[J]. International Business Review, 2017,26(1):189-202;
[44] Horn H., Persson L. The Equilibrium Ownership of an International Oligopoly[J]. Journal of International Economics, 2001,53(2):307-333;
[45] Head K., Ries J. FDI as an Outcome of the Market for Corporate Control:Theory and Evidence[J]. Journal of International Economics, 2008,74(1):2-20;
[46] Bertrand O., Betschinger M. A. Performance of Domestic and Cross-border Acquisitions:Empirical Evidence from Russian Acquirers[J]. Journal of Comparative Economics, 2012,40(3):413-437;
[47] Zheng N., Wei Y., Zhang Y., et al. In Search of Strategic Assets through Cross-border Merger and Acquisitions:Evidence from Chinese Multinational Enterprises in Developed Economies[J]. International Business Review, 2016,25(1):177-186;
[48] Larsson R., Lubatkin M. Achieving Acculturation in Mergers and Acquisitions:An International Case Survey[J]. Human Relations, 2001,54(12):1573-1607;
[49] Hellgren B., Löwstedt J., Puttonen L., et al. How Issues Become (Re) Constructed in the Media:Discursive Practices in the AstraZeneca Merger[J]. British Journal of Management, 2002,13(2):123-140;
[50] Tienari J., Vaara E., Björkman I. Global Capitalism Meets National Spirit:Discourses in Media Texts on a Cross-border Acquisition[J]. Journal of Management Inquiry, 2003,12(4):377-393;
[51] Riad S., Vaara E. Varieties of National Metonymy in Media Accounts of International Mergers and Acquisitions[J]. Journal of Management Studies, 2011,48(4):737-771;
[52] Riad S., Vaara E., Zhang N. The Intertextual Production of International Relations in Mergers and Acquisitions[J]. Organization Studies, 2012,33(1):121-148;
[53] Deng P. Chinese Outward Direct Investment Research:Theoretical Integration and Recommendations[J]. Management and Organization Review, 2013,9(3):513-539;
[54] Deng P., Yang M. Cross-border Mergers and Acquisitions by Emerging Market Firms:A Comparative Investigation[J]. International Business Review, 2015,24(1):157-172;
[55] Buckley P. J., Clegg L. J., Cross A. R., et al. The Determinants of Chinese Outward Foreign Direct Investment[J]. Journal of International Business Studies, 2007,38(4):449-518;
[56] Moeller S. B., Schlingemann F. P., Stulz R. M. Firm Size and the Gains from Acquisitions[J]. Journal of Financial Economics, 2004,73(2):201-228;
[57] Rui H., Yip G. S. Foreign Acquisitions by Chinese Firms:A Strategic Intent Perspective[J]. Journal of World Business, 2008, 43(2):213-226;
[58] Xie Q. Firm Age, Marketization, and Entry Mode Choices of Emerging Economy Firms:Evidence from Listed Firms in China[J]. Journal of World Business, 2017,52(3):372-385;
[59] North D. C. Institutions, Institutional Change, and Economic Performance[M]. Cambridge, Cambridge University Press, 1990;
[60] Meyer J. W., Rowan B. Institutionalized Organizations:Formal Structure as Myth and Ceremony[J]. American Journal of Sociology, 1977,83(2):340-363;
[61] Scott W. R. Institutions and Organizations[M]. Thousand Oaks, CA:Sage, 1995;
[62] Henisz W. J., Delios A. Uncertainty, Imitation, and Plant Location:Japanese Multinational Corporations, 1990-1996[J]. Administrative Science Quarterly, 2001,46(3):443-475;
[63] Hambrick D. C. Upper Echelons Theory:An Update[J]. The Academy of Management Review, 2007,32(2):334-343;
[64] Meyer K. E., Xin K. R. Managing Talent in Emerging Economy Multinationals:Integrating Strategic Management and Human Resource Management[J]. The International Journal of Human Resource Management, 2018,29(11):1827-1855;
[65] Zollo M., Singh H. Deliberate Learning in Corporate Acquisitions:Post-acquisition Strategies and Integration Capability in US Bank Mergers[J]. Strategic Management Journal, 2004,25(13):1233-1256;
[66] Ellis K. M., Reus T. H., Lamont B. T. The Effects of Procedural and Informational Justice in the Integration of Related Acquisitions[J]. Strategic Management Journal, 2009,30(2):137-161;
[67] Cording M., Christmann P., King D. R. Reducing Causal Ambiguity in Acquisition Integration:Intermediate Goals as Mediators of Integration Decisions and Acquisition Performance[J]. Academy of Management Journal, 2008,51(4):744-767;
[68] Elango B., Pattnaik C. Building Capabilities for International Operations through Networks:A Study of Indian Firms[J]. Journal of International Business Studies, 2007,38(4):541-555;
[69] Aybar B., Ficici A. Cross-border Acquisitions and Firm Value:An Analysis of Emerging-market Multinationals[J]. Journal of International Business Studies, 2009,40(8):1317-1338;
[70] Chakrabarti R., Gupta-Mukherjee S., Jayaraman N. Mars-Venus Marriages:Culture and Cross-border M&A[J]. Journal of International Business Studies, 2009,40(2):216-236;
[71] Gubbi S. R., Aulakh P. S., Ray S., et al. Do International Acquisitions by Emerging-economy Firms Create Shareholder Value? The Case of Indian Firms[J]. Journal of International Business Studies, 2010,41(3):397-418;
[72] Cuervo-Cazurra A. Extending Theory by Analyzing Developing Country Multinational Companies:Solving the Goldilocks Debate[J]. Global Strategy Journal, 2012,2(3):153-167;
[73] Sun S. L., Peng M. W., Ren B., et al. A Comparative Ownership Advantage Framework for Cross-border M&As:The Rise of Chinese and Indian MNEs[J]. Journal of World Business, 2012,47(1):4-16;
[74] Peng M. W. The Global Strategy of Emerging Multinationals from China[J]. Global Strategy Journal, 2012,2(2):97-107;
[75] Peng M. W., Wang D. Y. L., Jiang Y. An Institution-based View of International Business Strategy:A Focus on Emerging Economies[J]. Journal of International Business Studies, 2008,39(5):920-936;
[76] 陈小梅,吴小节,汪秀琼,等. 中国企业逆向跨国并购整合过程的质性元分析研究[J]. 管理世界, 2021,37(11):159-183;
[77] 杜健,郑秋霞,郭斌. 坚持独立或寻求依赖? "蛇吞象" 式跨国并购的整合策略研究[J]. 南开管理评论, 2020,23(6):25-36;
[78] Trichterborn A., Zu Knyphausen-Aufseß D., Schweizer L. How to Improve Acquisition Performance:The Role of a Dedicated M&A Function, M&A Learning Process, and M&A Capability[J]. Strategic Management Journal, 2015,37(4):763-773;
[79] Volberda H. W., Foss N. J., Lyles M. A. Perspective-Absorbing the Concept of Absorptive Capacity:How to Realize Its Potential in the Organization Field[J]. Organization Science, 2010,21(4):931-951;
[80] Angwin D. N., Mellahi K., Gomes E., et al. How Communication Approaches Impact Mergers and Acquisitions Outcomes[J]. The International Journal of Human Resource Management, 2016,27(20):2370-2397;
[81] Vaara E., Monin P. A Recursive Perspective on Discursive Legitimation and Organizational Action in Mergers and Acquisitions[J]. Organization Science, 2010,21(1):3-22;
[82] Schotter A. P. J., Mudambi R., Doz Y. L., et al. Boundary Spanning in Global Organizations[J]. Journal of Management Studies, 2017,54(4):403-421;
[83] Deng P., Delios A., Peng M. W. A Geographic Relational Perspective on the Internationalization of Emerging Market Firms[J]. Journal of International Business Studies, 2020,51(1):50-71;
[84] Greenwood R., Raynard M., Kodeih F., et al. Institutional Complexity and Organizational Responses[J]. Academy of Management Annals, 2011,5(1):317-371;
[85] 于晓东,李宇萍,刘刚. "去家族化"如何影响家族企业战略?——基于跨国并购视角的动态分析[J]. 管理评论, 2020,32(3):238-251;
[86] Liu Y., Meyer K. E. Boundary Spanners, HRM Practices, and Reverse Knowledge Transfer:The Case of Chinese Cross-border Acquisitions[J]. Journal of World Business, 2020,55(2):100958;
[87] Khanna T., Palepu K. G. Winning in Emerging Markets:A Road Map for Strategy and Execution[M]. Boston:Harvard Business Press, 2010;
[88] Kraatz M., Block E. Organizational Implications of Institutional Pluralism[M]. In Greenwood R., Oliver C., Sahlin K., et al. (eds.), The Sage Handbook of Organizational Institutionalism. Thousand Oaks, CA:Sage, 2008