The Impact of International Mergers and Acquisitions on Rivals' Performance: The Role of Formal and Informal Institutions

被引：0

作者：

Kalanoski, Dimitrija ^{[1
]}

Cappa, Francesco ^{[2
]}

Pinelli, Michele ^{[3
]}

Bonardi, Jean-Philippe ^{[4
]}

机构：

[1] Univ Manchester, Alliance Manchester Business Sch, Dept Int Business, Manchester, England

[2] Roma Tre Univ, Dept Ind Elect & Mech Engn, Rome, Italy

[3] Ca Foscari Univ, Venice Sch Management, Venice, Italy

[4] Univ Lausanne, HEC Lausanne, Dept Strategy, Lausanne, Switzerland

来源：

JOURNAL OF WORLD BUSINESS | 2025年 / 60卷 / 03期

关键词：

M & A; Formal Institutions; Informal institutions; Rivals; Expected performance; Event-study; Stock market performance; M-AND-A; CULTURAL-DIFFERENCES; POSTACQUISITION INTEGRATION; HORIZONTAL MERGERS; KNOWLEDGE TRANSFER; ACQUIRING FIRMS; DISTANCE; MARKET; ENTRY; FOREIGNNESS;

D O I：

10.1016/j.jwb.2024.101608

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The article examines how firms' institutional environments influence rivals' expected performance following horizontal M&A announcements of competitors. Grounded in institutional economics, we propose that institutional distance affects M&As' economic efficiency by influencing deal completion and creating subsequent differential costs and benefits post-deal completion. Our analysis of 124 international M&A announcements reveals that rivals' performance is negatively affected by negative formal institutional distance between the acquirer and target, but positively affected by negative formal distance between the rival and acquirer. In addition, informal institutional distance between the acquirer and target has positive effect on rivals' performance-though this effect vanishes for high-status acquirers.

引用

页数：17

共 50 条

[21] Impact of the formal and informal institutions on the performance of Indian mining companies: A fuzzy set QCA analysis
Upadhyay, Saurabh
RESOURCES POLICY, 2023, 82
[22] Carbon performance and financial debt: Effect of formal and informal institutions
Ferreras, Adrian
Castro, Paula
Tascon, Maria T.
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT, 2024, 31 (04) : 2801 - 2822
[23] The Concurrent Impact of Cultural, Political, and Spatial Distances on International Mergers and Acquisitions
Di Guardo, Maria Chiara
Marrocu, Emanuela
Paci, Raffaele
WORLD ECONOMY, 2016, 39 (06): : 824 - 852
[24] The Impact of Mergers and Acquisitions and Sustainability on Company Performance in the Pharmaceutical Sector
Mihaiu, Diana Marieta
Serban, Radu-Alexandru
Opreana, Alin
Tichindelean, Mihai
Bratian, Vasile
Barbu, Liliana
SUSTAINABILITY, 2021, 13 (12)
[25] Mergers and acquisitions performance paradox: the mediating role of integration approach
Weber, Yaakov
Tarba, Shlonno Yedidia
Bachar, Ziva Rozen
EUROPEAN JOURNAL OF INTERNATIONAL MANAGEMENT, 2011, 5 (04) : 373 - 393
[26] The role of HR managers in international mergers and acquisitions: a multiple case study
Antila, Elina M.
INTERNATIONAL JOURNAL OF HUMAN RESOURCE MANAGEMENT, 2006, 17 (06): : 999 - 1020
[27] Mergers and acquisitions and bank performance in Europe: The role of strategic similarities
Altunbas, Yener
Marques, David
JOURNAL OF ECONOMICS AND BUSINESS, 2008, 60 (03) : 204 - 222
[28] MERGERS AND ACQUISITIONS PERFORMANCE PARADOX: THE MEDIATING ROLE OF INTEGRATION APPROACH
Weber, Yaakov
Tarba, Shlomo Yedidia
Bachar, Ziva Rozen
4TH ANNUAL EUROMED CONFERENCE OF THE EUROMED ACADEMY OF BUSINESS: BUSINESS RESEARCH CHALLENGES IN A TURBULENT ERA, 2011, : 2022 - 2043
[29] Formal and Informal Social Capital in Germany: The Role of Institutions and Ethnic Diversity
Levels, Mark
Scheepers, Peer
Huijts, Tim
Kraaykamp, Gerbert
EUROPEAN SOCIOLOGICAL REVIEW, 2015, 31 (06) : 766 - 779
[30] Overcoming constraints to immigrant entrepreneurship in Croatia: the role of formal and informal institutions
Brzozowski, Jan
Banovic, Ruzica Simic
Alpeza, Mirela
POST-COMMUNIST ECONOMIES, 2022, 34 (08) : 1109 - 1136

← 1 2 3 4 5 →