Cultural tightness-looseness and inter-regional mergers and acquisitions: Evidence from China

被引：0
|
作者：
Liu, Hui [1 ]
Ling, Leng [2 ]
Wang, Ying [1 ,3 ]
机构：
[1] Shandong Univ Finance & Econ, Sch Finance, Jinan, Peoples R China
[2] Georgia Coll & State Univ, J Whitney Bunting Coll Business & Technol, Milledgeville, GA USA
[3] Shandong Univ Finance & Econ, Sch Finance, 40 Shungeng Rd, Jinan 250014, Shandong, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2024年
关键词：
culture; mergers and acquisitions; tightness; NATIONAL CULTURE; RISK-TAKING; DISTANCE; BORDER; DIVERSITY; MATTER; VALUES; CLASH; WORK;
D O I：
10.1111/acfi.13228
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigated the role of culture in inter-regional mergers and acquisitions (M&As) within national borders, using a dataset that includes M&As conducted by Chinese listed firms from 2005 to 2019. Our research provides compelling evidence that the likelihood of an acquirer initiating a merger proposal - and the subsequent probability of reaching an agreement - decreases as the cultural tightness gap between the acquiring and target firms widens. Furthermore, we found that this negative impact of cultural tightness distance is more pronounced in non-state-owned firms and firms led by younger CEOs.
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页数：28
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