The Herd Effect and Cross-Border Mergers and Acquisitions by Chinese Firms

被引：1
|
作者：
Liu, Haiyue [1 ]
Wang, Yile [1 ]
Zhang, Lei [2 ]
机构：
[1] Sichuan Univ, Business Sch, Chengdu, Peoples R China
[2] Sichuan Univ, Sch Comp Sci, Chengdu, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2022年 / 58卷 / 06期
关键词：
Herd effect; Chinese FDI; cross-border mergers and acquisitions; host country heterogeneity;
D O I：
10.1080/1540496X.2021.1903866
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
An analysis of firm level data from 393 completed Chinese firm cross-border mergers and acquisitions (CMA) from 2002 to 2019 revealed that there was a herd effect in Chinese CMA activities. The heterogeneity factors in the host country effects on the herd index found that the political environment was a significant positive herd effect determinant and exchange rate volatility, openness degree, and cultural distances were negative determinants. This research sheds light on Chinese firm CMA decision-making, which could assist in the development of appropriate policies to assist firms achieve better performances.
引用
收藏
页码：1537 / 1549
页数：13
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