加载中…2024立信26篇高管团队的文化异质性和国际并购绩效
(2024-07-07 17:15:02)
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Cultural Heterogeneity of Top Management Teams, Cross-Border Acquisitions, and Financial Performance of Chinese Publicly Listed Companies
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Using data from
Chinese publicly listed companies (PLCs) over the 2010–2017 period,
this paper examines the impact of cultural heterogeneity within the
top management team (TMT) on the post-acquisition performance of
cross-border acquisitions (CBAs). TMT cultural heterogeneity is
measured as the cultural distance between the board chairperson and
chief executive officer (CEO), based on the south-rice-north-wheat
cultural dichotomy in traditional China in 1916. Overall, we find
that TMT cultural heterogeneity can increase the likelihood of
CBAs. However, it also has a significantly negative impact on both
the market performance and profitability of privately-owned Chinese
PLCs after the CBAs. To provide a comprehensive analysis, we also
explore the moderating effects of state ownership and high-tech
industries. The results reveal that TMT cultural heterogeneity can
actually improve the market performance of CBAs conducted by
state-owned PLCs, and it can enhance the profitability performance
of CBAs within the high-tech industry. Our analysis highlights the
significance of TMT cultural heterogeneity during the
post-acquisition integration process following
CBAs.
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