Cross-border mergers & acquisitions by Chinese multinational corporations: performance, determinants and moderating factors

Zhou, S 2014, Cross-border mergers & acquisitions by Chinese multinational corporations: performance, determinants and moderating factors, Doctor of Philosophy (PhD), Management, RMIT University.


Document type: Thesis
Collection: Theses

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Title Cross-border mergers & acquisitions by Chinese multinational corporations: performance, determinants and moderating factors
Author(s) Zhou, S
Year 2014
Abstract Chinese Cross-Border Mergers & Acquisitions (CBMA) have accounted for the majority of Chinese outward foreign direct investment (OFDI) and thus received much academic attention in recent years. Along with China’s integration with global economies, thousands of Chinese companies have become Multinational Corporations (MNCs). However, as latecomers, Chinese MNCs lack internationalisation experience and resources in conducting overseas investment, particularly the CBMA. Extant research is limited in understanding their behaviours and activities, and scarce in developing theories to explain Chinese CBMA performance. This thesis addressed literature oversights and contributes to the existing Mergers and Acquisitions (M&A) theories through the development of an integrative conceptual framework. This was achieved by bridging the conventional ‘context-free’ theories developed from Western economies’ CBMA and specific ‘context-embedded’ factors in Chinese CBMA. Given the specific research content, this thesis employs a two-stage approach with the explicit objectives of testing the developed conceptual framework and then further exploring a more detailed explanation of these mechanisms. Specifically, a combination of a predominated case-survey approach, which comprehensively examined 55 case samples from 191 leading case sources, and a supplemented multiple case studies approach, which explored three in-depth case studies, was implemented.

The findings from predominated case-survey revealed that (1) Chinese CBMA performance is significantly affected by strategic combination benefits, organisational integration positively and cultural resistances negatively, and (2) the relationships between performance and cultural resistances is moderated by Chinese MNCs’ ownership, and the relationship between the performance and organisational integration is moderated by the firms’ resources and competences.Moreover, the findings from three case studies contributed additional evidence and detailed explanation of the proposed mechanisms that impact on Chinese CBMA performance and thus strengthened the findings from the case-survey. The unique characteristics of Chinese MNCs and their impact on CBMA have been further elaborated, such as ownership, firm-specific resources and competences, dynamic nature and specific integration approaches. The combined findings of this thesis provide significant theoretical contributions to current CBMA literature and practical implications to policy makers and managers of Chinese MNCs. Future research areas are discussed with recommendations provided.
Degree Doctor of Philosophy (PhD)
Institution RMIT University
School, Department or Centre Management
Keyword(s) Cross-Border Mergers and Acquisitions
acquisition integration
acquisition performance
cross-culture management
strategic management
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