What drives the international ownership strategies of Chinese firms? The role of distance and home-country institutional factors in outward acquisitions

We study antecedents of the international ownership strategies of Chinese multinational enterprises (MNEs). Analyzing firm-level data on 380 outward acquisitions of Chinese MNEs during 2005–2012, we find their ownership shares to be negatively related to administrative and regulative distance, but p...

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Published inAsian business & management Vol. 13; no. 3; pp. 197 - 225
Main Authors Lee, Youngwoo, Hemmert, Martin, Kim, Jongsoo
Format Journal Article
LanguageEnglish
Published London Palgrave Macmillan UK 01.07.2014
Palgrave Macmillan
Subjects
Acquisitions
Asian Culture
Business and Management
Business ownership
Capital market
China
Costs
Home country
Hypotheses
Industrialized nations
Influence
International
International Business
Investments
Management science
Market entry
Multinational corporations
Multinational enterprises
Original Article
Ownership
Public enterprises
Studies
Asia
ownership strategy
emerging-market multinationals
China
international entry mode
outward foreign direct investment
Online AccessGet full text

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Abstract We study antecedents of the international ownership strategies of Chinese multinational enterprises (MNEs). Analyzing firm-level data on 380 outward acquisitions of Chinese MNEs during 2005–2012, we find their ownership shares to be negatively related to administrative and regulative distance, but positively related to cultural and geographical distance between home and host countries. Moreover, higher ownership shares are acquired in target countries with a high density of strategic assets and high financial-market capitalization, while state-owned enterprises take lower equity positions than private companies. Overall, we find home-country institutional factors more relevant for international ownership strategies among Chinese MNEs than cross-national distance factors.
AbstractList We study antecedents of the international ownership strategies of Chinese multinational enterprises (MNEs). Analyzing firm-level data on 380 outward acquisitions of Chinese MNEs during 2005-2012, we find their ownership shares to be negatively related to administrative and regulative distance, but positively related to cultural and geographical distance between home and host countries. Moreover, higher ownership shares are acquired in target countries with a high density of strategic assets and high financial-market capitalization, while state-owned enterprises take lower equity positions than private companies. Overall, we find home-country institutional factors more relevant for international ownership strategies among Chinese MNEs than cross-national distance factors. [PUBLICATION ABSTRACT]
We study antecedents of the international ownership strategies of Chinese multinational enterprises (MNEs). Analyzing firm-level data on 380 outward acquisitions of Chinese MNEs during 2005–2012, we find their ownership shares to be negatively related to administrative and regulative distance, but positively related to cultural and geographical distance between home and host countries. Moreover, higher ownership shares are acquired in target countries with a high density of strategic assets and high financial-market capitalization, while state-owned enterprises take lower equity positions than private companies. Overall, we find home-country institutional factors more relevant for international ownership strategies among Chinese MNEs than cross-national distance factors.
Author Hemmert, Martin
Lee, Youngwoo
Kim, Jongsoo
Author_xml – sequence: 1
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  surname: Lee
  fullname: Lee, Youngwoo
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  surname: Hemmert
  fullname: Hemmert, Martin
  email: mhemmert@korea.ac.kr
  organization: School of Business, Korea University
– sequence: 3
  givenname: Jongsoo
  surname: Kim
  fullname: Kim, Jongsoo
  organization: Purdue University, Krannert School of Management
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outward foreign direct investment
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  start-page: 381
  issue: 3
  year: 2005
  ident: BFabm20145_CR17
  publication-title: Management and Organization Review
  doi: 10.1111/j.1740-8784.2005.0020a.x
  contributor:
    fullname: J Child
– volume: 20
  start-page: 915
  issue: 10
  year: 1999
  ident: BFabm20145_CR23
  publication-title: Strategic Management Journal
  doi: 10.1002/(SICI)1097-0266(199910)20:10<915::AID-SMJ51>3.0.CO;2-0
  contributor:
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Snippet We study antecedents of the international ownership strategies of Chinese multinational enterprises (MNEs). Analyzing firm-level data on 380 outward...
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crossref
springer
SourceType Aggregation Database
Publisher
StartPage 197
SubjectTerms Acquisitions
Asian Culture
Business and Management
Business ownership
Capital market
China
Costs
Home country
Hypotheses
Industrialized nations
Influence
International
International Business
Investments
Management science
Market entry
Multinational corporations
Multinational enterprises
Original Article
Ownership
Public enterprises
Studies
Title What drives the international ownership strategies of Chinese firms? The role of distance and home-country institutional factors in outward acquisitions
URI https://link.springer.com/article/10.1057/abm.2014.5
https://www.proquest.com/docview/1534624964
https://search.proquest.com/docview/1552593649
Volume 13
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