连续合并和收购中的地理对等影响:社会学习和董事网络的影响
Xiaoxu Zhang1, Yu Song1, Qiaoran Liao1
1School of Business Administration, University of Science and Technology Liaoning, Anshan, China.
PloS one
|December 21, 2023
概括
地理上的同行影响影响了中国企业的连续并购决策. 社会学习和董事网络是推动这些并购行为的主要机制.
科学领域:
- 商业和管理的管理.
- 企业金融公司财务
- 经济地理 经济地理
背景情况:
- 连续的并购和收购 (M&A) 是重要的企业战略.
- 了解连续并购的驱动因素对于公司的增长至关重要.
- 对企业决策的地理影响值得进一步研究.
研究的目的:
- 调查连续并购中的地理同行效应的存在和机制.
- 分析社会学习和导演网络在这些影响中的作用.
- 提供来自中国A股上市公司的经验证据.
主要方法:
- 对中国A股上市公司 (2010-2019) 系列并购数据的实证分析.
- 统计检查地理同行的并购活动对焦点公司的影响.
- 分析社会学习和导演网络的调节效应.
主要成果:
- 在连续并购决策中发现了显著的地理对等效应.
- 按地理位置对比的连续并购的平均数量对焦点公司的决策产生了积极的影响.
- 社会学习和导演网络是必不可少的调解者和主持人.
结论:
- 地理接近通过社会学习和网络效应影响了连续的并购决策.
- 公司从领先的同行那里学习,董事网络加强了这些并购的影响.
- 调查结果提供了对连续并购动机的新见解,并为未来的研究提供了参考.
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