|
|
Mergers and Acquisitions in Ownership Restructuring of Chinese Firms |
Zhaojun Gao() |
Guanghua School of Management, Peking University, Beijing 100871, China |
|
|
Abstract This paper investigates mergers and acquisitions (M&A) in the context of firm ownership restructuring in China, via several theoretical lenses including organizational learning and population ecology theories. It highlights the effect of organizational learning on the choice of M&A in ownership restructuring, based on the assumption that the choice might be favored by poor-performing firms. By employing a hierarchical linear regression model, this article examines the cross-level moderating effects of the density of ownership restructuring patterns on the performance-M&A relationship. Several key findings have been revealed. At the individual firm level, performance is negatively related to its choice of M&A. The ownership restructuring pattern that firms adopted is positively associated with its choice of M&A. Moreover, at the industry level, the density of patterns in an industry positively moderates the performance-M&A relationship.
|
Keywords
ownership restructuring
performance
mergers and acquisitions (M&A)
|
Corresponding Author(s):
Zhaojun Gao,Email:thinking4ever2009@pku.edu.cn
|
Issue Date: 05 March 2013
|
|
|
Viewed |
|
|
|
Full text
|
|
|
|
|
Abstract
|
|
|
|
|
Cited |
|
|
|
|
|
Shared |
|
|
|
|
|
Discussed |
|
|
|
|