期刊
SUSTAINABILITY
卷 11, 期 11, 页码 -出版社
MDPI
DOI: 10.3390/su11113180
关键词
cross-border M&A sustainability; foreign experience; knowledge application; value creation; executives' characteristics
资金
- Ministry of Education, Humanities and Social Sciences project, China [18YJC630233]
- National Natural Science Foundation of China [71772096, 71732005]
- Major Projects of the Key Research Base of Humanities and Social Sciences of the Ministry of Education, China [16JJD630002]
- Zhejiang Provincial Education Department General Research Project-Online shopping user preference composite model and interactive convergence personalized recommendation program research, China [Y201840811]
The advancement of globalization has encouraged an increasing number of enterprises to go abroad and take cross-border mergers and acquisitions (M&A) to expand their overseas market and improve core competitiveness, although many acquirers fail to gain value from post-acquisition integration. On the basis of organizational learning theory, this paper explores the effect of executives' foreign experience on cross-border M&A sustainability, and examines how the externally acquired knowledge can be effectively applied to cross-border M&A practice. Taking a sample of Chinese listed companies that have completed cross-border M&As during 2008-2016, our research proposes an integrated framework of foreign experiential knowledge, and discusses the process of acquisition and application of this experiential knowledge into cross-border M&As. Empirical research findings show that, compared with the general foreign experience, the specific foreign experience based on target country significantly improves cross-border M&A sustainability, and executives with host-specific work experience plays a more important role than that of education experience. Further research found that long-tenured executives positively moderate the effect of foreign experiential knowledge on cross-border M&A sustainability, while the pay gap for executives, which hampers internal coherence, plays a negative moderating role. This research provides a new insight into the promotion of the sustainable development of enterprise cross-border M&A in the globalization age.
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