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首页> 外文期刊>Review of international business and strategy >Formal institutional uncertainty and equity sought on foreign market entry: does industry matter?
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Formal institutional uncertainty and equity sought on foreign market entry: does industry matter?

机译：正式的制度不确定性和股权寻求外国市场进入：行业问题吗？

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摘要

Purpose - This study aims to examine how the effect of host country formal institutional uncertainty on the percentage of equity sought in cross-border acquisitions (CBAs) is moderated by the host country industry (i.e. targets from the technology versus those from the non-technology industry). Design/methodology/approach - This study is based upon the legitimacy perspective of institutional theory and uses Tobit regression analysis on a sample of 1,340 CBAs. Findings - Results show that cross-border acquirers prefer a lower equity level for targets in institutionally less developed countries and that this negative effect of the host country institutional risk on the equity percentage sought is more pronounced for technology-based targets. Research limitations/implications - Three major limitations of the study are as follows: The data were collected from only Japanese acquirers. The study measured formal institutional uncertainty by applying only secondary data. The study used the Bloomberg Industry Classification Systems, instead of the Standard Industry Classification that has been used widely in prior studies. Practical implications - This study shows that the industry selected has a bearing on equity sought in CBAs. Investing in institutionally less developed countries is particularly challenging when the targets of acquisition are in the technology industry. Originality/value - To the best of the authors' knowledge, this is the first study that investigates the moderating effects of an industry on the relationship between host country formal institutional uncertainty and the percentage of equity sought in CBAs.
机译：目的 - 本研究旨在审查东道国征收股权（CBA）所寻求的股权百分比的效果如何受主机国家行业（即来自技术与非技术人员的目标的百分比行业）。设计/方法/方法 - 本研究基于制度理论的合法性视角，并在1,340 CBA的样本上使用Tobit回归分析。研究结果表明，跨境收购者更普遍发达国家的目标较低的股权水平，并对股权百分比对基于技术的目标的股权百分比进行这种负面影响。研究限制/影响 - 研究的三个主要限制如下：数据仅从日本收购者收集。该研究通过仅申请二级数据来测量正式的制度不确定性。该研究使用了彭博工业分类系统，而不是在先前研究中广泛使用的标准行业分类。实际意义 - 本研究表明，所选行业对CBA中寻求的股权有一个轴承。当收购目标在技术行业的目标中，投资机构较少发达国家尤其具有挑战性。原创性/价值 - 据作者所知，这是第一项研究，调查行业对东道国正式制度不确定性之间关系的调节效果，以及在CBA中寻求的股权百分比。

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