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首页> 外文期刊>Journal of management studies >The Roles of Chinese CEOs in Managing Individualistic Cultures in Cross-border Mergers and Acquisitions
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The Roles of Chinese CEOs in Managing Individualistic Cultures in Cross-border Mergers and Acquisitions

机译：中国首席执行官在跨国并购中管理个人文化的作用

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摘要

The individualism-collectivism culture represents an important and well-researched distinction across cultures. Yet research is less clear about how the different levels of individualistic cultures in host countries affect the success of an increasingly important firm strategy - cross-border mergers and acquisitions (CBMAs). This study addresses this key research question in the context of Chinese firms' CBMAs, as Chinese firms are increasingly acquiring targets outside of China in the New Normal global business landscape. This study further theorizes and tests how the Chinese acquirer CEOs' characteristics moderate the wealth creation relationship. In an analysis of 404 Chinese firms' CBMAs, we found that an individualistic culture in the host country is negatively associated with Chinese acquirers' CBMA wealth creation. We also demonstrate that Chinese CEOs' exposure to foreign culture and female gender weaken that negative relationship, while CEO duality strengthens this negative relationship. Our research thus suggests that culture in host countries can negatively affect acquirers' CBMA performance, but CEOs may be able to manage the effects of the culture to increase their CBMA performance.
机译：个人主义-集体主义文化代表了跨文化的重要且经过深入研究的区别。然而，关于东道国不同水平的个人主义文化如何影响日益重要的公司战略-跨境并购（CBMA）的成功，研究还不清楚。这项研究解决了中国企业CBMA的这一关键研究问题，因为中国企业在新常态全球商业环境中越来越多地在中国境外收购目标。本研究进一步理论化并测试了中国收购方CEO的特征如何缓和财富创造关系。通过对404家中国公司的CBMA进行分析，我们发现东道国的个人主义文化与中国收购方的CBMA财富创造负相关。我们还证明，中国CEO接触外国文化和女性性别会削弱这种消极关系，而CEO二元性会加剧这种消极关系。因此，我们的研究表明，东道国的文化可能会对收购方的CBMA绩效产生负面影响，但首席执行官可能能够管理这种文化的影响以提高其CBMA绩效。

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