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首页> 外文期刊>Strategic Management Journal >CROSS-BORDER ACQUISITIONS BY STATE-OWNED FIRMS: HOW DO LEGITIMACY CONCERNS AFFECT THE COMPLETION AND DURATION OF THEIR ACQUISITIONS?
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CROSS-BORDER ACQUISITIONS BY STATE-OWNED FIRMS: HOW DO LEGITIMACY CONCERNS AFFECT THE COMPLETION AND DURATION OF THEIR ACQUISITIONS?

机译：国有企业的跨境收购：法律上的考虑如何影响其收购的完成和持续时间？

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Research summary: Cross-border acquisitions may raise legitimacy concerns by host-country stakeholders, affecting the acquisition outcomes of foreign firms. We propose that theorization by local regulatory agencies is a key mechanism that links legitimacy concerns with acquisition outcomes. Given that theorization is time consuming and its outcome is uncertain, we argue that state-owned foreign firms experience a lower likelihood of acquisition completion and a longer duration for completing a deal than other foreign firms. Moreover, we introduce a set of firm characteristics (target public status, target R&D alliances, and acquirer acquisition and alliance experiences) that may affect the threshold level of legitimacy, thereby altering the proposed relationships. Our framework and findings provide useful implications for institutional theory on its core concept of legitimacy.
机译：研究摘要：跨国收购可能会引起东道国利益相关者对合法性的担忧，从而影响外国公司的收购结果。我们建议地方监管机构进行理论化是将合法性问题与收购结果联系起来的关键机制。鉴于理论化非常耗时且结果不确定，我们认为与其他外国公司相比，国有外国公司完成收购的可能性更低，完成交易的时间更长。此外，我们介绍了可能会影响合法性阈值水平的一组公司特征（目标公共身份，目标研发联盟，收购方收购和联盟经验），从而改变了建议的关系。我们的框架和发现为制度理论的核心合法性概念提供了有益的启示。

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