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Using acquisitions to access multinational diversity: thinking beyond the domestic versus cross-border M&A comparison

机译：利用收购来获取跨国多样性：超越国内与跨国并购比较的思考

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摘要

Prior research provides ambiguous results regarding the performance of international acquisitions. Drawing on a survey of 248 acquisitions, we find that acquirers enhance their capabilities when they buy a target with a multinational geographic scope. A financial event study uses a subsample of the acquisitions to show that the financial markets also value targets' multinational scope. Both surveys and stock market-based studies suggest that targets with access to heterogeneous resource environments provide the acquirer with greater potential for capability enhancement and financial performance. In contrast, simply acquiring firms across borders has less influence on post-acquisition outcomes. The study demonstrates greater value of the attributes of the target rather than of international expansion alone. Thus, the multinational scope of the target is more likely to account for the resource diversity provided by the target than the country of origin of the target per se. The study changes the emphasis on multinational acquisitions, by shifting the focus from foreign market expansion (country-level emphasis) to accessing geographically distributed resources that are embedded in target firms (firm-level emphasis).
机译：先前的研究提供了有关国际收购绩效的模棱两可的结果。通过对248项收购的调查，我们发现，收购方在购买具有跨国地理范围的目标时会增强其能力。一项金融事件研究使用收购的子样本来表明，金融市场也重视目标公司的跨国范围。调查和基于股票市场的研究均表明，可以使用异构资源环境的目标为收购方提供了增强能力和财务绩效的更大潜力。相比之下，简单地跨国收购公司对收购后结果的影响较小。这项研究表明，目标的属性比单独的国际扩张具有更大的价值。因此，与目标本身的原籍国相比，目标的跨国范围更可能解释了目标提供的资源多样性。该研究通过将重点从国外市场扩展（国家级重点）转移到访问嵌入目标公司中的地理分布资源（企业级重点），从而改变了对跨国收购的重点。

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