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|a 10.1016/j.jpolmod.2016.10.002
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|a Reddy, K.S.
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|a Cross-border acquisitions by state-owned and private enterprises: A perspective from emerging economies
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|c 2016transfer abstract
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|a Leveraging insights from the institutional theory, resource- and industry-based views and OLI paradigm, we conceptually design a dialectic globalization framework to analyze the acquisition strategy of emerging economy (EE) enterprises. Firstly, we provide trend analysis of the market for cross-border acquisitions by Chinese and Indian multinationals over the last two decades, 1995–2014. Specially, this paper, to date, is the first to analyze high-valuation cross-border acquisitions of Chinese state-owned (SOEs) and Indian private enterprises (POEs). Based on 61 high-valuation deals valued at approximately US$200 billion, we find that Chinese SOEs completed more high-valuation deals, seek to invest in resource-scarce industries, and diversify their risk by targeting developed, emerging and developing countries. While Indian POEs largely prefer to invest in developed economies for both market and strategic-asset seeking, and follow an effective portfolio matrix by concentrating diversified sectors. Lastly, we discuss several policy implications pertaining to disinvestment and turnaround strategy of loss-making SOEs in EE, national interest and security concerns over EE state-driven outbound acquisitions, and foreign investment regulations.
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|a Leveraging insights from the institutional theory, resource- and industry-based views and OLI paradigm, we conceptually design a dialectic globalization framework to analyze the acquisition strategy of emerging economy (EE) enterprises. Firstly, we provide trend analysis of the market for cross-border acquisitions by Chinese and Indian multinationals over the last two decades, 1995–2014. Specially, this paper, to date, is the first to analyze high-valuation cross-border acquisitions of Chinese state-owned (SOEs) and Indian private enterprises (POEs). Based on 61 high-valuation deals valued at approximately US$200 billion, we find that Chinese SOEs completed more high-valuation deals, seek to invest in resource-scarce industries, and diversify their risk by targeting developed, emerging and developing countries. While Indian POEs largely prefer to invest in developed economies for both market and strategic-asset seeking, and follow an effective portfolio matrix by concentrating diversified sectors. Lastly, we discuss several policy implications pertaining to disinvestment and turnaround strategy of loss-making SOEs in EE, national interest and security concerns over EE state-driven outbound acquisitions, and foreign investment regulations.
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|a Xie, En
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|a Huang, Yuanyuan
|4 oth
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|i Enthalten in
|n Elsevier
|a Lupberger, J. ELSEVIER
|t 369 EGFR SIGNALING IMPAIRS THE ANTIVIRAL ACTIVITY OF INTERFERON-ALPHA
|d 2013
|d JPMOD : a social science forum of world issues
|g Amsterdam [u.a.]
|w (DE-627)ELV016667247
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| 773 |
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|g volume:38
|g year:2016
|g number:6
|g pages:1147-1170
|g extent:24
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|u https://doi.org/10.1016/j.jpolmod.2016.10.002
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