Mergers and Acquisitions in Ownership Restructuring of Chinese Firms

Zhaojun Gao

PDF(463 KB)
PDF(463 KB)
Front. Bus. Res. China ›› 2013, Vol. 7 ›› Issue (1) : 59-81. DOI: 10.3868/s070-002-013-0003-4
research-article

Mergers and Acquisitions in Ownership Restructuring of Chinese Firms

Author information +
History +

Abstract

This paper investigates mergers and acquisitions (M&A) in the context of firm ownership restructuring in China, via several theoretical lenses including organizational learning and population ecology theories. It highlights the effect of organizational learning on the choice of M&A in ownership restructuring, based on the assumption that the choice might be favored by poor-performing firms. By employing a hierarchical linear regression model, this article examines the cross-level moderating effects of the density of ownership restructuring patterns on the performance-M&A relationship. Several key findings have been revealed. At the individual firm level, performance is negatively related to its choice of M&A. The ownership restructuring pattern that firms adopted is positively associated with its choice of M&A. Moreover, at the industry level, the density of patterns in an industry positively moderates the performance-M&A relationship.

Keywords

ownership restructuring / performance / mergers and acquisitions (M&A)

Cite this article

Download citation ▾
Zhaojun Gao. Mergers and Acquisitions in Ownership Restructuring of Chinese Firms. Front Bus Res Chin, 2013, 7(1): 59‒81 https://doi.org/10.3868/s070-002-013-0003-4

RIGHTS & PERMISSIONS

2014 Higher Education Press and Brill
PDF(463 KB)

Accesses

Citations

Detail

Sections
Recommended

/