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作者：Cuypers, Ilya R. P.; Martin, Xavier
作者单位：Singapore Management University; Tilburg University; Tilburg University
摘要：This paper examines the boundaries of real options logic, with an application to joint ventures (JVs). We distinguish between forms of uncertainty that are resolved endogenously and those that are resolved exogenously, and theorize that only exogenous uncertainty will have the impact predicted by real options theory on a foreign investor's choice of how large an equity share to take in a JV. We theorize that macroeconomic and institutional variables generate exogenous uncertainty whereas, by c...
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作者：Zander, Udo; Zander, Lena
作者单位：Stockholm School of Economics; Uppsala University
摘要：International acquisitions are today the most important foreign direct investment vehicle, and the ensuing integration processes are notoriously fraught with problems. We situate, discuss, and develop the main results of an early study in the knowledge-based view tradition - the award-winning Bresman, Birkinshaw, and Nobel (1999) article. To enhance and develop the central contributions regarding social communities, knowledge, and culture, we use the metaphor of unpacking the grey box. We argu...
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作者：Faccio, Mara; Lang, Larry H. P.; Young, Leslie
作者单位：Purdue University System; Purdue University; Chinese University of Hong Kong
摘要：Among firms listed in Western Europe and East Asia, when creditor protection is strong, the controlling shareholder trades off retaining control in bad states through pyramiding against retaining the upside in good states via leverage. This result might arise because the controlling shareholder uses both leverage and pyramiding to expand control of resources, but in different circumstances since they have different outcomes under downside shocks. When creditor protection is weak, the controlli...
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作者：Verbeke, Alain
作者单位：University of Calgary
摘要：International acquisitions intended to achieve knowledge transfers and improvements of innovation capacity can only be successful if the acquirer devotes balanced attention to (a) building a unified social community and (b) achieving requisite commonality in dominant logic. The balance between these two dimensions of success depends on the activity class considered: in some activity classes, imposing the acquiring firm's dominant logic will be dysfunctional, and therefore the post-acquisition ...
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作者：Han, Sam; Kang, Tony; Salter, Stephen; Yoo, Yong Keun
作者单位：State University System of Florida; Florida Atlantic University; Singapore Management University; University of Texas System; University of Texas El Paso; Korea University
摘要：This study hypothesizes and tests whether the degree to which managers exercise earnings discretion relates to their value system (i.e., culture) as well as the institutional features (i.e., legal environment) of their country. We find that uncertainty avoidance and individualism dimensions of national culture explain managers' earnings discretion across countries, and that this association varies with the strength of investor protection. This study extends prior literature by documenting that...
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作者：Birkinshaw, Julian; Bresman, Henrik; Nobel, Robert
作者单位：University of London; London Business School; INSEAD Business School
摘要：In this Retrospective, we summarise and discuss the findings of our 1999 JIBS paper Knowledge transfer in international acquisitions'', and we consider how research in this area has evolved over the last decade. The paper's key contribution was to show how the post-acquisition integration process in a sample of three international acquisitions led to the creation of a social community'', characterised by two-way knowledge-sharing between the acquirer and acquired companies. We discuss how the ...
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作者：Hutson, Elaine; Stevenson, Simon
作者单位：University College Dublin; City St Georges, University of London
摘要：The benefits of openness to trade are well established, but the disadvantages of openness are less well understood. At the firm level trade is the principal source of exposure to exchange rate movements, and exchange exposure can be moderated by a range of hedging techniques. In this paper we ask two questions. First, do firms in open economies bear higher levels of exchange exposure than those in more closed economies? Second, is a strong corporate governance environment - one in which manage...
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作者：Xu, Dean; Zhou, Changhui; Phan, Phillip H.
作者单位：Peking University; University of Hong Kong; Johns Hopkins University
摘要：We examine how firms in an emerging market address their information disadvantage in takeovers. One strategy is to complete the acquisition sequentially rather than as a one-time deal. In contrast to firms in developed economies that enjoy relatively easy access to information, emerging-market firms face differential access to information on target firms, owing to institutional weaknesses and constraints in those markets. Sequential acquisitions are conceptualized as a real-option-based strate...
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作者：Bresman, Henrik; Birkinshaw, Julian; Nobel, Robert
作者单位：University of London; London Business School; Stockholm School of Economics
摘要：This paper reports on a multimethod study of knowledge transfer in international acquisitions. Using questionnaire data we show that the transfer of technological know-how is facilitated by communication, visits & meetings, and by time elapsed since acquisition, while the transfer of patents is associated with the articulability of the knowledge, the size of the acquired unit, and the recency of the acquisition. Using case study data, we show that the immediate post-acquisition period is chara...
