文献类型： 外文期刊
作者： Levine, Ross 1 ; Lin, Chen 3 ; Shen, Beibei 4 ;
作者机构： 1.Univ Calif Berkeley, Haas Sch Business, Berkeley, CA 94720 USA
2.NBER, Cambridge, MA 02138 USA
3.Univ Hong Kong, Fac Business & Econ, Pok Fu Lam, Hong Kong, Peoples R China
4.Shanghai Univ Finance & Econ, Sch Finance, Shanghai, Peoples R China
关键词： cross-border mergers and acquisitions; multinational firms; international business; labor standards; labor market regulations
期刊名称：JOURNAL OF INTERNATIONAL BUSINESS STUDIES （ 影响因子：11.6； 五年影响因子：14.6 ）
ISSN： 0047-2506
年卷期： 2020 年 51 卷 2 期
页码：
收录情况： SCI
摘要： Do cross-country differences in labor regulations shape (1) acquiring firms' announcement returns and post-acquisition profits, costs, and revenues from cross-border deals, (2) the selection of cross-border targets, or (3) the success rates of cross-border offers? We discover that acquiring firms enjoy smaller abnormal returns and post-deal performance gains with targets in stronger labor protection countries; acquirers are more likely to purchase labor-dependent targets in weak labor regulation countries and more likely to use cross-border acquisitions to enter new markets when targets are in stronger labor regulation countries; and offer success rates fall when targets are in stronger labor regulation countries.
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