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dc.contributor.authorBoateng, Agyenimen
dc.contributor.authorDu, Minen
dc.contributor.authorBi, Xiaogangen
dc.contributor.authorLodorfos, Georgeen
dc.date.accessioned2019-02-11T11:15:53Z
dc.date.available2019-02-11T11:15:53Z
dc.date.issued2018-12-27
dc.identifier.citationBoateng, A., et al. (2018) Cultural Distance and Value Creation of Cross-border M&A: The Moderating Role of Acquirer Characteristics. International Review of Financial Analysis, 63, pp. 285-295en
dc.identifier.urihttp://hdl.handle.net/2086/17525
dc.descriptionThe file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.en
dc.description.abstractThis paper examines the effects of culture and the interaction between cultural distance and salient acquirer characteristics on value creation of acquiring firms based on a sample of 209 firms over the period of 1998-2012. The findings indicate that Chinese acquirer experience wealth gains ranging from 0.45% – 1.49% over a 10 day event window. We find cultural distance to exert a negative influence on value creation of acquirers in the short-and long-term. However, the negative returns are significant only in the short-term but not in the long-term. Further evidence shows that acquirer large size, prior experience and high Tobin’s q positively moderate the link between cultural distance and value creation. The results suggest that the effect of culture distance is conditioned by the acquirer size, prior experience and Tobin’s q implying that acquirer resources and managerial capabilities are important in dealing with and overcoming cross-border mergers and acquisitions (CBM&A) cultural challenges.en
dc.language.isoenen
dc.publisherElsevieren
dc.subjectCultureen
dc.subjectValue creationen
dc.subjectMergers & Acquisitionsen
dc.titleCultural Distance and Value Creation of Cross-border M&A: The Moderating Role of Acquirer Characteristicsen
dc.typeArticleen
dc.identifier.doihttps://doi.org/10.1016/j.irfa.2018.12.009
dc.peerreviewedYesen
dc.funderN/Aen
dc.projectidN/Aen
dc.cclicenceCC-BY-NC-NDen
dc.date.acceptance2018-12-22en
dc.researchinstituteFinance and Banking Research Group (FiBRe)en


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