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Are proactive outbound cross-border mergers and acquisitions effective for firms' R&D? New evidence from emerging market enterprises

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  • Wu, Xianming
  • Wang, Maoqiong
  • Cui, Victor

Abstract

As emerging market enterprises (EMEs) shift from passive foreign capital acquisition to proactive “going global” strategies, do their outbound cross-border mergers and acquisitions (M&As) stimulate innovation? By analyzing China's M&A data from 2007 to 2020, we explore firms' total R&D, exploitative R&D, and exploratory R&D. Employing difference-in-differences (DID) and propensity score matching (PSM) methodologies, our findings indicate that, compared to inbound cross-border M&As, proactive outbound cross-border M&As promote firms' exploitative R&D but inhibit total and exploratory R&D. EMEs engaged in outbound and inbound cross-border M&As exhibit distinct R&D orientations. The effects of outbound cross-border M&As on firms' R&D are moderated differently by government subsidies and the intensity of regional intellectual property protection. Further analysis underscores the advantages of participating in cross-border M&As (firms as acquirers and targets) over domestic M&As. Moreover, outbound cross-border M&As increase firms' substantial innovation outputs. Our study further proves that what drives the results is not solely the international dimension of M&As; proactive engagement in outbound cross-border M&As holds greater significance.

Suggested Citation

  • Wu, Xianming & Wang, Maoqiong & Cui, Victor, 2024. "Are proactive outbound cross-border mergers and acquisitions effective for firms' R&D? New evidence from emerging market enterprises," Journal of International Management, Elsevier, vol. 30(4).
    • Handle: RePEc:eee:intman:v:30:y:2024:i:4:s107542532400036x
    DOI: 10.1016/j.intman.2024.101155
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