政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/140591
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113822/144841 (79%)
造访人次 : 51770750      在线人数 : 561
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/140591


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/140591


    题名: 災難經驗對跨國併購決策之影響
    The Impact of Prior Disaster Experience on the Following Cross-border Merger Decisions
    作者: 莊妤柔
    Chuang, Yu-Jou
    贡献者: 陳嬿如
    Chen, Yenn-Ru
    莊妤柔
    Chuang, Yu-Jou
    关键词: 創新
    跨國併購
    新冠肺炎疫情
    災難經驗
    國家文化
    Innovation
    Cross-border M&A
    Covid-19 pandemic
    Disaster experience
    National culture
    日期: 2022
    上传时间: 2022-07-01 16:07:46 (UTC+8)
    摘要: Covid-19疫情的爆發為全球經濟與產業帶來結構性的改變。在新聞媒體探討各國政府抗疫表現與過去類似災難經驗的連結的同時，此經驗對於企業在疫情之下的投資決策是否也造成影響，或將成為重塑競爭力的關鍵。本研究使用2017年至2021年之間共11,953樁跨國併購的樣本，收購方分別來自13個擁有SARS深刻經驗的國家與19個未曾經歷過SARS或影響程度輕微的國家。我們發現無論在國家層級或公司層級，曾經經歷過SARS的企業在Covid-19爆發後並沒有比未曾經歷過SARS的企業進行更多以創新為目的的跨國併購，而此結果即使在排除了控制組中創新活動蓬勃的樣本國家後仍然穩健。此外，我們研究主併方與被併方之間的國家文化距離以及各國政府抗疫作為兩項變數，並發現較大的文化距離、較多的政府干預以及較嚴格的防疫政策皆對於SARS經驗對創新目的跨國併購的影響存在顯著的負面調節效果。本研究使用自然語言處理技術（Natural Language Processing）來衡量跨國併購之目的，除補充文獻中對於創新併購標的選擇之討論，亦為探討Covid-19之相關文獻提供了疫情下企業投資決策與過去災難經驗的連結。
    Using a sample of 11,953 cross-border mergers over the period of 2017 to 2021 from 13 acquiring countries with SARS experiences compared to 19 countries without, we find that prior pandemic experience does not spur the firms to grow innovation through CBMA more rapidly in the Covid-19 context, both at the country level and the firm level, and the results are robust to neglecting the highly innovative country in the control group. We examine the moderating effects of national cultural distances and government responses to the Covid-19 pandemic on the relationship between prior SARS experiences and innovation-driven CBMA during the Covid-19 outbreak and find evidence that higher cultural distances, more government interventions, and stricter containment policies all have a negative moderating effect. In the additional test, we find that the SARS experience significantly increases the government containment and mitigation measures to tackle the spread of the Covid-19 virus, while the impact is moderated by women’s empowerment. This paper contributes to the literature with a focus on factors that influence corporate investment decision-making in the face of the Covid-19 crisis.
    參考文獻: Agnew, J. R., Anderson, L. R., Gerlach, J. R., & Szykman, L. R. (2008). Who chooses annuities? An experimental investigation of the role of gender, framing, and defaults. American Economic Review, 98(2), 418–422.
    Ahern, K. R., & Harford, J. (2014). The importance of industry links in merger waves. Journal of Finance, 69(2), 527–576.
    Albuquerque, R., Brandão-Marques, L., Ferreira, M. A., & Matos, P. (2018). International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions. Journal of Financial Economics.
    An, J., Hou, W., & Lin, C. (2022). Epidemic disease and financial development. Journal of Financial Economics, 143(1), 332–358.
    Archibugi, D., Filippetti, A., & Frenz, M. (2013). Economic crisis and innovation: Is destruction prevailing over accumulation? Research Policy, 42(2), 303–314.
    Barrios, J. M., & Hochberg, Y. v. (2021). Risk perceptions and politics: Evidence from the COVID-19 pandemic. Journal of Financial Economics.
    Basuil, D. A., & Datta, D. K. (2015). Effects of Industry- and Region-Specific Acquisition Experience on Value Creation in Cross-Border Acquisitions: The Moderating Role of Cultural Similarity. Journal of Management Studies, 52(6), 766–795.
    Bena, J., & Li, K. (2014). Corporate Innovations and Mergers and Acquisitions. The Journal of Finance, 69(5), 1923–1960.
    Beugelsdijk, S., Brakman, S., Garretsen, J. H., & van Marrewijk, C. (2013). International economics and business: Nations and firms in the global economy. Cambridge University Press.
    Bian, B., Li, J., Xu, T., & Foutz, N. Z. (2022). Individualism during Crises. The Review of Economics and Statistics, 104(2), 368–385.
    Biggerstaff, L., Cicero, D. C., & Puckett, A. (2015). Suspect CEOs, unethical culture, and corporate misbehavior. Journal of Financial Economics, 117(1), 98–121.
    Bledow, R., Schmitt, A., Frese, M., & Kühnel, J. (2011). The affective shift model of work engagement. Journal of Applied Psychology, 96(6), 1246–1257.
    Bolton, P.; H. Chen; and N. Wang. (2011). A Unified Theory of Tobin’s Q, Corporate Investment, Financing, and Risk Management. Journal of Finance, 66, 1545–1578.
    Borghans, L., Golsteyn, B. H. H., Heckman, J. J., & Meijers, H. (2009). Gender Differences in Risk Aversion and Ambiguity Aversion. Journal of the European Economic Association, 7(2/3), 649–658.
    Boubakri, N., Chkir, I., Saadi, S., & Zhu, H. (2021). Does national culture affect corporate innovation? International evidence. Journal of Corporate Finance, 66.
    Cassiman, B., Veugelers, R. (1999). Make and buy in innovation strategies: evidence from Belgian manufacturing firms. Research Policy 28(1), 63–80.
    Cassiman, B., Veugelers, R. (2002). Spillovers and R&D cooperation: some empirical evidence. American Economic Review 92(4), 1169–1184.
    Chakrabarti, R., Gupta-Mukherjee, S., & Jayaraman, N. (2009). Mars–Venus marriages: Culture and cross-border M&A. Journal of International Business Studies, 40(2), 216-236.
    Chen, I. J., Hsu, P. H., Officer, M. S., & Wang, Y. (2020). The Oscar goes to…: High-tech firms’ acquisitions in response to rivals’ technology breakthroughs. Research Policy, 49(7), 104078.
    Cefis, E., & Marsili, O. (2015). Crossing the innovation threshold through mergers and acquisitions. Research Policy, 44(3), 698–710.
    Davidson, R., Dey, A., & Smith, A. (2015). Executives’ “off-the-job” behavior, corporate culture, and financial reporting risk. Journal of Financial Economics, 117(1), 5–28.
    De Man, A. P., & Duysters, G. (2005). Collaboration and innovation: A review of the effects of mergers, acquisitions and alliances on innovation. Technovation, 25(12), 1377–1387.
    Dikova, D., & Rao Sahib, P. (2013). Is cultural distance a bane or a boon for cross-border acquisition performance? Journal of World Business, 48(1), 77–86.
    Erel, I., Liao, R. C., & Weisbach, M. S. (2012). Determinants of Cross-Border Mergers and Acquisitions. Journal of Finance, 67(3), 1045–1082.
    Farrell, J., & Shapiro, C. (1990). Horizontal Mergers: An Equilibrium Analysis. The American Economic Review, 80(1), 107–126.
    Foss, K., Foss, N. J., & Vázquez, X. H. (2006). ‘Tying the manager’s hands’: constraining opportunistic managerial intervention. Cambridge Journal of Economics, 30(5), 797–818.
    Fotiou, A., & Lagerborg, A. (2021). Smart Containment: Lessons from Countries with Past Experience. IMF Working Papers, 2021(099), 1.
    Galasso, V., Pons, V., Profeta, P., Becher, M., Brouard, S., & Foucault, M. (2020). Gender differences in COVID-19 attitudes and behavior: Panel evidence from eight countries. Proceedings of the National Academy of Sciences of the United States of America, 117(44), 27285–27291.
    Gamba, A., & Triantis, A. (2008). The value of financial flexibility. Journal of Finance, 63(5), 2263–2296.
    Graham, J. R., Grennan, J., Harvey, C. R., & Rajgopal, S. (2022). Corporate Culture: Evidence from the Field. SSRN Electronic Journal.
    Gelfand, M. J., Nishii, L. H., & Raver, J. L. (2006). On the nature and importance of cultural tightness-looseness. Journal of Applied Psychology, 91(6), 1225–1244.
    Gelfand, M.J., Raver, J.L., Nishii, L.H., Leslie, L.M., Lun, J., Lim, B., Duan, L., Almaliach, A., Ang, S., Arnadottir, J., Aycan, Z., Boehnke, K., Boski, P., Cabecinhas, R., Chan, D.K., Chhokar, J.S., D`amato, A., Ferrer, M., Fischlmayr, I.C., Fischer, R., Fülöp, M., Georgas, J.G., Kashima, E.S., Kashima, Y., Kim, K., Lempereur, A., Marquez, P.B., Othman, R., Overlaet, B., Panagiotopoulou, P., Peltzer, K., Perez-Florizno, L.R., Ponomarenko, L.N., Realo, A., Schei, V., Schmitt, M.J., Smith, P.B., Soomro, N., Szabo, E., Taveesin, N.J., Toyama, M., Van de Vliert, E., Vohra, N., Ward, C., & Yamaguchi, S. (2011). Differences between tight and loose cultures: A 33-nation study. Science, 332, 1100 - 1104.
    Griffin, D., Li, K., & Xu, T. (2021). Board Gender Diversity and Corporate Innovation: International Evidence. Journal of Financial and Quantitative Analysis, 56(1), 123–154.
    Guiso, L., P. Sapienza, and L. Zingales (2015). The value of corporate culture. Journal of Financial Economics 117, 60–76.
    Gulen, H., & Ion, M. (2016). Policy Uncertainty and Corporate Investment. The Review of Financial Studies, 29(3), 523–564.
    Hale, T., Petherick, A., Phillips, T., and Webster, S. (2020). Variation in Government Responses to COVID-19. Blavatnik School of government working paper, 31.
    Hall, B. H., & Vopel, K. (1996). Innovation, market share, and market value. In Strasbourg, France: Prepared for the International Conference on the Economics and Econometrics of Innovation, The European Parliament
    Henderson, R. and Van den Steen, E. (2015). Why do firms have “purpose”? The firm’s role as a carrier of identity and reputation. American Economic Review 105, 326–330.
    Hirshleifer, D., Low, A., & Teoh, S. H. (2012). Are Overconfident CEOs Better Innovators? The Journal of Finance, 67(4), 1457–1498.
    Hitt, M. A., Ireland, R. D., Harrison, J. S., & Hoskisson, R. E. (1991). Effects of Acquisition on R&D Inputs and Outputs. Academy of Management Journal, 34(3), 693–706.
    Hoberg, Gerard, and Gordon Phillips. (2010b). Product market synergies and competition in mergers and acquisitions: A text-based analysis, Review of Financial Studies 23, 3773–3811.
    Hofstede, G. (1983). The cultural relativity of organizational practices and theories. Journal of International Business Studies, 14(2), 75–89.
    Hofstede, G. (2011). Dimensionalizing cultures: The Hofstede model in context. Online Readings in Psychology and Culture, 2(1), 1–26.
    Huang, Z., Zhu, H. S., & Brass, D. J. (2017). Cross-border acquisitions and the asymmetric effect of power distance value difference on long-term post-acquisition performance. Strategic Management Journal, 38(4), 972–991.
    Ingersoll, Jr., J. E., & Ross, S. A. (1992). Waiting to Invest: Investment and Uncertainty. The Journal of Business, 65(1), 1.
    Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
    Jost, J. T., Glaser, J., Kruglanski, A. W., & Sulloway, F. J. (2003). Political conservatism as motivated social cognition. Psychological Bulletin, 129(3), 339–375.
    Julio, B., & Yook, Y. (2012). Political Uncertainty and Corporate Investment Cycles. The Journal of Finance, 67(1), 45–83.
    KnÜpfer, S., Rantapuska, E., & SarvimÄki, M. (2017). Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression. The Journal of Finance, 72(1), 133–166.
    Lane, P. J., Salk, J. E., & Lyles, M. A. (2001). Absorptive capacity, learning, and performance in international joint ventures. Strategic Management Journal, 22(12), 1139–1161.
    Lewis, M. W., Ann Welsh, M., Dehler, G. E., & Green, S. G. (2002). Product development tensions: Exploring contrasting styles of project management. Academy of Management Journal, 45(3), 546–564.
    Li, K., Griffin, D., Yue, H., & Zhao, L. (2013). How does culture influence corporate risk-taking? Journal of Corporate Finance, 23, 1–22.
    Li, K., Liu, X., Mai, F., & Zhang, T. (2021). The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic. Journal of Financial and Quantitative Analysis, 1–68.
    Li, K., Mai, F., Shen, R., & Yan, X. (2021). Measuring Corporate Culture Using Machine Learning. Review of Financial Studies, 34(7), 3265–3315.
    Lu, J. G., Jin, P., & English, A. S. (2021). Collectivism predicts mask use during COVID-19. Proceedings of the National Academy of Sciences of the United States of America, 118(23).
    Malmendier, U., & Nagel, S. (2016). Learning from inflation experiences. Quarterly Journal of Economics, 131(1), 53–87.
    Miao, Q., & Popp, D. (2014). Necessity as the mother of invention: Innovative responses to natural disasters. Journal of Environmental Economics and Management, 68(2), 280–295.
    Mikolov, T., Sutskever, I., Chen, K., Corrado, G., & Dean, J. (2013). Distributed Representations of Words and Phrases and their Compositionality. Advances in Neural Information Processing Systems.
    Page, S.E., 2007. Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies. Princeton University Press, Princeton, NJ.
    Pindyck, R. S. (1991). Irreversibility, Uncertainty, and Investment. Journal of Economic Literature, XXIX, 1110–1148.
    Rose, Andrew K. (2000). One money, one market: Estimating the effect of common currencies on trade, Economic Policy 30, 7–45.
    Rossi, S., & Volpin, P. F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics, 74(2), 277–304.
    Schneider, S. C., & de Meyer, A. (1991). Interpreting and responding to strategic issues: The impact of national culture. Strategic Management Journal, 12(4), 307–320.
    Schroth, E., & Szalay, D. (2010). Cash breeds success: The role of financing constraints in patent races. Review of Finance, 14(1), 73–118.
    Schubert, R., Brown, M., Gysler, M., & Brachinger, H. W. (1999). Financial Decision-Making: Are Women Really More Risk-Averse? The American Economic Review, 89(2), 381–385.
    Sarooghi, H., Libaers, D., & Burkemper, A. (2015). Examining the relationship between creativity and innovation: A meta-analysis of organizational, cultural, and environmental factors. Journal of Business Venturing, 30(5), 714–731.
    Spicer, A. (2020). Organizational Culture and COVID-19. Journal of Management Studies, 57(8), 1737–1740.
    Steensma, H. K., & Corley, K. G. (2001). Organizational Context as a Moderator of Theories on Firm Boundaries for Technology Sourcing. Academy of Management Journal, 44(2), 271–291.
    Teece, D.J. (1987). The Competitive Challenge: Strategies for Industrial Innovation and Renewal. Ballinger, Cambridge, MA.
    Teece, D. J. (1998). Capturing value from knowledge assets: The new economy, markets for know-how, and intangible assets. California Management Review, 3, 55–79.
    Hambrick, D. C., & Mason, P. A. (1984). Upper Echelons: The Organization as a Reflection of Its Top Managers. The Academy of Management Review, 9(2), 193.
    Van den Steen, E. (2005). Organizational beliefs and managerial vision. Journal of Law, Economics, and Organization 21, 256–283.
    Van den Steen, E. (2010). On the origin of shared beliefs (and corporate culture). RAND Journal of Economics 41, 617–648.
    Wildavsky, A. (1987). Choosing Preferences by Constructing Institutions: A Cultural Theory of Preference Formation. American Political Science Review, 81(1), 3–21.
    Williamson, Óliver. (1971). The Vertical Integration of Production: Market Failure Considerations. American Economic Review, 61, 112-23.
    Xu, Z. (2020). Economic policy uncertainty, cost of capital, and corporate innovation. Journal of Banking and Finance, 111.
    描述: 碩士
    國立政治大學
    財務管理學系
    109357024
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0109357024
    数据类型: thesis
    DOI: 10.6814/NCCU202200672
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    702401.pdf2420KbAdobe PDF20检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈