Cross-border acquisitions are popular tools for EMFs to create value by obtaining strategic assets and exploiting their productivity advantages in foreign markets. My dissertation suggests that EMFs’ productivity serves as a signal of value creation potential in their cross-border acquisitions of DMFs. Further, EMFs could enhance their returns by cross-listing on advanced stock market exchanges, and by accumulating cross-border acquisition experiences across heterogeneous institutional environments. A dataset of 466 Chinese Firms’ cross-border acquisitions in the time period of 2000-2010 supported my hypotheses.
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