Existing research offers limited understanding of how foreign acquirers enhance their chance of success in cross-border acquisition (CBA) deals. Engaging and extending signaling theory, this paper argues that during the bidding stage of an acquisition deal wherein information asymmetry is heightened between the bidder and seller, reputation of foreign bidders can serve as a signal of quality, increasing their likelihood of winning a deal over domestic bidders. Importantly, this signal is only effective when there is strong nationalist sentiment in the seller's country. Analyses of 580 bidders in 275 cross-border multi-bidder acquisition contests between 1994 and 2016 support our predictions.

中文翻译：

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背景很重要：外国投标人声誉在跨境收购竞争中的信号作用


现有研究对外国收购者如何提高跨境收购 (CBA) 交易的成功机会了解有限。本文运用并扩展了信号理论，认为在收购交易的投标阶段，投标人和卖方之间信息不对称加剧，外国投标人的声誉可以作为质量信号，增加其赢得交易的可能性。投标人。重要的是，这个信号只有在卖方所在国存在强烈的民族主义情绪时才有效。对 1994 年至 2016 年间 275 起跨境多投标人收购竞赛中 580 名投标人的分析支持了我们的预测。