Mergers and acquisitions are a complex and persistent global phenomenon. Theoretical cross-fertilization enhances our understanding of their behavior, especially in different contexts. We use organizational learning theory and institutional logic perspective to hypothesize the direct effect of inward internationalization, the negative moderating effect of family ownership and domestic institutional ownership, and the positive moderating effect of foreign institutional ownership on cross-border acquisitions (CBAs) by emerging economy multinational enterprises (MNEs). Based on data from 199 Indian MNEs over nine years consisting of an unbalanced panel with 1619 observations, our findings supported all the hypotheses except the moderating effects of domestic institutional ownership. Our findings explain that the impact of learning from inward internationalization on CBAs is not similar for all firms; rather, it depends upon ownership groups because of their institutional logic. We have proposed socioemotional wealth logic for family ownership, cautious fosterer logic for domestic institutional ownership, and yield maximizer logic for foreign institutional ownership. Our findings enhance our understanding of firms’ CBA behavior by utilizing theoretical cross-fertilization and examining CBAs in an emerging economy context.

中文翻译：

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新兴经济体跨国企业向内国际化和跨境收购：家族和机构所有权的调节作用


并购是一个复杂而持久的全球现象。理论上的交叉施肥增强了我们对它们行为的理解，尤其是在不同的环境中。本文运用组织学习理论和制度逻辑视角，假设了内向国际化的直接影响、家族所有制和国内机构所有制的负向调节作用，以及外资机构所有制对新兴经济体跨国企业（MNEs）跨境收购（CBAs）的正向调节作用。根据 199 家印度跨国企业 9 年的数据，由一个不平衡的面板和 1619 个观察结果组成，我们的研究结果支持除国内机构所有权的调节作用外的所有假设。我们的研究结果表明，从内部国际化中学习对 CBA 的影响对所有公司来说并不相似;相反，它取决于所有权群体，因为它们的制度逻辑。我们提出了家庭所有权的社会情感财富逻辑，国内机构所有权的谨慎培养者逻辑，以及外国机构所有权的收益最大化逻辑。我们的研究结果通过利用理论交叉融合和在新兴经济背景下研究 CBA 来增强我们对公司 CBA 行为的理解。