カシフ　アハマド   Kashif Ahmed   カシフ・アハマド    所属   京都外国語大学  外国語学部 英米語学科    職種   講師
言語種別	英語
発行・発表の年月	2020/05
形態種別	論文
査読	査読あり
標題	Formal institutional uncertainty and equity sought on foreign market entry: does industry matter?
執筆形態	共著
掲載誌名	Review of International Business and Strategy
掲載区分	国外
巻・号・頁	30(3),pp.421-440
担当区分	筆頭著者,責任著者
国際共著	国際共著
著者・共著者	Ahmed, K.*, Bebenroth, R., & Hennart, J.F.
概要	This study examines how host-country formal institutional uncertainty affects the equity percentage sought in cross-border acquisitions (CBAs) and how this effect differs between technology and non-technology industries. Using institutional legitimacy theory and Tobit regression on 1,340 CBAs, the results show that acquirers seek lower equity stakes in countries with weaker institutions. This negative relationship is even stronger when the target operates in the technology sector. The study is limited by its focus on Japanese acquirers, reliance on secondary data for institutional uncertainty, and the use of Bloomberg’s industry classification. Practically, the findings suggest that technology acquisitions in institutionally less developed countries pose heightened challenges. This is the first study to test how industry moderates the link between institutional uncertainty and equity sought in CBAs.
DOI	https://doi.org/10.1108/RIBS-01-2020-0005
researchmap用URL	https://doi.org/10.1108/RIBS-01-2020-0005