An empirical study on the effect of the ownership with cross-border acquisition performance by Korean firms : Focusing on the interaction with cultural distance and acquisition relatedness

한국기업의 피인수기업에 대한 통제수준이 국제 인수합병 성과에 미치는 영향 : 문화적 거리, 관련형 인수의 조절효과를 중심으로

  • 박영렬 (연세대학교 경영대학 경영학과) ;
  • 박정민 (울산대학교 경영대학 경영학부) ;
  • 송윤아 (연세대학교 경영연구소)
  • Received : 2010.11.10
  • Accepted : 2010.12.10
  • Published : 2010.12.30

Abstract

This study empirically examined the effect of ownership on cross-border acquisition performance. This study analyzed 284 international acquisitions undertaken by Korean public companies between 1986 and 2008. This study showed that the ownership had a negative impact on cross-border acquisition performance. Furthermore, this study found that the interaction between the ownership and cultural distance had a negative impact on cross-border acquisition performance. This study also showed support that the interaction between the ownership and acquisition relatedness had a negative impact on cross-border acquisition performance. This study improved the understanding of roles of the ownership and complemented previous research on the relationship among cultural distance, acquisition relatedness, and cross-border acquisition performance.

Acknowledgement

Supported by : 울산대학교