Does the second mouse get the cheese in the trap? Evidence from industry-level acquisition waves in China

Liangyong Wan and Jianyou Ou

Applied Economics, 2025, vol. 57, issue 19, 2348-2364

Abstract: This paper studies the relationship between acquirers’ entry timing and acquisition performance in industry-level acquisition waves in China. Based on a sample of the acquisition events of Chinese A-share listed companies in acquisition waves between 2009 and 2018, we found an inverted U-shaped relationship between entry timing and acquisition performance, suggesting that early-follower advantages exist in industry-level acquisition waves of emerging market countries. We also found that environmental uncertainty weakened this relationship while social capital strengthened it. This study provides a new theoretical framework and empirical evidence for early-follower advantages in the acquisition waves of emerging market countries and has implications for how companies manage their acquisitions.

Date: 2025
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DOI: 10.1080/00036846.2024.2323552

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