A middle-range theory of acquirer corporate governance and host-country institutional infrastructure in cross-border acquisitions

Jiachen Yang

International Studies of Management & Organization, 2023, vol. 53, issue 2, 77-103

Abstract: This study connects corporate governance and international business literature streams focused on cross-border acquisition success and failure. Based on the results of fuzzy-set qualitative comparative analysis, we developed a mid-range theory stipulating that cross-border acquisition success and failure are associated with complementarities within and between the two groups of explanatory factors—acquirer corporate governance mechanisms and host-country institutions. Building on current research evidence suggesting the standalone necessity of solid acquirer corporate governance and high-quality host-country institutional infrastructure, we theorized that these two groups of explanatory factors play complementary roles in cross-border acquisition success. Our results also provide reinforcing evidence suggesting the duality of CEO power and the conjoined importance of host-country institutions in cross-border acquisitions.

Date: 2023
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DOI: 10.1080/00208825.2023.2184259

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