Pro-market reform and first cross-border acquisition speed of emerging market firms: Exploring intergroup and intragroup heterogeneity

Yadav Sandeep () and Upadhyayula Rajesh Srinivas ()
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Yadav Sandeep: Indian Institute of Management Kozhikode
Upadhyayula Rajesh Srinivas: Indian Institute of Management Kozhikode

No 500, Working papers from Indian Institute of Management Kozhikode

Abstract: This study extends the springboard perspective by providing contextual insights into heterogeneity in emerging market firms' aggressive internationalization, conceptualized as the speed of first cross-border acquisition (CBA). We investigate how the business group (BG) affiliated firms respond to pro-market reform based on among BGs and within BG heterogeneity. We test the proposed hypotheses using Cox proportional hazard models on a sample of 8419 Indian firms (73,388 firm-year observations) for a period of 24 years (1996 to 2019). We find that the scope of pro-market reform is likely to increase the speed of the first CBA. Furthermore, we find that this relationship is contingent on among BGs (product diversification, prior CBA experience) and within BG (firm position in BG, firm in the core industry of BG) heterogeneity of affiliated firms.

Keywords: Pro-market; emerging market firms; intergroup and intragroup heterogeneity (search for similar items in EconPapers)
Pages: 03 pages
Date: 2022-03
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