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Learning to internationalise: the pace and success of foreign acquisitions

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  • Anna Nadolska

    (Department of Strategic Management and Business Environment, RSM Erasmus University, Rotterdam, The Netherlands)

  • Harry G Barkema

    ([1] 2Department of Organisation and Strategy, Tilburg University, Tilburg, The Netherlands [2] 3Department of Technology and Innovation Management, Rotterdam School of Management, Rotterdam, The Netherlands [3] 4Department of Management, London School of Economics, London, UK)

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    Abstract

    We argue that firms engaged in international acquisitions can benefit from foreign acquisition, domestic acquisition, and international joint venture experiences, but that their learning process is prone to biases. Only once companies learn what part of their knowledge about national cultures and entry modes can successfully be applied to new settings will they become truly successful abroad, in terms of both the rate and the frequency of their foreign acquisitions. The hypotheses were tested using negative binomial regression and hazard rate models on data on 1038 foreign acquisitions of 25 firms over a period of more than three decades. Journal of International Business Studies (2007) 38, 1170–1186. doi:10.1057/palgrave.jibs.8400318

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

    Volume (Year): 38 (2007)
    Issue (Month): 7 (December)
    Pages: 1170-1186

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    Handle: RePEc:pal:jintbs:v:38:y:2007:i:7:p:1170-1186

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    Cited by:
    1. Yang, Monica & Hyland, MaryAnne, 2012. "Similarity in Cross-border Mergers and Acquisitions: Imitation, Uncertainty and Experience among Chinese Firms, 1985–2006," Journal of International Management, Elsevier, Elsevier, vol. 18(4), pages 352-365.
    2. Meschi, Pierre-Xavier & Wassmer, Ulrich, 2013. "The effect of foreign partner network embeddedness on international joint venture failure: Evidence from European firms’ investments in emerging economies," International Business Review, Elsevier, Elsevier, vol. 22(4), pages 713-724.
    3. Naudé, Wim & Matthee, Marianne, 2012. "Do Export Costs Matter in Determining Whether, When, and How Much African Firms Export?," Working Papers, JICA Research Institute 38, JICA Research Institute.
    4. Wim Naudé & Marianne Matthee, 2011. "The impact of transport costs on new venture internationalisation," Journal of International Entrepreneurship, Springer, Springer, vol. 9(1), pages 62-89, March.
    5. Nemeth, Alexander, 2012. "A framework of international joint ventures exit: A resource dependence and learning perspective," Freiberg Working Papers, TU Bergakademie Freiberg, Faculty of Economics and Business Administration 2012,02, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
    6. Wim Naudé, 2009. "“Rushing in where angels fear to tread”?: The early internationalization of indigenous Chinese firms," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing, Emerald Group Publishing, vol. 2(3), pages 163-177, October.
    7. Lai, Jung-Ho & Chen, Li-Yu & Chang, Shao-Chi, 2012. "The board mechanism and entry mode choice," Journal of International Management, Elsevier, Elsevier, vol. 18(4), pages 379-392.
    8. Sangcheol Song, 2014. "Entry mode irreversibility, host market uncertainty, and foreign subsidiary exits," Asia Pacific Journal of Management, Springer, Springer, vol. 31(2), pages 455-471, June.
    9. Dikova, Desislava & Rao Sahib, Padma, 2013. "Is cultural distance a bane or a boon for cross-border acquisition performance?," Journal of World Business, Elsevier, Elsevier, vol. 48(1), pages 77-86.
    10. Collins, Jamie D. & Holcomb, Tim R. & Certo, S. Trevis & Hitt, Michael A. & Lester, Richard H., 2009. "Learning by doing: Cross-border mergers and acquisitions," Journal of Business Research, Elsevier, Elsevier, vol. 62(12), pages 1329-1334, December.
    11. Mulotte, L., 2013. "Do experience effects vary across governance modes? Evidence from new product introduction in the global aerospace industry, 1948–2000 (Online first)," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-5905829, Tilburg University.
    12. von Eije, Henk & Wiegerinck, Hélène, 2010. "Shareholders' reactions to announcements of acquisitions of private firms: Do target and bidder markets make a difference?," International Business Review, Elsevier, Elsevier, vol. 19(4), pages 360-377, August.
    13. Mulotte, L. & Dussauge, P. & Mitchell, W., 2013. "Does pre-entry licensing undermine the performance of subsequent independent activities? Evidence from the global aerospace industry, 1944-2000," Open Access publications from Tilburg University, Tilburg University urn:nbn:nl:ui:12-4860069, Tilburg University.

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