Import to invest: Impact of cultural goods on cross-border mergers and acquisitions

Li, Chang; Yang, Lianxing

doi:10.1016/j.econmod.2020.08.014

Cited by 16 publications

(9 citation statements)

References 66 publications

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“…By securing government support, they also foster the accumulation of social capital, thereby further facilitating the implementation of cross-border M&A decisions 53 . From a resource-sharing standpoint, listed companies extract invaluable information about target markets—such as macroeconomic data, regulatory landscapes, and cultural contexts—from industrial policies, providing valuable insights for their cross-border M&A ventures 54 , 55 . From a technological vantage, industrial policies cater to the technological and knowledge requisites of listed companies, setting the foundation for the technology and knowledge indispensable for their cross-border M&As 56 .…”

Section: Resultsmentioning

confidence: 99%

The influence mechanism of industrial policies on Chinese companies' cross-border M&A decision-making

Shen,

Yang,

et al. 2023

Sci Rep

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This study explored the potential links between Chinese industrial policy and cross-border mergers and acquisitions by Chinese firms from 2009 to 2019. Based on describing China's industrial strategy and evaluating the then-current situation of Chinese enterprises' cross-border mergers and acquisitions, this empirical study constructed a two-way fixed-effect panel model and an intermediate effect model to assess the mechanism of industrial policy's influence on Chinese enterprises' cross-border mergers and acquisitions decisions. The findings were as follows: (1) Industrial policy could promote the implementation of cross-border mergers and acquisitions of Chinese enterprises; (2) By easing financial restrictions, industrial policy could improve firms' access to capital and encourage cross-border mergers and acquisitions. (3) Industrial policies could promote the high political relevance of state-owned enterprises, thus promoting the success of transnational mergers and acquisitions of enterprises. Therefore, it was significant to promote the transformation of industrial policy from subsidy-oriented to performance-oriented and rationally evaluate the risks and benefits of M&A for enterprises to complete cross-border M&A.

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Section: Resultsmentioning

confidence: 99%

The influence mechanism of industrial policies on Chinese companies' cross-border M&A decision-making

Shen,

Yang,

et al. 2023

Sci Rep

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“…Furthermore, trade in cultural products promotes cultural communication and attracts tourism resources. Cultural products are significant tourism resources, and their trade is essential for the external publicity of tourism [55]. The trade of cultural products is conducive to promoting the communication of high-quality Chinese culture and enhancing the attractiveness of China's tourism [56].…”

Section: Research Hypothesesmentioning

confidence: 99%

Study on the Influence of Cultural Communication on the Development of the Visitor Economy

2023

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This study includes China and 197 countries from 1995 to 2019 as the research subjects. It considers trade in cultural products and inbound tourism as proxy variables of cultural communication and the visitor economy to analyze cultural communication’s impact on the visitor economy’s development and finds that cultural communication significantly promotes the visitor economy’s development. A robustness test of the benchmark regression results was conducted using the shrinktail treatment, substitute variable, and subsample selection methods. Cultural products were divided into three types, and the influence of trade in different cultural products on inbound tourism varies. Forty-nine categories had the largest promoting effect on inbound tourism, followed by thirty-seven categories and ninety-seven categories. There are significant differences in the influence of cultural product exports on inbound tourism in different cultural circles and continents. The influence effect within each circle was in the following order: Indian cultural circles (0.49), Islamic cultural circles (0.42), East Asian cultural circles (0.40), Western cultural circles (0.39), and Eastern European cultural circles (0.33). From the aspect continents, the export of cultural products to Europe significantly impacted China’s inbound tourism, followed by Africa, Asia, and the Americas. Finally, countermeasures and suggestions are proven to promote the visitor economy’s development. This study provides a reference for the cultural inheritance and development of the global tourism economy.

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“…Some studies have indicated that not only essential infrastructure-relevant services are difficult for local farmers to access, but that there were also strong links between opium poppy cultivation and rural poverty [28,29]. Furthermore, many scientists hold the view that institutional infrastructure, efficient management [4], the localization of human resources [30,31], corporate social responsibility [32,33], and cross-cultural communication [34] are helpful for the promotion of foreign investors' performance and to increase the possibilities of investment success. Based on the above, what is the profile of the agricultural companies conducting the OPA project?…”

Section: Introductionmentioning

confidence: 99%

Success Factors of Cross-Border Agricultural Investments for Opium Poppy Alternative Project under China’s Belt and Road Initiative

Yan

Zhang

2022

Sustainability

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Cross-border agricultural investments (CBAIs) are considered to be an essential strategy that is expected to bridge the gap between poverty reduction and rural development in marginalized regions. Agricultural investments serve as a necessary indicator of the performance of international cooperation in China’s Belt and Road Initiative. It is of great significance to summarize the success factors of Chinese investors under this initiative and, more importantly, to improve the sustainability of CBAI projects and associated rural development. Extensive opium poppy cultivation is a barrier to poverty reduction in marginalized communities in less-developed countries such as Laos and Myanmar. The CBAIs in the opium poppy alternative (OPA) project conducted by Chinese agricultural companies aim to reduce drug crop cultivation and rural poverty based on a perspective of economic development. However, little is known about how participating companies cooperate with ex-poppy farmers to achieve investment success. In this study, we adopted case interviews and questionnaire surveys from Chinese agricultural companies in the China–Myanmar–Laos border region, with the aim to explore the success factors of CBAIs in the OPA project under China’s Belt and Road Initiative. The results indicated that the success of agricultural companies involved in the OPA project depended on three key factors, including (1) institutional and employee capacity building, (2) responses to policy and market incentives, and (3) support for the participation of ex-poppy farmers and community development. Our findings contribute to the theoretical and practical understanding of capacity improvements for foreign investors in China’s Belt and Road Initiative and shed light on the support of international agricultural cooperation for rural livelihood improvement.

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Import to invest: Impact of cultural goods on cross-border mergers and acquisitions

Cited by 16 publications

References 66 publications

The influence mechanism of industrial policies on Chinese companies' cross-border M&A decision-making

The influence mechanism of industrial policies on Chinese companies' cross-border M&A decision-making

Study on the Influence of Cultural Communication on the Development of the Visitor Economy

Success Factors of Cross-Border Agricultural Investments for Opium Poppy Alternative Project under China’s Belt and Road Initiative

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