The University of Southampton
University of Southampton Institutional Repository

The internationalization of Chinese companies: firm characteristics, industry effects and corporate governance

Record type: Article

A prominent issue in the internationalization of Chinese firms is that many are state-owned enterprises (SOEs) and that corporate governance in China is highly idiosyncratic. This paper identifies firm characteristics, industry effects and corporate governance mechanisms that foster internationalization. We find that Chinese cross-border mergers create shareholder value, but not more than domestic expansions. Corporate governance mechanisms matter, jointly and individually. While state-ownership predicts fewer cross-border mergers, a favourable board structure and corporate transparency explains higher M&A returns. As in more mature markets, firm- and industry-specific determinants also affect M&As in China.

Microsoft Word China_mergers.doc - Author's Original
Download (429kB)

Citation

Kling, Gerhard and Weitzel, Utz (2011) The internationalization of Chinese companies: firm characteristics, industry effects and corporate governance Research in International Business and Finance, 25, (3), pp. 357-372.

More information

Published date: September 2011

Identifiers

Local EPrints ID: 180401
URI: http://eprints.soton.ac.uk/id/eprint/180401
ISSN: 0275-5319
PURE UUID: a94c16fd-f2f2-4ab6-88d6-3255e3f962b8

Catalogue record

Date deposited: 14 Apr 2011 15:36
Last modified: 18 Jul 2017 12:01

Export record

Contributors

Author: Gerhard Kling
Author: Utz Weitzel

University divisions


Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton: eprints@soton.ac.uk

ePrints Soton supports OAI 2.0 with a base URL of http://eprints.soton.ac.uk/cgi/oai2

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.

×