RIEB Workshop "Mergers and Acquisitions and Foreign Direct Investment"（兼松セミナー共催） RIEB Workshop "Mergers and Acquisitions and Foreign Direct Investment" (Jointly supported by: Kanematsu Seminar)

日時 2013年1月22日（火）午後3時から
会場 神戸大学経済経営研究所　調査室（兼松記念館1階）
対象 教員、院生、学部生、および製造企業などで技術・製品開発に関わりを持たれている方
使用言語 英語
備考 論文のコピーは共同研究推進室にご用意いたします。

3:00pm～3:40pm

論題 Culture Clash in International Merger and Acquisition: A Case Study
報告者 鈴木　眞奈美（法政大学経営学部）
討論者 西川　英彦（法政大学大学院経営学研究科）
概要 The purpose of this study is to explore culture clash when a Japanese company is merged with a non-Japanese company. We interviewed a Japanese director who previously worked in a Japanese company that was merged and acquired by a non-Japanese company. For success in international mergers and acquisitions, the current case study suggests the importance of pre-research on target companies and understanding individual national and corporate cultures. The results show that a Japanese company does not necessarily have high cultural adaptive abilities. The present case study suggests the standard for local employment and promotion of international enterprises.

3:40pm～4:20pm

論題 Country of Origin Effects in Cross-Border Acquisitions: An Experimental Study of Employee Reactions in the Target Firm
報告者 関口　倫紀（大阪大学大学院経済学研究科）
概要 When a domestic firm is acquired by a foreign-based MNC, how does the image of the MNC's home country influence employee reactions in the target firm? This question is closely related to the topic of country-of-origin effects in cross-border acquisitions, but it is a relatively unexplored area in international human resource management. In order to fill the research gap, this study utilizes a scenario-based experimental design to investigate how nationality of the acquirer firm affects employee reactions in the target firm such as resistance to change and organizational identification. Implications from the findings and future research directions are discussed.

4:20pm～4:40pm

Break

4:40～5:20

論題 The International Ownership Strategy of Chinese MNEs: The Role of Economic and Institutional Factors
報告者 Martin HEMMERT（高麗大学ビジネススクール／神戸大学経済経営研究所　外国人研究員）
概要 We study the determining factors of the ownership strategies of Chinese multinational enterprises (MNEs) by introducing a framework based on transaction cost theory and institutional theory. Analyzing firm-level data on outward foreign direct investment (OFDI) of Chinese MNEs during 2005-2011, we find that Chinese firms are more likely to take a higher equity share when they are operating in a high-tech industry. Contrary to our expectations, Chinese firms take lower equity shares when investing in geographically proximate countries, suggesting they may have different risk perceptions from developed country MNEs. Chinese firms' international ownership decisions are also influenced by their home- and host-country institutional environments. Our results indicate that a high cultural distance between home and host country induces Chinese firms to take lower equity positions in their OFDI. Furthermore, investing firms' state ownership is related to lower equity investments, suggesting that state-owned firms respond to institutional pressures by their riskaverse home country government. Taken together, our results indicate that the ownership strategies of Chinese MNEs are partially deviating from predictions which are based on existing theories of foreign direct investment.