The Effect of State Ownership on a Cross-Border Acquisition Wave

Crystal Le, Jing Pu, Seungho Choi

Research output: Contribution to journalArticlepeer-review


More enterprises from developing countries are conducting cross-border acquisitions (CBA) in the global market. Inter-industry acquisitions take the form of waves, and the position in an acquisition wave has been confirmed to be related to acquisition performance in developed countries. This paper examines the relationship between state ownership and position in a CBA wave using a sample of Chinese firms’ CBA events from 2008 to 2019. This article also attempts to examine the moderating effect of the number of board members with overseas work experiences and educational backgrounds.

Original languageEnglish
Article number7894
JournalSustainability (Switzerland)
Issue number10
StatePublished - May 2023

Bibliographical note

Funding Information:
This work was funded by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF- 2020S1A5A2A01046005).

Publisher Copyright:
© 2023 by the authors.


  • Chinese company
  • company property
  • cross-border acquisition waves


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