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| Knowledge Distance and Innovation Performance of Chinese Cross-Border Acquisitions |
| LI Hong，YE Guangyu，ZHAO Wenli |
| South China University of Technology, Guangzhou, China |
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Abstract Cross-border acquisition is one of the important approaches for Chinese firms to acquire strategic assets and achieve innovation catch-up. However, previous studies have neglected the learning effect caused by knowledge distance. How does the knowledge distance between countries help Chinese companies achieve higher innovation performance? The study attempts to answer this question by combining springboard theory and the theory of corporate absorptive capacity. Through the data of cross-border acquisitions of Chinese listed companies from 2008 to 2015, the study explores the impact of knowledge distance on the innovation performance of Chinese firms’ cross-border acquisitions and the moderating role of cultural distance, experience, and R&D intensity. The study found that the knowledge distance between China countries provides Chinese firms access knowledge resources, which triggers learning effects, and helps Chinese firms to improve their innovation performance. At the same time, acquisition experience and R&D intensity play positive moderating roles between knowledge distance and innovation performance of Chinese firms’ cross-border acquisitions.
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Received: 21 September 2018
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