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| The Inverted-U Relationship Research between Mutual Dependence and Chinese Enterprises’ Mergers & Acquisitions |
| LIU Linqing，CHEN Ziruo |
| Wuhan University, Wuhan, China |
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Abstract This study applies resource dependence theory (RDT) and negative binomial regression to analyze and test the relationship between mutual dependence and Chinese enterprises’domestic and cross-border M&As theoretically and empirically. Specifically, the study integrates the logic of uncertainty and the logic of embeddedness from motivation-opportunity perspectives to theoretically explore the inverted-U relationship between mutual dependence and M&As, and empirically test it by using the latest world input-output tables and Chinese enterprises’ M&As data. Results show that: (1) There exist significant relationships between mutual dependence and Chinese enterprises’ domestic and cross-border M&As, enhancing and extending the explanatory power and application domains of RDT. (2) Mutual dependence holds a significant inverted-U relationship with Chinese enterprises’ domestic M&As, and maintains a linear relationship with Chinese enterprises’ cross-border M&As. (3) Power imbalance and experience learning has negative moderating effects on the above inverted-U relationship, further enriching the boundary conditions of RDT.
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Received: 02 November 2019
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