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Can the Cultural Distance be
“
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in Cross鄄border
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An Examination Based on the
Evidence from Chinese Listed Company
WANG Wanqiu & WU Wenling
(
1 2. College of Economics & Management
,
Beijing University of Technology
,
Beijing 100124
,
China
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Abstract
: With the cross鄄border mergers and acquisitions which occurred in 2002—2012 as samples, this study confirmed
that both the national cultural distance and the organizational cultural distance adversely affect the performance of cross鄄border
mergers and acquisitions by applying regression analysis. Then this paper explored the approaches to “shorten冶 cultural distance
through introducing the moderating factors and found that acquiring enterprises蒺 maturity, the control of acquiring enterprises over
the acquired enterprises, the population density of the country to which the acquiring enterprises belong in the country to which
the acquired enterprises belong can significantly reduce the adverse effects of the national cultural distance and the organizational
cultural distance on the performance of cross鄄border mergers. The research findings can contribute to decision making on cross -
border mergers and acquisitions of Chinese enterprises.
Key Words
: cross鄄border mergers and acquisitions; cultural distance; moderating factors
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