2026-04-23T07:13:08Zhttps://uvadoc.uva.es/oai/request

oai:uvadoc.uva.es:10324/840302026-04-14T19:03:49Zcom_10324_1147com_10324_931com_10324_894col_10324_1266

García Gómez, Conrado Diego Farinha, Jorge Bento Demir, Ender Díez Esteban, José María 2026-04-14T07:53:38Z 2026-04-14T07:53:38Z 2026 Thunderbird International Business Review, 2026 (Online Version of Record) 1096-4762 https://uvadoc.uva.es/handle/10324/84030 10.1002/tie.70125 Thunderbird International Business Review 1520-6874 This study examines whether Asian companies pay higher premiums in cross-border mergers and acquisitions (M&A) and identifies the institutional factors driving this behavior. Grounded in the concept of Asian institutional logic—characterized by state coordination, relational governance, and long-term strategic orientation—we argue that these features shape distinctive acquisition patterns compared to Western market logics. Using a large sample of cross-border M&A during the period 2003–2021, we first uniquely compare whether the geographical origin of the acquirer firm is a relevant determinant of the premium paid, namely for cross-border operations targeting Asia, Europe, and the United States. We find that Asian acquirers pay significantly higher premiums compared to their European and U.S. counterparts. Employing a moderating effect approach, we find that this relationship is amplified by four mechanisms aligned with the Asian institutional logic. Specifically, we analyze the role of Chinese state-owned enterprises (SOEs) and find that they contribute significantly to the higher premiums paid. Our results are robust across different model specifications and subsample analyses, shedding light on the distinct dynamics of cross-border M&A involving Asian firms. eng info:eu-repo/semantics/openAccess http://creativecommons.org/licenses/by-nc-nd/4.0/ © 2026 The Author(s) Attribution-NonCommercial-NoDerivatives 4.0 Internacional Concentración económica Inversiones extranjeras Gestión financiera Relaciones económicas internacionales - Asia Do Asian Companies Bid Higher in Cross‐Border M&A? A Moderating Effect Analysis info:eu-repo/semantics/article