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Wang, Guanqun (2023) Essays on the role of experience and learning in post-aquisition performance of emerging market multinational enterprises. PhD thesis, University of Nottingham.

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Abstract

Emerging market multinationals enterprise (EMNEs) use crossborder merges and acquisitions (CBMAs) to catch up with global market leaders and sustain competitive advantages through exploring the strategic assets of developed markets. Due to being later arrivals to the internationalization stage, EMNEs engaging in CBMAs often face challenges related to the liability of foreignness. Firms learn through the accumulation of international experience and try to overcome challenges by converting international experience to experiential knowledge of foreign markets. However, researchers have not yet thoroughly investigated the effects of learning from experience by the EMNEs when undertaking CBMAs. This thesis explores whether experience matters in the postacquisition performance of EMNEs. It expands the understanding of this ambiguous causal relationship by discussing and empirically testing how and when, and what kind of experience can influence EMNEs’ post-acquisition performance. The framework of this thesis was empirically tested using data mainly from the manufacturing industry of 434 cross-border mergers and acquisitions (CBMAs) conducted by Chinese multinational enterprises (CMNEs) between 2006 and 2017.

This thesis comprises three essays on the post-acquisition performance of EMNEs, with a focus on individual and organizational learning from experience. Drawing on upper echelons theory, chapter 4 advances our understanding of how a chief executive officer’s (CEO) experience can influence the postacquisition performance of EMNEs. This chapter suggests that a CEO’s experience can influence EMNEs’ post-acquisition performance by shaping their cognitive orientations in strategic decision-making. The chapter also clarifies the important role of a CEO’s positional tenure in influencing the post-acquisition performance of EMNEs, highlighting that CEOs of EMNEs are motivated to learn when engaging in CBMA activities. CEO’s positional tenure experience can assist them in better integrating their prior experience with the strategic orientation of their current firm to overcome challenges caused by the liability of foreignness.

Drawing on organizational learning theory, chapter 5 attempts to investigate when acquisition experience matters for EMNEs’postacquisition performance by discussing the concept of time compression of economics. This chapter suggests that the positive effect on post-acquisition performance will be amplified when prior experience has been effectively digested. However, EMNEs may make generalization errors when applying acquisition experience to dissimilar CBMAs. This chapter highlights that other internationalization activities with lower risk and lower commitment between two acquisitions can help EMNEs practice and absorb their prior acquisition experience and overcome the experience trap, which will enhance their subsequent acquisition performance.

Chapter 6 investigates the impact of other internationalization experiences on EMNEs' post-acquisition performance by analyzing different foreign entry modes. The chapter reveals that alliance-based internationalization experiences can broaden EMNEs' knowledge of foreign markets and help them avoid repeating mistakes in subsequent CBMAs. Additionally, the chapter examines the role of political ties in organizational learning and highlights the significance of strategy autonomy for EMNEs with prior foreign market experience, as it enables them to make organizational changes based on what they have learned from their acquired experience.

Item Type:	Thesis (University of Nottingham only) (PhD)
Supervisors:	Wang, Chengqi Desai, Malay Wang, Jinmin
Keywords:	EMNEs, international business enterprises, Post-acquisition performance, Organizational learning
Subjects:	H Social sciences > HC Economic history and conditions H Social sciences > HD Industries. Land use. Labor
Faculties/Schools:	UK Campuses > Faculty of Social Sciences, Law and Education > Nottingham University Business School
Item ID:	73206
Depositing User:	Wang, Guanqun
Date Deposited:	02 Jun 2025 08:43
Last Modified:	02 Jun 2025 08:43
URI:	https://eprints.nottingham.ac.uk/id/eprint/73206

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