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This paper aims to investigate the role that institutional shareholders play in acquisition decisions using micro data in the Chinese stock market during 2003‐2008.

Acquisition decision is the selection and coordination process of shareholders as strategic alliances, which is determined by corporate acquisition ability, composition of institutional shareholders and concentration of tradable share (TS) in China. The paper uses the Heckman selection model to surmount the selection biases in acquisition decision.

The paper finds that institutional shareholders, including qualified foreign institutional investors (QFII), social security funds (SSF), security firms (SF) and security investment funds (SIF), as well as TS concentration, affect acquisition probability rather than annual acquisition scale. SSF, SIF and TS concentration can increase acquisition probability while QFII decreases it.

This paper suggests a strategic alliance model in which institutional shareholders choose whether to collaborate with controlling shareholders and management. However, detailed information of the selection and coordination process is unavailable in the authors' data. Future research need provide more evidence of this postulate.

The paper contributes to the published literature in three ways. First, it offers a model to understand the selection and coordination process of acquisition decision. Second, it investigates whether institutional shareholders could effectively monitor annual acquisition scale. Third, it identifies the Heckman selection problem that institutional shareholders could affect PLCs' acquisition decision on whether to acquire rather than how much to acquire.

The capital markets witness phenomenal shifts of corporate control. With the shift of world economy into a global one, there has been a rapid increase in the volume of acquisitions. The previous studies shed light on the motives behind acquisition and impact of acquisition on both bidding and target firms. The purpose of this study is to bridge a gap in literature by exploring the factors affecting the acquisition ability (AA) of the firms. The study has analyzed the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm.

Cross-sectional data has been analyzed with respect to Pakistan stock exchange for a period of 2004-2017 by using logit regression.

Analysis indicates that firm-specific variables are important determinants in firm’s decision to acquire. Chief Executive Officer duality and presence of institutional shareholders on the board contribute to this important phenomenon in the life of the acquiring firms. Bidding firm’s financial strength is also another important consideration while going for corporate control transfer transactions. The empirical results indicate the better AA for firms characterized by minimum capacity usage, lower level of intangible assets, lower debt levels and lower advertising expenses. However, the regulatory factor has no significant role in firms’ AA. The findings of the study are helpful for managers, regulators and policymakers.

Analyzing the role of financial strength, corporate governance and regulatory influence on AA of acquiring firm is a rare study, especially in an emerging country such as Pakistan.

The purpose of this paper is to investigate the role of specific variables, that are strategic orientations, organizational model and prior acquisitions experience, in the management of acquisitions that are not motivated exclusively by financial objectives.

Multiple cases have been developed, selecting frequent acquirers and analysing the dynamics of acquisitions implementation. Within‐case analysis was aimed at describing the acquisition and integration processes experienced by the selected firms, identifying the role of the researched variables in each phase and their impact on the acquisition outcomes. Thereafter, cross‐case analysis was used to look for the presence of similarities across multiple cases. The organizational characteristics under investigation are proposed as hallmarks of the effective acquirer in knowledge‐intensive industries.

Characteristics such as the market orientation, the entrepreneurial orientation, the organizational model, the experience in acquisitions management and the investments in knowledge codification emerged from the cases as critical in managing acquisitions that are mainly motivated by the need of the acquirer to have access to knowledge‐based resources of the target.

The paper gives a contribution to the debate going on in literature about the role of new variables in explaining the acquisitions success or failure and the non‐financial motives for acquisitions. It tries to bring the expertise showed by certain firms in managing acquisitions in knowledge‐based industries to specific and, until now, under‐researched features that characterize them. The main limitation of the study is the generalizability of the developed framework, due to the bounded number and the nature of case studies. All the examined firms operate in the field of IT services and all the considered acquisitions are horizontal.

Even if literature has long emphasized the need to prioritize the multiple aspects of the acquisition process and discussed the role of multiple variables in explaining the variance in acquisitions outcomes, empirical research has not completely identified the antecedents of the acquisitions performance and has traditionally overlooked the non‐financial motives for acquisitions. This study focuses on high‐tech industries, where acquisitions are motivated mainly by motives other than financial, and investigates the role of specific and under‐researched characteristics of the acquirer firms.

The purpose of this paper is to develop the role of integration flexibility as a mediator of acquisition performance and demonstrate how this capability varies across firms.

The study develops a conceptual framework of anticipated relationships by building on existing but so far unintegrated acquisition research.

The study suggests integration flexibility provides an explanation for variance in acquisition performance. The study identifies drivers behind acquisition integration flexibility in acquirer characteristics, deal characteristics and integration management. The authors further specify the positive and negative impact of several key factors commonly discussed in acquisition research.

Integration flexibility stands out as a novel explanation for acquisition performance. Still, the benefits from flexibility are not universal and developed logic suggests it represents a dynamic capability for acquirers. Our framework helps predict which acquirers and deals are more likely demonstrating this capability, thus contributing to predict acquisition performance.

Acquisitions often take place in dynamic environments and reportedly often fail. Predicting and developing acquisition integration flexibility stands out as an important task for acquiring management.

Annual global acquisition values are on par with the GDP of large industrial nations (e.g. Germany) and failures for reasons of lacking acquisition integration flexibility contributes to value destruction harming not only firms, but society at large. Improved integration flexibility likely mediates this risk.

Making an acquisition to adapt to environmental change implicitly assumes greater integration that can limit flexibility. While our argument builds on key concepts from acquisition research these so far have remained unconnected in relation to acquisition integration flexibility. The authors develop factors influencing this important capability and show how it mediates acquisition performance. This links acquisition antecedents with integration or phases typically treated separately.

The purpose of this study is to examine investors’ intention and behavior concerning ex ante information acquirement and ex post claims from the micro-level perspective with the deepening of the initial public offering (IPO) reform of China.

The authors made surveys and collected 932 valid questionnaires from investors in China. The authors also conducted interviews with sophisticated investors, investment bankers and government regulators to obtain first-hand information. Based on the survey results, the authors make the empirical analysis.

Investors’ attention to the first-hand information of the IPO prospectuses is inadequate. Individuals rely more on second-hand information, while institutions conduct more surveys. The higher the institutional practitioners’ degree of education, the more surveys they make. Only 1/3 investors intend to seek judicial remedy when getting fraud information due to high litigation costs and proof collecting difficulties. The investors who read more about prospectuses in advance are more likely to seek judicial protection afterwards. Compared with investors who know less about government administrative protection measures, those who know more have a low probability to choose “not to seek judicial protection.”

The authors enrich the research studies of IPO information acquisition and investor protection by conducting surveys to get first-hand data. Previous literature mostly makes empirical tests by using proxy variables.

The purpose of this paper is to study the possible mediating mechanisms (human resource management (HRM), learning and innovation) that could exist in the relationship between transformational leadership and organizational performance. This topic has been studied only by a few groups of researchers and these researchers have not analyzed all these concepts jointly.

This research explores the relationships using partial least squares with data from 200 Spanish industrial companies. Analyzing the mentioned relationships in the Spanish context has been done by few researchers before.

The study reveals that the adoption of transformational leadership styles improves performance when specific systems of HRM practices, learning and innovation are developed in an organization.

This study, therefore, contributes to the understanding of the link between transformational leaders and performance by proposing a model in which it is evinced that this leadership style produces synergies between HRM, learning and innovation, which in the end, affect performance.

This paper examines the cross-cultural internship teaching experience of a mainland Chinese student of a Master's program on adult education in a Macao university.

Using autobiography, the data were collected from the teaching journals, biographical notes, and deep reflections of the student teacher, tracking the whole process of cross-cultural internship teaching. The data were analyzed in a grounded way, by scrutinizing the process to overcome the difficulties and challenges encountered in the two-month internship teaching period.

Three key themes were identified: (a) constructing relationship with mentor teacher as the key condition; (b) classroom interaction as an important influencing factor; (c) professional identity as the result of the learning-to-teach process. Furthermore, this paper reveals an adaptation process during the internship, where the student teacher went through three phases, namely, novice anxiety, adjustment, and ability acquisition.

This paper’s analysis on the internship teaching experience reflecting practical issues in the process has extended the literature of academic adaptation in internship learning of non-local students. Based on this cross-cultural student case under the unique mainland China-Macao cross-border context, some suggestions are provided for university policy makers and educators in Macao.

Scholars have examined the possible relationship between information technology (IT) and organizational agility. Although the general-level effect of IT is undisputed, empirical research on how different types of IT contribute to various aspects of organizational agility remains scarce. Therefore, this study aims to propose an integrated framework of internal capability and external environment to address this research gap.

This study investigates the potential mediating effects of absorptive capacity and the moderating effects of information intensity in the IT‒agility relationship. With a dataset comprising 165 organizations in China, this work provides empirical evidence that the effects of absorptive capacity and information intensity are multifaceted and nuanced, thereby revealing the latent mechanisms of IT competency and organizational agility.

Absorptive capacity partially mediates the effects of IT knowledge and IT operations on market capitalizing agility and fully mediates their effects on operational adjustment agility. However, no direct or indirect effects of IT objects are found on both types of organizational agility. Information intensity also positively moderates the effects of IT operations and IT objects on absorptive capacity. However, no significant moderation is found with regard to IT operations.

This study provides novel insights by demonstrating clearly the different mediating roles of absorptive capacity in the relationship among various types of IT competency and diverse aspects of organizational agility. This work also underscores the moderating role of information intensity in shaping absorptive capacity through IT competency.

In today's competitive business environment, understanding how leadership traits shape outcomes is critical. Chief executive officer (CEO) narcissism, an intriguing and debated trait, raises questions about its impact on organisational behaviour, particularly regarding entrepreneurial orientation (EO). This study aims to examine how CEO narcissism affects EO, both as aggregate and specific measures, encompassing internal and external growth. It also considers the organisational context by examining how factors such as capital intensity, firm ownership and CEO duality moderate this relationship.

To test the hypotheses, the authors used a sample of firms drawn from China's ChiNext database (2008–2017). After an initial screening, the final sample consists of 251 CEOs from 239 companies. Data on CEO narcissism are collected from the firm's official website and major online sources, whilst additional data are extracted from the WIND daabase. The authors use multiple regression and ordinary least squares (OLS) for data analysis.

The results show that CEO narcissism leads to external asset growth investments but not internal research and development (R&D). There is a positive relationship between CEO narcissism and EO as an aggregate measure and also different managerial discretions play varying roles in the relationship. Specifically, capital intensity weakens this relationship, but state ownership strengthens it.

This study helps to clarify the relationship between CEO narcissism and EO and advances the literature by showing that firms' EO actions may take various forms of innovation and venturing as new entry initiations of EO. The study findings have important implications for firms to capitalise on narcissistic CEOs' entrepreneurial tendencies, balance internal R&D and external asset growth and leverage various managerial discretions.

The purpose of this paper is to discuss how venture capital institutions can use their syndicated investment network to help listed companies to achieve better performance in mergers and acquisitions (M&A) activities.

This paper builds a fixed effect unbalanced panel regression model to study the impact of venture capital network on the M&A performance of listed companies.

Evidence indicated that the stronger the information resource acquisition ability of venture capital institutions in the network, the better the listed company's M&A performance supported; the stronger the information resource control ability of venture capital institutions in the network, the better the listed company's M&A performance supported; the higher the participation of venture capital institutions, the more significant the positive impact of information resource acquisition and information resource control abilities on M&A performance in the network.

The data in this paper are from China's Growth Enterprise Market (GEM), other markets may be considered in the future research studies.

The research conclusions of this paper affirm the positive role played by venture capital institutions through syndicated investment in eliminating information asymmetry in M&A of invested companies. The information resource acquisition and control abilities and participation degree of the venture capital network have positively promoted the M&A performance of the invested enterprises.

The conclusions of this paper not only provide useful supplements to existing research literature on venture capital network functions and corporate M&A but also have certain guiding value for venture capital institutions and start-ups to better use venture capital practices to improve their capabilities and performance.