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The purpose of this paper is to draw attention to the significant lower completion rate of mergers and acquisitions (M&As) by firms from emerging economies (EEs) (China in particular) compared with firms from advanced economies, and identify the country- and industry-level factors that affect the completion of cross-border M&As by Chinese firms.

This study explores the effects of economic, cultural and institutional distances and target firms in technology- and knowledge-intensive industries on the completion of cross-border M&As by Chinese firms. It also examines the interplay between distance factors and technology- and knowledge-intensive industries on cross-border M&A completion. This study adopts a quantitative approach and is based on a sample of 768 announced cross-border M&A deals by firms in China between 2000 and 2015.

The results indicate that economic distance increases the likelihood of the completion of cross-border M&As when the target is in a more developed economy than China, but decreases when the target is in a less developed economy. Cultural and institutional distances have a significant, negative impact on the completion of cross-border M&As. In addition, target technology-intensive industries have a significant direct negative effect on cross-border M&A completion and moderate the relationship between the distance factors and the likelihood of cross-border M&A completion.

The results reveal factors that affect the completion of cross-border M&As by emerging market firms (EMFs). Further research, however, is needed to discover how distance factors affect how EMFs find, evaluate and negotiate international bids. To broaden the scope of the research, data for firms from other EEs would also be required.

The study expands the literature that considers the effects of major distances on cross-border M&A completion. In addition, the importance of defining and measuring distances in the context of cross-border M&As is highlighted. Finally, the study expands knowledge on how cross-border M&As affect the internationalization strategies of EMFs by conceptualizing and testing how target industries affect cross-border M&A completion.

Guanxi is an influential factor of doing business in China. This research focuses on a specific guanxi type, political connection and studies the impact of political connection on corporate value. Moreover, in the technology innovation studies, few studies have examined the impact of politics on technology innovation of firm. This paper aims to examine the relations among political connection, technology innovation and corporate value by an empirical study.

A sample of listed technology-intensive firms in China is used. This research examines the impact of political connection and technology innovation on corporate value with two dimensions, namely, the owner type of firm and the political connection level of firm.

Based on an empirical study, this research has four main findings. First, technology innovation has positive impact on corporate value. Second, compared to non-connected firms, politically connected firms value more. Third, political connection to a government of higher administrative level contributes more to corporate value. Finally, the relations among political connection, technology innovation and corporate value differ by the owner type of firm.

This research contributes to the study of guanxi by considering the specific guanxi type, political connection, as well as to the study of technology innovation by considering the impact of politics.

A burgeoning body of evidence points out the importance of spatial proximity in influencing firm efficiency besides internal characteristics. Nevertheless, the family status of the firm has been traditionally overlooked in that debate. Therefore, this study aims to investigate productivity spillovers stemming from the geographical closeness to innovators and family firms.

Using secondary data on Italian technology-intensive manufacturing firms, the paper exploits spatial econometric models to estimate productivity spillovers across firms.

As regards the presence of spatial dependence, this study reveals that a firm's level of efficiency and productivity is influenced by that of nearby firms. Specifically, three main results emerge. First, spatial proximity to innovators is beneficial for the productivity of neighbouring firms. Second, closeness to family firms is a source of negative externalities for spatially proximate firms. However, and this is the third result, the adverse effect vanishes when the nearby family firms are also innovators.

As the study relies on cross-sectional data, future research should explore productivity spillovers in a longitudinal setting. Additionally, the channels through which productivity spillovers occur should be measured.

The study highlights the importance of co-location for public policy initiatives to strengthen the competitiveness of firms and, indirectly, that of localities and regions. Moreover, the findings show the crucial role of innovation in mitigating the productivity gap between family and non-family firms.

Notwithstanding the advent of the digital era, spatial proximity and localized social relationships are still a relevant factor affecting firms' performance.

By exploring the role of family firms in influencing the advantages of geographical proximity, this study contributes to the growing efforts to explore family enterprises across spatial settings.

This paper aims to, through the disintegration of the innovation process in this paper, attempt to shed light on what are some of the distinctive features of this phenomenon, such as: Who is outsourcing R&D? What types of R&D services are being outsourced across the R&D value chain and to whom? Where are firms outsourcing these services? and Why do firms decide to outsource them? Outsourcing practices of some stages of the R&D process to specialized providers have been gaining momentum during the past years even by firms operating in high-tech sectors.

The data used in this paper stem from an original international survey on R&D services outsourcing. This survey includes a sample of 182 US and European Union firms competing in technology-intensive industries.

This study provides evidence of the existence of a global outsourcing market that covers practically all the R&D stages and is widely used by technological firms. However, it highlights the importance of multinationality to be able to use R&D outsourcing as a tool for value creation.

Despite the relevance of this phenomenon, previous studies tend to analyze the R&D function as a whole. However, through the disintegration of the innovation process, this paper provides original international data which helps to analyze the real magnitude and scope of this R&D offshore outsourcing process at the transactional level.

The critical issue in the debate over the pollution haven hypothesis (PHH) is whether the location choice of international investment is influenced by the stringency of environmental regulation. So far previous empirical studies focused on the outward investment from developed countries, while little work has been done on the issue from developing countries. To fill the gap, this paper selects data from China enterprises, using a Logit estimation to determine whether there is a pollution haven effect in the location choice of developing countries’ outward investment. Our results show that Chinese enterprises are attracted by countries with lax environmental regulations; resource-intensive enterprises from China are more sensitive to the stringency of regulation than are technology-intensive enterprises. We contribute to the literature in two ways. First, we provide new evidence in support of the PHH by analyzing investment from developing countries. Further, we show that differences exist in the FDI behavior between resource-intensive and technology-intensive enterprises. Based on this finding, we explain why some previous studies have not found robust evidence of the PHH.

This study aims to determine how and through what mechanisms the outward foreign direct investment (OFDI) promotion effect of the Belt and Road initiative (BRI-OFDI) affects domestic investment. It is motivated by the context that China is fostering a new development pattern, as well as by the impetus from the Belt and Road initiative for the new pattern.

Drawing on data of Chinese-listed companies, this study uses a difference-in-difference method to explore the effect of the BRI-OFDI on domestic investment and a mediation model to illustrate the mechanisms.

The BRI-OFDI has a significantly positive effect on domestic investment, meaning that the Belt and Road initiative's OFDI promotion effect crowds in domestic investment. The results are heterogeneous: the crowding-in effect mainly exists in non-state-owned and technology-intensive enterprises, while a crowding-out effect is seen in state-owned and labor-intensive enterprises. The easing of corporate financing constraints and the expansion of market demand are two important mechanisms.

This study uses the Belt and Road initiative as an exogenous shock to investigate the impact of the initiative-induced OFDI promotion effect on domestic investment. It addresses the potential endogeneity issue confronting the studies on the relationship between OFDI and domestic investment in the literature. The authors focus on the possible spillover effects of the Belt and Road initiative discussing the impact of the BRI-OFDI on domestic investment from the micro-firm perspective. It offers a new perspective to objectively assess the initiative's policy effect.

Purpose – The purpose of this study is to examine the influence of technological resources and external research partners on the export performance of Italian high-tech small and medium firms (SMEs).

Methodology/approach – Drawing on the resource-based view as theoretical framework and deriving hypotheses from the export management literature, we used a sample of Italian manufacturing firms to run a two-step analysis. First, a Levene's test is conducted to assess whether SMEs operating in the high-tech sectors differ from those operating in other manufacturing sectors. Second, employing ordinary least squares (OLS) regression we analysed which technological resources and external research partners best discriminate the export performance of high-tech SMEs.

Findings – Our empirical results revealed that: (1) the use of output rather than input measures of innovation better captures the contribution of technological resources on export performance of firms in our sample; (2) product innovations positively and significantly affect the export performance of technology intensive SMEs; (3) among external research partners, universities provide positive spillover effects on their export performance.

Originality/value – This study provides the heterogenic perspective of the high-tech sectors when attempting to explain the influence of technological resources and external research partners on the export performance of SMEs. Second, the study expands the traditional measures used in the literature for firms’ technological resources and it comprehensively analyses innovative inputs and innovative outputs while exploring whether innovative efforts have had a measurable effect on the export performance of high-tech SMEs.

The purpose of this paper is to consider whether the characteristics of a technology affect the type of learning mode used for acquiring abilities related to specific competencies. While technological competencies have a direct impact on firm performance for technology‐intensive start‐ups, few if any of these firms posses all the prerequisite competencies required for a given technology‐product‐market paradigm as the firm enters or remains over time in that market. Consequently, high tech entrepreneurial firms must learn, acquire and develop competencies initially and in response to the changing requirements of industry standard products.

The paper includes a study of all 35 high‐tech start‐ups in the semiconductor silicon industry using primary and secondary source data.

The characteristics of a technology affect which of ten different learning methods are chosen by a firm to acquire a competence. The study finds that risk, uncertainty, status, pervasiveness, observability, disruptiveness, and centrality are technological characteristics that influence the learning modes that are selected by a firm.

This is the first study to focus on the impact of technological characteristics on learning methods used. Practical and theoretical value in determining under what technological circumstances a learning method should be used to acquire and develop skills with a new technology.

Many national and regional governments and various trade associations have created and are currently developing services that aim to provide support for firms that have just begun to or which plan to operate in international markets. Consequently, the purpose of this chapter is to illustrate the role of various support services especially in the case of software small and medium-sized enterprises (SMEs) aiming to expand internationally and accelerate their international growth. In the empirical part of the chapter, the authors review the key support organisations Finland has for its software industry. Through a descriptive empirical survey (n = 25) of the industry, we illustrate the role of various support services that are especially targeted at firms aiming to accelerate their international growth, irrespective of the phase of internationalisation. Furthermore, the authors study the use, quality and effectiveness of the internationalisation of support services from the viewpoint of managers of Finnish software SMEs. Based on our results, it is easy and logical to argue that better targeted programmes should be developed for rapidly internationalising firms in the turbulent software market. However, there are already a few innovative and better targeted programmes being offered to Finnish software firms. According to our study, in the later phases of internationalisation, the key to success is more closely linked to the availability of external funding as well as knowledge and contacts provided by international consultants.