Geographical peer effect in serial mergers and acquisitions: The influence of social learning and director network.

ABSTRACT: Based on the serial mergers and acquisitions(M&A) data of Chinese A-share listed companies from 2010 to 2019, this paper discusses whether there are geographical peer effects in serial M&A, and tests its mechanism and influence path. The empirical study shows that geographical peer decision-making has geographical peer effects in the decision-making of serial M&A, and the average number of serial M&A of geographical peers has a significant positive impact on the serial M&A decision-making of focal firms. Social learning and director networks are essential to produce geographical peer effects in serial M&A. The external learning mechanism shows that the geographical peer effect of serial M&A decision-making is partly caused by backward firms' social learning to the leading peer firms' decis

SUBMITTER: Zhang X 

PROVIDER: S-EPMC10735032 | biostudies-literature | 2023

REPOSITORIES: biostudies-literature