1、4300 英文单词， 26500 英文字符 ，中文 7700 字 文献出处： Kedia B L, Reddy R K. Language and cross-border acquisitions: An exploratory studyJ. International Business Review, 2016, 25(6): 1321-1332. Language and cross-border acquisitions: An exploratory study Ben L. Kedia, Rama Krishna Reddy ABSTRACT The aim of this st
2、udy is to examine the effects of language on post-acquisition performance of US based cross-border acquisitions. In this study we attempt to show that post-acquisition performance is explained by the linguistic distance between the acquirer and target country of the acquisition. In addition, this st
3、udy explains the moderating role of acquisition experience in the linguistic distance- acquisition performance relationship. An analysis of 1120 US acquisitions in 33 target countries over a period of 6 years (2007 to 2012) demonstrates that linguistic distance has explanatory value in post- acquisi
4、tion performance. Our analysis also demonstrates that the acquirers cross-border acquisition experience plays a signicant role as a moderator of this linguistic distanceacquisition performance relationship. In addition, our analysis of lingua franca prociency also lends support to our hypothesized r
5、elationships and demonstrates the robustness of our ndings. Keywords: Language; Linguistic distance;Mergers & acquisitions; Acquisition performance 1. Introduction Cross-border acquisitions are a dominant mode of foreign expansion, increasing in overall value from $99 billion in 1990 to $555 billion
6、 in 2011 (UNCTAD, 2012). Despite assumptions that acquisitions result in higher nancial performance and create rm value (Barney, 1988; Datta, 1991; Zollo & Singh, 2004), there is little evidence to support these assumptions (Cording, Chrismann, & King, 2008). Existing evidence suggests that on average, acquisitions create close to zero value (Hitt, Ireland, Harrison, & Best, 2001; King, Dalton, Daily, & Covin, 2004). This failure to create value is often attributed to failed post-acqui
