Media Exposure and Acquisition Premium Evidence from Chinese Investing Companies
DOI:
https://doi.org/10.14738/abr.812.9506Keywords:
Media exposure; International business; Acquisition; Premium; ChinaAbstract
Acquisition deals often draw the attention of the media and the media exposure influences the decisions of stakeholders. Especially attractive in recent years are deals that Chinese companies are investing actively both within China and across the globe. How does media exposure influence the price premium of the target companies that Chinese companies acquire? Building upon the literature of economics and psychology, we develop competing hypotheses on the potential effect. In addition, we argue that the effects of media exposure are different between the Chinese companies’ domestic and international acquisition deals. The data from the recent decade’s transactions indicate that media exposure is associated with the higher premium, supporting the attention-based view. In addition, we hypothesize the effect of media exposure is larger for international deals than for domestic deals. Theoretical and practical implications are discussed.
References
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[32]. Li, W., Tsang, E. W. K., Luo, D., & Ying, Q. 2016. It’s not just a visit: Receiving government officials’ visits and firm performance in China. Management and Organization Review, 12 (3), 577-604. doi: 10.1017/mor.2015.45.
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[36]. Xu, D., & Shenkar, O. 2002. Institutional distance and the multinational enterprise. Academy of Management Review, 27 (4), 608-618. doi: 10.2307/4134406.
[37]. Charnley, J., & Cupic, Z. 2005. The internationalization of Chinese firms: a case for theoretical extension? Management & Organization Review, 1(3), 381-410. doi: 10.1111/j.1740-8784.2005.0020a.x.
[38]. Bloom, N., & Reenen, J. V. 2010. Why do management practices differ across firms and countries? Journal of Economic Perspectives, 24(1), 203-224. doi: 10.2139/ssrn.1533440.
[39]. Li, X., & Ma, L. 2015. Business management practices: Converging in some aspects but diverging in others. Management and Organization Review, 11 (4): 795-806. doi:10.1017/mor.2015.57.
[40]. Shen, R., Tang, Y., & Chen, G. 2014. When the role fits: How firm status differentials affect corporate takeovers. Strategic Management Journal, 35: 2012-2030. doi: 10.1002/smj.2194.
[41]. Yildiz, H. E., & Fey, C. F. 2016. Are the extent and effect of psychic distance perceptions symmetrical in cross-border M&As? Evidence from a two-country study. Journal of International Business Studies, 47, 830-857. doi: 10.1057/jibs.2016.27.
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[43]. Bilkey, W. J., & Nes, E. 1982. Country-of-origin effects on product evaluations. Journal of International Business Studies, 13 (1), 89-100. doi: 10.1057/palgrave.jibs.8490539.
[44]. Hope, O.-K., Thomas, W., & Vyas, D. 2011. The cost of pride: Why do firms from developing countries bid higher? Journal of International Business Studies, 42, 128–151. doi:10.1057/jibs.2010.5
[45]. Park, S. H., & Vanhonacker, W. R. 2007. The challenge for multinational corporations in China: Think local, act global. The MIT Sloan Management Review, 48 (4), W8-W15.
[46]. Healy, P. M., & Palepu, K. G. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting & Economics, 31(1-3), 405-440. doi: 10.1016/S0165-4101(01)00018.
[47]. Barnes, B. G., L Harp, N., & Oler, D. 2014. Evaluating the SDC mergers and acquisitions database. Financial Review, 49(4), 793-822. doi: 10.2139/ssrn.2201743.
[48]. UNCTAD. 2017. Foreign direct investment: Inward and outward flows and stock, annual, 1970-2016. Retrieved from http://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx (Dec. 28, 2017)
[49]. Reddy, K. S., Nangia, V. K., & Agrawal, R. 2014. The 2007–2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study. Global Journal of Emerging Market Economies, 6(3), 257-281. doi: 10.1177/0974910114540720.
[50]. Helleiner, E. 2010. What role for the new financial stability board? The politics of international standards after the crisis. Global Policy, 1(3), 282-290. doi: 10.1111/j.1758-5899.2010.00040.x.
[51]. Beckman, C. M., & Haunschild, P. R. 2002. Network learning: The effects of partners’ heterogeneity of experience on corporate acquisitions. Administrative Science Quarterly, 47: 92-124. doi: 10.2307/3094892.
[52]. Reuer, J. J., Tong, T. W., & Wu, C.-W. 2012. A signaling theory of acquisition premiums: Evidence from IPO targets. Academy of Management Journal, 55: 667-683. doi: 10.5465/amj.2010.0259.
[53]. Liang, H.-Y., Yao, Y.-L., & Ning, J.-A. 2012. Media exposure, corporate governance and agency costs. Journal of Finance & Economics, 38, 90-100. [In Chinese]. doi: 10.16538/j.cnki.jfe.2012.07.009.
[54]. Wang, H. C., He, J., & Mahoney, J. T. 2009. Firm-specific knowledge resources and competitive advantage: the roles of economic- and relationship-based employee governance mechanisms. Strategic Management Journal 30 (12): 1265–1285. doi: 10.1002/smj.787.
[55]. Schwarzer, R., Bäßler, J., Kwiatek, P., Schröder, K., & Zhang, J. X. (1997). The assessment of optimistic self‐beliefs: comparison of the German, Spanish, and Chinese versions of the general self‐efficacy scale. Applied Psychology, 46(1), 69-88. doi: 10.1111/j.1464-0597.1997.tb01096.x
[56]. Laamanen, T. 2007. On the role of acquisition premium in acquisition research. Strategic Management Journal, 28: 1359-1369. doi: 10.1002/smj.639.
[57]. Kirk, R. E. 1996. Practical significance: A concept whose time has come. Educational and Psychological Measurement, 56: 746-759. doi: 10.1177/0013164496056005002.
[2]. Malkiel, B. G., & Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The journal of Finance, 25(2), 383-417. doi: 10.1111/j.1540-6261.1970.tb00518.x
[3]. Tetlock, P. C. 2007. Giving content to investor sentiment: The role of media in the stock market. The Journal of Finance, 62(3), 1139-1168. doi: 10.1111/j.1540-6261.2007.01232.x.
[4]. Tetlock, P. C., Saar‐Tsechansky, M., & Macskassy, S. 2008. More than words: Quantifying language to measure firms' fundamentals. The Journal of Finance, 63(3), 1437-1467. doi: 10.1111/j.1540-6261.2008.01362.x.
[5]. Ocasio, W. 1997. Towards an attention-based view of the firm. Strategic Management Journal, 18 (S1), 187-206. doi: 10.1002/(SICI)1097-0266(199707)18:1+<187::AID-SMJ936>3.0.CO;2-K.
[6]. Barber, B. M., & Odean, T. 2007. All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The Review of Financial Studies, 21(2), 785-818. doi:10.2139/ssrn.460660.
[7]. Ahern, K. R., & Sosyura, D. 2014. Who writes the news? Corporate press releases during merger negotiations. The Journal of Finance, 69(1), 241-291. doi: 10.1111/jofi.12109.
[8]. Ahern, K. R., & Sosyura, D. 2015. Rumor has it: Sensationalism in financial media. The Review of Financial Studies, 28(7), 2050-2093. doi: 10.2139/ssrn.2264468.
[9]. Ma, L., Brett, J. M., Wang, H., & Zhang, Z.-X. 2017. Negotiating with Chinese investors. MIT Sloan Management Review, 59 (1), 89-90.
[10]. Dyck, A., Volchkova, N., & Zingales, L. 2008. The corporate governance role of the media: Evidence from Russia. The Journal of Finance, 63 (3), 1093-1135. doi: 10.1111/j.1540-6261.2008.01353.x.
[11]. Dougal, C., Engelberg, J., Garcia, D., & Parsons, C. A. 2012. Journalists and the stock market. The Review of Financial Studies, 25(3), 639-679. doi: 10.2307/41407843.
[12]. Li, J., & Qian, C. 2013. Principal‐principal conflicts under weak institutions: A study of corporate takeovers in China. Strategic Management Journal, 34(4), 498-508. doi: 10.2307/23471021.
[13]. Peng, M. W., Wang, D. Y., & Jiang, Y. 2008. An institution-based view of international business strategy: A focus on emerging economies. Journal of International Business Studies, 39(5), 920-936. doi: 10.1057/palgrave.jibs.8400377.
[14]. Pellegrini, E. K., & Scandura, T. A. 2006. Leader–member exchange (lmx), paternalism, and delegation in the turkish business culture: an empirical investigation. Journal of International Business Studies, 37(2), 264-279. dio: 10.1057/palgrave.jibs.8400185.
[15]. Fang, L., & Peress, J. 2009. Media coverage and the cross-section of stock returns. Journal of Finance, 64: 2023-2052. doi: 10.1111/j.1540-6261.2009.01493.x.
[16]. Tetlock P. C. 2010. Does public financial news resolve asymmetric information? Review of Financial Studies, 23（9）: 3520–3557. doi: 10.1093/rfs/hhq052.
[17]. Ghoshal, S. 2005. Bad management theories are destroying good management practices. Academy of Management Learning & Education, 4 (1), 75-91. doi: 10.1109/EMR.2005.26768.
[18]. Smith, A., & McCulloch, J. R. (1838). An Inquiry into the Nature and Causes of the Wealth of Nations. A. and C. Black and W. Tait.
[19]. Friedman, T. 2005. The world is flat: A brief history of the twenty-first century. New York: Farrar, Straus and Giroux.
[20]. Tversky, A., & Kahneman, D. 1973. Availability: A heuristic for judging frequency and probability. Cognitive Psychology, 5: 207–232. doi: 10.1016/0010-0285(73)90033-9.
[21]. Ocasio, W. 2011. Attention to attention. Organization Science, 22 (5), 1286–1296. doi: 10.1287/orsc.1100.0602.
[22]. Klibanoff, P., Lamont, O., & Wizman, T. A. 1998. Investor reaction to salient news in closed-end country funds. Journal of Finance, 53(2), 673-699. doi: 10.1111/0022-1082.265570.
[23]. Tetlock, P. C. 2011. All the news that’s fit to reprint: Do investors react to stale information? The Review of Financial Studies, 24, 1481-1512. doi: 10.1093/rfs/hhq141.
[24]. Peress, J. 2014. The media and the diffusion of information in financial markets: Evidence from newspaper strikes. The Journal of Finance, 69(5), 2007-2043. doi: 10.2139/ssrn.2019834.
[25]. Bushee, B. J., Core, J. E., Guay, W., & Hamm, S. J. W. 2010. The role of the business press as an information intermediary. Journal of Accounting Research, 48(1), 1–19. doi: 10.2139/ssrn.955021.
[26]. Wang, J., & Ye, K. 2015. Media coverage and firm valuation: Evidence from China. Journal of Business Ethics, 127: 501-511. doi: 10.1007/s10551-014-2055-5.
[27]. Griffin, J. M., Hirschey, N. H., & Kelly, P. J. 2011. How important is the financial media in global markets? The Review of Financial Studies, 24: 3941-3992. doi:10.1093/rfs/hhr099.
[28]. Dikova, D., Sahib, P. R., & Witteloostuijn, A. V. 2010. Cross-border acquisition abandonment and completion: the effect of institutional differences and organizational learning in the international business service industry, 1981-2001. Journal of International Business Studies, 41(2), 223-245. doi: 10.1057/jibs.2009.10.
[29]. Stulz, R. M., Walkling, R. A., & Song, M. H. 1990. The distribution of target ownership and the division of gains in successful takeovers. Journal of Finance, 45(3), 817-833. doi: 10.1111/j.1540-6261.1990.tb05107.x.
[30]. Pollock, T. G., & Rindova, V. P. 2003. Media legitimation effects in the market for initial public offerings. Academy of Management Journal, 46: 631-642. doi: 10.2307/30040654.
[31]. Filippov, S., & Saebi, T. 2008. Europeanisation strategy of Chinese companies: Its perils and promises. Sergey Filippov. 2008-055.
[32]. Li, W., Tsang, E. W. K., Luo, D., & Ying, Q. 2016. It’s not just a visit: Receiving government officials’ visits and firm performance in China. Management and Organization Review, 12 (3), 577-604. doi: 10.1017/mor.2015.45.
[33]. Hayward, M. L. A., & Hambrick, D. C. 1997. Explaining the premiums paid for large acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly, 42: 103-127. doi: 10.2307/2393810.
[34]. Felton R F, Hudnut A, van Heeckeren J. Putting a value on board governance. The McKinsey Quarterly, 1996, (4): 170–176.
[35]. Rugman, A. M., & Verbeke, A. 2004. A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies, 35(1), 3-18. doi: 10.1057/palgrave.jibs.8400073.
[36]. Xu, D., & Shenkar, O. 2002. Institutional distance and the multinational enterprise. Academy of Management Review, 27 (4), 608-618. doi: 10.2307/4134406.
[37]. Charnley, J., & Cupic, Z. 2005. The internationalization of Chinese firms: a case for theoretical extension? Management & Organization Review, 1(3), 381-410. doi: 10.1111/j.1740-8784.2005.0020a.x.
[38]. Bloom, N., & Reenen, J. V. 2010. Why do management practices differ across firms and countries? Journal of Economic Perspectives, 24(1), 203-224. doi: 10.2139/ssrn.1533440.
[39]. Li, X., & Ma, L. 2015. Business management practices: Converging in some aspects but diverging in others. Management and Organization Review, 11 (4): 795-806. doi:10.1017/mor.2015.57.
[40]. Shen, R., Tang, Y., & Chen, G. 2014. When the role fits: How firm status differentials affect corporate takeovers. Strategic Management Journal, 35: 2012-2030. doi: 10.1002/smj.2194.
[41]. Yildiz, H. E., & Fey, C. F. 2016. Are the extent and effect of psychic distance perceptions symmetrical in cross-border M&As? Evidence from a two-country study. Journal of International Business Studies, 47, 830-857. doi: 10.1057/jibs.2016.27.
[42]. Johansson, J. K., & Thorelli, H. B. 1986. International product positioning. Journal of International Business Studies, 28(1), 12–13. doi: 10.1111/j.1540-6261.1990.tb05107.x.
[43]. Bilkey, W. J., & Nes, E. 1982. Country-of-origin effects on product evaluations. Journal of International Business Studies, 13 (1), 89-100. doi: 10.1057/palgrave.jibs.8490539.
[44]. Hope, O.-K., Thomas, W., & Vyas, D. 2011. The cost of pride: Why do firms from developing countries bid higher? Journal of International Business Studies, 42, 128–151. doi:10.1057/jibs.2010.5
[45]. Park, S. H., & Vanhonacker, W. R. 2007. The challenge for multinational corporations in China: Think local, act global. The MIT Sloan Management Review, 48 (4), W8-W15.
[46]. Healy, P. M., & Palepu, K. G. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting & Economics, 31(1-3), 405-440. doi: 10.1016/S0165-4101(01)00018.
[47]. Barnes, B. G., L Harp, N., & Oler, D. 2014. Evaluating the SDC mergers and acquisitions database. Financial Review, 49(4), 793-822. doi: 10.2139/ssrn.2201743.
[48]. UNCTAD. 2017. Foreign direct investment: Inward and outward flows and stock, annual, 1970-2016. Retrieved from http://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx (Dec. 28, 2017)
[49]. Reddy, K. S., Nangia, V. K., & Agrawal, R. 2014. The 2007–2008 global financial crisis, and cross-border mergers and acquisitions: A 26-nation exploratory study. Global Journal of Emerging Market Economies, 6(3), 257-281. doi: 10.1177/0974910114540720.
[50]. Helleiner, E. 2010. What role for the new financial stability board? The politics of international standards after the crisis. Global Policy, 1(3), 282-290. doi: 10.1111/j.1758-5899.2010.00040.x.
[51]. Beckman, C. M., & Haunschild, P. R. 2002. Network learning: The effects of partners’ heterogeneity of experience on corporate acquisitions. Administrative Science Quarterly, 47: 92-124. doi: 10.2307/3094892.
[52]. Reuer, J. J., Tong, T. W., & Wu, C.-W. 2012. A signaling theory of acquisition premiums: Evidence from IPO targets. Academy of Management Journal, 55: 667-683. doi: 10.5465/amj.2010.0259.
[53]. Liang, H.-Y., Yao, Y.-L., & Ning, J.-A. 2012. Media exposure, corporate governance and agency costs. Journal of Finance & Economics, 38, 90-100. [In Chinese]. doi: 10.16538/j.cnki.jfe.2012.07.009.
[54]. Wang, H. C., He, J., & Mahoney, J. T. 2009. Firm-specific knowledge resources and competitive advantage: the roles of economic- and relationship-based employee governance mechanisms. Strategic Management Journal 30 (12): 1265–1285. doi: 10.1002/smj.787.
[55]. Schwarzer, R., Bäßler, J., Kwiatek, P., Schröder, K., & Zhang, J. X. (1997). The assessment of optimistic self‐beliefs: comparison of the German, Spanish, and Chinese versions of the general self‐efficacy scale. Applied Psychology, 46(1), 69-88. doi: 10.1111/j.1464-0597.1997.tb01096.x
[56]. Laamanen, T. 2007. On the role of acquisition premium in acquisition research. Strategic Management Journal, 28: 1359-1369. doi: 10.1002/smj.639.
[57]. Kirk, R. E. 1996. Practical significance: A concept whose time has come. Educational and Psychological Measurement, 56: 746-759. doi: 10.1177/0013164496056005002.
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Published
2021-01-15
How to Cite
Shao, R., Wang, Y. ., Wang, H., Geng, Z., & Ma, L. (2021). Media Exposure and Acquisition Premium Evidence from Chinese Investing Companies. Archives of Business Research, 8(12), 142–161. https://doi.org/10.14738/abr.812.9506
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