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Title: The roles of Chinese CEOs in managing individualistic cultures in cross‐border mergers and acquisitions
Authors: Zhu, H
Zhu, Q 
Ding, Z
Issue Date: May-2020
Source: Journal of management studies, May 2020, v. 57, no. 3, p. 664-697
Abstract: The individualism‐collectivism culture represents an important and well‐researched distinction across cultures. Yet research is less clear about how the different levels of individualistic cultures in host countries affect the success of an increasingly important firm strategy – cross‐border mergers and acquisitions (CBMAs). This study addresses this key research question in the context of Chinese firms’ CBMAs, as Chinese firms are increasingly acquiring targets outside of China in the New Normal global business landscape. This study further theorizes and tests how the Chinese acquirer CEOs’ characteristics moderate the wealth creation relationship. In an analysis of 404 Chinese firms’ CBMAs, we found that an individualistic culture in the host country is negatively associated with Chinese acquirers’ CBMA wealth creation. We also demonstrate that Chinese CEOs’ exposure to foreign culture and female gender weaken that negative relationship, while CEO duality strengthens this negative relationship. Our research thus suggests that culture in host countries can negatively affect acquirers’ CBMA performance, but CEOs may be able to manage the effects of the culture to increase their CBMA performance
Keywords: China
Cross-border mergers and acquisitions
CEO duality
Publisher: Wiley-Blackwell
Journal: Journal of management studies 
ISSN: 0022-2380
EISSN: 1467-6486
DOI: 10.1111/joms.12556
Rights: © 2020 Society for the Advancement of Management Studies and John Wiley & Sons, Ltd.
This is the peer reviewed version of the following article: Zhu, H., Zhu, Q. and Ding, Z. (2020), The Roles of Chinese CEOs in Managing Individualistic Cultures in Cross-border Mergers and Acquisitions. J. Manage. Stud., 57: 664-697, which has been published in final form at This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited.
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