2016AbstractLeveraging insights from the institutional theory, resource- and industry-based views and OLI paradigm,we conceptually design a dialectic globalization framework to analyze the acquisition strategy of emergingeconomy (EE) enterprises. Firstly, we provide trend analysis of the market for cross-border acquisitionsby Chinese and Indian multinationals over the last two decades, 1995–2014. Specially, this paper, to date,is the first to analyze high-valuation cross-border acquisitions of Chinese state-owned (SOEs) and Indianprivate enterprises (POEs). Based on 61 high-valuation deals valued at approximately US$200 billion, wefind that Chinese SOEs completed more high-valuation deals, seek to invest in resource-scarce industries,and diversify their risk by targeting developed, emerging and developing countries. While Indian POEslargely prefer to invest in developed economies for both market and strategic-asset seeking, and follow aneffective portfolio matrix by concentrating diversified sectors. Lastly, we discuss several policy implicationspertaining to disinvestment and turnaround strategy of loss-making SOEs in EE, national interest and securityconcerns over EE state-driven outbound acquisitions, and foreign investment regulations.
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