With or without metamorphosis of learning Orientation: Post-Cross-Border mergers and acquisitions performance of emerging multinational enterprises


This study aims to shed light on how emerging multinational enterprises (EMNEs) can successfully learn from their strategic cross-border mergers and acquisitions (CBMAs). Building on organization learning theory, we introduce a “metamorphosis” strategy that outlines a transition from exploitation to exploration for EMNEs. In extending the boundary conditions of successful learning from CBMAs for EMNEs, we examine the moderating effect of both metamorphosis and low-discretion resource on the relationship between CBMAs and EMNE growth. Our study analyzes longitudinal data collected from 481 Chinese MNEs that conducted CBMAs between 2002 and 2019. We empirically investigate the moderating roles of metamorphosis and low-discretion resource on both the short-term and long-term post-CBMA performance of EMNEs. The results suggest that EMNEs adopting a metamorphosis strategy have the potential to transform long-term losses into wins in post-CBMA performance.

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