National risks and equity strategies for cross‐border mergers and acquisitions in the tourism industry

Bibliographic Data

ID21654085
AuthorsChangyao Song (0000-0002-7054-8763, School of Tourism Sciences Beijing International Studies University Beijing 100024 China), Zhihua Tao (0000-0002-0906-7143, School of Tourism Sciences Beijing International Studies University Beijing 100024 China), Xinjian Li (0000-0001-9978-8579, School of Tourism Sciences Beijing International Studies University Beijing 100024 China, corresponding author)
Year2023
Volume25
Issue4
Pages442-454
Publication date2023-07-01
Open AccessYes
TypeARTICLE
VenueInternational Journal of Tourism Research (JOURNAL)
Journal identifiersISSN: 1099-2340 • E-ISSN: 1522-1970
PublisherWiley (PUBLISHER • GB)
DOI10.1002/jtr.2581
OpenAlexW4364368782
LanguageEN
Citations received1
References cited59

Uncertainties and risks have posed significant challenges to cross‐border mergers and acquisitions (M&As) in tourism. By using the cross‐border M&A data from 2000 to 2020, this study examines the relationship between the national risks of the host country and equity strategies for cross‐border M&As in tourism. The results show that the greater the host country's comprehensive risk and economic risk, the less inclined the tourism industry is to adopt high‐equity M&A strategies, and the fewer the shares and the lower the amount of cross‐border M&A transactions. Industry correlation negatively moderates the effect of national risks while institutional distance has positive moderating effect. The moderating role of cultural distance on the equity selection effect of national risks is limited

Business · Equity risk · Mergers and acquisitions · Political science · Private equity · Tourism · Corporate Finance and Governance · Global trade and economics · International Business and FDI · Finance

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