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Do M&As Enhance the Competitive Advantage of Chinese Companies? – Micro-level evidence from Chinese ICT firms
This paper investigates whether Chinese enterprises that undertake cross-border mergers and acquisitions (M&As) become more competitive, controlling for self-selection into the global investment market. In particular, we focus on the moderating effects of firm heterogeneity and holding mode on the M&As’ competitive advantage nexus. We combine the propensity-score matching (PSM) and differences-in-differences (DID) approaches to test this framework, utilizing unique data on Chinese information and communications technology (ICT) firms over the sample period 2010–2017.