@article { , title = {The impact of state ownership, formal institutions and resource seeking on acquirers’ returns of Chinese M\&A}, abstract = {We examine the effects of state ownership, institutions and resource-seeking behavior on post-acquisition stock price returns of Chinese cross-border mergers and acquisitions over the period 1998–2008. Chinese acquiring firms experience negative returns ranging from 2.92 to 10.80 \% in 12- and 60-month post-event periods, respectively. State ownership (SOE), interaction between R\&D and SOE, formal institutional distance and acquirer size have a positive and significant impact on the long-term acquirer returns. However, the interaction between tangible resources and SOE and acquirer cash holdings appears to have a negative and significant impact on long-term returns. Overall, our results suggest that the state and institutions constitute important sources of long-term value creation for Chinese acquirers.}, doi = {10.1007/s11156-015-0498-0}, eissn = {1573-7179}, issn = {0924-865X}, issue = {1}, journal = {Review of Quantitative Finance and Accounting}, pages = {159-178}, publicationstatus = {Published}, publisher = {Springer}, url = {http://researchrepository.napier.ac.uk/Output/2828613}, volume = {47}, keyword = {Long-term returns, State ownership, Institutions, Mergers & acquisitions}, year = {2016}, author = {Du, Min and Boateng, Agyenim and Newton, David} }