{"id":"https://openalex.org/W4297539899","doi":"https://doi.org/10.1155/2022/8298451","title":"Optimal Decision\u2010Making in Chinese Cross\u2010Border Mergers and Acquisitions: A Perspective of Overbidding","display_name":"Optimal Decision\u2010Making in Chinese Cross\u2010Border Mergers and Acquisitions: A Perspective of Overbidding","publication_year":2022,"publication_date":"2022-01-01","ids":{"openalex":"https://openalex.org/W4297539899","doi":"https://doi.org/10.1155/2022/8298451"},"language":"en","primary_location":{"id":"doi:10.1155/2022/8298451","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2022/8298451","pdf_url":"https://downloads.hindawi.com/journals/complexity/2022/8298451.pdf","source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://downloads.hindawi.com/journals/complexity/2022/8298451.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5064437009","display_name":"Yanping Bao","orcid":"https://orcid.org/0000-0001-5401-8001"},"institutions":[{"id":"https://openalex.org/I111950717","display_name":"Macau University of Science and Technology","ror":"https://ror.org/03jqs2n27","country_code":"MO","type":"education","lineage":["https://openalex.org/I111950717","https://openalex.org/I4391767947"]}],"countries":["MO"],"is_corresponding":false,"raw_author_name":"Yanping Bao","raw_affiliation_strings":["Chongqing Finance and Economics College, Chongqing 401320, China","School of Business, Macau University of Science and Technology, Macau, China","School of Business, Macau University of Science and Technology, Macau","Chongqing Finance and Economics College, Chongqing 401320"],"affiliations":[{"raw_affiliation_string":"Chongqing Finance and Economics College, Chongqing 401320, China","institution_ids":[]},{"raw_affiliation_string":"School of Business, Macau University of Science and Technology, Macau, China","institution_ids":["https://openalex.org/I111950717"]},{"raw_affiliation_string":"School of Business, Macau University of Science and Technology, Macau","institution_ids":["https://openalex.org/I111950717"]},{"raw_affiliation_string":"Chongqing Finance and Economics College, Chongqing 401320","institution_ids":[]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5036856772","display_name":"Chan Lyu","orcid":null},"institutions":[{"id":"https://openalex.org/I111950717","display_name":"Macau University of Science and Technology","ror":"https://ror.org/03jqs2n27","country_code":"MO","type":"education","lineage":["https://openalex.org/I111950717","https://openalex.org/I4391767947"]}],"countries":["MO"],"is_corresponding":true,"raw_author_name":"Chan Lyu","raw_affiliation_strings":["School of Business, Macau University of Science and Technology, Macau, China","School of Business, Macau University of Science and Technology, Macau"],"affiliations":[{"raw_affiliation_string":"School of Business, Macau University of Science and Technology, Macau, China","institution_ids":["https://openalex.org/I111950717"]},{"raw_affiliation_string":"School of Business, Macau University of Science and Technology, Macau","institution_ids":["https://openalex.org/I111950717"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5086236022","display_name":"Xia Wu","orcid":"https://orcid.org/0000-0003-2416-3931"},"institutions":[{"id":"https://openalex.org/I319874951","display_name":"Sichuan International Studies University","ror":"https://ror.org/036pm0w06","country_code":"CN","type":"education","lineage":["https://openalex.org/I319874951"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Xia Wu","raw_affiliation_strings":["School of International Business and Management, Sichuan International Studies University, Chongqing 400031, China","School of International Business and Management, Sichuan International Studies University, Chongqing 400031"],"affiliations":[{"raw_affiliation_string":"School of International Business and Management, Sichuan International Studies University, Chongqing 400031, China","institution_ids":["https://openalex.org/I319874951"]},{"raw_affiliation_string":"School of International Business and Management, Sichuan International Studies University, Chongqing 400031","institution_ids":["https://openalex.org/I319874951"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5048415808","display_name":"Jun Lian","orcid":"https://orcid.org/0000-0002-1053-3412"},"institutions":[{"id":"https://openalex.org/I319874951","display_name":"Sichuan International Studies University","ror":"https://ror.org/036pm0w06","country_code":"CN","type":"education","lineage":["https://openalex.org/I319874951"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jun Lian","raw_affiliation_strings":["School of International Business and Management, Sichuan International Studies University, Chongqing 400031, China","School of International Business and Management, Sichuan International Studies University, Chongqing 400031"],"affiliations":[{"raw_affiliation_string":"School of International Business and Management, Sichuan International Studies University, Chongqing 400031, China","institution_ids":["https://openalex.org/I319874951"]},{"raw_affiliation_string":"School of International Business and Management, Sichuan International Studies University, Chongqing 400031","institution_ids":["https://openalex.org/I319874951"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5036856772"],"corresponding_institution_ids":["https://openalex.org/I111950717"],"apc_list":{"value":2300,"currency":"USD","value_usd":2300},"apc_paid":{"value":2300,"currency":"USD","value_usd":2300},"fwci":0.5872,"has_fulltext":true,"cited_by_count":2,"citation_normalized_percentile":{"value":0.71379374,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":90,"max":95},"biblio":{"volume":"2022","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.9818999767303467,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9814000129699707,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/china","display_name":"China","score":0.667396068572998},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.5951591730117798},{"id":"https://openalex.org/keywords/profit","display_name":"Profit (economics)","score":0.5740352272987366},{"id":"https://openalex.org/keywords/database-transaction","display_name":"Database transaction","score":0.5642169117927551},{"id":"https://openalex.org/keywords/profit-maximization","display_name":"Profit maximization","score":0.5624752640724182},{"id":"https://openalex.org/keywords/industrial-organization","display_name":"Industrial organization","score":0.5179938077926636},{"id":"https://openalex.org/keywords/mergers-and-acquisitions","display_name":"Mergers and acquisitions","score":0.5078516602516174},{"id":"https://openalex.org/keywords/maximization","display_name":"Maximization","score":0.47806623578071594},{"id":"https://openalex.org/keywords/investment","display_name":"Investment (military)","score":0.47138506174087524},{"id":"https://openalex.org/keywords/perspective","display_name":"Perspective (graphical)","score":0.4532148241996765},{"id":"https://openalex.org/keywords/transaction-cost","display_name":"Transaction cost","score":0.418188214302063},{"id":"https://openalex.org/keywords/foreign-direct-investment","display_name":"Foreign direct investment","score":0.41757646203041077},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.40256550908088684},{"id":"https://openalex.org/keywords/marketing","display_name":"Marketing","score":0.36532843112945557},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.33215004205703735},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.11724197864532471}],"concepts":[{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.667396068572998},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5951591730117798},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.5740352272987366},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.5642169117927551},{"id":"https://openalex.org/C2777780509","wikidata":"https://www.wikidata.org/wiki/Q1377422","display_name":"Profit maximization","level":3,"score":0.5624752640724182},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.5179938077926636},{"id":"https://openalex.org/C548217281","wikidata":"https://www.wikidata.org/wiki/Q731112","display_name":"Mergers and acquisitions","level":2,"score":0.5078516602516174},{"id":"https://openalex.org/C2776330181","wikidata":"https://www.wikidata.org/wiki/Q18358244","display_name":"Maximization","level":2,"score":0.47806623578071594},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.47138506174087524},{"id":"https://openalex.org/C12713177","wikidata":"https://www.wikidata.org/wiki/Q1900281","display_name":"Perspective (graphical)","level":2,"score":0.4532148241996765},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.418188214302063},{"id":"https://openalex.org/C33842695","wikidata":"https://www.wikidata.org/wiki/Q490513","display_name":"Foreign direct investment","level":2,"score":0.41757646203041077},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.40256550908088684},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.36532843112945557},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.33215004205703735},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.11724197864532471},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1155/2022/8298451","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2022/8298451","pdf_url":"https://downloads.hindawi.com/journals/complexity/2022/8298451.pdf","source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:hin:complx:8298451","is_oa":false,"landing_page_url":"http://downloads.hindawi.com/journals/complexity/2022/8298451.xml","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:6ff741c6366f4bf18856f1b5ae0ee3e4","is_oa":true,"landing_page_url":"https://doaj.org/article/6ff741c6366f4bf18856f1b5ae0ee3e4","pdf_url":null,"source":{"id":"https://openalex.org/S112646816","display_name":"SHILAP Revista de lepidopterolog\u00eda","issn_l":"0300-5267","issn":["0300-5267","2340-4078"],"is_oa":true,"is_in_doaj":true,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Complexity, Vol 2022 (2022)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1155/2022/8298451","is_oa":true,"landing_page_url":"https://doi.org/10.1155/2022/8298451","pdf_url":"https://downloads.hindawi.com/journals/complexity/2022/8298451.pdf","source":{"id":"https://openalex.org/S207319443","display_name":"Complexity","issn_l":"1076-2787","issn":["1076-2787","1099-0526"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319869","host_organization_name":"Hindawi Publishing Corporation","host_organization_lineage":["https://openalex.org/P4310319869"],"host_organization_lineage_names":["Hindawi Publishing Corporation"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Complexity","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.41999998688697815,"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals"}],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4297539899.pdf","grobid_xml":"https://content.openalex.org/works/W4297539899.grobid-xml"},"referenced_works_count":43,"referenced_works":["https://openalex.org/W1967053015","https://openalex.org/W1984369305","https://openalex.org/W1985818419","https://openalex.org/W2021179783","https://openalex.org/W2028460001","https://openalex.org/W2044221963","https://openalex.org/W2066295477","https://openalex.org/W2068518527","https://openalex.org/W2084503418","https://openalex.org/W2101771568","https://openalex.org/W2106998098","https://openalex.org/W2126186544","https://openalex.org/W2128778916","https://openalex.org/W2142510353","https://openalex.org/W2164962020","https://openalex.org/W2233391416","https://openalex.org/W2413742228","https://openalex.org/W2492204042","https://openalex.org/W2523934821","https://openalex.org/W2788316734","https://openalex.org/W2902631314","https://openalex.org/W2948889209","https://openalex.org/W2992557666","https://openalex.org/W3000144790","https://openalex.org/W3004742963","https://openalex.org/W3015981661","https://openalex.org/W3121343866","https://openalex.org/W3121404043","https://openalex.org/W3121824869","https://openalex.org/W3121860914","https://openalex.org/W3122656146","https://openalex.org/W3123489495","https://openalex.org/W3123605088","https://openalex.org/W3123708904","https://openalex.org/W3123926726","https://openalex.org/W3124160454","https://openalex.org/W3124832804","https://openalex.org/W3139896449","https://openalex.org/W3149581645","https://openalex.org/W3164940827","https://openalex.org/W4212821332","https://openalex.org/W4220716678","https://openalex.org/W4252950974"],"related_works":["https://openalex.org/W2751558758","https://openalex.org/W2385288202","https://openalex.org/W2798679696","https://openalex.org/W2365061533","https://openalex.org/W2387046015","https://openalex.org/W4239446003","https://openalex.org/W87859928","https://openalex.org/W2349974711","https://openalex.org/W2467574439","https://openalex.org/W2117952036"],"abstract_inverted_index":{"Chinese":[0,56,65,77],"domestic":[1],"firms":[2,98],"engage":[3],"actively":[4],"in":[5,16,76,110],"the":[6,30,55,68,72,100,111],"cross\u2010border":[7],"merger":[8],"and":[9],"acquisition":[10],"(CBMA)":[11],"markets,":[12],"which":[13],"are":[14],"crucial":[15],"China\u2019s":[17,121],"foreign":[18],"investment":[19,123],"economics.":[20],"Acquisition":[21],"premium":[22],"has":[23],"attracted":[24],"stakeholders\u2019":[25],"attention":[26],"to":[27,41,62,104],"determine":[28],"whether":[29],"CBMA":[31,57],"decision":[32],"is":[33],"optimal.":[34],"This":[35,93],"study":[36,94],"employs":[37],"a":[38,49],"novel":[39],"model":[40],"assess":[42],"decision\u2010making":[43],"efficiency":[44],"by":[45],"overbidding":[46,74,89,107],"based":[47],"on":[48,54],"profit":[50],"maximization":[51],"assumption.":[52],"Based":[53],"transaction":[58],"data":[59],"from":[60,99],"2009":[61],"2019":[63],"of":[64],"acquiring":[66,91],"firms,":[67],"descriptive":[69],"analysis":[70],"indicates":[71],"widespread":[73],"phenomenon":[75],"CBMAs.":[78],"Moreover,":[79],"empirical":[80],"findings":[81,115],"reveal":[82],"that":[83,97],"SOEs":[84],"(vs.":[85],"non\u2010SOEs)":[86],"experience":[87],"less":[88,106],"among":[90],"firms.":[92],"also":[95],"shows":[96],"high\u2010tech":[101],"industry":[102],"tend":[103],"be":[105],"(more":[108],"efficient)":[109],"CBMAs\u2019":[112],"setting.":[113],"The":[114],"may":[116],"have":[117],"policy":[118],"implications":[119],"for":[120],"outward":[122],"efficiency.":[124]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":1}],"updated_date":"2026-04-05T17:49:38.594831","created_date":"2025-10-10T00:00:00"}