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How GVC Embeddedness Affects Cross-Border M&As? An Emerging Market MNEs View

With the political development and deepening trade liberation, many emerging market countries have been deeply involved in global value chains (GVCs). Emerging market multinational enterprises (EM MNEs) and their cross-border mergers and acquisitions (M&amp;As) also play an increasingly important role during globalization. However, few existing studies combine cross-border M&amp;As with GVC embeddedness. Using Chinese data from BvD and WIOD, this paper introduces a GVC framework to empirically analyze the motivations of cross-border M&amp;As based on 2 theoretical pillars: resource-based theory, and springboard theory. The important findings are as follows: (1) There exists a U-shaped smile curve relationship between the position of GVC embeddedness and cross-border M&amp;As; (2) Heterogeneity is found in the above relationship. Compared with the cross-border M&amp;As targeting tax havens or emerging market countries, those targeting mature market countries are more significantly affected by the GVC position; (3) Capability, competitivity and the need of acquiring strategic assets have a mediate effect on the above relationship.