A boon or a bane? The impact of prior M&A experience on Chinese firms’ cross-border green M&A deal completion
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Although prior M&A experience is often regarded as a valuable learning asset, this study reexamines its effectiveness in the context of Chinese firms’ cross-border green M&A. Drawing on organizational learning theory, we propose a two-dimensional framework that distinguishes prior experience by scope (domestic vs. cross-border) and domain (non-green vs. green). Using logistic regression on 95 cross-border green M&A cases by Chinese firms from 2007 to 2023, we investigate how these dimensions affect deal completion. The results show that domestic and non-green experience, when misaligned with the focal deal, significantly reduce the likelihood of completion. Meanwhile, experience aligned in either or both dimensions does not significantly improve completion rates, suggesting that contextual fit is necessary but not sufficient. This study refines the understanding of experiential learning in M&As, highlights the risks of experience misalignment, and offers insights for emerging market firms operating in international contexts characterized by complexity related to sustainability and institutional environments.
Abstract
Although prior M&A experience is often regarded as a valuable learning asset, this study reexamines its effectiveness in the context of Chinese firms’ cross-border green M&A. Drawing on organizational learning theory, we propose a two-dimensional framework that distinguishes prior experience by scope (domestic vs. cross-border) and domain (non-green vs. green). Using logistic regression on 95 cross-border green M&A cases by Chinese firms from 2007 to 2023, we investigate how these dimensions affect deal completion. The results show that domestic and non-green experience, when misaligned with the focal deal, significantly reduce the likelihood of completion. Meanwhile, experience aligned in either or both dimensions does not significantly improve completion rates, suggesting that contextual fit is necessary but not sufficient. This study refines the understanding of experiential learning in M&As, highlights the risks of experience misalignment, and offers insights for emerging market firms operating in international contexts characterized by complexity related to sustainability and institutional environments.