메뉴 건너뛰기




Volumn 42, Issue 1, 2011, Pages 128-151

The cost of pride: Why do firms from developing countries bid higher

Author keywords

[No Author keywords available]

Indexed keywords


EID: 78650564186     PISSN: 00472506     EISSN: 14786990     Source Type: Journal    
DOI: 10.1057/jibs.2010.5     Document Type: Article
Times cited : (128)

References (83)
  • 1
    • 0030476199 scopus 로고    scopus 로고
    • Income distribution, political instability, and investment
    • Alesina, R., & Perotti, R. 1996. Income distribution, political instability, and investment. European Economic Review, 40(6):1203-1228.
    • (1996) European Economic Review , vol.40 , Issue.6 , pp. 1203-1228
    • Alesina, R.1    Perotti, R.2
  • 2
    • 0041790655 scopus 로고    scopus 로고
    • Incentives vs standards: Properties of accounting income in four East Asian countries
    • Ball, R., Robin, A., & Wu, J. 2003. Incentives vs standards: Properties of accounting income in four East Asian countries. Journal of Accounting and Economics, 36 (1-3): 235-270.
    • (2003) Journal of Accounting and Economics , vol.36 , Issue.1-3 , pp. 235-270
    • Ball, R.1    Robin, A.2    Wu, J.3
  • 5
    • 84906006114 scopus 로고
    • Myopic loss-aversion and the equity premium puzzle
    • Benartzi, S., & Thaler, R. H. 1995. Myopic loss-aversion and the equity premium puzzle. Quarterly Journal of Economics, 110(1):73-92.
    • (1995) Quarterly Journal of Economics , vol.110 , Issue.1 , pp. 73-92
    • Benartzi, S.1    Thaler, R.H.2
  • 7
    • 44649152861 scopus 로고    scopus 로고
    • Adopting better corporate governance: Evidence from cross-border mergers
    • Bris, A., Brisley, N., & Cabolis, C. 2008. Adopting better corporate governance: Evidence from cross-border mergers. Journal of Corporate Finance, 14(3):224-240.
    • (2008) Journal of Corporate Finance , vol.14 , Issue.3 , pp. 224-240
    • Bris, A.1    Brisley, N.2    Cabolis, C.3
  • 9
    • 0001372829 scopus 로고    scopus 로고
    • Overconfidence and excess entry: An experimental approach
    • Camerer, C., & Lovallo, D. 1999. Overconfidence and excess entry: An experimental approach. American Economic Review, 89(1):306-318.
    • (1999) American Economic Review , vol.89 , Issue.1 , pp. 306-318
    • Camerer, C.1    Lovallo, D.2
  • 11
    • 0142087691 scopus 로고    scopus 로고
    • Stock price reaction to news and no-news: Drift and reversal after headlines
    • Chan, W. 2003. Stock price reaction to news and no-news: Drift and reversal after headlines. Journal of Financial Economics, 70(2):223-260.
    • (2003) Journal of Financial Economics , vol.70 , Issue.2 , pp. 223-260
    • Chan, W.1
  • 12
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee, J. 1999. The future as history: The prospects for global convergence in corporate governance and its implications. Northwestern University Law Review, 93(3):641-708.
    • (1999) Northwestern University Law Review , vol.93 , Issue.3 , pp. 641-708
    • Coffee, J.1
  • 13
    • 0036868524 scopus 로고    scopus 로고
    • Racing towards the top? The impact of crosslistings and stock market competition on international corporate governance
    • Coffee, J. 2002. Racing towards the top? The impact of crosslistings and stock market competition on international corporate governance. Columbia Law Review, 102(7):1757-1831.
    • (2002) Columbia Law Review , vol.102 , Issue.7 , pp. 1757-1831
    • Coffee, J.1
  • 14
    • 85198017511 scopus 로고    scopus 로고
    • Fighting economic nationalism in deals
    • 12 October
    • Capron, L., & Guillén, M. 2006. Fighting economic nationalism in deals. Financial Times, 12 October.
    • (2006) Financial Times
    • Capron, L.1    Guillén, M.2
  • 15
    • 25444440230 scopus 로고
    • A competitive profile of products and associated marketing practices of selected European and non-European countries
    • Darling, J., & Kraft, F. 1977. A competitive profile of products and associated marketing practices of selected European and non-European countries. European Journal of Marketing, 11(7):521-542.
    • (1977) European Journal of Marketing , vol.11 , Issue.7 , pp. 521-542
    • Darling, J.1    Kraft, F.2
  • 16
    • 0009953772 scopus 로고    scopus 로고
    • Global diversification, industrial diversification, and firm value
    • Denis, D., Denis, D., & Yost, K. 2002. Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5):1951-1979.
    • (2002) Journal of Finance , vol.57 , Issue.5 , pp. 1951-1979
    • Denis, D.1    Denis, D.2    Yost, K.3
  • 17
    • 3042734765 scopus 로고    scopus 로고
    • Collective action and psychological change: The emergence of new social identities
    • Drury, J., & Reicher, S. 2000. Collective action and psychological change: The emergence of new social identities. British Journal of Social Psychology, 39(4):579-604.
    • (2000) British Journal of Social Psychology , vol.39 , Issue.4 , pp. 579-604
    • Drury, J.1    Reicher, S.2
  • 18
    • 1842445955 scopus 로고    scopus 로고
    • Private benefits of control: An international comparison
    • Dyck, A., & Zingales, L. 2004. Private benefits of control: An international comparison. Journal of Finance, 49(2):537-600.
    • (2004) Journal of Finance , vol.49 , Issue.2 , pp. 537-600
    • Dyck, A.1    Zingales, L.2
  • 19
    • 43649100224 scopus 로고    scopus 로고
    • The corporate governance role of the media: Evidence from Russia
    • Dyck, A., Volchkova, N., & Zingales, L. 2008. The corporate governance role of the media: Evidence from Russia. Journal of Finance, 63(3):1093-1135.
    • (2008) Journal of Finance , vol.63 , Issue.3 , pp. 1093-1135
    • Dyck, A.1    Volchkova, N.2    Zingales, L.3
  • 20
    • 0031514581 scopus 로고    scopus 로고
    • Sticking together or falling apart: In-group identification as a psychological determinant of group commitment versus individual mobility
    • Ellemers, N., Spears, R., & Doosje, B. 1997. Sticking together or falling apart: In-group identification as a psychological determinant of group commitment versus individual mobility. Journal of Personality and Social Psychology, 72(3):617-626.
    • (1997) Journal of Personality and Social Psychology , vol.72 , Issue.3 , pp. 617-626
    • Ellemers, N.1    Spears, R.2    Doosje, B.3
  • 23
    • 47349096655 scopus 로고    scopus 로고
    • European Values Study Group and World Values 2006 Survey Association, Surveys designed and executed by the European Values Study Group and World Values Survey Association
    • European Values Study Group and World Values Survey Association. 2006. European and World Values Surveys Four-Wave Integrated Data File, 1981-2004, v 20060423, 2006. Surveys designed and executed by the European Values Study Group and World Values Survey Association.
    • (2006) European and World Values Surveys Four-Wave Integrated Data File, 1981-2004, V 20060423
  • 24
    • 33645727687 scopus 로고    scopus 로고
    • Politically connected firms
    • Faccio, M. 2006. Politically connected firms. American Economic Review, 96(1):369-386.
    • (2006) American Economic Review , vol.96 , Issue.1 , pp. 369-386
    • Faccio, M.1
  • 25
    • 0001208067 scopus 로고
    • Exchange rates and foreign direct investment: An imperfect capital markets approach
    • Froot, K., & Stein, J. 1991. Exchange rates and foreign direct investment: An imperfect capital markets approach. Quarterly Journal of Economics, 106(4):1191-1217.
    • (1991) Quarterly Journal of Economics , vol.106 , Issue.4 , pp. 1191-1217
    • Froot, K.1    Stein, J.2
  • 26
    • 0002787455 scopus 로고
    • Consumer attitudes toward products "made in" developing countries
    • Gaedeke, R. 1973. Consumer attitudes toward products "made in" developing countries. Journal of Retailing, 49(2):13-24.
    • (1973) Journal of Retailing , vol.49 , Issue.2 , pp. 13-24
    • Gaedeke, R.1
  • 28
    • 84984117827 scopus 로고
    • Towards a theory of cultural influence on the development of accounting systems internationally
    • Gray, S. 1988. Towards a theory of cultural influence on the development of accounting systems internationally. Abacus, 24(1):1-15.
    • (1988) Abacus , vol.24 , Issue.1 , pp. 1-15
    • Gray, S.1
  • 29
    • 62449205494 scopus 로고    scopus 로고
    • Sensation seeking, overconfidence, and trading activity
    • Grinblatt, M., & Keloharju, M. 2009. Sensation seeking, overconfidence, and trading activity. Journal of Finance, 64(2):549-578.
    • (2009) Journal of Finance , vol.64 , Issue.2 , pp. 549-578
    • Grinblatt, M.1    Keloharju, M.2
  • 30
    • 0002886905 scopus 로고
    • Takeover bids, the free rider problem, and the theory of the corporation
    • Grossman, S., & Hart, O. 1980. Takeover bids, the free rider problem, and the theory of the corporation. Bell Journal of Economics, 11(1):42-69.
    • (1980) Bell Journal of Economics , vol.11 , Issue.1 , pp. 42-69
    • Grossman, S.1    Hart, O.2
  • 32
    • 84977736926 scopus 로고
    • The role of acquisitions in foreign direct investment: Evidence from the US stock market
    • Harris, R., & Ravenscraft, D. 1991. The role of acquisitions in foreign direct investment: Evidence from the US stock market. Journal of Finance, 46(3):825-844.
    • (1991) Journal of Finance , vol.46 , Issue.3 , pp. 825-844
    • Harris, R.1    Ravenscraft, D.2
  • 33
    • 0036333943 scopus 로고    scopus 로고
    • Managerial optimism and corporate finance
    • Heaton, J. B. 2002. Managerial optimism and corporate finance. Financial Management, 31(2):33-45.
    • (2002) Financial Management , vol.31 , Issue.2 , pp. 33-45
    • Heaton, J.B.1
  • 35
    • 0038743266 scopus 로고    scopus 로고
    • Firm-level disclosures and the relative roles of culture and legal origin
    • Hope, O.-K. 2003. Firm-level disclosures and the relative roles of culture and legal origin. Journal of International Financial Management and Accounting, 14(3):218-248.
    • (2003) Journal of International Financial Management and Accounting , vol.14 , Issue.3 , pp. 218-248
    • Hope, O.-K.1
  • 36
    • 42149132346 scopus 로고    scopus 로고
    • Managerial empire building and firm disclosure
    • Hope, O.-K., & Thomas, W. 2008. Managerial empire building and firm disclosure. Journal of Accounting Research, 46(3):591-626.
    • (2008) Journal of Accounting Research , vol.46 , Issue.3 , pp. 591-626
    • Hope, O.-K.1    Thomas, W.2
  • 39
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2):323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.C.1
  • 40
    • 84936016411 scopus 로고
    • Performance pay and topmanagement incentives
    • Jensen, M. C., & Murphy, K. J. 1990. Performance pay and topmanagement incentives. Journal of Political Economy, 98(2):225-264.
    • (1990) Journal of Political Economy , vol.98 , Issue.2 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 41
    • 33644813381 scopus 로고    scopus 로고
    • Corporate governance, shareholder rights and firm diversification: An empirical analysis
    • DOI 10.1016/j.jbankfin.2005.08.005, PII S037842660500227X
    • Jiraporn, P., Kim, Y. S., Davidson, W. N., & Singh, M. 2006. Corporate governance, shareholder rights and firm diversification: An empirical analysis. Journal of Banking and Finance, 30(3):947-963. (Pubitemid 43349580)
    • (2006) Journal of Banking and Finance , vol.30 , Issue.3 , pp. 947-963
    • Jiraporn, P.1    Kim, Y.S.2    Davidson, W.N.3    Singh, M.4
  • 42
    • 0000125532 scopus 로고
    • Prospect theory: An analysis of decision under risk
    • Kahneman, D., & Tversky, A. 1979. Prospect theory: An analysis of decision under risk. Econometrica, 46(2):171-185.
    • (1979) Econometrica , vol.46 , Issue.2 , pp. 171-185
    • Kahneman, D.1    Tversky, A.2
  • 46
    • 33847038388 scopus 로고    scopus 로고
    • Motivational and emotional aspects of the self
    • Leary, M. R. 2007. Motivational and emotional aspects of the self. Annual Review of Psychology, 58:317-344.
    • (2007) Annual Review of Psychology , vol.58 , pp. 317-344
    • Leary, M.R.1
  • 47
    • 0033935642 scopus 로고    scopus 로고
    • Beyond valence: Toward a model of emotion-specific influences on judgement and choice
    • Lerner, J. S., & Keltner, D. 2000. Beyond valence: Toward a model of emotion-specific influences on judgement and choice. Cognition & Emotion, 14(4):473-493.
    • (2000) Cognition & Emotion , vol.14 , Issue.4 , pp. 473-493
    • Lerner, J.S.1    Keltner, D.2
  • 49
    • 0038957287 scopus 로고    scopus 로고
    • Preferences, behavior, and welfare: Emotions in economic theory and economic behavior
    • Loewenstein, G. 2000. Preferences, behavior, and welfare: Emotions in economic theory and economic behavior. The American Economic Review, 90(2):426-432.
    • (2000) The American Economic Review , vol.90 , Issue.2 , pp. 426-432
    • Loewenstein, G.1
  • 50
    • 0042188232 scopus 로고    scopus 로고
    • Law and equity markets: A simple model
    • L. Renneboog, J. McCahery, P. Moerland & T. Raaijmakers Eds, Oxford: Oxford University Press
    • Lombardo, D., & Pagano, M. 2002. Law and equity markets: A simple model. In L. Renneboog, J. McCahery, P. Moerland & T. Raaijmakers (Eds), Corporate governance regimes: Convergence and diversity: 343-362. Oxford: Oxford University Press.
    • (2002) Corporate Governance Regimes: Convergence and Diversity , pp. 343-362
    • Lombardo, D.1    Pagano, M.2
  • 52
    • 48349120485 scopus 로고    scopus 로고
    • Who makes acquisitions? CEO overconfidence and the market's reaction
    • Malmendier, U., & Tate, G. 2008. Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics, 89(1):20-43.
    • (2008) Journal of Financial Economics , vol.89 , Issue.1 , pp. 20-43
    • Malmendier, U.1    Tate, G.2
  • 54
    • 0032361687 scopus 로고    scopus 로고
    • National cultural distance and cross-border acquisition performance
    • Morosini, P., Shane, S., & Singh, H. 1998. National cultural distance and cross-border acquisition performance. Journal of International Business Studies, 29(1):137-158.
    • (1998) Journal of International Business Studies , vol.29 , Issue.1 , pp. 137-158
    • Morosini, P.1    Shane, S.2    Singh, H.3
  • 55
    • 33947274214 scopus 로고    scopus 로고
    • Tempted or not? The effect of recent purchase history on responses to affective advertising
    • Mukhopadhyay, A., & Johar, G. V. 2007. Tempted or not? The effect of recent purchase history on responses to affective advertising. Journal of Consumer Research, 33(4):445-453.
    • (2007) Journal of Consumer Research , vol.33 , Issue.4 , pp. 445-453
    • Mukhopadhyay, A.1    Johar, G.V.2
  • 56
    • 0000804488 scopus 로고    scopus 로고
    • The significance of national pride and national identity to the attitude toward the single European currency: A Europe-wide comparison
    • Müller-Peters, A. 1998. The significance of national pride and national identity to the attitude toward the single European currency: A Europe-wide comparison. Journal of Economic Psychology, 19(6):701-719.
    • (1998) Journal of Economic Psychology , vol.19 , Issue.6 , pp. 701-719
    • Müller-Peters, A.1
  • 57
    • 0010104544 scopus 로고    scopus 로고
    • Are investors reluctant to realize their losses?
    • Odean, T. 1998. Are investors reluctant to realize their losses? Journal of Finance, 53(5):1775-1798.
    • (1998) Journal of Finance , vol.53 , Issue.5 , pp. 1775-1798
    • Odean, T.1
  • 58
    • 0041828973 scopus 로고    scopus 로고
    • Termination fees in mergers and acquisitions
    • Officer, M. 2003. Termination fees in mergers and acquisitions. Journal of Financial Economics, 69(2):431-467.
    • (2003) Journal of Financial Economics , vol.69 , Issue.2 , pp. 431-467
    • Officer, M.1
  • 59
    • 85198037031 scopus 로고    scopus 로고
    • Sources of national pride: A cross national study of sport
    • Paper presented at, Montreal, Quebec
    • Pinkus, L. E. 2005. Sources of national pride: A cross national study of sport. Paper presented at the annual meeting of the American Sociological Association, Montreal, Quebec.
    • (2005) The Annual Meeting of the American Sociological Association
    • Pinkus, L.E.1
  • 60
    • 0002875495 scopus 로고
    • Acquisition accounting method and bid premia for target firms
    • Robinson, J., & Shane, P. 1990. Acquisition accounting method and bid premia for target firms. The Accounting Review, 65(1):25-48.
    • (1990) The Accounting Review , vol.65 , Issue.1 , pp. 25-48
    • Robinson, J.1    Shane, P.2
  • 61
    • 0002537125 scopus 로고
    • The hubris hypothesis of corporate takeovers
    • Roll, R. 1986. The hubris hypothesis of corporate takeovers. Journal of Business, 59(2):197-216.
    • (1986) Journal of Business , vol.59 , Issue.2 , pp. 197-216
    • Roll, R.1
  • 62
    • 0031513224 scopus 로고    scopus 로고
    • Firm diversification and CEO compensation: Managerial ability or executive entrenchment?
    • Rose, N. L., & Shepard, A. 1997. Firm diversification and CEO compensation: Managerial ability or executive entrenchment? RAND Journal of Economics, 28(3):489-514.
    • (1997) RAND Journal of Economics , vol.28 , Issue.3 , pp. 489-514
    • Rose, N.L.1    Shepard, A.2
  • 63
    • 7444246169 scopus 로고    scopus 로고
    • Cross-country determinants of mergers and acquisitions
    • Rossi, S., & Volpin, P. 2004. Cross-country determinants of mergers and acquisitions. Journal of Financial Economics, 74(2):277-304.
    • (2004) Journal of Financial Economics , vol.74 , Issue.2 , pp. 277-304
    • Rossi, S.1    Volpin, P.2
  • 64
    • 85132310160 scopus 로고
    • Cultural influence on the development of accounting systems internationally: A test of Gray's (1988) theory
    • Salter, S. B., & Niswander, F. 1995. Cultural influence on the development of accounting systems internationally: A test of Gray's (1988) theory. Journal of International Business Studies, 26(2):379-397.
    • (1995) Journal of International Business Studies , vol.26 , Issue.2 , pp. 379-397
    • Salter, S.B.1    Niswander, F.2
  • 65
    • 0000018965 scopus 로고
    • The effects of changes in tax laws on corporate reorganization activity
    • Scholes, M., & Wolfson, M. 1990. The effects of changes in tax laws on corporate reorganization activity. Journal of Business, 63(1):S141-S164.
    • (1990) Journal of Business , vol.63 , Issue.1
    • Scholes, M.1    Wolfson, M.2
  • 66
    • 45349109969 scopus 로고
    • Management entrenchment: The case of manager-specific investments
    • Shleifer, A., & Vishny, R. 1989. Management entrenchment: The case of manager-specific investments. Journal of Financial Economics, 25(1):123-139.
    • (1989) Journal of Financial Economics , vol.25 , Issue.1 , pp. 123-139
    • Shleifer, A.1    Vishny, R.2
  • 71
    • 0001868677 scopus 로고
    • An integrative theory of intergroup conflict
    • W. G. Austin & S. Worchel Eds, Belmont, CA: Wadsworth
    • Tajfel, H., & Turner, J. 1979. An integrative theory of intergroup conflict. In W. G. Austin & S. Worchel (Eds), Social psychology of intergroup relations: 33-47. Belmont, CA: Wadsworth.
    • (1979) Social Psychology of Intergroup Relations , pp. 33-47
    • Tajfel, H.1    Turner, J.2
  • 72
    • 77949564670 scopus 로고
    • Self-serving and group-serving bias in attribution
    • Taylor, D. M., & Doria, J. R. 1981. Self-serving and group-serving bias in attribution. Journal of Social Psychology, 113(2):201-211.
    • (1981) Journal of Social Psychology , vol.113 , Issue.2 , pp. 201-211
    • Taylor, D.M.1    Doria, J.R.2
  • 73
    • 0023968228 scopus 로고
    • Illusion and well-being: A social psychological perspective on mental health
    • Taylor, S. E., & Brown, J. D. 1988. Illusion and well-being: A social psychological perspective on mental health. Psychological Bulletin, 103(2):193-210.
    • (1988) Psychological Bulletin , vol.103 , Issue.2 , pp. 193-210
    • Taylor, S.E.1    Brown, J.D.2
  • 75
    • 85198027167 scopus 로고    scopus 로고
    • Thomson Financial, Available at
    • Thomson Financial. 2006. Mergers & Acquisitions Review - Fourth Quarter. Available at http://www.thomsonfinancial.jp/pdf/ 060104%20M&A%20Review%204Q06.pdf.
    • (2006) Mergers & Acquisitions Review - Fourth Quarter
  • 76
    • 1642330691 scopus 로고    scopus 로고
    • Show your pride: Evidence for a discrete emotion expression
    • Tracy, J. L., & Robins, R. W. 2004. Show your pride: Evidence for a discrete emotion expression. Psychological Science, 15(3):194-197.
    • (2004) Psychological Science , vol.15 , Issue.3 , pp. 194-197
    • Tracy, J.L.1    Robins, R.W.2
  • 79
    • 51249176976 scopus 로고
    • Consumer attitudes toward Canadian-made versus imported products
    • Wall, M., & Heslop, L. 1986. Consumer attitudes toward Canadian-made versus imported products. Journal of the Academy of Marketing Science, 14(2):27-36.
    • (1986) Journal of the Academy of Marketing Science , vol.14 , Issue.2 , pp. 27-36
    • Wall, M.1    Heslop, L.2
  • 82
  • 83
    • 85135287315 scopus 로고    scopus 로고
    • Chinese consumers' evaluation of foreign products: The influence of culture, product types and product presentation format
    • Zhang, Y. 1996. Chinese consumers' evaluation of foreign products: The influence of culture, product types and product presentation format. European Journal of Marketing, 30(12):50-68.
    • (1996) European Journal of Marketing , vol.30 , Issue.12 , pp. 50-68
    • Zhang, Y.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.