本研究探討制度距離與跨境併購中收購公司績效之間的關係。我們研究了正式制度距離（規範性和法律上的差異）和非正式制度距離（文化距離）。使用從2007年到2019年的294家美國上市公司參與的跨境併購的樣本，此研究分析了制度距離對短期和長期績效的影響。結果顯示，正式制度距離不直接影響短期績效，但通過制度調整提升長期績效。然而，文化距離阻礙了併購後的整合，導致在短期和長期內提升績效面臨挑戰。此外，主併國家與被併國家的國內生產毛額、競爭力和公司規模等變數也被視為影響併購績效的因素。這項研究強調了適應制度差異對於跨境併購成功結果的重要性。

This research explores the relationship between institutional distance and the performance of acquiring companies in overseas mergers and acquisitions. We investigate formal institutional distance (regulatory and legal differences) and informal institutional distance (cultural distance). Using a sample of 294 U.S.-listed companies engaged in overseas M&A from 2007 to 2019, this study analyzes the effect of institutional distance on short-term and long-term performance. The results show that formal institutional distance does not directly affect short-term performance but significantly improves long-term performance through institutional adjustment. However, cultural distance hinders post-acquisition integration, leading to challenges in achieving performance improvements in both the short and long term. Additionally, variables such as home nation’s and host nation’s GDP, competitiveness, and firm size are identified as factors influencing M&A performance. This research highlights the importance of adapting to institutional differences for successful outcomes in overseas M&A.

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