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<p>With the emergence of neo-techno-nationalism and consequent geopolitical tension, in cross-border technological acquisition, multinational enterprises (MNEs) confront a complex trade-off between establishing legitimacy in host countries and ensuring efficient integration of acquired technologies. Through the lens of an emerging strategy, conduit acquisition, our study uncovers a pivotal insight: when pursuing high-tech targets, the quest for efficiency often supersedes legitimacy concerns, making MNEs less inclined toward conduit acquisitions. Sanctions amplify both pressures—legitimacy pressure imposed by host country regulations and efficiency pressure imposed by home country competition—thus intensifying the strategic dilemma for MNEs. These findings are empirically supported by a sample of 9,464 cross-border acquisitions in the U.S. from 2000 to 2023. The research provides a framework for understanding how MNEs navigate the intricate balance between legitimacy and efficiency in the pursuit of technological acquisitions in a bifurcated global environment, and also offers practical implications for MNEs to make decisions regarding conduit acquisitions under geopolitical tensions and sanctions.</p>

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When legitimacy and efficiency collide in the bifurcated world: The adoption of conduit acquisition in cross-border technological acquisitions

  • 期刊论文

  • 发表日期：

    2025年3月1日

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  • Chuanjia Li,
  • Shixiang Wang

摘要

With the emergence of neo-techno-nationalism and consequent geopolitical tension, in cross-border technological acquisition, multinational enterprises (MNEs) confront a complex trade-off between establishing legitimacy in host countries and ensuring efficient integration of acquired technologies. Through the lens of an emerging strategy, conduit acquisition, our study uncovers a pivotal insight: when pursuing high-tech targets, the quest for efficiency often supersedes legitimacy concerns, making MNEs less inclined toward conduit acquisitions. Sanctions amplify both pressures—legitimacy pressure imposed by host country regulations and efficiency pressure imposed by home country competition—thus intensifying the strategic dilemma for MNEs. These findings are empirically supported by a sample of 9,464 cross-border acquisitions in the U.S. from 2000 to 2023. The research provides a framework for understanding how MNEs navigate the intricate balance between legitimacy and efficiency in the pursuit of technological acquisitions in a bifurcated global environment, and also offers practical implications for MNEs to make decisions regarding conduit acquisitions under geopolitical tensions and sanctions.