Covid-19疫情的爆發為全球經濟與產業帶來結構性的改變。在新聞媒體探討各國政府抗疫表現與過去類似災難經驗的連結的同時，此經驗對於企業在疫情之下的投資決策是否也造成影響，或將成為重塑競爭力的關鍵。本研究使用2017年至2021年之間共11,953樁跨國併購的樣本，收購方分別來自13個擁有SARS深刻經驗的國家與19個未曾經歷過SARS或影響程度輕微的國家。我們發現無論在國家層級或公司層級，曾經經歷過SARS的企業在Covid-19爆發後並沒有比未曾經歷過SARS的企業進行更多以創新為目的的跨國併購，而此結果即使在排除了控制組中創新活動蓬勃的樣本國家後仍然穩健。此外，我們研究主併方與被併方之間的國家文化距離以及各國政府抗疫作為兩項變數，並發現較大的文化距離、較多的政府干預以及較嚴格的防疫政策皆對於SARS經驗對創新目的跨國併購的影響存在顯著的負面調節效果。本研究使用自然語言處理技術（Natural Language Processing）來衡量跨國併購之目的，除補充文獻中對於創新併購標的選擇之討論，亦為探討Covid-19之相關文獻提供了疫情下企業投資決策與過去災難經驗的連結。

Using a sample of 11,953 cross-border mergers over the period of 2017 to 2021 from 13 acquiring countries with SARS experiences compared to 19 countries without, we find that prior pandemic experience does not spur the firms to grow innovation through CBMA more rapidly in the Covid-19 context, both at the country level and the firm level, and the results are robust to neglecting the highly innovative country in the control group. We examine the moderating effects of national cultural distances and government responses to the Covid-19 pandemic on the relationship between prior SARS experiences and innovation-driven CBMA during the Covid-19 outbreak and find evidence that higher cultural distances, more government interventions, and stricter containment policies all have a negative moderating effect. In the additional test, we find that the SARS experience significantly increases the government containment and mitigation measures to tackle the spread of the Covid-19 virus, while the impact is moderated by women’s empowerment. This paper contributes to the literature with a focus on factors that influence corporate investment decision-making in the face of the Covid-19 crisis.

List of Tables iv
I. Introduction 1
II. Literature Review & Hypothesis Development 5
A. Cross-Border Mergers and Acquisitions (CBMA) 5
B. National Culture 6
C. Innovation 8
C.1. Innovation and M&A 8
C.2. Innovation and culture 9
C.3. Innovation under uncertainty 13
D. Pandemic and Disaster Experience 15
D.1. Culture and response to natural disasters and diseases 15
D.2. Impact of prior disaster experience 16
E. Hypothesis Development 19
III. Research Design 22
A. Data and Sample 22
A.1. Preliminary test: SARS and country-level innovation 22
A.2. Main test: Covid-19 and corporate strategic change through CBMA 24
B. Empirical Models 29
B.1. Preliminary test: SARS and country-level innovation 29
B.2. Main test: The effect of SARS experience and cultural impact in the Covid-19 context 30
B.3. Additional test: How SARS experience affects government responses to Covid-19 35
IV. Result & Discussion 37
A. Preliminary Test: Country-level innovation after SARS 37
B. Covid-19 Empirical Results 37
B.1. Country-level results: Impact of prior SARS experience on CBMA frequencies 38
B.2. Firm-level results: Impact of prior SARS experience on CBMA for innovation 39
B.3. Firm-level results: Moderating effects of national culture distance 43
B.4. Firm-level results: Moderating effects of government responses 44
B.5. Additional test: How SARS experience affects government responses to Covid-19 45
V. Conclusion 47
References 49

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