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Purpose The purpose of this paper is to empirically examine the relationships between acquirer size and performance outcomes of the different process of acquisition in the Chinese context and the moderating effect of political connections on the size-performance relationship. Design/methodology/approach Building upon agency theory, the paper examines the relationship between acquirer size and acquisition announcement returns to find whether the acquirer size effect exists in China. Moreover, the paper investigates whether large firms can perform better in the long run arising from scale economy. Finally, the paper examines the moderating effect of political connections on the size-performance relationship. Accounting for the complexity of political connections in China, the paper uses two methods to capture political connections. Findings The paper finds that acquirer size plays a significant negative role on announcement returns, suggesting that the acquirer size effect also exists in China. However, acquirer size has a significant positive impact on long-term performance, indicating that large acquirers perform better in the integration process. Although no evidence shows that political connections can bring some off-setting benefits to acquirer size effect argued by Humphery-Jenner and Powell (2014), political connections, indeed, have a positive effect on mergers and acquisitions (M&As) announcement returns. Originality/value The paper contributes to the corporate characteristic, political connections and M&A performance literature. Due to agency problem and scale economy, the effect of firm size on acquisition performance varies with the stage of M&A. Political connections can bring some benefits to M&A deals.

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -The purpose of this paper is to find the problems in the establishment of Chinese digital publishing policies and regulations system. Design/methodology/approach -The research is through analysis the digital publishing policies and regulations in China referring to digital publishing macro policies, e-book policies, digital music policies, network animated cartoon policies, network game policies, as well as through examining the legal system (law, administrative regulation, departmental rules, judicial interpretation) in China. Findings -The paper concludes that the framework of this system should contain three layers, and Chinese digital publishing policies and regulations system will continue to be improved and digital publishing market will be standardized operation. The digital publishing industry policies, digital publishing resource policies, digital technology policies, copyright policies and personnel training policies need for further investigation and research. Research limitations/implications -Because of the coverage of digital publishing industry is so wide, the policies and regulations which the paper analyzed were not so comprehensive. Practical implications -It can help the Chinese government make more comprehensive and rational policies and regulations for digital publishing industry and ensure the sustainable development of digital publishing industry. Social implications -The sound of digital publishing policies and regulations system could create a regular and healthful environment for social community participating spiritual creating and sharing. Originality/value -The paper proposes that the government should first make clear the basic objectives of the digital publishing policies and regulations system in China and then determine the content of the system. It has a positive significance to promote the establishment the system of policies and regulations in China and can ensure the sustainable development of digital publishing industry.