“…As Chinese firms have moved further up the value chain to more advanced goods, they have also increased their need to access the sophisticated technology of mature markets (Birkinshaw, Bresman, & Håkansson ; Anand & Delios, ; Caiazza, ; Caiazza, & Ferrara, ; Carbonara, & Caiazza, ). Thus, cross‐border M&A has become the dominant vehicle for Chinese outward investment and is preferred to joint ventures and the establishment of overseas subsidiaries (Hitt, Harrison, Ireland, Best, ; Vasconcellos, & Kish, ; Zahra, Ireland, Gutierrez, & Hitt, ).…”