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Corporate investment strategies and decision-making processes are crucial for understanding the operation and evolution of socioeconomic systems. Mergers and acquisitions (M&amp;As) have been the main mode of corporate investment, growth, and upgrading, deeply affecting corporate reorganization, regional industrial restructuring, and economic globalization. By building a database including 5543 M&amp;A partnerings and 1.89 million M&amp;A non-partnerings, this study aims to uncover the systematic dynamics of M&amp;A partnering in regional China during different phases since the mid-1990s, with particular attention given to the effects of firm heterogeneities and multi-dimensional proximities. Although geographical, cognitive, organizational, and institutional proximity dimensions are significantly influential for M&amp;A partnering, we find that the effects of multi-dimensional proximities differ across M&amp;A types and involving firms. Specifically, organizational proximity matters more for large- and medium-sized acquirers, while institutional proximity plays a more vital role in the acquisition target selection of private-owned and small-sized acquirers. Cognitive proximity measured by industrial and technical relatedness is more crucial for horizontal, vertical, and conglomerate M&amp;As that are tightly associated with the corporate product, technical, and functional upgrading. The results indicate that the benefits of cognitive proximity may offset the risks and costs resulting from long-distance M&amp;As, demonstrating the interactive dynamics between proximity dimensions. Our findings suggest that firm heterogeneities, proximity dynamics, and contextual factors should be focused on when explaining the investment decision-making processes of individual corporations in emerging and transitional economies such as China.

Firm Heterogeneities, Multi-Dimensional Proximities, and Systematic Dynamics of M&A Partnering: Evidences from Transitional China