Cross-border Mergers & Acquisitions and Institutional Integration: Path Selection and Implementation in Geely’s Internationalization Strategy

Abstract

During the current phase of global adjustment, cross-border mergers and acquisitions by emerging market multinational enterprises face institutional frictions and legitimacy challenges. Over 15 years, Geely has achieved global growth through 12 major acquisitions, yet its institutional integration logic remains underexplored. This study addresses the question: What mechanisms enable Geely' s strategic leap from resource acquisition to ecosystem synergy? Using a longitudinal single case design with multi source data from 2010 to 2024, we dissect its integration logic across governance, technology, supply chain, and culture. Key findings show that Geely implements dual track governance ("control and empowerment"), achieves technological synergy via three modular platforms and five R&D centers, constructs a resilient supply chain through "1+N" dual sourcing and the Geega industrial internet platform, and enhances legitimacy via deep localization. Dynamic institutional innovation capability is critical to Geely' s success, extending the "advantage substitutability" logic of the OLI paradigm and the "proactive innovation" perspective of institutional theory. We recommend that emerging market multinational enterprises adopt dual track governance, retain core teams of target firms, and develop modular technology platforms, while policymakers support the construction of global collaborative R&D networks and industrial internet platforms.