{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,30]],"date-time":"2026-07-30T09:17:19Z","timestamp":1785403039551,"version":"3.56.0"},"reference-count":71,"publisher":"MDPI AG","issue":"7","license":[{"start":{"date-parts":[[2026,7,4]],"date-time":"2026-07-04T00:00:00Z","timestamp":1783123200000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["72374041"],"award-info":[{"award-number":["72374041"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"award":["72374041"],"award-info":[{"award-number":["72374041"]}],"id":[{"id":"https:\/\/ror.org\/01h0zpd94","id-type":"ROR","asserted-by":"publisher"}]},{"name":"Humanities and Social Sciences Project of the Ministry of Education","award":["22YJAGJW006"],"award-info":[{"award-number":["22YJAGJW006"]}]},{"name":"Soft Science Project of Shanghai Science and Technology Commission","award":["25692103800"],"award-info":[{"award-number":["25692103800"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>Against the backdrop of geopolitical restructuring and rapid digital transformation, foreign investment security reviews in host countries have become an increasingly important institutional constraint on cross-border business activities. From a broader organizational perspective, such regulatory mechanisms shape the external environment in which emerging market multinational enterprises (EMNEs) make international investment decisions and conduct cross-border acquisitions. This paper explores the moderating effects of EMNE network and internal agency problems on the duration of reverse cross-border M&amp;A (CBMA) under host country security reviews. Utilizing a Negative Binomial regression model, we empirically analyze 503 reverse CBMAs undertaken by Chinese firms in developed economies from 2003 to 2022. The findings reveal that host country security reviews significantly prolong M&amp;A duration. Notably, business group affiliation weakens this positive relationship, whereas political networking strengthens it. Regarding internal governance factors, Type I agency problems reinforce the delaying effect of foreign investment security reviews, while Type II agency problems weaken it. This study provides practical implications for managers and policymakers seeking to improve firms\u2019 responses to increasingly complex regulatory environments.<\/jats:p>","DOI":"10.3390\/systems14070783","type":"journal-article","created":{"date-parts":[[2026,7,6]],"date-time":"2026-07-06T14:56:42Z","timestamp":1783349802000},"page":"783","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Systemic Analysis of Reverse Cross-Border M&amp;A: The Heterogeneous Impacts of EMNE Network and Agency Problems Under Host Country Security Review Constraints"],"prefix":"10.3390","volume":"14","author":[{"given":"Zhengyuan","family":"Zhou","sequence":"first","affiliation":[{"name":"Glorious Sun School of Business & Management, Donghua University, Shanghai 200051, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Lei","family":"Wang","sequence":"additional","affiliation":[{"name":"Glorious Sun School of Business & Management, Donghua University, Shanghai 200051, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yujie","family":"Zhang","sequence":"additional","affiliation":[{"name":"Glorious Sun School of Business & Management, Donghua University, Shanghai 200051, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2026,7,4]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"1077","DOI":"10.1057\/s41267-016-0027-y","article-title":"Failure to Complete Cross-Border M&A: \u201cTo\u201d vs. \u201cFrom\u201d Emerging Markets","volume":"47","author":"Zhou","year":"2016","journal-title":"J. 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