doi:10.1016/j.jwb.2019.101046engFuentelsaz, LucioGarrido, ElisabetGonzález, MinervaOwnership in cross-border acquisitions and entry timing of the target firmART-2020-115735We examine how the entry timing of targets influences the initial and the post-entry percentage of ownership acquired by multinationals. We argue that targets that have entered earlier into the market launch signals of lower uncertainty in contexts where first-mover advantages exist. As a consequence, multinationals are willing to buy higher levels of ownership in these early entrant targets and to increase their participation in the subsidiary equity in the post-entry stage. Finding support for these relationships, we study how market age and innovative behaviour of the target reduce the importance of leading time as determinant of the ownership decision.2020http://zaguan.unizar.es/record/10206510.1016/j.jwb.2019.101046http://zaguan.unizar.es/record/102065oai:zaguan.unizar.es:102065info:eu-repo/grantAgreement/ES/DGA-FSE/S54-17Rinfo:eu-repo/grantAgreement/ES/MINECO-FEDER/ECO2017-85451-Rinfo:eu-repo/grantAgreement/ES/UZ/JIUZ-2017-SOC-08JOURNAL OF WORLD BUSINESS 55, 2 (2020), 101046 1-18by-nc-ndhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/info:eu-repo/semantics/openAccess