Performance implications of firm resource interactions in the acquisition of R&D-intensive firms

• 成果类型: Review
• 署名作者: King, David R.; Slotegraaf, Rebecca J.; Kesner, Idalene
• 署名单位: United States Department of Defense; United States Air Force; US Air Force Research Laboratory; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: ORGANIZATION SCIENCE
• ISSN/ISSBN: 1047-7039
• DOI: 10.1287/orsc.1070.0313
• 发表日期: 2008
• 页码: 327-340
• 关键词: merger and acquisition; resource-based view; high technology

摘要

We explore the role of resource interactions in explaining firm performance in the context of acquisitions. Although we confirm that acquisitions do not lead to higher performance on average, we do find that complementary resource profiles in target and acquiring firms are associated with abnormal returns. Specifically, we find that acquiring firm marketing resources and target firm technology resources positively reinforce ( complement) each other; meanwhile, acquiring and target firm technology resources negatively reinforce ( substitute) one another. Implications for management theory and practice are identified.