A CAPABILITIES-BASED PERSPECTIVE ON TARGET SELECTION IN ACQUISITIONS

• 成果类型: Article
• 署名作者: Kaul, Aseem; Wu, Brian
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; University of Michigan System; University of Michigan
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2389
• 发表日期: 2016
• 页码: 1220-1239
• 关键词: acquisitions; ORGANIZATIONAL CAPABILITIES; acquisition capabilities; geographic diversification; Target choice

摘要

We develop a capabilities-based theory of acquirer target selection, arguing that acquirers will pursue both low capability targets in existing contexts to deploy existing capabilities, and high capability targets in new contexts to acquire new capabilities. These arguments are formalized in an analytical model that jointly considers the benefits and costs of acquisition as a function of target capability level and context. The predictions from this model are tested in the Chinese brewing industry (1998-2007), with results showing that acquirers strongly prefer inferior targets in existing geographic markets, but are relatively more likely to choose superior targets in new markets, especially if they have strong acquisition capabilities. Our study provides insight into the factors driving target selection, and contributes to a capabilities-based understanding of acquisitions. Copyright (C) 2015 John Wiley & Sons, Ltd.