PRODUCTIVITY ENHANCEMENT AT HOME VIA CROSS-BORDER ACQUISITIONS: THE ROLES OF LEARNING AND CONTEMPORANEOUS DOMESTIC INVESTMENTS

• 成果类型: Article
• 署名作者: Bertrand, Olivier; Capron, Laurence
• 署名单位: Universite de Lille; SKEMA Business School; Universite Cote d'Azur; INSEAD Business School
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2256
• 发表日期: 2015
• 页码: 640-658
• 关键词: Cross-border acquisitions; FDI; RESOURCE ACQUISITION; resource-based view; resource efficiency; Firm productivity

摘要

We examine whether ex post domestic productivity gains accrue to firms making cross-border acquisitions. We argue that cross-border acquisitions can enhance the acquirers' productivity at home, and we posit that these domestic productivity gains will be greater when there are learning opportunities in the target's host country and when contemporaneous domestic productivity-enhancing investments are made by the acquirer in conjunction with the acquisition. These predictions are supported by data drawn from a sample of French acquiring and nonacquiring firms. Our results indicate that cross-border acquisitions and investing in productivity at home are complementary: each makes the other more beneficial to firm productivity. Copyright (c) 2014 John Wiley & Sons, Ltd.