Good learners: How top management teams affect the success and frequency of acquisitions

• 成果类型: Review
• 署名作者: Nadolska, Anna; Barkema, Harry G.
• 署名单位: Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of London; London School Economics & Political Science
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2172
• 发表日期: 2014
• 页码: 1483-1507
• 关键词: Mergers and acquisitions; TOP MANAGEMENT TEAM; experience; Organizational learning; frequency; performance

摘要

We develop new theory and hypotheses on how a firm's top management team learns from acquisition experience, why, in consequence, the composition of the team is crucial, and how this affects acquisition frequency and success. We focus on the diversity of the top team and argue that heterogeneous teams, as compared to homogenous ones, acquire less but benefit more from their acquisition experience and are more successful with their acquisitions because they avoid mis-transferring their experiences. We tested our hypotheses on acquisition frequency and success using longitudinal data on more than 2,000 acquisitions by 25 Dutch companies over four decades (1966 to 2006). Copyright (c) 2013 John Wiley & Sons, Ltd.