Performance of serial acquirers: Toward an acquisition program perspective

• 成果类型: Editorial Material
• 署名作者: Laamanen, Tomi; Keil, Thomas
• 署名单位: Aalto University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.670
• 发表日期: 2008
• 页码: 663-672
• 关键词: acquisition program; rate; variability; CAPABILITY; performance

摘要

Based on an analysis of the most active acquirers in seven industry sectors in the United States in the 1990s, we find that both a high rate of acquisitions and a high variability of the rate are negatively related to performance. An acquirer's size, the scope of its acquisition program, and acquisition experience moderate the relationship by weakening the negative effects. Our findings contribute to an improved understanding of acquisition capabilities and program-level acquisition performance, thereby adding to an emerging stream of research that is building an acquisition program perspective. Copyright (C) 2008 John Wiley & Sons, Ltd.