首页> 外文期刊>European journal of information systems >When IT capabilities are not scale-free in merger and acquisition integrations: how do capital markets react to IT capability asymmetries between acquirer and target?
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When IT capabilities are not scale-free in merger and acquisition integrations: how do capital markets react to IT capability asymmetries between acquirer and target?

机译:当IT能力在并购整合中并非无规模时:资本市场如何应对收购方与目标之间IT能力的不对称性?

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In mergers and acquisitions (M&A), a primary objective of acquirer is to integrate IT resources of the target with its own. IT M&A integration is assumed to create synergies, which in turn increase shareholder wealth by making the value of the merged firm greater than the sum of the standalone values of the two firms. In this study, we challenge this assumption and argue that IT M&A integration does not always lead to greater value creation. Prior research on IT M&A integrations indicates that IT resources are often not scale-free in M&A: that is, they do not transfer easily and costlessly from an acquirer to its target or vice versa. In fact, IT M&A integration can destroy value rather than create it when IT resources are not scale-free. We theorize about the contingencies under which IT M&A integration can create value for shareholders of acquirers. We test our hypotheses in a sample of 549 M&A transactions between 1998 and 2007. We find that, on average, capital markets react negatively with M&A announcements of acquirers whose IT capabilities are superior relative to those of the targets. The superiority of the acquirer's IT capabilities signals that the acquirer is likely to rip and replace IT resources of the target. This IT M&A integration approach increases risks of disruption to target's operations and revenue growth. Capital markets take such risks into account and reduce the stock price of the acquirer. One contingency that reduces the negative reactions of capital markets is industry relatedness of target. In a same-industry acquisition, an acquirer and its target have similar operating models, competitive dynamics, and regulatory context. Thus, ripping and replacing weaker IT resources of the target with superior IT resources of the acquirer creates expectations of more efficient operation, engenders positive stock price reactions, and increases shareholder wealth. Another contingency that reduces the negative reactions of capital markets is the acquirer's track record in profitable growth. A profitably growing acquirer that has superior IT capabilities increases the confidence of capital markets that it can minimize potential disruption risks of IT integration, continue its profitable growth pattern with newly acquired target, engender positive stock price reactions, and create shareholder wealth. These findings indicate that IT M&A integration does not always lead to greater value creation in M&A. The study makes a contribution by identifying the contingencies under which ITM&A integration creates wealth for acquirer's shareholders.
机译:在并购(M&A)中,收购方的主要目标是将目标公司的IT资源与其自身集成。假定IT并购整合可产生协同效应,从而使合并后的公司的价值大于两家公司的独立价值之和,从而增加股东财富。在本研究中,我们对这一假设提出质疑,并认为IT并购整合并非总能带来更大的价值创造。先前对IT并购整合的研究表明,IT资源在并购中通常不是无规模的:也就是说,它们不会轻易,无成本地从收购方转移到收购方,反之亦然。实际上,当IT资源不是无规模的时,IT并购整合会破坏价值,而不是创造价值。我们从理论上对IT并购整合可以为收购方的股东创造价值的突发事件进行理论化。我们在1998年至2007年之间的549例并购交易中检验了我们的假设。我们发现,平均而言,资本市场对IT能力优于目标企业的收购方的并购公告产生负面反应。并购方的IT能力的优越性表明,并购方可能会撕毁并替换目标公司的IT资源。这种IT并购整合方法增加了目标业务运营和收入增长受到破坏的风险。资本市场考虑了此类风险并降低了收购方的股票价格。降低资本市场负面反应的一种意外情况是目标行业的相关性。在同行业收购中,收购方及其目标具有相似的运营模式,竞争动态和监管环境。因此,用收购方的优质IT资源来替换和替换目标较弱的IT资源会产生对更有效运营的期望,引起积极的股价反应,并增加股东财富。减少资本市场负面反应的另一种意外情况是收购方在获利增长方面的往绩。一个具有出色IT能力的,不断增长的盈利性收购方,可以增强资本市场的信心,使其可以最大程度地降低IT集成的潜在破坏风险,继续以新收购的目标实现其有利可图的增长方式,产生积极的股价反应并创造股东财富。这些发现表明,IT并购整合并不总是能够在并购中创造更大的价值。该研究通过确定ITM&A整合为收购方股东创造财富的偶然性做出了贡献。

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