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Performance Implications of Firm Resource Interactions in the Acquisition of R&D-Intensive Firms

机译:研发密集型企业并购中企业资源相互作用的绩效含义

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摘要

We explore the role of resource interactions in explaining firm performance in the context of acquisitions. Although we confirm that acquisitions do not lead to higher performance on average, we do find that complementary resource profiles in target and acquiring firms are associated with abnormal returns. Specifically, we find that acquiring firm marketing resources and target firm technology resources positively reinforce (complement) each other; meanwhile, acquiring and target firm technology resources negatively reinforce (substitute) one another. Implications for management theory and practice are identified.
机译:我们探索资源交互作用在解释收购背景下的公司绩效中的作用。尽管我们确认收购不会平均带来更高的绩效,但我们确实发现目标公司和收购公司中互补的资源状况与异常收益相关。具体而言,我们发现获取公司营销资源和目标公司技术资源会积极地相互补充(互补);同时,获取和定位公司的技术资源会互相消极地加强(替代)。确定了对管理理论和实践的影响。

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