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Disentangling the microfoundations of acquisition behavior and performance

机译:解开收购行为和绩效的微观基础

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Research Summary The acquisition literature has highlighted that both firm-level and manager-level factors shape acquisition outcomes, yet little is known about their relative contribution. We conduct a variance decomposition analysis to explore the contribution of CEO-level versus firm-level factors to acquisition behavior and performance. We also extend the methodology of variance decomposition in strategic management research by employing Poisson multi-level models, and deriving the percentage of variance attributable to each level in a four-level model. Although CEO and firm effects both explain a substantial share of the variance in acquisition behavior, the CEO-effect is notably larger. CEO-level factors also drive a large portion of the variance in acquisition performance. Overall, our study contributes to the literatures on acquisitions and variance decomposition, and has implications for dynamic capabilities. Managerial Summary How much do firm-level factors and CEO-level factors matter for explaining acquisition behavior and acquisition performance? This question is not only relevant for researchers but also for practitioners who seek to better understand what drives acquisitions and their outcomes. To help answer this question, our study conducts a variance decomposition analysis of acquisition behavior and acquisition performance. We find that both CEO-level factors and firm-level factors explain a substantial portion of the variance in acquisition behavior, but that CEO-level factors matter relatively more. We also find that CEO-level factors also explain a substantial portion of the variance in acquisition performance.
机译:研究摘要收购文献强调,公司层面和经理层面的因素都会影响收购成果,但对其相对贡献知之甚少。我们进行方差分解分析,以探讨CEO级别与公司级别因素对收购行为和绩效的贡献。我们还采用Poisson多层次模型,并在四层次模型中得出每个层次的差异百分比,从而扩展了战略管理研究中的差异分解方法。尽管首席执行官和公司效应都解释了收购行为差异的很大一部分,但首席执行官效应明显更大。 CEO级别的因素也推动了收购绩效差异的很大一部分。总体而言,我们的研究为有关获取和方差分解的文献做出了贡献,并对动态能力产生了影响。管理摘要公司层面的因素和首席执行官层面的因素在解释收购行为和收购绩效方面有多重要?这个问题不仅与研究人员有关,而且与寻求更好地了解是什么因素推动了收购及其成果的从业者有关。为了帮助回答这个问题,我们的研究对获取行为和获取绩效进行了方差分解分析。我们发现,CEO级因素和公司级因素都可以解释收购行为方差的很大一部分,但CEO级因素的影响相对更大。我们还发现,CEO级别的因素也可以解释收购绩效差异的很大一部分。

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