Journal ArticleDOI
The long‐term performance of horizontal acquisitions
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TLDR
In this paper, the authors examined the impact of post-acquisition asset divestiture and resource redeployment on the long-term performance of horizontal acquisitions and found that both asset divestitures and resource re-ployment can contribute to acquisition performance, with a significant risk of damaging acquisition performance when the divested assets and redeployed resources are the target.Abstract:
This paper examines how value is created in horizontal mergers and acquisitions. More specifically, it examines the impact of post-acquisition asset divestiture and resource redeployment on the long-term performance of horizontal acquisitions. The data come from a detailed survey of acquiring firm managers and cover 253 horizontal mergers and acquisitions that were initiated by European and U.S. firms in manufacturing industries for the period 1988–1992. This study incorporates insights from the cost efficiency and resource-based theories to propose a model of the effects of asset divestiture and resource redeployment on long-term acquisition performance. Overall, our results show that both asset divestiture and resource redeployment can contribute to acquisition performance, with, however, a significant risk of damaging acquisition performance when the divested assets and redeployed resources are those of the target. Copyright © 1999 John Wiley & Sons, Ltd.read more
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Journal ArticleDOI
Meta-analyses of Post-acquisition Performance: Indications of Unidentified Moderators
TL;DR: The authors employ meta-analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post-acquisition performance, and find robust results indicating that acquiring firms' performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent.
Journal ArticleDOI
Deliberate learning in corporate acquisitions: post‐acquisition strategies and integration capability in U.S. bank mergers
Maurizio Zollo,Harbir Singh +1 more
TL;DR: It is found that knowledge codification strongly and positively influences acquisition performance, while experience accumulation does not, and increasing levels of post-acquisition integration strengthen the positive effect of codification.
Journal ArticleDOI
The resource-based view and international business:
TL;DR: The resource-based view (RBV) of the firm has become an influential theoretical perspective in recent international business research as discussed by the authors, and a broad, expanding, and cumulative knowledge base is emerging to connect IB and strategy research through the RBV.
Posted Content
Organizational Responses to Environmental Demands: Opening the Black Box
TL;DR: It is argued that external constituents—including customers, regulators, legislators, local communities, and environmental activist organizations—who interact with influential corporate departments are more likely to affect facility managers' decisions and thus adopt different management practices.
Journal ArticleDOI
Transformational leadership influence on organizational performance through organizational learning and innovation
Víctor J. García-Morales,María Magdalena Jiménez-Barrionuevo,Leopoldo J. Gutierrez-Gutierrez +2 more
TL;DR: In this paper, the influence of transformational leadership on organizational performance through the dynamic capabilities of organizational learning and innovation is analyzed empirically, basing the analysis on a sample of 168 Spanish firms.
References
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Evaluating Structural Equation Models with Unobservable Variables and Measurement Error
Claes Fornell,David F. Larcker +1 more
TL;DR: In this paper, the statistical tests used in the analysis of structural equation models with unobservable variables and measurement error are examined, and a drawback of the commonly applied chi square test, in additit...
Book ChapterDOI
Firm Resources and Sustained Competitive Advantage
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Structural equation modeling in practice: a review and recommended two-step approach
TL;DR: In this paper, the authors provide guidance for substantive researchers on the use of structural equation modeling in practice for theory testing and development, and present a comprehensive, two-step modeling approach that employs a series of nested models and sequential chi-square difference tests.
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