Prior Performance Characteristics or Related and Unrelated Acquirers  

Oleh:

Park, Choelsoon

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 24 no. 5 (2003), page 471-480.
Topik: Performance; diversification; acquisition; industry profitability; firm profitability; motives for acquisition strategies

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.11 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In the diversification literature, studies, particularly those using accounting - based performance measures, have found that related diversifiers are more profitable and that related diversifiers are in more profitable industries than unrelated diversifiers. Due to the very nature of these studies based on cross - sectional data, however, the causal relationship between diversification strategy and performance was not clear. This paper focuses on a single event of a large acquisition, which enables us to better identify the sequential relationships between prior firm profitability, prior industry profitability, and subsequent acquisition strategies. By doing so, this paper makes clearer the causal relationhsips between firm profitability, industry profitability and acquisition strategies.

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