When Do Firms Learn from Their Acquisition Experience ? Evidence from 1990 - 1995  

Oleh:

Hayward, Mathew L.A.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 23 no. 1 (2002), page 21-40.
Topik: FIRM; acquisitions; experoence; learning

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.8 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

I use an organizational learning perspective to examine how the nature, performance and timing of a firm;s aquisition experience helps it to learn how to select the right acquisition. I predict the performance of 214 acquisitions made by 120 firms in 6 industries between 1990 and 1995. Result show that a firm's ficak acquisitions performance positively relates to prior acquisitions tht are : a. not highly ismilar or dissimilar to the focal acquisition b. associated with small losses, and c. not too temporally close to or distant from the focal acquisition. Taken together, these results identify the broad conditions in which firms generate adaptive and timely inferences from acquisition experience.

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