The Long - Term Performance of Horizontal Acquisitions  

Oleh:

Capron, Laurence

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 20 no. 11 (1999), page 987-1018.
Topik: performance; mergers and acquisitions; value creation; synergy; resource - based view

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.4 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

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 acquisitions performance. Overall, our results show that both asset divestiture and resource redeployment can contribute to acquisition performance, with however, a significant risk of damaging acquisitions performance when the divested assets and redeployed resources are those of the target.

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