期刊
JOURNAL OF BUSINESS RESEARCH
卷 62, 期 12, 页码 1329-1334出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.jbusres.2008.11.005
关键词
Acquisitions; Cross-border; Organizational learning; Momentum
类别
We rely on organizational learning theory and strategic momentum research to examine the international merger and acquisition (M&A) activities of a sample of S&P 500 firms. We hypothesize that the learning associated with a firm's prior acquisition experience increases the likelihood the firm will engage in subsequent international acquisitions. Results from a sample including company-country level data indicate that both prior domestic acquisitions and international acquisitions influence the likelihood of acquisitions in foreign markets by U.S.-based firms. We also find that prior experience with international acquisitions is more predictive of subsequent international acquisitions than prior domestic acquisition experience. Moreover, we find that the acquisition experience within a host country had a stronger influence on subsequent acquisitions within that country than other prior non-host country international acquisition experiences. (C) 2008 Elsevier Inc. All rights reserved.
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