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Performance of serial acquirers: toward an acquisition program perspective


Keil, Thomas; Laamanen, Tomi (2008). Performance of serial acquirers: toward an acquisition program perspective. Strategic Management Journal, 29(6):663-672.

Abstract

Based on an analysis of the most active acquirers in seven industry sectors in the United States in the 1990s, we find that both a high rate of acquisitions and a high variability of the rate are negatively related to performance. An acquirer's size, the scope of its acquisition program, and acquisition experience moderate the relationship by weakening the negative effects. Our findings contribute to an improved understanding of acquisition capabilities and program-level acquisition performance, thereby adding to an emerging stream of research that is building an acquisition program perspective.

Abstract

Based on an analysis of the most active acquirers in seven industry sectors in the United States in the 1990s, we find that both a high rate of acquisitions and a high variability of the rate are negatively related to performance. An acquirer's size, the scope of its acquisition program, and acquisition experience moderate the relationship by weakening the negative effects. Our findings contribute to an improved understanding of acquisition capabilities and program-level acquisition performance, thereby adding to an emerging stream of research that is building an acquisition program perspective.

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90 citations in Web of Science®
100 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Language:English
Date:2008
Deposited On:13 Jun 2013 11:19
Last Modified:05 Apr 2016 16:48
Publisher:Wiley-Blackwell
ISSN:0143-2095
Publisher DOI:https://doi.org/10.1002/smj.670
Other Identification Number:merlin-id:8137

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