Although it is well established that acquisition-based dynamic capabilities have important consequences for merger and acquisition (M&A) processes, direct evidence on how real option applications can measure a dynamic capability-based synergy in open innovation-type M&A deals has been scarce. This study draws from seminal research on real options theory to explore some of these benefits and limits to value a synergy in one recent highly strategic acquisition. To strengthen the identification of causal effects, the paper develops the proposition that justifies the role of dynamic capabilities as antecedents of the success of open innovation-type M&A deals in the ICT industry and demonstrates real options’ application to measure M&A synergies. To test the internal and external validity of the proposition, the explorative case study on Samsung’s acquisition of Harman International Industries was analyzed and interpreted. This study contributes important empirical evidence to bear on the literature on open innovation theory, dynamic capabilities framework, and real options theory.

中文翻译：

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探索开放式创新型并购交易中实物期权理论与动态能力框架的联系

尽管众所周知，基于收购的动态能力会对并购（M＆A）流程产生重要影响，但对于实物期权应用如何在开放式创新型并购交易中衡量基于动态能力的协同作用的直接证据仍然很少。这项研究借鉴了关于实物期权理论的开创性研究，以探索其中的一些好处和局限性，以评估最近一次高度战略性收购中的协同作用。为了加强对因果效应的识别，本文提出了一个论点，该论据证明了动态能力作为ICT行业开放式创新型并购交易成功的先决条件的作用，并证明了实物期权在衡量并购协同作用方面的应用。为了测试该提议的内部和外部有效性，分析和解释了三星收购Harman International Industries的探索性案例研究。该研究为有关开放式创新理论，动态能力框架和实物期权理论的文献提供了重要的经验证据。