This research investigates how different configurations of acquirers' resources, capabilities, and strategic fit with the target firm influence investors' decisions following acquisition announcements. Drawing on signalling theory and the resource-based view, we argue that investors closely scrutinize acquirers' bundles of resources to evaluate holistically the future outcome of the deal. Our fuzzy-set Qualitative Comparative Analysis (fsQCA) confirms that investors' decisions leading to abnormal stock returns following acquisition announcements depend on the configuration of the acquirer's resources, capabilities, and strategic fit with the target. It also reveals different configurations that lead to high or low short-term stock market performance. Based on the findings, we propose five strategic profiles of merger and acquisition (M&A) deals.

中文翻译：

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收购公告后的投资者决策：对收购方资源、能力和与目标公司的战略契合度作用的配置分析

本研究调查了收购方资源、能力和与目标公司的战略契合度的不同配置如何影响投资者在收购公告后的决策。利用信号理论和基于资源的观点，我们认为投资者密切关注收购方的资源包，以全面评估交易的未来结果。我们的模糊集定性比较分析 (fsQCA) 证实，投资者在收购公告后导致股票异常回报的决策取决于收购方的资源配置、能力以及与目标的战略契合度。它还揭示了导致短期股市表现高或低的不同配置。根据调查结果， （并购）交易。