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Resource redeployment in corporate acquisitions: Going beyond horizontal acquisitions
Long Range Planning ( IF 7.825 ) Pub Date : 2022-11-30 , DOI: 10.1016/j.lrp.2022.102287
Arkadiy V. Sakhartov , Jeffrey J. Reuer

Resource redeployment between merging firms is an important way in which corporate acquisitions create value. Such redeployment can occur in horizontal deals when the acquirer and the target are from the same industry, or in non-horizontal deals when the acquirer and the target come from different industries. Although existing research focuses on the former scenario of resource deployment in horizontal acquisitions, resource deployment as a potential source of value in non-horizontal acquisitions has been understudied. This study uses a formal model to develop a theory of resource redeployment that both embraces and contrasts both types of acquisitions to offer new insights. The study concludes that the focus on horizontal acquisitions misses M&A contexts in which resource redeployment can create the highest value. Results from the model also demonstrate that acquisition performance has an inverse U-shaped relationship with relatedness between the merging firms. Finally, the effect of relatedness critically depends on the asymmetry in returns between the merging firms. These results are important for future empirical studies of acquisition performance and of target selection and are instructive to corporate managers seeking targets and managing potential redeployment of resources across organizations via M&A.



中文翻译:

企业收购中的资源重新部署:超越横向收购

并购企业之间的资源重新配置是企业收购创造价值的重要方式。当收购方和目标公司来自同一行业时,这种重新部署可以发生在横向交易中;当收购方和目标公司来自不同行业时,这种重新部署也可以发生在非横向交易中。尽管现有的研究主要集中在横向收购中资源部署的前一种情况,但作为非横向收购中潜在价值来源的资源部署尚未得到充分研究。本研究使用正式模型来发展资源重新部署理论,该理论既包含又对比了两种类型的收购,以提供新的见解。该研究的结论是,对横向收购的关注忽略了资源重新部署可以创造最高价值的并购背景。该模型的结果还表明,收购绩效与合并公司之间的相关性呈反 U 形关系。最后,关联性的影响很大程度上取决于合并公司之间回报的不对称性。这些结果对于未来收购绩效和目标选择的实证研究非常重要,并且对企业管理者寻找目标和通过并购管理跨组织资源的潜在重新部署具有指导意义。

更新日期:2022-11-30
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