When do firms learn from their acquisition experience? Evidence from 1990 to 1995

Hayward, Mathew L. A. (2002) When do firms learn from their acquisition experience? Evidence from 1990 to 1995. Strategic Management Journal, 23 1: 21-39. doi:10.1002/smj.207


Author Hayward, Mathew L. A.
Title When do firms learn from their acquisition experience? Evidence from 1990 to 1995
Journal name Strategic Management Journal   Check publisher's open access policy
ISSN 1097-0266
0143-2095
Publication date 2002-01
Sub-type Article (original research)
DOI 10.1002/smj.207
Volume 23
Issue 1
Start page 21
End page 39
Total pages 19
Place of publication Chichester, Sussex ; Brisbane
Publisher J. Wiley
Language eng
Subject 15 Commerce, Management, Tourism and Services
Abstract I use an organizational learning perspective to examine how the nature, performance and timing of a firm's acquisition experience helps it to learn how to select the right acquisition. I predict the performance of 214 acquisitions made by 120 firms in 6 industries between 1990 and 1995. Results show that a firm's focal acquisition performance positively relates to prior acquisitions that are a) not highly similar or dissimilar to the focal acquisition, b) associated with small losses and c) not too temporally close to or distant from the focal acquisition. Taken together, these results identify the broad conditions in which firms generate adaptive and timely inferences from acquisition experience. Copyright © 2002 John Wiley & Sons, Ltd.
Keyword aquisitions
experience
learning
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Unknown

 
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