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Can corporate entrepreneurship attributes in acquired firms avoid their acquisition-turned-divestiture fate?

机译:被收购公司中的企业企业家精神能否避免其收购转为剥离的命运?

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More than 50% acquisitions are divested within the first year of operation. Data shows that the divestitures lacked adequate level of corporate entrepreneurship, hence, faced significant hurdles in getting integrated. We argue that presence of corporate entrepreneurship attributes in acquired firms is vital for their successful integration with their acquirers. The acquirers are less likely to divest such acquisitions that continue to demonstrate the culture of corporate entrepreneurship even after getting acquired, more specifically, during their post-acquisition integration stages. While most studies have focused on the 'process' dimension of managing post-acquisition integration, we intend to explore this largely unattended dimension, namely, 'corporate entrepreneurship level' of acquired entrepreneurial firms. In this study, we used Stopford & Baden-Fuller's (1994) two of the five 'bundles' of attributes for creating corporate entrepreneurship to explore how these attributes impact the overall efficiency of integration, and therefore, predict the likely status during post-acquisition integration stages. Connecting corporate entrepreneurship literature with M&A literature will be our contribution toward developing practical implication for entrepreneurial firms who are in the process of preparing themselves for a successful continuity or exit through M&A route, and also, for acquirers who are on the lookout for complimentary targets.
机译:在运营的第一年内,超过50%的收购被剥离。数据显示,资产剥离缺乏足够的企业创业水平,因此在整合方面面临重大障碍。我们认为,被收购公司中存在企业企业家精神属性对于它们与收购方的成功整合至关重要。收购者不太可能放弃这样的收购,即使在被收购后,更确切地说,是在收购后的整合阶段,这种收购仍继续显示出企业企业家的文化。虽然大多数研究都集中在管理收购后整合的“过程”维度上,但我们打算探索这一在很大程度上无人值守的维度,即被收购的企业家公司的“企业企业家水平”。在这项研究中,我们使用Stopford&Baden-Fuller(1994)的五个“捆绑”属性中的两个来创建公司企业家精神,以探索这些属性如何影响整合的整体效率,并因此预测收购后的可能状态整合阶段。将企业企业家文学与并购文学联系起来,将为我们为正在为成功的连续性做好准备或通过并购方式退出的创业公司以及正在寻找互补目标的收购方开发实用意义做出的贡献。

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