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Entrepreneurial orientation and the fate of corporate acquisitions

机译：企业型取向与企业收购命运

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摘要

Does a firm's entrepreneurial orientation (EO) play a role in creating or destroying value through corporate acquisitions? Extant research has sought to assess the influence of EO across a multitude of strategic contexts, but to-date has not addressed business venturing through acquisitions. Given that worldwide deal values since 2000 total more than $57 trillion, the omission has become conspicuous. In response, this study investigates the relationship between EO and acquisitions through an analysis of 500 randomly selected deals consummated by U.S. firms between 2001 and 2012. The findings suggest EO's impact on acquisition-related outcomes is ultimately a matter of degree, with curvilinear effects driven by interactions between EO and three key contingencies: relatedness, method of payment, and acquisition premiums. For each of these moderators, high and low levels of EO are associated with value destruction, while moderate levels, on average, generate positive returns for acquiring firms. However, the relationship is not symmetrical. Firms exhibiting high levels of EO experience significantly worse acquisition-related returns than firms with low EO. The study contributes conceptual, empirical, and methodological insights for both scholars and practitioners by viewing acquisitions through the lens of EO.
机译：公司的创业方向（EO）是否在通过公司收购创建或销毁价值方面发挥作用？现存的研究试图评估EO对众多战略性背景的影响，但到目前为止还没有通过收购冒险的业务投资。鉴于全球交易价值以来，自2000年以来总额超过57万亿美元，遗漏已经显而易见。作为回应，本研究通过2001年至2012年之间的美国公司完善的500项随机选定的500项分析来调查EO与收购的关系。调查结果表明EO对收购相关结果的影响最终是一个程度的问题，曲线效应驱动通过EO与三个关键偶然的互动：相关性，付款方式和收购保费。对于这些主持人中的每一个，高低水平的EO与价值破坏相关，而平均水平适中，为获取公司产生正回报。但是，这种关系不是对称的。表现出高水平的EO体验的公司明显更差的收购相关的回报，而不是低EO的公司。该研究通过观察通过EO镜头来观看收购，为学者和从业者提供概念性，实证和方法论见解。

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