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Acquisition experience, board characteristics, and acquisition behavior

机译:收购经验,董事会特征和收购行为

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Literature on acquisition places more concern on the consequence of an acquisition event and pays less attention to what factors influence the motive for initiating the acquisition strategy of a firm. Through the lenses of organizational learning and corporate governance theories, the study examine whether the prior acquisition experience and board characteristics affect firms' acquisition behavior. Hypotheses are tested on a sample of 92 acquisition events of Taiwanese electronics firms during the period from 1997 to 2007 by employing the survival function model. Empirical results indicate that business acquisition experience positively influence the inclination of the acquirer adopting a subsequent acquisition, while board characteristics do not relate to the likelihood of the acquirer making a subsequent acquisition. These findings provide theoretical and managerial implications for organizational learning and corporate governance theories in general and acquisition management in particular.
机译:有关收购的文献更多地关注了收购事件的后果,而很少关注哪些因素会影响企业启动收购战略的动机。通过组织学习和公司治理理论的视角,该研究考察了先前的收购经验和董事会特征是否会影响企业的收购行为。利用生存函数模型,对1997年至2007年期间台湾电子公司的92个并购事件的样本进行了假设检验。实证结果表明,业务收购经历对收购方采用后续收购的意愿产生积极影响,而董事会特征与收购方进行后续收购的可能性无关。这些发现为组织学习和公司治理理论提供了理论和管理方面的启示,特别是在收购管理方面。

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