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Acquisitions in knowledge-intensive industries: Exploring the distinctive characteristics of the effective acquirer

机译：知识密集型行业中的收购：探索有效收购者的独特特征

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Purpose - The purpose of this paper is to investigate the role of specific variables, that are strategic orientations, organizational model and prior acquisitions experience, in the management of acquisitions that are not motivated exclusively by financial objectives. Design/methodology/approach - Multiple cases have been developed, selecting frequent acquirers and analysing the dynamics of acquisitions implementation. Within-case analysis was aimed at describing the acquisition and integration processes experienced by the selected firms, identifying the role of the researched variables in each phase and their impact on the acquisition outcomes. Thereafter, cross-case analysis was used to look for the presence of similarities across multiple cases. The organizational characteristics under investigation are proposed as hallmarks of the effective acquirer in knowledge-intensive industries. Findings - Characteristics such as the market orientation, the entrepreneurial orientation, the organizational model, the experience in acquisitions management and the investments in knowledge codification emerged from the cases as critical in managing acquisitions that are mainly motivated by the need of the acquirer to have access to knowledge-based resources of the target. Research limitations/implications - The paper gives a contribution to the debate going on in literature about the role of new variables in explaining the acquisitions success or failure and the non-financial motives for acquisitions. It tries to bring the expertise showed by certain firms in managing acquisitions in knowledge-based industries to specific and, until now, under-researched features that characterize them. The main limitation of the study is the generalizability of the developed framework, due to the bounded number and the nature of case studies. All the examined firms operate in the field of IT services and all the considered acquisitions are horizontal. Originality/value - Even if literature has long emphasized the need to prioritize the multiple aspects of the acquisition process and discussed the role of multiple variables in explaining the variance in acquisitions outcomes, empirical research has not completely identified the antecedents of the acquisitions performance and has traditionally overlooked the non-financial motives for acquisitions. This study focuses on high-tech industries, where acquisitions are motivated mainly by motives other than financial, and investigates the role of specific and under-researched characteristics of the acquirer firms.
机译：目的-本文的目的是调查特定变量的作用，这些变量是战略方向，组织模型和先前的收购经验，在管理并非仅出于财务目标的收购中。设计/方法/方法-已经开发了多个案例，选择了频繁的并购方并分析了并购实施的动态。案例内分析旨在描述所选公司经历的收购和整合过程，确定研究变量在每个阶段的作用及其对收购结果的影响。此后，使用跨案例分析来查找多个案例之间是否存在相似性。提出了正在调查的组织特征，作为知识密集型行业中有效收购者的标志。调查结果-从案例中得出了诸如市场导向，企业家导向，组织模式，并购管理经验和知识编纂投资等特征，这些特征对于管理并购至关重要，而这些情况主要是由于收购方需要获取信息的机会目标的基于知识的资源。研究局限性/含义-本文为有关新变量在解释收购成功或失败以及收购的非财务动机方面的作用的文献辩论提供了帮助。它试图将某些公司在管理基于知识的行业中的并购方面表现出的专业知识带到特定的，直到现在仍未被研究的特征。由于案例的数量和性质的限制，该研究的主要局限性在于已开发框架的可推广性。所有接受审查的公司都在IT服务领域运营，所有考虑的收购都是横向的。独创性/价值-即使长期以来一直强调需要优先考虑并购过程的多个方面，并讨论了多个变量在解释并购结果差异方面的作用，经验研究也未能完全确定并购绩效的前因，并且传统上忽略了收购的非财务动机。这项研究的重点是高科技行业，在这些行业中，收购主要是受金融以外的动机驱动的，并研究了收购方公司特定和研究不足特征的作用。

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