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首页> 外文期刊>Strategic Management Journal >RELATIONAL CONFIGURATIONS WITH INFORMATION INTERMEDIARIES: THE EFFECT OF FIRM-INVESTMENT BANK TIES ON EXPECTED ACQUISITION PERFORMANCE
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RELATIONAL CONFIGURATIONS WITH INFORMATION INTERMEDIARIES: THE EFFECT OF FIRM-INVESTMENT BANK TIES ON EXPECTED ACQUISITION PERFORMANCE

机译:与信息中介机构的关系配置:公司投资银行关系对预期收购绩效的影响

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摘要

Recognizing information-related problems in acquisition transactions, we study how the characteristics of acquiring firms' relationships with information brokers or intermediaries like investment banks affect firms' access to acquisition-related information, thus influencing expected acquisition performance. We propose that relational configurations that enhance the intermediaries' ability and willingness provide the most beneficial and appropriate information to acquiring firms. We find that acquirers' expected acquisition performance increases with the number of prior transactions with investment banks but decreases when relationships with banks become exclusive. Further, the positive effect of number of prior transactions becomes even stronger for less related acquisitions. Our study provides insights on the beneficial performance implications of competition in multiple but nonexclusive relationships with information intermediaries such as investment banks.
机译:认识到收购交易中与信息相关的问题,我们研究了收购公司与信息经纪人或投资银行等中介机构的关系特性如何影响公司对与收购相关的信息的访问,从而影响预期的收购绩效。我们认为,增强中介人能力和意愿的关系配置可以为收购公司提供最有益和最适当的信息。我们发现,收购方的预期收购绩效随着与投资银行先前交易次数的增加而增加,但与银行之间的排他性关系则降低。此外,对于不那么相关的收购,先前交易数量的积极影响变得更加强烈。我们的研究提供了与信息中介机构(如投资银行)在多种但非排他性关系中竞争对绩效的有益影响的见解。

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