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首页> 外文期刊>Technological forecasting and social change >Acquisitions of small high-tech firms as a mechanism for external knowledge sourcing: The integration-autonomy dilemma
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Acquisitions of small high-tech firms as a mechanism for external knowledge sourcing: The integration-autonomy dilemma

机译：收购小型高科技公司作为外部知识获取的机制：整合自主困境

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Acquisitions of small high-tech firms by large incumbents are a prominent mechanism for external knowledge sourcing, whose success strictly depends on the choice of a wise post-acquisition implementation strategy. This paper theoretically discusses and empirically documents - on a sample of 458 deals in the 20012005 period - the antecedents of this choice by focusing on the integration-autonomy dilemma. Specifically, we jointly consider two main dimensions of the post-acquisition implementation: whether the acquiring firm absorbs the acquired one into its organization or keeps it separate as an autonomous subsidiary/business unit and whether the acquired.CEO is replaced or retained. Separation with CEO retention corresponds to the minimum level of integration (and the maximum level of autonomy), whereas absorption with CEO replacement corresponds to the maximum level of integration (and the minimum level of autonomy.) We hypothesize that the acquiring firm chooses an implementation strategy with high level of integration when the acquired firm produces a component technology or operates in a related market. Indeed, in both cases, the interdependency between the two firms is high and thus the benefits of integration likely exceed the costs of the loss of autonomy. However, this positive association is weaker when the acquiring and acquired firms have common ground, originating from technological relatedness or prior alliances, which acts as a low-cost coordination mechanism. Results of econometric estimates largely confirm our hypotheses. (C) 2017 Elsevier Inc. All rights reserved.
机译：大型企业收购小型高科技公司是外部知识采购的重要机制，其成功严格取决于对明智的收购后实施策略的选择。本文以20012005年时期的458笔交易为样本，从理论上讨论并凭经验证明了这一选择的前因，其重点是整合自主性的困境。具体来说，我们共同考虑了收购后实施的两个主要方面：收购公司是将收购的公司吸收到其组织中还是作为一个独立的子公司/业务部门使其分开，以及被收购的CEO是否被替换或保留。与CEO保留的分离对应于最小整合水平（和最大自治度），而CEO替代的吸收对应于最大集成度（和最小自治度）。我们假设收购公司选择实施被收购公司生产零部件技术或在相关市场中运营时，具有高度集成的战略。确实，在两种情况下，两家公司之间的相互依存度都很高，因此整合的收益可能会超过丧失自主权的成本。但是，当被收购公司和被收购公司具有共同基础时，这种积极联系就会减弱，这种基础来自技术关联性或先前的联盟，这是一种低成本的协调机制。计量经济学的估计结果很大程度上证实了我们的假设。 （C）2017 Elsevier Inc.保留所有权利。

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