Please use this identifier to cite or link to this item:
https://ah.lib.nccu.edu.tw/handle/140.119/117566
題名: | Observational Learning from Acquisition Outcomes of Innovation Leaders | 作者: | 陳聖賢; 黃嘉威 Chen, Sheng-Syan Huang, Chia-Wei Lin, Chih-Yen |
貢獻者: | 財管系 | 日期: | Jan-2017 | 上傳時間: | 11-Jun-2018 | 摘要: | We examine how learning from observing the acquisition outcomes of innovation leaders affects the acquisition decisions and performance of followers in an industry. Followers tend to increase the probability of acquisition and the size of an acquisition when innovation leader acquisitions produce more favorable outcomes, and reduce both when innovation leader acquisitions suffer more unfavorable outcomes. Industry competition, environmental uncertainty, prior acquisition experience, geographic proximity, and managerial incentives are important mechanisms affecting observational learning in acquisitions. Follower acquisitions perform better when innovation leaders’ acquisition outcomes convey more favorable signals, and more poorly when they convey more unfavorable signals. | 關聯: | Financial Management, Vol.46, No.2, pp.487-522 | 資料類型: | article | DOI: | http://dx.doi.org/10.1111/fima.12132 |
Appears in Collections: | 期刊論文 |
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