Tug of war? Exploring the role of acquirer and target CEO-level acquisition experience in deal completion

IF 10.5 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2024-10-21 DOI:10.1016/j.jbusres.2024.115021

Manjot S. Bhussar , Michelle L. Zorn , Garry L. Adams , Geoffrey A. Silvera

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引用次数: 0

Abstract

Role theory predicts that mismatches between behavioral and structural role expectations can lead to negotiation difficulties. We extend this lens to the pre-completion phase of acquisitions to understand when role conflicts between acquirer and target CEOs may affect deal completion. Adopting an individual learning approach, this study begins by differentiating individual-level learning in the pre-completion phase from firm-level learning typically studied post-completion. Accordingly, we predict that acquirer CEO’s acquisition experience depth (number) and breadth (different types) positively impact the likelihood of deal completion, while target CEO’s experience negatively moderates these relationships due to role conflicts. Using archival and hand-collected data from US public firm acquisitions (2000–2020), we find support for our predictions. Our findings contribute to the acquisition literature by distinguishing CEO-level experience from firm-level experience, unpacking the multidimensional nature of CEO acquisition experience, and applying role theory to the pre-completion phase of acquisitions.

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拔河比赛？探索收购方和目标公司首席执行官级别的收购经验在交易完成中的作用

角色理论预测，行为和结构角色期望之间的不匹配会导致谈判困难。我们将这一视角延伸到收购完成前阶段，以了解收购方和目标公司首席执行官之间的角色冲突何时会影响交易完成。本研究采用个人学习方法，首先将收购完成前阶段的个人层面学习与收购完成后通常研究的公司层面学习区分开来。因此，我们预测收购方首席执行官的收购经验深度（数量）和广度（不同类型）会对交易完成的可能性产生积极影响，而目标公司首席执行官的经验则会因角色冲突而对这些关系产生消极调节作用。通过使用美国上市公司收购的档案数据和手工收集的数据（2000-2020 年），我们发现我们的预测得到了支持。我们的研究结果区分了首席执行官层面的经验和公司层面的经验，揭示了首席执行官收购经验的多维性，并将角色理论应用于收购完成前阶段，从而为收购文献做出了贡献。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.