Reaching beyond the acquirer-target dyad in M&A – Linkages to external knowledge sources and target firm valuation

IF 7.4 2区管理学 Q1 BUSINESS

Long Range Planning Pub Date : 2023-06-01 DOI:10.1016/j.lrp.2023.102321

Christoph Grimpe , Katrin Hussinger , Wolfgang Sofka

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Abstract

Access to unique knowledge of a target firm is the strategic rationale for many firm acquisitions with the expectation of improving the acquirer's innovation performance. We argue that the acquisition price reflects opportunities for value creation through innovation and investigate whether acquirers pay not just for the target firm's knowledge but also for the opportunity to access localized knowledge when targets are embedded in the knowledge flows of their region. Accordingly, we integrate embeddedness theory with literature on the expectations for knowledge-based value creation in M&A. We hypothesize that target firms that are highly embedded in local knowledge flows have higher acquisition prices. Using data on 520 technology-oriented firm acquisitions in Europe between 2001 and 2010, we find that the acquisition price increases with the target firm's local embeddedness. The effects are weaker when an acquirer's knowledge base is closely related to the localized knowledge and stronger when the target's knowledge base is closely related to the localized knowledge, suggesting that local embeddedness conditions the ability of acquirer and target to absorb localized knowledge.

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在并购中超越收购方目标二元体——与外部知识来源和目标公司估值的联系

获得目标公司的独特知识是许多公司收购的战略依据，期望提高收购方的创新绩效。我们认为，收购价格反映了通过创新创造价值的机会，并调查了收购方是否不仅为目标公司的知识付费，而且还为目标公司嵌入其所在地区的知识流时获得本地化知识的机会付费。因此，我们将嵌入性理论与有关知识价值创造期望的文献相结合。我们假设，高度融入本地知识流动的目标公司具有更高的收购价格。利用2001 ~ 2010年欧洲520家技术型企业的收购数据，我们发现收购价格随着目标企业的本地嵌入性而上升。当收购方的知识库与本地化知识密切相关时，这种效应较弱，而当目标方的知识库与本地化知识密切相关时，这种效应较强，说明局部嵌入性制约了收购方和目标方吸收本地化知识的能力。

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

Long Range Planning Multiple-

CiteScore

13.00

自引率

7.10%

发文量

期刊介绍： Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.