M&A capability and long-term firm performance: a strategic management perspective

IF 3.8 Q2 MANAGEMENT
Eduardo Vinocur, Halil Kiymaz, M. Loughry
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引用次数: 1

Abstract

PurposeThis paper investigates the puzzle of mergers and acquisitions’ (M&A) long-term performance through the strategic management perspective. The authors measure the M&A capability construct and test its relationship with the long-term performance of the firms.Design/methodology/approachThe study employs a natural language processing (NLP) methodology to quantify unstructured data from 564 annual reports and 2,602 M&A synopses from January 01, 2013 to December 31, 2016. The authors combine qualitative document analysis with a quantitative method using a multiple regression analysis model.FindingsAmong serial acquirers, M&A capability positively relates to long-term firm performance measured by both return on equity and price-to-book value. The authors also find that the size of the company and the number of acquisitions influence the M&A capability, confirming previous results in the literature.Research limitations/implicationsDetailed M&A management plans are usually confidential and not fully reported. Future studies could employ enhanced artificial intelligence tools to measure the M&A capability construct beyond filing reports, encompassing interviews, social media posts, press releases and other unstructured data sources.Practical implicationsFirms can improve their M&A capability by understanding the underlying foundation of the construct provided in the research. Additionally, researchers can build on the methodology employed using advanced NLP tools to measure M&A capability.Social implicationsImproving their M&A capability would allow firms to better choose their targets and conduct a superior integration process, which could prevent distressing mergers, unnecessary negative social impacts and culture disruption. As a result, the ensuing organization would be stronger, and the long-term performance would improve.Originality/valueThis study addresses gaps in the literature on M&A performance and provides a new empirical method to measure the M&A capability.
并购能力与企业长期绩效:战略管理视角
目的通过战略管理的视角,研究企业并购长期绩效的困惑。本文对并购能力结构进行了测度,并对其与企业长期绩效的关系进行了检验。本研究采用自然语言处理(NLP)方法,对2013年1月1日至2016年12月31日期间的564份年报和2602份并购概要中的非结构化数据进行量化。作者将定性文献分析与定量方法结合使用多元回归分析模型。研究发现:在连续收购者中,并购能力与公司的长期业绩呈正相关,这两项指标分别是净资产收益率和市净率。作者还发现,公司规模和收购次数对并购能力有影响,证实了之前文献的结果。研究限制/启示详细的并购管理计划通常是保密的,不会被完全报告。未来的研究可以采用增强的人工智能工具来衡量并购能力的构建,而不仅仅是提交报告,包括采访、社交媒体帖子、新闻稿和其他非结构化数据源。实践启示企业可以通过理解研究中提供的结构的潜在基础来提高其并购能力。此外,研究人员还可以利用先进的NLP工具来衡量并购能力。企业并购能力的提高可以使企业更好地选择并购目标,并进行更优的整合过程,从而避免令人痛苦的并购、不必要的负面社会影响和文化破坏。因此,随后的组织将更加强大,长期绩效将得到改善。原创性/价值本研究填补了并购绩效研究文献的空白,为衡量并购能力提供了一种新的实证方法。
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
CiteScore
6.30
自引率
9.70%
发文量
28
期刊介绍: The Journal of Strategy and Management is an international journal dedicated to: -improving the existing knowledge and understanding of strategy development and implementation globally in private and public organizations -encouraging new thinking and innovative approaches to the study of strategy -offering executives strategic insights based on outcomes of original scholarly research; and -establishing effective communication between researchers and executives managing public and private organizations.
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