Do mergers and acquisitions disrupt marketing capabilities?

IF 3.8 4区 管理学 Q2 BUSINESS
R. Reddy, Sung-Jin Park, Vishal Bindroo
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引用次数: 1

Abstract

Motivated by the resource-based view (RBV) of the firm, this study explores whether mergers and acquisitions (M&As) can facilitate or impede a firm’s marketing capabilities. Furthermore, this study also examines whether the influence of M&As on a firm’s marketing capabilities is conditional to the type of deals, that is, domestic versus cross-border acquisitions. Using the difference-in-differences research design with a large sample of 15,509 firm-year observations for 898 US public acquirers, this study tests the postacquisition changes in a firm’s marketing capabilities as reflected in the sensitivity of sales revenue to marketing-related expenditure. The results of the empirical tests show a postacquisition increase in sales sensitivity, suggesting that firms can enhance their marketing capabilities through M&As. However, it is also found that the enhancement in marketing capabilities is limited to domestic M&As and disappears for cross-border acquisitions. This result suggests that more salient differences in a firm’s marketing environment attributable to cross-border acquisitions may disrupt a firm’s marketing capabilities and dampen the positive effect of M&As. Fields of Specialization: Strategic management, marketing JEL CLASSIFICATION: G34; L25; M30
并购是否会破坏营销能力?
在企业资源基础观(RBV)的激励下,本研究探讨了企业并购是否会促进或阻碍企业的营销能力。此外,本研究还考察了并购对公司营销能力的影响是否取决于交易类型,即国内收购与跨境收购。本研究采用差异中的差异研究设计,对898家美国公共收购者进行了15,509个公司年度观察的大样本,测试了收购后公司营销能力的变化,反映在销售收入对营销相关支出的敏感性上。实证检验结果显示,并购后企业的销售敏感性有所提高,表明企业可以通过并购提高营销能力。然而,我们也发现营销能力的提升仅限于国内并购,而在跨国并购中则消失。这一结果表明,跨国收购导致的企业营销环境的显著差异可能会破坏企业的营销能力,抑制并购的积极效应。专业领域:战略管理、市场营销JEL分类:G34;L25;M30
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
7.50
自引率
6.90%
发文量
14
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