M&A successes: Breadth, depth, and deal completion time in the US semiconductor industry

IF 3.8 4区 管理学 Q2 BUSINESS
Taewoo Roh, J. Hwang, B. Park
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引用次数: 3

Abstract

Most previous studies examining M&As (mergers and acquisitions) have focused on the post-merger integration process. While there have been studies that have partially investigated the importance of deal completion, we argue that firms could learn to increase their deal completions by leveraging their experience from prior successful acquisitions and that their cumulative success could reduce the deal completion time; that is, the time from the announcement of the deal to its resolution. To address this unexplored issue about M&As, we investigated whether prior intra- and/or inter-industry acquisition experiences helped accelerate subsequent focal acquisitions in the semiconductor industry, which is characterized by rapid technological innovation. We tested our hypotheses on data consisting of 323 acquisition deals in the US semiconductor industry between 2000 and 2013. The results showed that both prior intra- and inter-industry acquisition experiences significantly reduced deal completion time. JEL CLASSIFICATION M10
并购成功案例:美国半导体行业的广度、深度和交易完成时间
以前大多数关于并购的研究都集中在并购后的整合过程上。虽然已经有研究对交易完成的重要性进行了部分调查,但我们认为,企业可以通过利用以往成功收购的经验来提高交易完成度,而他们的累积成功可以缩短交易完成时间;也就是说,从交易宣布到其解决的时间。为了解决这一未被探索的并购问题,我们调查了之前的行业内和/或行业间收购经验是否有助于加速半导体行业随后的重点收购,半导体行业的特点是快速的技术创新。我们用2000年至2013年间美国半导体行业323笔收购交易的数据检验了我们的假设。结果显示,以往的行业内和行业间并购经验均显著缩短了交易完成时间。凝胶分类m10
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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