Strategy and Innovation, Centre for Organization Restructuring, Radboud University Institute for Management Research, Nijmegen, The Netherlands.
Strategy and Innovation Management, Centre for Organization Restructuring, University of Groningen Faculty of Economics and Business, Groningen, The Netherlands.
PLoS One. 2021 Dec 8;16(12):e0259660. doi: 10.1371/journal.pone.0259660. eCollection 2021.
We investigate the market's reactions to serial acquirers that switch strategy. We collect data on 204 serial acquirers in four high tech industries, and use March's explore-exploit framework, to classify these firms' 1,415 acquisitions. We then distinguish, for example, exploration-based acquisitions, conducted after a series of exploitation-based acquisitions. Our results suggest that the market takes a portfolio perspective when reacting to an acquisition. In support of the ambidexterity literature, we show that the market responds positively to a switch from one type of strategy to another. Zooming in on the direction of the shift, we find that the market responds more positively to a switch towards exploration after exploitation, compared with the alternative. In so doing, we contribute to the literature on acquisition motives, by showing that prior announcements matter in explaining market reactions, and we contribute to the literature on ambidexterity, by showing that the market favours firms that oscillate between exploration and exploitation.
我们研究了市场对策略转变的连续收购者的反应。我们在四个高科技行业中收集了 204 个连续收购者的数据，并使用 March 的探索-利用框架对这些公司的 1415 次收购进行分类。然后，例如，我们可以区分在一系列利用型收购之后进行的基于探索的收购。我们的研究结果表明，市场在对收购做出反应时会采取投资组合的视角。为了支持灵活性文献，我们表明，市场对从一种策略向另一种策略的转变做出了积极的反应。在关注转变的方向时，我们发现，与另一种情况相比，市场对从利用到探索的转变反应更为积极。这样，我们通过表明先前的公告在解释市场反应方面很重要，为收购动机的文献做出了贡献，并且通过表明市场青睐在探索和利用之间波动的公司，为灵活性文献做出了贡献。
