https://scholars.lib.ntu.edu.tw/handle/123456789/631095
標題: | Observational Learning from Acquisition Outcomes of Innovation Leaders | 作者: | SHENG-SYAN CHEN Huang, Chia Wei Lin, Chih Yen |
關鍵字: | RESEARCH-AND-DEVELOPMENT; MERGER WAVES; CORPORATE GOVERNANCE; INFORMATIONAL CASCADES; CONSUMPTION EVIDENCE; CEO OVERCONFIDENCE; INTERACTION TERMS; FIRM PERFORMANCE; SOCIAL-INFLUENCE; BAD BIDDERS | 公開日期: | 六月-2017 | 出版社: | WILEY | 卷: | 46 | 期: | 2 | 起(迄)頁: | 487-522 | 來源出版物: | Financial Management | 摘要: | We examine how learning from observing the acquisition outcomes of innovation leaders affects the acquisition decisions and performance of followers in an industry. Followers tend to increase the probability of acquisition and the size of an acquisition when innovation leader acquisitions produce more favorable outcomes, and reduce both when innovation leader acquisitions suffer more unfavorable outcomes. Industry competition, environmental uncertainty, prior acquisition experience, geographic proximity, and managerial incentives are important mechanisms affecting observational learning in acquisitions. Follower acquisitions perform better when innovation leaders’ acquisition outcomes convey more favorable signals, and more poorly when they convey more unfavorable signals. |
URI: | https://scholars.lib.ntu.edu.tw/handle/123456789/631095 | ISSN: | 00463892 | DOI: | 10.1111/fima.12132 |
顯示於: | 財務金融學系 |
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