標題: Mergers and Acquisitions Strategies for Industry Leaders, Challengers, and Niche Players: Interaction Effects of Technology Positioning and Industrial Environment
作者: Lin, Bou-Wen
Chen, Wan-Chen
Chu, Po-Young
管理科學系
Department of Management Science
關鍵字: Industry challenger;industry environment;industry leader;market position;mergers and acquisitions (M&As);niche player;technological positioning
公開日期: 1-二月-2015
摘要: This study empirically investigates the merger and acquisition (M&A) strategies of focal firms by considering their market and technology position at the industry level. The results obtained using patents, firm M&A agreements, and the financial data of U.S. technology firms from 1997 through 2008 demonstrate how industry leaders, challengers, and niche players differ in their M&A strategic logic. Three industry environmental factors and two technology positioning factors exhibit different effects on firms\' M&A strategies for varied market positions. The overall patterns reveal that niche players are more aggressive in leveraging their technology positions to adopt M&As for the purpose of acquiring access to external knowledge resources, while leaders tend to leverage their market positions and use M&As to further strengthen their market power. Challengers are more likely to engage in M&As when locating in unfavorable environmental markets, but they are less likely to engage in M&As when locating in technologically crowded areas.
URI: http://dx.doi.org/10.1109/TEM.2014.2380822
http://hdl.handle.net/11536/124197
ISSN: 0018-9391
DOI: 10.1109/TEM.2014.2380822
期刊: IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT
Volume: 62
起始頁: 80
結束頁: 88
顯示於類別:期刊論文