Thomas Hutzschenreuter, Ingo Kleindienst and Michael Schmitt
The purpose of this paper is to provide insights to the impact of acquisition experience from prior acquisitions on the performance of subsequent ones. The authors base the…
Abstract
Purpose
The purpose of this paper is to provide insights to the impact of acquisition experience from prior acquisitions on the performance of subsequent ones. The authors base the analysis on the concept of mindfulness which has recently gained increasing attention in organizational learning theory. The aim is to extend prior research on mindfulness in organizational learning by empirically addressing how mindfulness in knowledge transfer affects task performance in the context of a rare organizational event, i.e. an acquisition, and how it is moderated by the conditions surrounding that event.
Design/methodology/approach
Employing a path-related approach, the authors analyzed large acquisitions of multiple US acquirers in a sequence to be able to clearly identify feedback from preceding acquisitions on subsequent ones. The authors adopt individual acquisition events as the unit of analysis to demonstrate the effect of mindfulness on task performance, and follow the widely used approach of measuring acquisition performance by abnormal stock market returns around the time of an acquisition announcement.
Findings
The analysis reveals an alternating relationship between an acquirer's acquisition experience and its acquisition performance. This relationship is positively moderated by an acquirer's cash reserves and by the temporal spacing of its acquisitions, but negatively moderated by an acquirer's market-to-book value.
Originality/value
Path-related approaches are rarely used in the mergers & acquisitions literature. The paper is based on the concept of mindfulness and identifies an up to now unrecognized pattern in the performance of multiple acquisitions.
Details
Keywords
Prospects for the creation of norms on state behaviour in cyberspace.
Details
DOI: 10.1108/OXAN-DB224437
ISSN: 2633-304X
Keywords
Geographic
Topical
Julia Adams and George Steinmetz
Imperial crisis is the analytical axis on which turn two national states of emergency: the Weimar Republic (1918–1933) and the United States on the so-called “Eve of Destruction”…
Abstract
Imperial crisis is the analytical axis on which turn two national states of emergency: the Weimar Republic (1918–1933) and the United States on the so-called “Eve of Destruction” (1965–1975). But while Max Weber disagreed with Carl Schmitt with respect to the problem of sovereignty at the core of the German imperium, American sociologists – even those inspired by Weber – by and large did not register the gravity of the moment of political decision in their work, or the imperial crisis that their country faced during the Vietnam War and its aftermath. This essay offers ideas regarding why this was so, what the consequences have been for American sociology, and how, in the midst of the present-day imperial and domestic governmental crisis, we might adopt a more expansive view.
The purpose of this paper is to provide an update on various methodological issues and statistical techniques pertinent to the conflict management literature. First, issues…
Abstract
The purpose of this paper is to provide an update on various methodological issues and statistical techniques pertinent to the conflict management literature. First, issues related to use of laboratory studies, college students, and the study situation are reviewed. Second, two recent innovative statistical techniques, meta‐analysis and confirmatory modeling are described and potential applications in the conflict management field are given.
Michael A. Merz, Dana L. Alden, Wayne D. Hoyer and Kalpesh Kaushik Desai