The Impact of Resource Attributes and Dynamic Capabilities on Merger & Acquisition Performance

• Main Authors: Ching-Chih Huang, 黃經智
• Other Authors: Keshin Tswei
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/dtj3f7

博士 === 國立中正大學 === 企業管理所 === 95 === Managing competitiveness in the knowledge economy requires access to new knowledge, as witnessed by the flourishing activities of alliances and mergers in the last decade. This study examines the issue of acquiring new knowledge through mergers. Research on merger and acquisition (M&A) in the past has focused on the earning of abnormal returns. Reflecting the present knowledge economy, researchers have started to apply the organizational learning lens to M&A recently. This study asks the key question of what kinds of knowledge flow between the acquirer and the acquired can contribute to the acquirer’s performance. We classify the knowledge content into six types, and we examine impact of the knowledge flow in two-way transfer phenomenon on M&A performance. This Study adopts three proxy variables of performance and four sets of explanation variables. We use Cumulative Abnormal Return of Stocks(CAR), Change in ROA(ΔROA), and Long-term Success Rate in M&A (SUCRATE)as our proxy variables of performance. Besides, we introduce Resources Transfer strategic, Relative Resources Strength (RRS), Similarity in M&A Strategies, and Dynamic Capabilies as explanation variables. First, in Resource Transfer issue, we find that acquirer transfer more brand asset, management knowledge, production development, Manufacturing Technology, and Capacity resources to target firm than the reverse direction. The result supports our hypothesis setting. However, when we try to examine the impact of resource transfer variables to performance variables, we find just two variables (distribution channel and management knowledge) are significant to dependent variable. Result are not sufficiently supports our hypothesis. Second, in Relative Resources Strength issue, we find no support to our hypothesis. Moreover, in issue of Similarity in M&A Strategies, we find that acquirer and acquired firm in M&A with similar dominant logic can create better performance. Finally, in issue of Dynamic Capabilies, our research finds that acquirer firms with past experience of M&A are not sure to earn much more from current M&A activities.