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Resource-based theory and mergers & acquisitions success
Grill, Polina ;  Bresser, Rudi K. F. ;  Universität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft

Main titleResource-based theory and mergers & acquisitions success
AuthorGrill, Polina
AuthorBresser, Rudi K. F.
InstitutionUniversität <Berlin, Freie Universität> / Fachbereich Wirtschaftswissenschaft
No. of Pages11 S.
Series Discuission paper / School of Business & Economics ; 2011/26 : Strategic Management
Classification (DDC)650 Management and auxiliary services
AbstractMergers & acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisitions process, while acquirers do not receive abnormal positive returns.
This paper analyses the impact of strategically valuable resources on the success of M&A decisions.
We test complementary resource-based hypotheses regarding the value of M&A for the shareholders of both transaction partners. Our sample consists of transactions in the pharmaceutical and biotechnological industry. The results of our study show that the shareholders of both transaction partners will gain above average positive returns only when the acquirer and the target own and combine strategically valuable resources and capabilities.
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FU DepartmentDepartment Business and Economics
Other affiliation(s)Institut für Management
Year of publication2011
Type of documentBook
LanguageEnglish
Terms of use/Rights Nutzungsbedingungen
Created at2011-12-15 : 12:03:11
Last changed2014-01-23 : 04:20:19
 
Static URLhttp://edocs.fu-berlin.de/docs/receive/FUDOCS_document_000000012621
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