Mergers and Acquisitions Strategies for Industry Leaders, Challengers, and Niche Players: Interaction Effects of Technology Positioning and Industrial Environment

被引：12

作者：

Lin, Bou-Wen ^{[1
]}

Chen, Wan-Chen ^{[2
]}

Chu, Po-Young ^{[3
]}

机构：

[1] Natl Tsing Hua Univ, Inst Technol Management, Hsinchu 30013, Taiwan

[2] Natl Cheng Kung Univ, Technol Transfer & Business Incubat Ctr, Tainan 70101, Taiwan

[3] Natl Chiao Tung Univ, Dept Management Sci, Hsinchu 30010, Taiwan

来源：

IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT | 2015年 / 62卷 / 01期

关键词：

Industry challenger; industry environment; industry leader; market position; mergers and acquisitions (M&As); niche player; technological positioning; R-AND-D; MARKET SHARE; PERFORMANCE; STOCK; UNCERTAINTY; CONSEQUENCES; GOVERNANCE; INNOVATION; ALLIANCES; KNOWLEDGE;

D O I：

10.1109/TEM.2014.2380822

中图分类号：

F [经济];

学科分类号：

02 ;

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.

引用

页码：80 / 88

页数：9