Too Big to Learn: The Effects of Major Acquisition Failures on Subsequent Acquisition Divestment
研究企业是否从重大收购失败中学习，基于威胁刚性理论提出企业不会从中学习，且东道国经验会强化这种负面效应，通过分析法国企业在美国的741起收购事件验证假设。
We examine whether firms learn from their major acquisition failures. Drawing from a threat‐rigidity theoretical framework, we suggest that firms do not learn from their major acquisition failures. Furthermore, we hypothesize that host‐country experience reinforces the negative effects of major acquisition failures. Our research hypotheses are tested using an event history analysis of 741 acquisitions undertaken by French listed and non‐listed firms in the USA between January 1988 and December 2008. We use failure divestment (divestment resulting from acquisition failure) as a proxy for acquisition performance. Consistent with our theoretical framework, we find that major acquisition failures have a negative impact on future acquisition performance. Furthermore, we find that such negative effects are reinforced by firms’ host‐country experience.