Relational configurations with information intermediaries: The effect of firm‐investment bank ties on expected acquisition performance
研究收购方与投资银行等信息中介的关系特征如何影响其获取收购相关信息，进而影响预期收购绩效。发现多次合作提升绩效，但排他性关系会削弱这一效果，且对非相关收购更显著。
Recognizing information‐related problems in acquisition transactions, we study how the characteristics of acquiring firms' relationships with information brokers or intermediaries like investment banks affect firms' access to acquisition‐related information, thus influencing expected acquisition performance. We propose that relational configurations that enhance the intermediaries' ability and willingness provide the most beneficial and appropriate information to acquiring firms. We find that acquirers' expected acquisition performance increases with the number of prior transactions with investment banks but decreases when relationships with banks become exclusive. Further, the positive effect of number of prior transactions becomes even stronger for less related acquisitions. Our study provides insights on the beneficial performance implications of competition in multiple but nonexclusive relationships with information intermediaries such as investment banks . Copyright © 2013 John Wiley & Sons, Ltd.