Technology and Corporate Scope: Firm and Rival Innovation as Antecedents of Corporate Transactions
研究了技术创新如何促使美国制造业公司调整业务组合，包括通过收购进入新领域和剥离非核心业务，并发现竞争对手的创新也会影响公司边界变化。
Abstract This paper studies the role of technological innovation as an antecedent of changes in corporate scope. It argues that technological innovations prompt the firm to reconfigure its corporate portfolio—to redeploy resources to areas of new opportunity while it divests out of marginal businesses. Results from a cross‐industry sample of U.S. manufacturing firms show successful innovation by a firm is followed by both expansion into new areas through complementary resource seeking acquisitions and divestment out of existing noncore businesses. This relationship is found to be moderated by the level of investible resources available to the firm, and supports the notion of scarce resources as a constraint on firm scope. In addition, firms are found to change their corporate scope in response to rival innovation. Copyright © 2011 John Wiley & Sons, Ltd.