ACQUISITION AND DIVESTITURE AS A RESPONSE TO COMPETITIVE POSITION AND MARKET STRUCTURE
研究检验了防御性多元化假说，发现企业先前的竞争状况会影响其后续收购和剥离的强度及收购目标类型。
ABSTRACT One theory of acquisition motivation holds that some acquisition activity is a defensive reaction to weak or deteriorating industry conditions and competitive position. Designated the ‘defensive diversification hypothesis’, this motive has not been tested directly by relating firms' competitive circumstances to their subsequent acquisitive behaviour. This study does so. Results show that a firm's prior circumstances are related to the intensity of both its acquisitions and divestitures, as well as the type of firms acquired.