Transfer Effects in Large Acquisitions: How Size-Specific Experience Matters
研究大型相关国内收购中，规模特定经验如何影响绩效。发现大型相关收购经验有正面转移效应，而小型相关收购经验会损害绩效，且产品与地理差异会加剧这种负面效应，文化差异则缓解之。
We examine whether size-specific experience influences performance following large related, domestic acquisitions. Supporting a transfer theory of learning, our results suggest that although prior experience in making large, related acquisitions transfers positively to this focal situation, experience in making small related acquisitions hurts firm performance. We find that bidder-to-target dissimilarity in product offerings and geographic reach exacerbates the negative effects of experience in small related acquisitions. In contrast, perceived dissimilarity in organizational cultures curbs these negative effects. Moreover, retaining acquired top managers and engaging in less integration in large related acquisitions both aid acquirers in better drawing on experiences from smaller related acquisitions.