Target Reputation and Appropriability: Picking and Deploying Resources in Acquisitions
研究了收购方满意度与战略目标实现的影响因素，发现目标企业声誉（尤其是产品质量和财务声誉）对收购结果有积极影响，并探讨了资源选择与部署的交互作用。
This study explores sources of acquirer satisfaction and achievement of strategic objectives following acquisitions. We develop two sets of factors based on picking and deploying target resources that we expect will affect these outcomes, and consider how the two interact. We find that target reputation is consistently related to desirable acquisition outcomes. In particular, product quality and financial reputation positively affect satisfaction; product quality is a strong predictor of achieving market-based objectives; and management and product reputation facilitate learning. Retaining top management after the transaction is also positively related to satisfaction. We support and extend the theory of relative standing—target executives are retained to a greater degree when management reputation is strong, and this leads to better outcomes for acquirers. Other deployment effects vary depending on the outcome and the strength of the acquired resource.