Observational Learning from Acquisition Outcomes of Innovation Leaders
研究了行业追随者如何通过观察创新领导者的收购结果来调整自身的收购决策和绩效，发现有利结果会促使追随者增加收购概率和规模，不利结果则相反，且竞争、不确定性、经验、地理邻近和管理激励等因素起调节作用。
We examine how learning from observing the acquisition outcomes of innovation leaders affects the acquisition decisions and performance of followers in an industry. Followers tend to increase the probability of acquisition and the size of an acquisition when innovation leader acquisitions produce more favorable outcomes, and reduce both when innovation leader acquisitions suffer more unfavorable outcomes. Industry competition, environmental uncertainty, prior acquisition experience, geographic proximity, and managerial incentives are important mechanisms affecting observational learning in acquisitions. Follower acquisitions perform better when innovation leaders’ acquisition outcomes convey more favorable signals, and more poorly when they convey more unfavorable signals.