The Risk Implications of Mergers and Acquisitions with Information Technology Firms
研究收购IT公司后的长期风险动态，发现并购前风险上升但之后下降，客户动机的并购风险持续更高，且受行业动态性调节。
We address the dynamics of post-merger risks for a firm acquiring an information technology (IT) company over a long-term horizon, and examine the impact of mergers and acquisitions (M&A) motives on its post-merger risks after controlling for its self-selection into the specific motives the acquiring firm seeks. We find that a strong run-up in risk occurs before M&A transactions are initiated, but this risk begins to decline over the post-merger period. However, post-merger risks tend to persist for firms seeking M&A transactions with a customer-side motive, whereas this does not occur with a production-side motive. While greater post-merger risks are associated with M&As with a customer-side motive, our results suggest that its association with post-merger risks is moderated by industry dynamism. Overall, our study sheds new light on the post-merger risk by addressing its dynamic nature and uncovering the potential interplay between M&A motives and industry dynamism when IT firms are acquired.