Investors' decisions following acquisition announcements: A configurational analysis of the role of acquirers' resources, capabilities, and strategic fit with the target firm
研究收购方资源、能力及与目标公司的战略匹配如何共同影响投资者对收购公告的反应，发现导致短期股价异常收益的不同组态，并提出五种并购战略类型。
Abstract This research investigates how different configurations of acquirers' resources, capabilities, and strategic fit with the target firm influence investors' decisions following acquisition announcements. Drawing on signalling theory and the resource‐based view, we argue that investors closely scrutinize acquirers' bundles of resources to evaluate holistically the future outcome of the deal. Our fuzzy‐set Qualitative Comparative Analysis (fsQCA) confirms that investors' decisions leading to abnormal stock returns following acquisition announcements depend on the configuration of the acquirer's resources, capabilities, and strategic fit with the target. It also reveals different configurations that lead to high or low short‐term stock market performance. Based on the findings, we propose five strategic profiles of merger and acquisition (M&A) deals.