Build, buy or partner? The relative performance of an acquisitive strategy
将并购视为创造价值的多种策略之一，通过评估采用收购型战略的企业绩效，发现这类企业估值更低、生产率和创新水平下降，且该效应在员工易受并购干扰或依赖员工关系专用投资的企业中更为显著。
Abstract We conceptualize mergers as one of several strategies for creating value and study merger performance by evaluating the performance of firms employing an acquisitive strategy. Relative to other firms, acquisitive firms are valued lower, exhibit lower employee and total factor productivity, and innovate less. These effects are concentrated among firms whose workforce is vulnerable to acquisition‐related personnel disruptions and/or those that are more dependent on employee relationship‐specific investments. We therefore propose that an acquisitive strategy diminishes firm value and performance by fostering disruptive conditions that undermine employee effectiveness and weaken their incentives.