Serial Acquirers and Innovation Performance
研究了连续收购行为对企业创新绩效的影响，发现频繁收购的企业创新绩效更高，且管理者能力会增强这种正向关系。
We study the innovation performance of serial acquirers. We further examine whether managerial ability influences the relationship between acquisition frequency and innovation performance. The emerging behavioral theory suggests that high-ability managers would pursue innovative opportunities via frequent acquisitions. We employ a sample of acquirers using 6477 firm-year observations over the 2006–2016 period and find frequent acquirers have higher innovation performance relative to nonfrequent acquirers. We employ two novel measures of innovation performance, namely, innovation premium and shadow option premium. Innovation performance is the financial effectiveness of a firm's innovation activities. Managerial ability enhances the relationship between acquisition frequency and innovation performance. Moreover, the acquisition frequency enhances the relationship between managerial ability and innovation performance. We find innovative firms are more likely to be frequent acquirers. Our results are consistent with the emerging behavioral theory of the firm. Managers are likely to seize innovative opportunities promptly via frequent acquisitions, and thus, frequent acquirers are more likely to have higher innovation performance relative to nonfrequent acquirers. There appears to be a potential causal cycle from greater managerial ability to a greater acquisition frequency to a higher innovation performance.