Organization Capital and International Acquisitions
研究了组织资本如何影响美国上市公司通过跨国并购实现国际化，发现高组织资本的企业更可能发起跨国并购，并在短期和长期为投资者创造价值，收购经验会强化这一关系。
• Organization Capital is a critical source of sustainable competitive advantage. • Firms with higher organization capital are more likely to internationalize through cross-border mergers and acquisitions. • Firms with higher organization capital sustain performance and significantly create value for investors in the short and long run. • Acquisition experience strengthens the relationship of organization capital with firm internationalization. As a critical source of sustainable competitive advantage, organization capital combines human skills with physical assets and is of particular value in complex strategic endeavors such as international acquisitions. Our research examines the role of organization capital (OC) in firm internationalization through cross-border mergers and acquisitions (M&A). We focus on the effect of OC on the initiation of cross-border M&A deals and value creation after deal closing. Further, we investigate the role of acquisition experience and whether acquisition experience allows firms with high OC to better allocate and direct resources along the cross-border M&A process. We draw on longitudinal data from listed US firms spanning 24 years of M&A activity between 1996 and 2019 and find that firms with higher organization capital are more likely to internationalize through cross-border M&A because of freed-up resources to recognize opportunities. We further find that firms with higher organization capital sustain performance and significantly create value for investors in the short and long run because of a better understanding of capturing value from rare strategic events. We also show that acquisition experience strengthens the relationship of organization capital with firm internationalization, but we do not find a significant effect on value creation after deal closing. Our results offer novel and robust insights into the importance of organization capital in firm internationalization and value creation in international markets.