Acquiring Growth: How Innovative Firms Leverage M&As for Competitive Advantage
研究了企业创新性与并购频率之间的曲线关系，发现管理能力和风险偏好会调节这一关系，为企业在内部研发与外部并购间平衡提供指导。
This study examines the relationship between firm innovativeness and acquisition frequency, considering the moderating roles of managerial ability and risk propensity. Innovative firms engage in acquisitions to integrate external knowledge. We refine this perspective further by proposing a curvilinear relationship, where excessive R&D intensity may reduce acquisition frequency due to high internalization costs and a reduced reliance on external innovations. Using a panel dataset of serial acquirers, we test the hypothesis that managerial ability strengthens the link between innovation and acquisitions, particularly in large firms where resource coordination is critical. In addition, we find that firms with higher managerial risk propensity are more likely to use acquisitions as a risk diversification strategy. Still, this effect weakens in highly leveraged firms where financial constraints limit acquisition activity. Our findings challenge the prevailing notion that firms deficient in research and development (R&D) dominate acquisition activities. The findings offer valuable managerial implications, guiding firms in balancing internal R&D investments with external acquisitions, optimizing managerial leadership for mergers and acquisitions success, and adapting acquisition strategies to dynamic industry conditions.