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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117566

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117566

Title:	Observational Learning from Acquisition Outcomes of Innovation Leaders
Authors:	陳聖賢;黃嘉威 Chen, Sheng-Syan Huang, Chia-Wei Lin, Chih-Yen
Contributors:	財管系
Date:	2017-01
Issue Date:	2018-06-11 17:56:17 (UTC+8)
Abstract:	We examine how learning from observing the acquisition outcomes of innovation leaders affects the acquisition decisions and performance of followers in an industry. Followers tend to increase the probability of acquisition and the size of an acquisition when innovation leader acquisitions produce more favorable outcomes, and reduce both when innovation leader acquisitions suffer more unfavorable outcomes. Industry competition, environmental uncertainty, prior acquisition experience, geographic proximity, and managerial incentives are important mechanisms affecting observational learning in acquisitions. Follower acquisitions perform better when innovation leaders’ acquisition outcomes convey more favorable signals, and more poorly when they convey more unfavorable signals.
Relation:	Financial Management, Vol.46, No.2, pp.487-522
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1111/fima.12132
DOI:	10.1111/fima.12132
Appears in Collections:	[財務管理學系] 期刊論文

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