|
|
Why Do Firms Make Serial M&As: Are They Born Different? |
SUN Ye, HOU Lihe |
School of Business and Management,Jilin University |
|
|
Abstract: Based on organization imprinting and resource-based theory,this paper explores whether environmental imprinting during founding period influences the serial mergers and acquisitions (M&As) of firms,whether the influence is continuous and what factors may weaken the influence.Using the A-shared listed firms who make M&As deals during 2003 to 2020,through regressing the sample,this paper finds that the environmental imprinting is a positive driver to serial M&As,and the firms are born different.Meanwhile the intensity and rhythm of the serial acquirers also get higher when their founding environment is boomer.What's more,the effect can be moderated by the resource endowment a firm have ex ante and ex post.If the firms start up with more abundant endowment in the past or they accumulate more resource at present,they may get less influence from the past imprinting when make serial M&As decisions.The article provides an explanation from the perspective of organizational imprinting for serial M&As,distinguishes between ex ante endowment and ex post resource,analyzes how resource endowment affects the formation and continuation of organizational imprinting from different periods,and also provides a reference for firms to understand serial M&As and how to better promote M&As.
|
Received: 31 December 2021
Published: 15 September 2022
|
|
|
|
|
|
|
|