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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: http://nccur.lib.nccu.edu.tw/handle/140.119/117566

    Title: Observational Learning from Acquisition Outcomes of Innovation Leaders
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Huang, Chia-Wei
    Lin, Chih-Yen
    Contributors: 財管系
    Date: 2017
    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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