دانلود مقاله ISI انگلیسی شماره 137766
ترجمه فارسی عنوان مقاله

تجربه کسب چگونه ارزش ایجاد می کند؟ شواهد از تغییرات قانونی که بر محیط اطالعات تاثیر می گذارد

عنوان انگلیسی
How does acquisition experience create value? Evidence from a regulatory change affecting the information environment
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
137766 2017 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : European Management Journal, Volume 35, Issue 1, February 2017, Pages 60-68

ترجمه کلمات کلیدی
خرید یادگیری سازمانی، سرمایه خصوصی، پنل اطلاعات، رگرسیون چندگانه،
کلمات کلیدی انگلیسی
Acquisitions; Organizational learning; Private equity; Panel data; Diff-in-diff regression;
پیش نمایش مقاله
پیش نمایش مقاله  تجربه کسب چگونه ارزش ایجاد می کند؟ شواهد از تغییرات قانونی که بر محیط اطالعات تاثیر می گذارد

چکیده انگلیسی

We argue that acquisition experience translates more readily into learning to select than into learning to restructure. The acquisition selection stage is less causally ambiguous than the subsequent restructuring stage—because its web of activities is less complex and its outcome less delayed—and causal ambiguity undermines learning from experience. Therefore, we hypothesize that more-experienced acquirers will perform particularly well when the information environment is less transparent and thus the ability to select targets (versus to restructure them) is more important. Relying on a unique database of 1388 acquisitions realized by private equity firms in the United States between 1975 and 2005, and exploiting a regulatory change affecting the information environment faced by acquirers when selecting their targets, we find results largely consistent with our theory.