The DOI matches its Crossref record; 25 of the 25 references it cites were found in a registry or an index.
Types of synergy and economic value: The impact of acquisitions on merging and rival firms
Abstract
Acquisitions, in general, have been demonstrated to create economic value. The intuitive reason underlying this value creation stems either from an ability to reduce costs of the combined entity, an ability to charge higher prices, or both. Current research in the area attributes these abilities to an opportunity to utilize a specialized resource. Our focus in this study is to compare three broad classes of resources that contribute to the creation of value. Following the conventional wisdom, these resources are classified as cost of capital related (resulting in financial synergy), cost of production related (resulting in operational synergy), and price related (resulting in collusive synergy). Given the limitations of our sample and research design, we find that collusive synergy is, on average, associated with the highest value. Further, the resources behind financial synergy tend to create more value than the resources behind operational synergy.
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Cites
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Strategy, structure, and economic performance
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Cited by
COMMUNICATION WITH EMPLOYEES FOLLOWING A MERGER: A LONGITUDINAL FIELD EXPERIMENT.
Schweiger, D. M., & Denisi, A. S. (1991) · Academy of Management Journal · doi:10.2307/256304 · Cited by 1,370
Larsson, R., & Finkelstein, S. (1999) · Organization Science · doi:10.1287/orsc.10.1.1 · Cited by 1,302
Interorganizational Imitation: The Impact of Interlocks on Corporate Acquisition Activity
Haunschild, P. R. (1993) · Administrative Science Quarterly · doi:10.2307/2393337 · Cited by 1,119
On the Efficiency of Internal and External Corporate Control Mechanisms
Walsh, J. P., & Seward, J. K. (1990) · Academy of Management Review · doi:10.5465/amr.1990.4308826 · Cited by 1,017
Corporate acquisition strategies and economic performance
Singh, H., & Montgomery, C. A. (1987) · Strategic Management Journal · doi:10.1002/smj.4250080407 · Cited by 744
Metadata
- Authors
- Chatterjee, S.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 1986-03
- Volume
- 7
- Issue
- 2
- Pages
- 119-139
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2126882482
- Cited by
- 800
- References
- 25
- FWCI
- 25.83
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
