No abstract

Prior empirical studies provide evidence that the learning-curve perspective from manufacturing settings is not directly applicable to strategic management settings. In the latter case learning relates to the quality rather than to the quantity of experience. Regarding the antecedents of organizational learning especially, there are still unanswered questions remaining; for example, the questions what kind of experience has a positive effect on performance and what kind of experience is more of a hindrance than a help. This becomes obvious when looking at acquisitions as examples of strategic management decisions. Results of prior empirical studies analyzing the relationship of acquisition experience and acquisition performance have been mixed. By introducing the concept of strategic consistency, we intend to facilitate a better understanding of the kind of experience necessary for organizational learning. Therefore, we measure the concordance and frequency of change in strategic actions. Employing a sample of 379 acquisition series, we find evidence for a positive transfer effect of strategic consistency within series and, therefore, a positive relationship between strategic consistency and acquisition performance.

No abstract

We begin with the hypothesis that shareholder-wealth effects of corporate transactions differ depending on (a) the specific industry, (b) whether they are horizontal or vertical, and (c) whether they are integrations (takeovers) or disintegrations (partial sell-offs). A standard event study analysis for cumulative abnormal returns based on the market model is conducted for 309 data-points from 227 transaction announcements. We find that abnormal returns indeed do significantly depend on the transaction profile (horizontal vs. vertical and integration vs. disintegration) and industry. One main result is the observation that the capital market shows distinctive preferences for either an integration or disintegration strategy for vertical as well as for horizontal transactions. The specific pattern of this preference differs according to industry

NB:OT Dieses Werlt ist urheberrechtlich geschUtzt. Die dadurch begrUndeten Rechte, insbesondere clie der Obenetzung, del Nachdrucka, des Vortragl, der Bntnahme von Abbildungen und Tabellen, der Funkaendung, der Mikroverfilmung ader der VervielfKItigung auf anderen Wegen und der Speicherung in Datenverarbeimngaanlagen, bleiben, auch bei nur auazugsweiser Verwertung, vorbehalten. Bine VervielfHltigung dieses Werkes ader von Teilen clieses Werltes ist auch im Binulfall nur in den Orenzen der gesetz1ichen Beltimmungen des Urbeberrechtsgesetzes der Bundesrepublik Deutschland vom 9. September 1965 in der jewcils gcltendcn Pas.ung zulllsslg. Sic I.t grundslltzlich vergUtungspflichtig. Zuwiderhandlungen unterliegen den Strafbestimmungen des Umeberrechtsgesetzes. " 1997 Springer-Verlag Berlin Heidelberg UrsprQnglich erschienen bei Physica-Verlag Heidelberg in 1997 Die Waederaabe van Oebrauchsnamen, Handelsnamen, Warenbezeichnungen UlW. in cliesem Werk belechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, da8 IOlche Namen im Sinne cler Warenzeic:hen-und Markenschutz-Oesetzgebung ali !rei zu betrachten wllren und daher von jedermann benutzt werden clllrften. SPIN 10559441 8812202-5 4 3 2 1 0-Oedruckt auf lIurefreicm Papier