We explore a financial returns dimension of the exploration-exploitation dilemma. Using 1277 R&D announcements by 178 listed bio-pharmaceutical firms, we examine whether investors are myopic along the continuum of exploration (patenting and preclinical trials) to exploitation (human clinical trials and NDA). We find that investors respond positively at every stage, but there are differences between small and large firms. For small firms exploration is favored, provided it is focused. For large firms, there is value in both exploration and exploitation. Projects which are part of an alliance are no more likely to generate abnormal returns. Policy implications are discussed.
This paper reviews the literature in the fields of learning, knowledge creation and storage in organisations and links the theories in these fields to mergers and acquisitions. Specifically, mergers and acquisitions (M&As) of East German ex-combines by western firms are examined from the viewpoint ofdoes the dominant culture always win or is it possible for two-way learning? The answer to these questions seems to depend upon the mode of acquisition, the level of acculturation and on the length of time elapsed. These three factors and others are combined into a model to predict potential results of M&As. The theory section is supported by data collected from six western M&As in East Germany where a total of 36 in-depth, open ended interviews were held. Dem vorliegenden Artikel wird ein Literaturüberblick zum organisationalen Lernen sowie der Wissenserzeugung und-speicherung von Wissen in Organisationen vorangestellt. Die entsprechenden Theorien werden auf das Spezialthema dieser JEEMS-Ausgabe übertragen. Es werden Übernahmen von ostdeutschen Kombinaten durch westliche Unternehmen untersucht. Folgende Frage steht dabei im Mittelpunkt: Gewinnt immer die dominante Kultur oder ist auch ein wechselseitiges Lernen möglich? Die Art des Zukaufs, der wahrgenommene Grad der Akkulturation und die seit der Übernahme vergangene Zeit scheinen hierauf Einfluß zu haben. Es wird ein Arbeitsmodell entwickelt, um die möglichen Folgen von Unternehmenszusammenschlüssen vorhersagen zu können. Aussagen aus 36 Interviews in sechs untersuchten ostdeutschen Betrieben bekräftigen die theoretischen Vorannahmen.
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