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Searching for the gem: The influence of target knowledge distinctiveness on acquisition likelihood and premium
Brauer, Matthias
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Hoisl, Karin
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Jerusalem, Martin
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Dokumenttyp:
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Präsentation auf Konferenz
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Erscheinungsjahr:
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2021
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Veranstaltungstitel:
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SMS 41st Annual Conference
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Veranstaltungsort:
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Online
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Veranstaltungsdatum:
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18.-21.09.2021
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Verwandte URLs:
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Sprache der Veröffentlichung:
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Englisch
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Einrichtung:
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Fakultät für Betriebswirtschaftslehre > Strategisches u. Internat. Management (Brauer 2014-)
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Fachgebiet:
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330 Wirtschaft
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Abstract:
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Prior target selection research has generated valuable insights into how acquirer-target similarity positively influences acquisition likelihood and success. In this study, we go beyond this dyadic perspective. We examine how the distinctiveness of a firm’s knowledge portfolio vis-à-vis its industry peers influences acquisition likelihood and premium. Though the acquisition of firms with a distinct knowledge portfolio is associated with significantly greater valuation and integration risks, we argue and find that a distinctive knowledge portfolio significantly increases the probability of a firm to become an acquisition target and the acquisition premia paid in these deals. Our findings advance extant theorizing on target selection and on the question of optimal distinctiveness.
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