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Acquirer Performance in Knowledge Motivated Acquisitions

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Acquirer Performance in Knowledge Motivated Acquisitions INSTITUTO TECNOLÓGICO Y DE ESTUDIOS SUPERIORES DE MONTERREY CAMPUS CIUDAD DE MÉXICO ACQUIRER PERFORMANCE IN KNOWLEDGE MOTIVATEO ACQUISITIONS DOCTORADO EN ADMINISTRACIÓN TESIS PRESENTADA POR RICARDO ROMERO GERBAUD ASESOR DRA. ANNE S. YORK FEBRERO 2006 Acquirer Performance in Knowledge Motivated Acquisitions ABSTRACT This study uses fine-grained measures of target resources within the context of the dynamic environment of the 1990's to investigate the relationship between uncertainty, target resource type and acquirer stock market performance. The findings suggest that the market punishes acquirers of knowledge resources more than those that buy property resources due to the resource value uncertainty that affects knowledge-based acquisitions. Further, sample time frame, industry and acquirer's size moderate this resource­ performance relationship. In support of the uncertainty argument, 1 find that managers announcing knowledge-based mergers provide more information in their press raleases than those announcing property-based transactions. TABLE OF CONTENT CHAPTER 1: INTRODUCTION .......................................................................................... 1 CHAPTER 2: LITERATU RE REVIEW ................................................................................ 7 DEPENOENT VARIABLE: ACQUIRER'S STOCK MARKET RETURNS ........................................... 7 Empírica/ Evidence on Bidder Returns from the Financia/ Economics Literature ......................... 8 Empírica/ Evidence on Bidder Returns from the Strategy Literature .......................................... 1O INOEPENOENT VARIABLE: RESOURCE TYPE ....................................................................... 11 The Resource-Based View of Corporate Acquisitions ................................................................ 11 Knowledge-Based Resources and Corporate Acquisitions ........................................................ 14 Empírica/ Studies Relating Resources to Performance .............................................................. 15 SUMMARY OF LITERATURE REVIEWEO .............................................................................. 18 CHAPTER 3: CONCEPTUAL MODEL ANO RESEARCH HYPOTHESES ...................... 20 THE LINK BETWEEN RESOURCE TYPE ANO ACQUISITION PERFORMANCE ............................. 20 THE LINK BETWEEN UNCERTAINTY, INFORMATION ANO RESOURCE TYPE ............................ 23 RELATEONESS AS MOOERATOR OF THE RESOURCE TYPE ANO ACQUISITION PERFORMANCE RELATIONSHIP ............................................................................................................... 24 INTEGRATIVE CONCEPTUAL MOOEL .................................................................................. 25 CHAPTER 4: DATA ANO RESEARCH DESIGN ............................................................. 27 SAMPLE TIME FRAME, DATA SOURCES, ANO SELECTION CRITERIA ..................................... 27 INOEPENOENT OR EXPLANATORY VARIABLES .................................................................... 32 Acquisition Motive Type: Property Vs Knowledge ...................................................................... 32 Amount of Publicly Communicated lnformation .......................................................................... 46 DEPENOENT VARIABLE: ACQUIRER'S SHORT-TERM MARKET PERFORMANCE ...................... 46 MOOERATING VARIABLE: ACQUIRER ANO TARGET RELATEONESS ....................................... 52 CONTROL VARIABLES ...................................................................................................... 53 MOOEL ANAL YSIS ............................................................................................................ 54 CHAPTER 5: EMPIRICAL RESULTS .............................................................................. 55 FIRM ANO DEAL DESCRIPTIVE STATISTICS ANO CORRELATION MATRIX ............................... 55 RESUL TS OF HYPOTHESES TESTING ................................................................................. 60 H1: Resource type and acquirer's short-term market performance ............................................ 60 H2: Resource type and information communicated .................................................................... 69 H3: Moderating effect of relatedness ........................................................... ............................... 70 SUMMARY OF EMPIRICAL FINOINGS ................................................................................... 73 CHAPTER 6: DISCUSSION, CONTRIBUTIONS, ANO IMPLICATIONS .......................... 74 DISCUSSION OF RESULTS ................................................................................................ 7 4 CONTRIBUTIONS OF THE RESEARCH ................................................................................. 75 Methodological contributions ..... ............................................. ..................................................... 75 Empírica/ contributions ... ............................................................................................................. 77 Theoretical contribution ............................................................................................................... 78 IMPLICATIONS FOR PRACTICE ........................................................................................... 79 LIMITATIONS ANO DIRECTIONS FOR FUTURE RESEARCH ..................................................... 79 APPENDICES ................................................................................................................... 82 APPENOIX A: RESEARCH APPROACHES REGAROING THE PROFIT ABILITY OF MERGERS ANO ACQUISITIONS .............................................................................................. 83 APPENDIX 8: LIST OF THE ACQUISITIONS INCLUOEO IN THE SAMPLE ..................................... 84 APPENOIX C: RESOURCE-BASEO MOTIVE TYPE CRITERIA .................................................... 97 APPENDIX D: RESOURCE MOTIVE EXAMPLES ..................................................................... 98 APPENDIX E: A SECTION OF THE COOING FORM .............................................................. 108 APPENOIX F: COOING PROTOCOL ................................................................................... 109 APPENOIX G: ANALYSIS OF CAR EXTREME VALUES ANO OUTLIERS ................................... 111 APPENOIX H: SENSITIVITY ANAL YSIS OF COOING SCHEMES ............................................... 117 APPENOIX 1: ANALYSIS OF ACQUIRER'S ABNORMAL RETURNS (AR) ANO CUMULATIVE ABNORMAL RETURNS (CAR) ....................................................................... 120 APPENOIX J: VERIFICATION OF REGRESSION ASSUMPTIONS .............................................. 126 APPENOIX K: EMPIRICAL RESUL TS SPLIT BY TWO TIME FRAMES ......................................... 129 APPENDIX L: TESTS FOR STRUCTURAL CHANGE OR PARAMETER CONSTANCY TEST ............ 133 REFERENCES ................................................................................................................ 138 TABLES Table 4-1: Sample construction ........................................................................................................... 31 Table 4-2: Property and knowledge-based resources ......................................................................... 37 Table 4-3: Resource-motives definitions ............................................................................................. 39 Table 4-4: lntercoder agreement test statistics .................................................................................... 45 Table 4-5: Proportion of acquisitions that mention each category of resource motive ........................ 46 Table 5-1: Summary statistics sorted by acquisition type .................................................................... 56 Table 5-2: Sample distribution by announcement year and acquisition type ...................................... 57 Table 5-3: Percent distribution of acquisitions during 1990-2000 by general industry group of acquirers ............................................................................................................................ 58 Table 5-4: Percent distribution of acquisitions during 1990-2000 by lndustry Macro Code of acquirers and by acquisition type ...................................................................................................... 58 Table 5-5: Correlation Matrix - Short-term market performance model variables .............................. 59 Table 5-6: Acquirers' CAR descriptive statistics .................................................................................. 62 Table 5-7: t-test for difference in acquirers' CAR means between property and knowledge-motivated acquisitions ........................................................................................................................ 62 Table 5-8: Model O and1-Cross-sectional regression on determinants of acquirers' market performance ...................................................................................................................... 64 Table 5-9: CAR (0,+1) mean statistics by acquirers industry macro code .......................................... 66 Table 5-10: CAR (0,+1) difference of means statistics for motive type of acquisition depending on size percentile of acquirer ................................................................................................. 68 Table 5-11: Model 2
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