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Resource redeployment following horizontal acquisitions in Europe and North America, 1988-1992

Author

Listed:
  • Pierre Dussauge

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Laurence Capron
  • Will Mitchell

Abstract

This paper studies redeployment of resources between target and acquiring businesses following horizontal acquisitions. The analysis draws from perspectives that emphasize the strategic importance of resources that are subject to market failure. We define a five-part typology of R&D, manufacturing, marketing, managerial, and financial resources. We show that targets and acquirers frequently redeploy resources following horizontal acquisitions, especially resources that frequently face market failure. We then show that the magnitude of redeployment of each type of resource increases with the asymmetry of the merging businesses' relative strength on the resource dimension. The research stresses evolutionary perspectives on business organizations that emphasize the importance of organizational differences in competitive markets. The central premise of our research is that the market for businesses is often more robust than the market for resources

Suggested Citation

  • Pierre Dussauge & Laurence Capron & Will Mitchell, 1998. "Resource redeployment following horizontal acquisitions in Europe and North America, 1988-1992," Post-Print hal-00464384, HAL.
    • Handle: RePEc:hal:journl:hal-00464384
    as

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