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The Effects of Acquisitions and Restructuring (Strategic Refocusing) Strategies on Innovation

In: The Management of Corporate Acquisitions

Author

Listed:
  • Robert E. Hoskisson
  • Michael A. Hitt
  • R. Duane Ireland

Abstract

The decline in global competitiveness among US firms has been well documented (Franko 1989; Hill, Hitt and Hoskisson 1988; Young 1985). Accompanying this decline has been an increase in merger and acquisition activity that occurred in two surges — one in the late 1960s and one in the 1980s (Ravenscraft and Scherer 1987). Research has shown that acquisition strategies may involve trade-offs. For example, while acquired firms’ shareholders often gain significant abnormal returns, acquiring firms’ shareholders, on average, receive zero or slightly positive returns (Jensen 1988). The purpose of this paper is to examine the potential link between the decline in competitiveness and acquisition and divestiture (refocusing) activity.

Suggested Citation

  • Robert E. Hoskisson & Michael A. Hitt & R. Duane Ireland, 1994. "The Effects of Acquisitions and Restructuring (Strategic Refocusing) Strategies on Innovation," Palgrave Macmillan Books, in: Georg Krogh & Alessandro Sinatra & Harbir Singh (ed.), The Management of Corporate Acquisitions, chapter 7, pages 144-169, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13016-0_7
    DOI: 10.1007/978-1-349-13016-0_7
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    Cited by:

    1. Dooms, E., 2005. "Control in multidivisional firms : Levels issues and internal differentiation," Other publications TiSEM bc7c1906-d54c-46e5-9d8e-1, Tilburg University, School of Economics and Management.
    2. Ughetto, Elisa, 2010. "Assessing the contribution to innovation of private equity investors: A study on European buyouts," Research Policy, Elsevier, vol. 39(1), pages 126-140, February.
    3. Vanhaverbeke, W. & Beerkens, B. & Duysters, G., 2001. "Technological capability building through networking strategies within high-tech industries," Working Papers 01.15, Eindhoven Center for Innovation Studies.
    4. Józef Ober, 2020. "Innovation Adoption: Empirical Analysis on the Example of Selected Factors of Organizational Culture in the IT Industry in Poland," Sustainability, MDPI, vol. 12(20), pages 1-25, October.
    5. Sung-woo Cho & Jin-young Jung & Byoung-Jin Kim & Hyunjoo Song, 2022. "What Causes the M&A Performance of High-Tech Firms?," Sustainability, MDPI, vol. 14(5), pages 1-14, February.

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