The choice among acquisitions, alliances, and divestitures

被引：330

作者：

Villalonga, B

McGahan, AM

机构：

[1] Harvard Univ, Sch Business, Boston, MA 02163 USA

[2] Boston Univ, Sch Management, Boston, MA 02215 USA

来源：

STRATEGIC MANAGEMENT JOURNAL | 2005年 / 26卷 / 13期

关键词：

acquisitions; alliances; divestitures; governance form; firm boundaries;

D O I：

10.1002/smj.493

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates how firms choose among acquisitions, alliances, and divestitures when they decide to expand or contract their boundaries. The dataset covers 9276 deals announced and completed by 86 members of the Fortune 100 between 1990 and 2000. Our findings support explanations based on resources, transaction costs, internalization, organizational learning, social embeddedness, asymmetric information, and real options, and suggest that these theories are highly related and complementary. We find less consistent support for theories based on agency costs and asset indivisibilities. The strong role of firm attributes explains in part why firms may pre-specify whether they will pursue acquisitions, alliances, or divestitures as part of their corporate strategies. Copyright (c) 2005 John Wiley & Sons, Ltd.

引用

页码：1183 / 1208

页数：26

共 102 条

[1] Capital markets and corporate structure: the equity carve-outs of Thermo Electron [J].