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Differential effects of pre- and post-acquisition R&D expenditures on post-acquisition performance |
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| Authors: | Son A Le Jung Chul Park Mark Kroll |
| Institution: | 1. Louisiana Tech University, Department of Management and Information Systems, College of Business, PO Box 10318, Ruston, LA 71272, United States;2. Auburn University, Department of Finance, College of Business, Auburn, AL 36849, United States;3. University of Texas at Brownsville, College of Business, 80 Fort Brown, Brownsville, TX 78520, United States |
| Abstract: | Drawing from the behavioral theory of the firm and the resource-based view, we argue that different types of R&D (explorative and exploitative) and the timing of R&D investments (pre- and post-acquisitions) have differential effects on post-acquisition performance. By using a sample of 396 technology acquisitions, we find that pre-acquisition explorative and post-acquisition R&D expenditures are more beneficial for post-acquisition performance than are pre-acquisition exploitative and post-acquisition explorative R&D expenditures. Our results also show that firms investing in explorative R&D in the pre-acquisition stage and then exploitative R&D in the post-acquisition stage have better post-acquisition performance than firms that do otherwise. |
| Keywords: | Acquisition R& D Organizational learning Organizational inertia Absorptive capacity |
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