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- W4200078321 endingPage "e0259660" @default.
- W4200078321 startingPage "e0259660" @default.
- W4200078321 abstract "We investigate the market’s reactions to serial acquirers that switch strategy. We collect data on 204 serial acquirers in four high tech industries, and use March’s explore-exploit framework, to classify these firms’ 1,415 acquisitions. We then distinguish, for example, exploration-based acquisitions, conducted after a series of exploitation-based acquisitions. Our results suggest that the market takes a portfolio perspective when reacting to an acquisition. In support of the ambidexterity literature, we show that the market responds positively to a switch from one type of strategy to another. Zooming in on the direction of the shift, we find that the market responds more positively to a switch towards exploration after exploitation, compared with the alternative. In so doing, we contribute to the literature on acquisition motives, by showing that prior announcements matter in explaining market reactions, and we contribute to the literature on ambidexterity, by showing that the market favours firms that oscillate between exploration and exploitation." @default.
- W4200078321 created "2021-12-31" @default.
- W4200078321 creator A5014161692 @default.
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- W4200078321 creator A5063628756 @default.
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- W4200078321 date "2021-12-08" @default.
- W4200078321 modified "2023-09-26" @default.
- W4200078321 title "Moving motives: How past and present strategy influence the market" @default.
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- W4200078321 doi "https://doi.org/10.1371/journal.pone.0259660" @default.
- W4200078321 hasPubMedId "https://pubmed.ncbi.nlm.nih.gov/34879073" @default.
- W4200078321 hasPublicationYear "2021" @default.
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