Redeployment of corporate resources: A study of acquisition strategies in the US defense industries, 1978–1996

Jaideep Anand

53 citations0/0 files storedManagerial and Decision Economics

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Corporate Finance and Governance International Business and FDI Innovation and Knowledge Management

Abstract

Abstract How are excess resources redeployed when an industry declines? These resources can be redeployed within the firm through diversification and across firms through a market interface. Acquisitions can play an important role in either of these mechanisms. First, acquisitions can provide new complementary resources and facilitate the redeployment of excess resources within the firm through recombination. Second, horizontal acquisitions can facilitate consolidation and disposal of excess or redundant resources that can be redeployed elsewhere through a market interface. I study both these kinds of acquisitions in the US defense industries (1978–1996), and explain the choice between the two acquisition strategies on the basis of the business environment, underlying resources of the firm, and to a lesser extent, as a consequence of agency forces within the firm. I derive implications for strategic transformation of firms, and the resource‐based and evolutionary perspectives. Copyright © 2004 John Wiley & Sons, Ltd.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Firm Resources and Sustained Competitive Advantage 1990Absorptive Capacity: A New Perspective on Learning and Innovation 1984A resource‐based view of the firm 2003The Theory of Economic Development 1983Separation of Ownership and Control 1993The cornerstones of competitive advantage: A resource‐based view 1983An Evolutionary Theory of Economic Change

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