The Effectiveness of Alliances and Acquisitions: The Role of Resource Combination Activities

Johan Wiklund · Dean A. Shepherd

132 citations0/0 files storedEntrepreneurship Theory and Practice

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Innovation and Knowledge Management Corporate Finance and Governance Business Strategy and Innovation

Abstract

Resource complementarity increases the potential value of alliances and acquisitions, but the extent to which the value potential of an alliance or an acquisition becomes realized depends on the ability of the firm to discover and conduct productive resource combinations. Using a sample of 319 small firms, we separate domestic from international alliances and acquisitions and show that alliances and acquisitions bring limited benefits to firms unless deliberate effort is devoted to resource combination. These findings help resolve conflicts in the resource–based literature concerning the benefits of alliances and acquisitions.

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References

1991Firm Resources and Sustained Competitive Advantage 2004Firm resources and sustained competitive advantage 1990Absorptive Capacity: A New Perspective on Learning and Innovation 1983An Evolutionary Theory of Economic Change.2000Dynamic capabilities: what are they?2002Absorptive Capacity: A Review, Reconceptualization, and Extension 1991The Resource-Based Theory of Competitive Advantage: Implications for Strategy Formulation 1989Asset Stock Accumulation and Sustainability of Competitive Advantage

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