MERGERS AND ACQUISITIONS AND MANAGERIAL COMMITMENT TO INNOVATION IN M-FORM FIRMS

Michael A. Hitt · Robert E. Hoskisson · R. Duane Ireland

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Corporate Finance and Governance Innovation and Knowledge Management Firm Innovation and Growth

Abstract

Acquisitive growth has become a highly popular strategy in recent years. Thus, more attention has been focused on its outcomes. This paper presents theory suggesting a tradeoff between growth by acquisition and managerial commitment to innovation. The model developed herein proposes that the acquisition process, and the resulting conditions after the acquisition is consummated, affect managerial commitment to innovation. Specifically, the extent to which acquisitions serve as a substitute for innovation, energy and attention required during negotiations, increased use of leverage, increased size, and greater diversification may affect managers' dime and risk orientations. Because of these effects, managers may reduce their comnmitment to innovation. The implications of the relationships specified in the model are also examined.

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References

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1992CONTROL THEORY IN STRATEGIC HUMAN RESOURCE MANAGEMENT: THE MEDIATING EFFECT OF ADMINISTRATIVE INFORMATION.2000Path-dependent and path-breaking change: reconfiguring business resources following acquisitions in the U.S. medical sector, 1978-1995 1996Dynamic Core Competences through Meta-Learning and Strategic Context 2006Research on innovation in organizations: Distinguishing innovation-generating from innovation-adopting organizations 2004A Meta-analysis of Innovation and Organizational Size

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