본문 바로가기
KERD
논문KCI 등재

해외인수합병에서 인수기업의 흡수역량이 M&A 이후 기업성과에 미치는 영향: M&A경험과 전략적 자산의 조절효과를 중심으로

The Effect of Acquiror’s Absorptive Capacity on Post-M&A Performance in International M&A: Moderating Effects of M&A Experiences and Strategic Assets

서민교|노태우|배윤재
한국국제경영학회 (Korean Academy of International Business)|2019.05|국제경영연구 (International Business Journal)|제30권 제2호|pp. 37-60|DOI http://dx.doi.org/10.14365/ibj.2019.30.2.2

1

조회

0

다운로드

7

인용

0

참고문헌

키워드

M&A흡수역량Absorptive Capacity전략적 자산M&A이후 기업성과과거 M&A 경험Past M&A ExperiencesPerformance after M&AStrategic Assets
주제분류경영학

초록

본 연구는 자원준거관점에서 주장하는 기업들의 외부 지식을 배우려는 행동에서는 한계점이 존재한다는 것을 고려하며 기업들이 최종적으로 지양하는 기업성과를 늘리기 위해서는 기업의 흡수역량이 중요하다는 점을 주장하고 있다. 기업들의 외부 정보를 받아들이는 행동으로 본 연구는 인수합병(M&A)을 선택하였으며, 미국 기업에서의 국내 및 해외로의 인수를 알아보았다. 본 연구에서는 기업의 흡수역량이 높을수록 외부 지식을 흡수한 후 기업의 성과가 더 높아질 것으로 보았으며, 이후 기업성과를 더 높일 수 있는 두 조절변수를 이용하였다. 본 연구가 제시하는 가설을 검증하기 위해 기업의 인수합병 데이터는 SDC Platinum에서 39,734개를 확보했으며 이 중, 측정 가능한 기업 정보 데이터는 WRDS Compustat에서 추출해 최종적으로 324개를 표본으로 선정하였다. 가설의 분석방법은 연도를 통제한 선형회귀를 시행하였으며 가설로 제시된 흡수역량과 Tobin’s Q의 관계를 포함한 과거 M&A 경험 및 전략적 자산의 조절효과 모두 유의한 것으로 나타났다. 조절효과로 살펴본 인수기업의 과거 M&A경험은 인수기업의 흡수역량과 재무성과의 긍정적인 관계를 조절하는 것으로 나타났으며, 피인수 기업의 전략적 자산도 인수기업의 흡수역량과 재무성과의 긍정적 관계를 조절하는 것으로 나타났다. 따라서 본 연구의 결과는 선진국에 있는 다국적 기업(인수자)이 흡수역량을 기르는 것은 향후 해외에 위치하는 피인수 기업을 물색하면서 도움이 되지만 실질적으로 재무성과에도 영향을 미치며, 과거 인수합병 경험과 피인수 기업이 가지는 전략적 자산의 크기에 따라 그 효과가 조절된다는 것을 발견하였다.

Abstract

This study argues that the absorptive capacity of companies is important in order to increase the corporate performance that companies ultimately take into consideration that there are limitations in behaviors to learn external knowledge of companies claiming from resource-based view(RBV). In this study, international M&A(mergers and acquisition) was selected as the act of accepting external information of companies. The study mainly focused on the fact that multinational corporations located in the US took overseas companies. The hypothesis of our study is that the higher the absorptive capacity of the firm, the higher the performance of the firm after absorbing the external knowledge. In addition, the hypothesis that acquiring firms can further improve their corporate performance after M & A suggests that controlling mergers and acquisitions of acquiring firms and strategic assets of target firms. This study suggests moderators (acquiring firm 's past M&A experience and acquired firm's strategic assets) as a hypothesis to further enhance corporate performance after M&A. In order to verify the hypothesis proposed in this study, 39,734 companies' M & A data were obtained from SDC Platinum. Among them, measurable enterprise information data were extracted from WRDS Compustat and finally selected 324 samples. The hypothesis was analyzed by linear regression under the control of the year in which the M&A was completed. According to results, both the past M&A experience and strategic assets as moderators including the relationship between the absorptive capacity and Tobin's Q were significant. Past M&A experiences of the acquirer, which has been examined in terms of the moderation effect, regulates the positive relationship between the absorptive capacity of the acquirer and the financial performance. The strategic asset of the target also has a positive relationship with the absorption capacity of the acquirer and the financial performance Respectively. The result of this study is that the multinational corporations as acquirers located in developed countries are attracted to accumulate the absorption capacity helpful in seeking overseas companies to be acquired in the future while it has an positive effect on the financial performance after M&A.

참고문헌 (73)

  1. Ai, Q, "Acquirers’ prior Related Knowledge and Post-acquisition Integration: Evidences from Four Chinese Firms", Journal of Organizational Change Management, 30(4), pp.647~662 (2017)
  2. Amit, R, "Strategic Assets and Organizational Rent", Strategic Management Journal, 14(1), pp.33~46 (1993)
  3. Barkema, H. G, "International Expansion through Startup or Acquisition: A Learning Perspective", Academy of Management Journal, 41(1), pp.7~26 (1998)
  4. Barney, J., "Firm Resources and Sustained Competitive Advantage", Journal of Management, 17(1), pp.99~120 (1991)
  5. Bertrand, O, "R&D and M&A: Are Cross-border M&A Different? An investigation on OECD countries", International Journal of Industrial Organization, 24(2), pp.401~423 (2006)
  6. Bierly, P, "Generic Knowledge Strategies in the U.S. Pharmaceutical Industry", Strategic Management Journal, 17, pp.123~135 (1996)
  7. Bjorkman, I., "Cultural Differences and Capability Transfer in Cross-border Acquisitioning: The Mediating Roles of Capability Complementarity Absorptive Capacity and Social Integration", Journal of International Business Studies, 38(4), pp.658~672 (2007)
  8. Bollinger, A, "Managing Organizational Knowledge as a Strategic Asset", Journal of Knowledge Management, 5(1), pp.8~18 (2001)
  9. Bower, J. L., "Not All M&As Are Alike – And That Matters", Harvard Business Review, 79, pp.92~102 (2001)
  10. Bresman, H., "Knowledge Transfer in International Acquisitions", Journal of International Business Studies, 41(1), pp.5~20 (2010)
  11. Brouthers, K. D, "Acquisition or Greenfield Start-up? Institutional, Cultural and Transaction Cost Influences", Strategic Management Journal, 21(1), pp.89~97 (2000)
  12. Bruton, G. D., "Performance of Acquisitions of Distressed Firms", Academy of Management Journal, 37(4), pp.972~989 (1994)
  13. Capron, L, "When do Acquirers Earn Abnormal Returns?", Strategic Management Journal, 23(9), pp.781~794 (2002)
  14. Chakrabarti, R., "Mars-Venus Marriage: Culture and Cross-border M&A", Journal of International Business Studies, 40(2), pp.216~236 (2009)
  15. Christensen. C. M., "The Big Ideal:The New M&A Playbook", Harvard Business Review, 89, pp.48~57 (2011)
  16. Cohen, W. M, "Absorptive Capacity: A New Perspective on Learning and Innovation", Administrative Science Quarterly, 35(1), pp.128~152 (1990)
  17. Crook, T., "Strategic Resources and Performance: A Meta-Analysis", Strategic Management Journal, 29(11), pp.1141~1154 (2008)
  18. Cui, L., "Behind Ownership Decision of Chinese Outward FDI:Resources and Institutions", Asia Pacific Journal of Management, 27(4), pp.751~774 (2010)
  19. Delios, A., "Ownership Strategy of Japanese Firms:Transactional, Institutional, and Experience Influences", Strategic Management Journal, 20(10), pp.915~933 (1999)
  20. Delgado, M., "Defining Clusters of Related Industries", Journal of Economic Geography, 16, pp.1~38 (2016)
  21. Deng, P., "Why do Chinese Firms Tend to Acquire Strategic Assets in International Expansions?", Journal of World Business, 44(1), pp.74~84 (2009)
  22. Dierickx, I, "Asset Stock Accumulation and Sustainability of Competitive Advantage", Management Science, 35(12), pp.1504~1511 (1989)
  23. Dow D, "Developing a multidimensional instrument to measure psychic distance stimuli", Journal of International Business Studies, 37(5), pp.578~602 (2006)
  24. Dunning, J. H., "Location and Multinational Enterprise: A Neglected Factor?", Journal of International Business Studies, 29(1), pp.45~66 (1998)
  25. Evenson, R, "Agricultural Research and Productivity" (1975), Yale University Press
  26. Fowler, K. L, "Determinants of Tender Offer Post-Acquisition Financial Performance", Strategic Management Journal, 10(4), pp.339~350 (1989)
  27. Franko, L., "Global Corporate Competition: Who’s Winning, Who’s Losing, and the R&D Factor as One Reason Why", Strategic Management Journal, 10, pp.449~474 (1989)
  28. Greve, H. R., "Organizational Learning from Performance Feedback" (2003), Cambridge University Press
  29. Hair, J., "Multivariate Data Analysis" (1998), Prentice Hall
  30. Hall, R., "The Strategic Analysis of Intangible Resources", Strategic Management Journal, 13(2), pp.135~144 (1992)
  31. Haleblian, J., "The Influence of Acquisition Experience and Performance on Acquisition Behavior: Evidence from the U.S. Commercial Banking Industry", The Academy of Management Journal, 49(2), pp.357~370 (2006)
  32. Haleblian, J, "The Influence of Organizational Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective", Administrative Science Quarterly, 44(1), pp.29~56 (1999)
  33. Harzing, A. W., "Acquisitions versus Greenfield Investments: International Strategy and Management of Entry Modes", Strategic Management Journal, 23(3), pp.211~227 (2002)
  34. Hayward, M. L, "Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris", Administrative Science Quarterly, 42(1), pp.103~127 (1997)
  35. Henderson, R, "Measuring Competence? Exploring Firm Effects in Pharmaceutical Research", Strategic Management Journal, 15(S1), pp.63~84 (1994)
  36. Hennart, J. F, "The Choice between Mergers", acquisitions and Joint Ventures: The Case of Japanese Investors in the United States, 1997, pp.18(1), 1~12
  37. Hitt, M. A., "Partner Selection in Emerging and Developed Market Contexts: Resource-based and Organizational Learning Perspectives", Academy of Management Journal, 43(3), pp.449~467 (2000)
  38. Hitt, M. A., "Mergers and Acquisitions and Managerial Commitment to Innovation in M-form Firms", Strategic Management Journal, 11(10), pp.29~47 (1990)
  39. Jemison, D. B, "Corporate Acquisitions: A Process Perspective", Academy of Management Review, 11(1), pp.145~163 (1986)
  40. 조길수, "Unravelling the link between technological M&A and innovation performance using the concept of relative absorptive capacity", ASIAN JOURNAL OF TECHNOLOGY INNOVATION, 24(1), pp.55~76 (2016), 기술경영경제학회
  41. Karim, S, "Path-Dependent and Path-Breaking Change:Reconfiguring Business Resources Following Acquisitions in the US Medical Sector, 1978-1995", Strategic Management Journal, 21(10), pp.1061~1081 (2000)
  42. Kile, C, "Using Industry Classification Codes to Sample High Technology Firms: Analysis and Recommendations", Journal of Accounting, Auditing and Financing, 24(1), pp.35~58 (2009)
  43. Kim, L., "Crisis Construction and Organizational Learning: Capability Building in Catching-up at Hyundai Motor", Organizational Science, 9(4), pp.506~521 (1998)
  44. Kogut, B, "The Effect of National Culture on the Choice of Entry Mode", Journal of International Business Studies, 19(3), pp.411~432 (1988)
  45. Kroll, M., "Board Vigilance, Director Experience, and Corporate Outcomes", Strategic Management Journal, 29(4), pp.363~382 (2008)
  46. Lane, P. J., "The Reification of Absorptive Capacity:A Critical Review and Rejuvenation of the Construct", The Academy of Management Review, 31(4), pp.833~863 (2006)
  47. Lane, P. J., "Absorptive Capacity, Learning, and Performance in International Joint Venture", Strategic Management Journal, 22(12), pp.1139~1161 (2001)
  48. Levitt, B, "Organizational Learning", Annual Review of Sociology, 14, pp.319~338 (1988)
  49. Liberman, M. B, "First-mover Advantages", Strategic Management Journal, 9(51), pp.41~58 (1988)
  50. Makino, S., "Asset-Exploiting Versus Asset-Seeking:Implication for Location Choice of Foreign Direct Investment from Newly Industrialized Economies", Journal of International Business Studies, 33(3), pp.403~421 (2002)
  51. Martin, K. J., "The Method of Payment in Corporate Acquisitions, Investment Opportunities, and Management Ownership", The Journal of Finance, 51(4), pp.1227~1246 (1996)
  52. Meyer, K. E, "When and Where Does Foreign Direct Investment Generate Positive Spillovers? A Meta-Analysis", Journal of International Business Studies, 40(7), pp.1075~1094 (2009)
  53. Michalisin, M., "In Search of Strategic Assets", The International Journal of Organizational Analysis, 5(4), pp.360~387 (1997)
  54. Minbaeva, D., "MNC Knowledge Transfer, Subsidiary Absorptive Capability and HRM", Journal of International Business Studies, 34(6), pp.586~599 (2003)
  55. Moon, H. C, "Unconventional Foreign Direct Investment and the Imbalance Theory", International Business Review, 10(2), pp.197~215 (2001)
  56. Morosini, P, "Post-Cross Border Acquisitions: Implementing 'National Culture-Compatible' Strategies to Improve Performance", European Management Journal, 12(4), pp.390~400 (1994)
  57. Mowery, D. C., "Strategic Alliances and Interfirm Knowledge Transfer", Strategic Management Journal, 17, pp.77~91 (1996)
  58. Nelson, R. R, "An Evolutionary Theory of Economic Change" (1982), Harvard University Press
  59. Oler, D. K., "The Danger of Misinterpreting Short-Window Event Study Finding in Strategic Management Research: An Empirical Illustration Using Horizontal Acquisition", Strategic Organization, 6(2), pp.151~184 (2008)
  60. Park, B. I, "Chinese Multinationals’ FDI Motivations: Suggestion for a New Theory", International Journal of Emerging Markets, 14(1), pp.70~90 (2018)
  61. Prabhu, J. C., "The Impact of Acquisitions on Innovations: Poison Pill, Placebo, or Tonic?", Journal of Marketing, 69(1), pp.114~130 (2005)
  62. Prahalad, C. K, "The dominant logic: a new linkage between diversity and performance", Strategic Management Journal, 7(6), pp.485~501 (1986)
  63. Rouse, M, "Rethinking Research Methods for the Resource-Based Perspective: Isolating Sources of Sustainable Competitive Advantage", Strategic Management Journal, 20(5), pp.487~494 (1999)
  64. Rui, H, "Foreign Acquisitions by Chinese Firms: A Strategic Intent Perspective", Journal of World Business, 43(2), pp.213~226 (2008)
  65. Simon, H. A., "Models of Bounded Rationality" (1982), MIT Press
  66. Sirmon, D, "Contingencies Within Dynamic Managerial Capabilities: Interdependent Effects of Resource Investment and Deployment on Firm Performance", Strategic Management Journal, 30, pp.1375~1394 (2009)
  67. Stahl, G. K, "Do Cultural Differences Matter in Mergers and Acquisitions? A Tentative Model and Examination", Organization Science, 19(1), pp.160~176 (2008)
  68. Teece, D., "Dynamic Capabilities and Strategic Management", Strategic Management Journal, 18(7), pp.509~533 (1997)
  69. Tsai, W., "Knowledge Transfer in Intraorganizational Networks: Effects of Network Position and Absorptive Capacity on Business Unit Innovation and Performance", Academy of Management Journal, 44(5), pp.996~1004 (2001)
  70. Vermeulen, F, "Learning Through Acquisitions", Academy of Management Journal, 44(3), pp.457~476 (2001)
  71. Woiceshyn, J, "Integrative Capability and Technology Adoption: Evidence from Oil Firm", Industrial and Corporate Change, 14(2), pp.307~342 (2005)
  72. Zahra, S. A, "Absorptive Capacity: A Review, Reconceptualization, and Extension", Academy of Management Review, 20(2), pp.185~203 (2002)
  73. Zhu, H., "How do High-Technology Firms Create Value in International M&A? Integration, Autonomy, and Cross-border Contingencies", Journal of World Business, 50(4), pp.718~728 (2015)

관련 논문AI추천

기업간 관련성과 인수 후 통합수준의 상호작용이 국제 M&A 성과에 미치는 영향박영렬, 박정민, 최순규한국국제경영학회 · 국제경영연구2009 · 제20권 제3호인수합병의 거래가격이 기업의 미래가치에 미치는 영향: 산업 내 경쟁 수준과 이종 산업 인수합병의 조절효과를 중심으로김종대, 석준희, 장호준한국국제경영학회 · 국제경영연구2023 · 제34권 제2호한국기업의 소유구조 특성이 국제인수합병 성과에 미치는영향김필수한국상업경영학회 · 상업경영연구2015 · 제29권 제5호자문사 활용이 인수합병 결과에 미치는 영향김지희, 임미희한국산업경영학회 · 경영연구2024 · 제39권 제2호Motivations of Cross-border Acquisitions and Review of Current Empirical Studies on Knowledge Acquisition and Performance in Their Formation박병일, 오금식산업개발연구소 · 산업혁신연구2011 · 제27권 제1호인수기업에 의해 행사되는 통제 메커니즘이 피인수기업 성과에 미치는 영향박병일한국전문경영인학회 · 전문경영인연구2010 · 제13권 제1호

이 간행물의 다른 논문 (4건)

The Effects of Corporate Ownership and Governance Structures on Cash Holdings and Performance of Chinese Firms김동순, 김현도, 박초화pp. 1-36최고경영자의 해외경험과 기업 국제화: 경영자 재량권의 조절효과김지윤, 김창수, 박종훈pp. 61-93중소기업의 해외동반진출이 성과에 미치는 영향: 한국자동차 부품 산업을 중심으로최순규, 강지훈, 강지원pp. 95-119제도적 환경차이 하에서 지식거리가 해외법인소유구조에 미치는 영향김경애, 이정열pp. 121-144
원문 보기