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Experience spillover effects on firm performance: evidence from acquisitions and divestitures
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This study examines the role of acquisition experience on divestiture performance and vice
versa. The sample includes 47,684 firm-years and 28,143 unique public US companies that
have executed acquisitions or divestitures between January 2000 and December 2020. I find
that greater acquisition experience is associated with lower divestiture announcement returns
and greater divestiture experience has an insignificant impact on acquisition announcement
returns. However, in both scenarios the interaction term between both experiences is
statistically and economically significant. This suggests that firms benefit from greater diverse
experience and show greater strategic and managerial flexibility.
Descrição
Palavras-chave
Acquisitions Divestitures Organizational learning Experience spillovers Firm performance