Which Experience Is More Easily Absorbed: An Empirical Study of Experience Learning Outcomes of Mergers and Acquisitions

Abstract

Abstract:

Whether mergers and acquisitions create value has attracted much research attention. How acquisition experience learning affects value creation has been an important research area in this field. This study is based on the absorption of organizational learning theory and failure learning theory. By studying Chinese listed companies'merger and acquisition activities that occurred between 1998 and 2012, we aim to find out what affects experiential learning outcomes of mergers and acquisitions. The results show that learning outcomes first go down and then up with the increscent of mergers and acquisitions experiences, capital markets hold positive attitude toward long time acquisition experience learning, and acquirers get acquisition experience more easily from previous failure than from success to achieve positive learning outcomes. The main contribution of this study is the development of the law of acquisition experiential learning from two aspects; one is how experience learning duration affects learning outcomes and the other is the different learning outcomes of success experience learning and failure experience learning.

Key words: acquisition experience, experience learning outcomes, failure learning

Wang Wanqiu, Liu Lulin. Which Experience Is More Easily Absorbed: An Empirical Study of Experience Learning Outcomes of Mergers and Acquisitions[J]. , 2015, 27(10): 150-160.

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