Do Acquirers Benefit from Target Alliances? Taking a Relational View of Synergy
Bibliographic record
Abstract
Although relational resources and rents derived from interfirm partnerships represent an important source of firm value, extant M&A research has focused on synergies involving resources that target firms own or control. This study builds on the relational view of the firm to examine whether and under what conditions acquirers benefit from resources embedded in target firm alliance relationships. We investigate these questions using an event study methodology and a sample of 344 biopharmaceutical acquisitions in the USA. We find that an acquired firm’s alliance activity has an inverted U-shaped relationship with acquirer abnormal stock returns. We also find that this relationship is positively moderated by the acquirer’s experience with acquiring companies with alliances. These results contribute to the acquisition and organizational learning literatures by showing how relational resources of target firms and acquirer experience in dealing with such resources interact to influence value creation and capture in acquisitions.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.003 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".