기술인수합병에서 지식 유사성과 구조 통합 의사결정

Knowledge similarity and structural integration in technology acquisitions

We explore how knowledge similarity between acquiring and target firms affects the likelihood that acquiring firms will structurally integrate target firms in the context of technology acquisitions. We argue and find that the relationship between knowledge similarity and the likelihood of structural integration is U-shaped, such that acquiring firms tend to integrate target firms when their knowledge stocks have a very low or high degree of overlap. Acquiring firms tend to integrate target firms to absorb new knowledge from the target firms when knowledge similarity is low and to seek synergies when knowledge similarity is high, but they tend to keep target firms as independent entities when there is a moderate level of knowledge similarity. Furthermore, this tendency to integrate the target firm when knowledge similarity is low or high is weaker when the two firms had prior alliance relationships but stronger when the acquiring firm had greater acquisition experience.