성공과 실패 학습 그리고 글로벌 인수합병의 시도와 재시도

Learning from Success and Failure and Global M&A Try and Retry

Purpose - This paper analyzes the effect of learning from Success and Failure on try and retry of global M&A to examine the effect of former result of global M&A on retry. Design/Methodology/Approach - We use data onto Korean companies that have operated global M&As from 2000 to 2017 more than twice in foreign markets from Zephyr DB and SDC DB. It adds data from KIS-value and OECD. Hypotheses on try and retry of global M&A are developed by utilizing the theory of organizational learning, exploration and exploitation of knowledge and experience. We use logit and regression analysis. Findings - Analysis results show that Success of Global M&A is affected by success or failure of former global M&A. Time interval of try and retry is affected by the Partner’s numbers, Size of acquirers, Same industry except Interest rate, GDP Growth, Exchange rate. Specifically, it shows that try right before success of global M&As positively affects the retry success when they merger quickly. and when the more equity ratio acquirers have, the longer the time interval of retry is. and also, when the more the partners participate and the bigger the size of the acquirer, the shorter time interval of retry is. Research Implications - Unlike extant researches, it implies that it applies organizational learning theory to explain the effect of time in relative to Global M&A try and retry.