Abstract
In this study, we investigated how strategies adopted by firms impacted their decision to make either partial or full acquisitions in cross-border deals. Our sample comprised Japanese cross-border acquirers that had three different viable strategies, viz. prospectors, defenders, and analysers. Applying transaction cost economics, the strategic capability perspective and the strategic cognition perspective, we found that not only prospectors but also analysers preferred full acquisitions, whereas defenders had a preference for partial acquisitions. This study shows that strategy impacts acquisition behaviour, and cautions managers to consider aspects of partner opportunism and firm capabilities when choosing between partial and full acquisitions.
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