Abstract
We seek to identify the key characteristics that allow some firms to acquire valuable entrepreneurial resources and others not to. This question is central to how firms are able to create and sustain a competitive advantage. The backdrop of this study is the phenomenon of dual tracking, which consists of the acquisition of entrepreneurial firms shortly after they undergo an initial public offering. The results reveal that firms that 1) are geographically proximate, 2) have prior ties with the target, and 3) are situated in the same industry as the target are more likely to engage in dual tracking than other firms. These results withstand several robustness checks.
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