| The Expansion Habit: the role of resource imprinting in IPO on the diversification strategy |
Received:October 15, 2017 Revised:October 15, 2017 |
Key Words: Resource imprinting; IPO; Diversification; Resource shock |
| Author Name | Affiliation | | yanyu wang* | Beijing University of Posts and Telcommunications | | Jianqiao Yu | SEM in Tsinghua University | | Rui Wu | SEM in Tsinghua University |
|
Hits: 784 |
Abstract: |
| Drawing upon the imprinting theory, this study aims to examine how the resource imprinting in IPO influence on the diversification strategy. Using data of 663 first acquisition events from Chinese listed companies, we demonstrate that the firms collecting more fund in IPO phase significantly prefer to unrelated diversification in their first acquisition event. We also find that the positive relationship is moderated by the top manager characteristics and organizational slack. Further, we design the variable of resource shock to test the dynamic declining process of resource imprinting with the contradictory resource logic between the IPO period and the pre-acquisition. |
