naa a22 4500 510735851 CHVBK 20180411083009.0 cr unu---uuuuu 180411e20130401xx s 000 0 eng 10.1007/s11573-012-0647-z doi (NATIONALLICENCE)springer-10.1007/s11573-012-0647-z Strategically valuable resources and capabilities and successful M&A: a dyadic perspective [Elektronische Daten] [Polina Grill, Rudi Bresser] Mergers and acquisitions (M&A) are most popular external growth strategies. While the number of M&A has been increasing during the past decades, on average, only the shareholders of target firms gain value during the acquisition process, while acquirers do not receive abnormal positive returns. This paper analyses the impact of strategically valuable resources and capabilities on the success of M&A decisions. We test complementary resource-based hypotheses regarding the value of M&A for the shareholders of both transaction partners. Our sample consists of transactions in the pharmaceutical and biotechnological industry. The results of our study show that the shareholders of both transaction partners will gain above average positive returns only when the acquirer and the target own and combine strategically valuable resources and capabilities. Springer-Verlag Berlin Heidelberg, 2013 Mergers and acquisitions nationallicence Resource-based view nationallicence Strategically valuable resources and capabilities nationallicence Grill Polina Institut für Management, Lehrstuhl für Strategisches Management, Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft, Garystraße 21, 14195, Berlin, Germany aut Bresser Rudi Institut für Management, Lehrstuhl für Strategisches Management, Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft, Garystraße 21, 14195, Berlin, Germany aut Journal of Business Economics Springer-Verlag 83/3(2013-04-01), 235-257 0044-2372 83:3<235 2013 83 11573 https://doi.org/10.1007/s11573-012-0647-z text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11573-012-0647-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Grill Polina Institut für Management, Lehrstuhl für Strategisches Management, Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft, Garystraße 21, 14195, Berlin, Germany aut NATIONALLICENCE 700 1- Bresser Rudi Institut für Management, Lehrstuhl für Strategisches Management, Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft, Garystraße 21, 14195, Berlin, Germany aut NATIONALLICENCE 773 0- Journal of Business Economics Springer-Verlag 83/3(2013-04-01), 235-257 0044-2372 83:3<235 2013 83 11573 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer