We are proud to share our latest article Digital Mergers and Acquisitions: Creating or Destructing Value? is now published in European Management Journal. Authored by Fabian Maisenhelder, Christian Baccarella, Lukas Maier, Julian Müller & Kai-Ingo Voigt, we bring fresh evidence to a long-running debate: when companies acquire digital capabilities through M&A, does the stock market reward them or not? We find a nuanced answer: Traditional (“non-digital”) incumbents that acquire digital targets tend to be positively received by investors, as the deal signals a credible capability enhancement and future growth options. If digital firms acquire digital capabilities, positive reactions from the stock market are more restrained—potentially not rewarding a signal of “more of the same” acquirers.
Please find the article as open access here: https://www.sciencedirect.com/science/article/pii/S0263237325001203