인수합병에 있어 지식자원 간 상호보완성이 인수합병성과에 미치는 영향 분석: 전자상거래 산업을 중심으로

Although merger and acquisition (M&A) has been considered as an important means to improve firm performance, most prior empirical research have failed to prove the relationship between M&A and firm performance. In order to fill this gap, this study attempts to identify the effect of M&A on firm performance based on knowledge resources relatedness and complementarity theory. For this purpose, this study examines complementarity patterns of knowledge resources and their impacts on acquirer’s performance using M&A announcements of electronic commerce industry from 2001 to 2007. The results of this study indicate complementarity among knowledge resources are positively related with acquirer’s market value. This study contributes to expand knowledge management research by identifying the relationship among knowledge resources and their impacts on firm performance.