Resumen de Strategies for M&As: : when is acquisition the right mode to grow?

Laurence Capron

• This paper examines the conditions under which an acquisition makes sense compared with alternative modes of resource-sourcing such as internal development, licensing and alliances. Drawing on the transaction costs economics and capability views, it presents governance and knowledge reasons for choosing an acquisition over alternative modes of sourcing. While firms may have preferences for using M&A over alternatives, it is important to review and balance carefully the different resource-sourcing modes.