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3 277 Barney causal ambiguity path dependence Grant mergers and acquisitions Google Apple AdMob restructuring Lubatkin Barton & Sherman Baker & Bresnehan Chatterjee Singh & Mogomery Walter & Barney Anand & Singh Hennart & Reddy high-tech sector

4 278 Grandstrand & Sjolander Chaudhuri & Tabrizi Frick & Torres Ranft & Lord Graebner et al Inkpen et al Silicon Valley information technology industry Chatterjee Graebner et al acquisition and development A&D Goldblatt Bunnel Paulson Ramaswamy Sachitanand & Puliyenthuruthel Young Nortel Networks Ericsson Lucent Technologies Mayer & Kenny Lazonick & March A&D A&D

5 279 retention rate Song et al Silicon Valley O Reilly Thurm Hochmuth Schleier Mayer & Kenny Drexhage March & Simon A&D A&D A&D Yin A&D

6 280 A&D A&D strategic fit Shelton target identification Datta Hambrick & Cannella Larsson & Finkelstein, A&D A&D A&D A&D A&D A&D

7 281 A&D A&D start-ups research and development mergers and acquisitions exploitation exploration March Hagedoorn Andriopoulos & Lewis March Tushman & O Reilly A&D Ferrary A&D Ferrary A&D

8 282 Epstein Li Leonard Bosack Sandy Learner Bosack Learner router LAN high-end router web site management tool internet appliance network management software networking provider

9 283 1) gateway Wide Area Network LAN MAC LAN LAN Cut-Through Packet Store-and-Foreward LAN Set-Top Boxes

10 284 net sales 2) John Morgridge John Chambers John Morgridge time-to-market John Chambers John Morgridge John Chambers Wang Laboratoris Inc IBM John Chambers John Chambers Anderson et al Smith

11 285 Crescendo Communications Chatman et al Rifkin Chatman et al John Chambers A&D McJunkin et al McKinsey Quarterly John Chambers Schleier John Chambers James

12 286 real option Warner & Fairbank John Chambers Sachitanand & Puliyenthuruthel Byrne Sachitanand & Puliyenthuruthel Schleier John Chambers Levy Inkpen et al

13 287 Mayer & Kenney Tempest et al Mayer & Kenney Network World Middle East Wall Street Journal Thurm Cerent ID business unit Mayer & Kenney mergers & acquisition unit O Reilly & Pfeffer Scheinman Olaf de John Chambers

14 288 task force Ewers John Chambers Rifkin chemistry Schleier routinized Ewers Mayer & Kenney target identification due diligence post-acquisition integration A&D rule O Reilly & Pfeffer

15 289 signal portfolio business unit O Reilly & Pfeffer business unit BDG-business development group road map BDG Brueller & Capron executive level executive sponsor executive sponsor business unit Ewers strategic fit

16 290 O Reilly & Pfeffer screening criteria 3) screening criteria support organization chemistry main cites due diligence process organizational health goals and

17 291 aspirations Mckinsey Quarterly Ramaswamy character and quality Human Relations vice president Mimi Gigoux Myer & Kenney O Reilly & Pfeffer executive sponsor BDG human relations HR due diligence process

18 292 valuation Chief Strategy Officer Michael Volpi O Reilly BDG merger and acquisition unit acquisition integration unit BDG integration manager integration team Brueller & Capron

19 293 integration team Mayer & Kenney buddy system O Reilly & Pfeffer integration team Brueller & Capron

20 294 4) Target Identification Due Diligence Integration Planning Announcement and Closing Period BDG BU s BDG BU s HR Executive Sponsor Integration Team BDG BU HR Sales Marketing Public Relations Integration Team Post-acquisition Integration Process Integration Team A&D A&D

21 295 A&D A&D executive level executive sponsor task force A&D managerial commitment attention Hitt et al A&D interaction Inkpen et al cultural similarity shared vision social aspect cultural clashes Chatterjee et al Knilans Inkpen et al

22 296 Eisenhardt formalized Ewers Zollo & Singh acquisition process documentation learning by experience A&D A&D A&D

23 297 proxy

24 298 Anand, J. & Singh, H., Asset Redeployment, Acquisitions and Corporate Strategy in Declining Industries, Strategic Management Journal, Vol.18 No.S1(1997), pp Anderson, P. & Govindarajan, V. & Trimble, C. & Veerman, C., Cisco Systems: Evolution to E-Business, Dartmouth Tuck School of Business Case , Andriopoulos, C. & Lewis, M., Exploitation-Exploration Tensions and Organizational Ambidexterity: Managing Paradoxes of Innovation, Organization Science, Vol.20, No.4(2009), pp Baker, J. & Bresnehan, T., The Gains From Merger and Collusion in Product-Differentiated Industries, Journal of Industrial Economics, Vol.33 No.4(1985), pp Barney, J., Firm Resources and Sustained Competitive Advantage, Journal of Management, Vol.17 No.1(1991), pp

25 299 Barton, D. M. & Sherman, R., The Price and Profit Effects of Horizontal Merger: A Case Study, Journal of Industrial Economics, Vol.33 No.2(1984), pp Bunnel, D., Making the Cisco Connection: The Story Behind the Real Internet Superpower, John Willey & Sons Inc, NY, Brueller, N., & Capron, L., Cisco Systems: New Millennium - New Acquisition Strategy?, INSEAD Business School Case , Byrne, J. A., The Corporation of the Future, Business Week, Chatman, J. & O Reily, C. & Chang, V., Cisco Systems: Developing a Human Capital Strategy, California Management Review, Vol.47 No.2(2005), pp Chatterjee, S., Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms, Strategic Management Journal, Vol.7 No.2(1986), pp , The Key to Successful Acquisition Programmes, Long Range Planning, Vol.42 No.2(2009), pp Chatterjee, S. & Lubatkin, M. & Schewiger, D. M. & Weber, Y., Cultural Differences and Shareholder Value: Linking Equity and Human Capital, Strategic Management Journal, Vol.13 No.5(1992), pp Chaudhuri, S. & Tabrizi, B., Capturing the Real Value in High-Tech Acquisitions, Harvard Business Review, Vol.77 No.5(1999), pp Datta, D. K., Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration, Strategic Management Journal, Vol.12 No.4(1991), pp Drexhage, G., How Cisco Bought Its Way to the Top, Corporate Finance, Vol.163(1998), pp Eisenhardt, K. M., Speed and Strategic Choice: How Managers Accelerate Decision Making, California Management Review, Vol.32 No.3(1990), pp Epstein, M. J., The Drivers of Success in Post-Merger Integration,

26 300 Organizational Dynamics, Vol.33 No.2(2004), pp Ewers, J., Cisco s Connections, US News & World Report, Ferrary, M., Specialized Organizations and Ambidextrous Clusters in the Open Innovation Paradigm, European Management Journal, Vol.29(2011), pp Frick, K. A., & Torres, A., Learning From High-Tech Deals, McKinsey Quarterly, Vol.1(2002), pp Goldblatt, H., The New M&A: Cisco s Secrets, Fortune, Graebnet, M. E. & Eisenhardt, K. M. & Roundy, P. T., Success and Failure in Technology Acquisitions: Lessons for Buyers and Sellers, Academy of Management Perspectives, Vol.24 No.3(2010), pp Granstrand, O. & Sjolander, S., The Acquisition of Technology and Small Firms by Large Firms, Journal of Economic Behavior & Organization, Vol.13 No.3(1990), pp Grant. R. M., Toward a Knowledge-based Theory of the Firm, Strategic Management Journal, Vol.1(1996), pp Hagedoorn, J., Understanding the Rationale of Strategic Technology Partnering; Interorganizational Modes of Cooperation and Sectoral Differences, Strategic Management Journal, Vol.14 No.5(1993), pp Hambrick, D. C. & Cannella, A. A., Relative Standing: A Framework for Understanding Departures of Acquired Executives, Academy of Management Journal, Vol.36 No.4(1993), pp Hennart, J. F. & Reddy, S., The Choice Between Mergers/Acquisitions and Joint Ventures: The Case of Japanese Investors in the United States, Strategic Management Journal, Vol.18(1997), pp Hitt, M. A. & Hoskisson, R. E. & Ireland, R. E., Mergers and Acquisitions and Managerial Commitment in M-Form Firms, Strategic Management Journal, Vol.11 No.4(1990), pp Hochmuth, P., Cnambers Lectures on China, Buyouts, Network World, Inkpen, A. C. & Sundaram, A. K. & Rockwood, K., Cross-Border Acquisitions of US Technology Assets, California Management

27 301 Review, Vol.42(2000), pp James, D., John Chambers: The Art of the Deal, Business 2.0, Knilans, G., Mergers and Acquisitions: Best Practices for Successful Integration, Employment Relations Today, Vol.35 No.4(2009), pp Larsson, R. & Finkelstein, S., Integrating, Strategic, Organizational, and Human Resource Perspectives on Mergers and Acquisitions: A Case Study of Synergy Realization, Organization Science, Vol.10 No.1(1999), pp Lazonick, W. & March, E., The Rise and Demise of Lucent Technologies, MPRA Paper, Unversity Library of Munich, Germany, < Levy, S., The Networked Man, Newsweek, Li, Y-R., The Technological Roadmap of Cisco s Business Ecosystem, Technovation, Vol.29 No.5(2009), pp Lubatkin, M., Mergers and the Performance of the Acquiring Firm, Academy of Management Review, Vol.8 No.2(1983), pp March, J. G., Exploration and Exploitation in Organizational Learning, Organization Science, Vol.2 No.1(1991), pp March, J. & Simon, H., Organizations, John Wiley & Sons Inc, NY, Mayer, D. & Kenney, M. F., Economic Action Does Not Take Place in a Vacuum: Understanding Cisco s Acquisition and Development Strategy, Industry and Innovation, Vol.11 No.4(2004), pp McJunkin, J. & Reynders, T. & Saloner, G. & Spence, M., Cisco Systems: A Novel Approach to Structuring Entrepreneurial Ventures, Stanford University Graduate School of Business Case EC-15(2000). McKinsey Quarterly, McKinsey Conversations with Global Leaders: John Chambers of Cisco, Network Middle East, Seven question with Cisco John Chambers, O Rielly, C., Cisco Systems: The Acquisition of Technology is the Acquisition of People, Stanford University Graduate School of Business Case HR-10(1998).

28 302 O Rielly, C. & Pfeffer, J., Hidden Value, Cambridge, Harvard Business School Press, MA, Olaf de, S. D., Zen and the art of M&A maintenance, The Daily Deal, Palmer, D. & Barber, B. & Zhou, X. & Soysal, Y., The Other Contested Terrain: Friendly and Predatory Acquisition of Large U.S. Corporations in the 1960s, American Sociological Review, Vol.60(1995), pp Paulson, E, Inside Cisco, John Willey & Sons Inc, NY, Puranam, P. & Singh, H. & Zollo, M., Bringing Some Discipline to M&A Mania, Financial Times, Ramaswamy, V., Competing Through Co-Creation: Innovation at Two Companies, Strategy & Leadership, Vol.38 No.2(2010), pp Ranft, A. L. & Lord, M. D., Acquiring New Technologies and Capabilities: A Grounded Model of Acquisition Implementation, Organization Science, Vol.13 No.4(2002), pp Rifkin, G., Growth by Acquisition: The Case of Cisco Systems, Strategy and Business, Second Quarter, Vol.7(1997). Sachitanand, R. & Puliyenthuruthel, J., Market Transitions Wait for No One, Business Today, Schleier, C., How to Think Like the World s Greatest Masters of M&A, McGraw-Hill Inc, NY, Seth, A., Value Creation in Acquisitions: A Re-examination of Performance Issues, Strategic Management Journal, Vol.11 No.2(1990), pp Shelton, L. M., Strategic Business Fits and Corporate Acquisitions: Empirical Evidence, Strategic Management Journal, Vol.9 No.3(1988), pp Singh, H. & Montgomery, C. A., Corporate Acquisition Strategy and Economic Performance, Strategic Management Journal, Vol.8 No.4(1987), pp Smith, R. M., Know What You Don t Know, Newsweek,

29 303 Song, J. & Almeida, P. & Wu, G., Learning by Hiring: When is Mobility More Likely to Facilitate Inter-firm Knowledge Transfer?, Management Science, Vol.49 No.4(2003), pp Tempest, N. & Kasper, C. G. & Wheelwrightm, S. C. & Hollowway, C. A., Cisco Systems, Inc.: Acquisition Integration for Manufacturing (A), Harvard Business School Case (2000). Thurm, S., Cisco Defies the Odds With Mergers that Work, Wall Street Journal, Tushman, M. L. & O ReillyIII, C. A., Ambidextrous Organizations: Managing Evolutionary and Revolutionary Change, California Management Review, Vol.38(1996), pp.8-30 Walter, G. A. & Barney, J. B., Management Objectives in Mergers and Acquisitions, Strategic Management Journal, Vol.11 No.1(1990), pp Warner, A. G. & Fairbank, J. F., Integrating Real Option and Dynamic Capability Theories of Firm Boundaries: The Logic of Early Acquisition in the ICT Industry, International Journal of IT Standards and Standardization Research, Vol.6 No.1(2008), pp Yin, R. K., Case Study Research, Design, and Methods, Second edition, Sage Publications, CA, Young, J., Cisco Unauthorized, Roseville, Prima Publishing, CA, Zollo, M. & Singh, H., Deliberate Learning in Corporate Acquisitions: Post- Acquisition Strategies and Integration Capability in US Bank Mergers, Strategic Management Journal, Vol.25 No.13(2004), pp

30 304 The Journal of Intellectual Property Vol.7 No.4 December 2012 An Exploratory Study on the Factors Influencing Successful A&D(Acquisition and Development) Strategy Implementation: The Case of Cisco Systems Woojin Yoon, Sung Hee Hong Abstract Focusing on Cisco Systems s case, this study demonstrates the successful drivers of A&D (acquisition and development) strategy implementation. The case analysis reveals that Cisco System s success is due to the factors such as foundation of M&A unit, continuous interaction with target firms managers, effective target identification, prompt PMI process in action, and formalization of acquisition process. Keywords Cisco, acquisition and development, M&A, knowledge acquisition, knowledge asset

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