Research summary: We argue that the extent to which a firm faces takeover threats affects its knowledge structure. In particular, takeover threats may lead to managers' reluctance to adopt a strategy toward firm‐specific knowledge accumulation because implementing this strategy requires them to acquire specialized skills, which are at risk under takeover threats. Conversely, takeover protection leads to an increase in firm‐specific knowledge. Further, the relationship between takeover protection and firm‐specific knowledge is positively moderated by managerial ownership, which helps align managerial interests with those of shareholders. But the relationship is negatively moderated by managerial tenure, as long‐tenured managers have already committed to their firms. Using a differences‐in‐differences method with Delaware antitakeover rulings in the mid‐1990s as an exogenous shock, we found results supporting these arguments.

中文翻译：

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加强收购保护和企业知识积累策略

研究摘要：我们认为，企业面临收购威胁的程度会影响其知识结构。尤其是，收购威胁可能导致管理人员不愿采取针对公司特定知识积累的策略，因为实施该策略要求他们获得专门技能，而这些技能在收购威胁下处于危险之中。相反，接管保护导致公司特定知识的增加。此外，管理层所有权积极地调节了收购保护与公司专有知识之间的关系，这有助于使管理层利益与股东利益保持一致。但是，由于长期任职的经理已经对公司作出承诺，这种关系受到经理任期的不利影响。。