{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,2,27]],"date-time":"2026-02-27T19:19:47Z","timestamp":1772219987756,"version":"3.50.1"},"reference-count":113,"publisher":"MIS Quarterly","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2026,3,1]]},"abstract":"<jats:p>Recent research has shown that enterprise information technology (IT) can drive strategic growth through mergers and acquisitions (M&amp;As). An implicit assumption underlying this research is that firms own their IT infrastructure. Challenging this assumption, however, the emerging trend of cloud sourcing suggests that IT may be owned by third-party vendors. Since third-party ownership of IT can introduce significant transaction costs and operational inefficiencies, cloud sourcing, unlike in-house enterprise IT, may be considered unlikely to drive M&amp;A growth. However, the unique combination of IT infrastructural and service flexibilities that cloud sourcing provides could help in reducing the risk of integration failure posed by M&amp;As, thereby driving M&amp;A growth. Grounded in the transaction cost economics and resource-based views of the firm, respectively, these arguments illustrate the conflicting theoretical viewpoints offered by prior literature. This study seeks to improve our theoretical understanding of the relationship between cloud sourcing and M&amp;A growth by addressing the theoretical conflict. Analyzing a dataset of cloud sourcing deals and M&amp;As comprising 4,075 observations from 673 firms, our research finds that highly standardized cloud services, i.e., SaaS (software as a service), public, and globalized clouds, have a positive impact on M&amp;As, particularly in information industries. Overall, these results indicate that it is only under conditions of enhanced flexibility afforded by a standardized platform and informationally rich operating environments that cloud sourcing positively affects M&amp;A growth. Support for the theoretical propositions is further established through interviews with industry experts and mechanism tests, which reveal that cloud sourcing has a positive impact, specifically on M&amp;As requiring intensive integration, and is associated with reduced disclosure of M&amp;A risks in annual reports. Finally, consistent with our view that cloud sourcing smooths post-M&amp;A integration, this research also finds that firms with cloud sourcing have relatively stronger post-M&amp;A performance.<\/jats:p>","DOI":"10.25300\/misq\/2025\/18085","type":"journal-article","created":{"date-parts":[[2025,10,30]],"date-time":"2025-10-30T18:27:43Z","timestamp":1761848863000},"page":"269-298","source":"Crossref","is-referenced-by-count":0,"title":["Seizing Growth Opportunities: A Risky Business? Effects of Cloud Sourcing on Mergers and Acquisitions"],"prefix":"10.25300","volume":"50","author":[{"given":"Moksh","family":"Matta","sequence":"first","affiliation":[{"name":"Department of Management Information Systems, Beedie School of Business Simon Fraser University, Vancouver, BC, Canada"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hyeokkoo Eric","family":"Kwon","sequence":"additional","affiliation":[{"name":"Division of Information Technology and Operations Management, Nanyang Business School Nanyang Technological University, Singapore"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Kiron","family":"Ravindran","sequence":"additional","affiliation":[{"name":"Department of Information Systems and Technology, IE Business School IE University, Madrid, Spain"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Gautam","family":"Ray","sequence":"additional","affiliation":[{"name":"Department of Information and Decision Sciences, Carlson School of Management University of Minnesota, Minneapolis, MN, U.S.A."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"10933","published-online":{"date-parts":[[2026,3,1]]},"reference":[{"issue":"4","key":"2026022713463681400_b1-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"435","DOI":"10.2307\/249447","article-title":"Information architecture: in search of efficient flexibility","volume":"15","author":"Allen","year":"1991","journal-title":"MIS Quarterly"},{"issue":"5","key":"2026022713463681400_b2-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"703","DOI":"10.1509\/jmkr.46.5.7","article-title":"Does customer satisfaction matter to investors? Findings from the bond market","volume":"46","author":"Anderson","year":"2009","journal-title":"Journal of Marketing Research"},{"issue":"5","key":"2026022713463681400_b3-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"763","DOI":"10.1287\/orsc.1070.0306","article-title":"IT assets, organizational capabilities, and firm performance: How resource allocations and organizational differences explain performance variation","volume":"18","author":"Aral","year":"2007","journal-title":"Organization Science"},{"issue":"2","key":"2026022713463681400_b4-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"277","DOI":"10.2307\/2297968","article-title":"Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations","volume":"58","author":"Arellano","year":"1991","journal-title":"The Review of Economic Studies"},{"issue":"1","key":"2026022713463681400_b5-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1016\/0304-4076(94)01642-D","article-title":"Another look at the instrumental variable estimation of error-components models","volume":"68","author":"Arellano","year":"1995","journal-title":"Journal of Econometrics"},{"issue":"4","key":"2026022713463681400_b6-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"50","DOI":"10.1145\/1721654.1721672","article-title":"A view of cloud computing","volume":"53","author":"Armbrust","year":"2010","journal-title":"Communications of the ACM"},{"issue":"2","key":"2026022713463681400_b7-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"487","DOI":"10.2307\/23044053","article-title":"CIO reporting structure, strategic positioning, and firm performance","volume":"35","author":"Banker","year":"2011","journal-title":"MIS Quarterly"},{"issue":"3","key":"2026022713463681400_b8-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"636","DOI":"10.1287\/isre.2016.0645","article-title":"Research note\u2014IT outsourcing and the impact of advisors on clients and vendors","volume":"27","author":"Bapna","year":"2016","journal-title":"Information Systems Research"},{"issue":"2","key":"2026022713463681400_b9-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"165","DOI":"10.1287\/orsc.1050.0118","article-title":"A model of organizational integration, implementation effort, and performance","volume":"16","author":"Barki","year":"2005","journal-title":"Organization Science"},{"key":"2026022713463681400_b10-10_ra_10_25300_misq_2025_18085","unstructured":"Barney, J. B.\n           (1999). How a firm\u2019s capabilities affect boundary decisions. MIT Sloan Management Review. https:\/\/sloanreview.mit.edu\/article\/how-a-firms-capabilities-affect-boundary-decisions\/"},{"issue":"1","key":"2026022713463681400_b11-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"57","DOI":"10.25300\/MISQ\/2016\/40.1.03","article-title":"Contract design choices and the balance of ex ante and post transaction costs in software development outsourcing","volume":"40","author":"Benaroch","year":"2016","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b12-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"25","DOI":"10.25300\/MISQ\/2018\/13245","article-title":"Impact of information technology infrastructure flexibility on mergers and acquisitions","volume":"42","author":"Benitez","year":"2018","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b13-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"169","DOI":"10.2307\/3250983","article-title":"A resource-based perspective on information technology capability and firm performance: An empirical investigation","volume":"24","author":"Bharadwaj","year":"2000","journal-title":"MIS Quarterly"},{"issue":"2","key":"2026022713463681400_b14-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"471","DOI":"10.25300\/MISQ\/2013\/37:2.3","article-title":"Digital business strategy: toward a next generation of insights","volume":"37","author":"Bharadwaj","year":"2013","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b15-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1016\/S0304-4076(98)00009-8","article-title":"Initial conditions and moment restrictions in dynamic panel data models","volume":"87","author":"Blundell","year":"1998","journal-title":"Journal of Econometrics"},{"issue":"3","key":"2026022713463681400_b16-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"163","DOI":"10.2753\/MIS0742-1222230307","article-title":"Using enterprise architecture standards in managing information technology","volume":"23","author":"Boh","year":"2006","journal-title":"Journal of Management Information Systems"},{"issue":"1","key":"2026022713463681400_b17-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"167","DOI":"10.1080\/07421222.2000.11045632","article-title":"Measuring the flexibility of information technology infrastructure: Exploratory analysis of a construct","volume":"17","author":"Byrd","year":"2000","journal-title":"Journal of Management Information Systems"},{"issue":"2","key":"2026022713463681400_b18-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"809","DOI":"10.25300\/MISQ\/2020\/14818","article-title":"The bright and dark sides of technostress: A mixed-methods study involving healthcare IT","volume":"44","author":"Califf","year":"2020","journal-title":"MIS Quarterly"},{"issue":"2","key":"2026022713463681400_b19-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1227","DOI":"10.25300\/MISQ\/2022\/15631","article-title":"Enterprise systems and the likelihood of horizontal, vertical and conglomerate mergers and acquisitions","volume":"46","author":"Cao","year":"2022","journal-title":"MIS Quarterly"},{"issue":"3","key":"2026022713463681400_b20-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1295","DOI":"10.25300\/MISQ\/2022\/15594","article-title":"Enterprise systems and M&A outcomes for acquirers and targets","volume":"46","author":"Cao","year":"2022","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b21-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"263","DOI":"10.2307\/41410417","article-title":"Cocreation of value in a platform ecosystem! The case of enterprise software","volume":"36","author":"Ceccagnoli","year":"2012","journal-title":"MIS Quarterly"},{"issue":"3","key":"2026022713463681400_b22-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"959","DOI":"10.25300\/MISQ\/2017\/41.3.13","article-title":"Information technology outsourcing: Asset transfer and the role of contract","volume":"41","author":"Chang","year":"2017","journal-title":"MIS Quarterly"},{"issue":"2","key":"2026022713463681400_b23-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"329","DOI":"10.1002\/smj.2742","article-title":"Geographic overlap and acquisition pairing","volume":"39","author":"Chen","year":"2018","journal-title":"Strategic Management Journal"},{"issue":"2","key":"2026022713463681400_b24-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"67","DOI":"10.2753\/MIS0742-1222300203","article-title":"The impact of cloud computing: Should the IT department be organized as a cost center or a profit center?","volume":"30","author":"Choudhary","year":"2013","journal-title":"Journal of Management Information Systems"},{"issue":"2","key":"2026022713463681400_b25-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"381","DOI":"10.1287\/isre.2018.0794","article-title":"Introduction: Platforms and infrastructures in the digital age","volume":"29","author":"Constantinides","year":"2018","journal-title":"Information Systems Research"},{"issue":"1","key":"2026022713463681400_b26-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"67","DOI":"10.1002\/smj.4250130106","article-title":"Factors influencing wealth creation from mergers and acquisitions: A meta-analysis","volume":"13","author":"Datta","year":"1992","journal-title":"Strategic Management Journal"},{"issue":"4","key":"2026022713463681400_b27-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"637","DOI":"10.2307\/30036551","article-title":"The value relevance of announcements of transformational information technology investments","volume":"27","author":"Dehning","year":"2003","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b28-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"52","DOI":"10.2307\/2393080","article-title":"Dimensions of organizational task environments","volume":"29","author":"Dess","year":"1984","journal-title":"Administrative Science Quarterly"},{"issue":"3","key":"2026022713463681400_b29-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"219","DOI":"10.1287\/isre.9.3.219","article-title":"Firm characteristics and investments in information technology: Scale and scope effects","volume":"9","author":"Dewan","year":"1998","journal-title":"Information Systems Research"},{"issue":"2","key":"2026022713463681400_b30-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"369","DOI":"10.1287\/isre.1090.0261","article-title":"Information technology and firm boundaries: Impact on firm risk and return performance","volume":"22","author":"Dewan","year":"2011","journal-title":"Information Systems Research"},{"issue":"1","key":"2026022713463681400_b31-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"29","DOI":"10.1080\/07421222.2021.1870382","article-title":"How firms make information technology investment decisions: Toward a behavioral agency theory","volume":"38","author":"Dong","year":"2021","journal-title":"Journal of Management Information Systems"},{"issue":"2","key":"2026022713463681400_b32-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"483","DOI":"10.25300\/MISQ\/2013\/37.2.08","article-title":"Information technology and business-level strategy: Toward an integrated theoretical perspective","volume":"37","author":"Drnevich","year":"2013","journal-title":"MIS Quarterly"},{"issue":"4","key":"2026022713463681400_b33-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"829","DOI":"10.1287\/isre.2015.0604","article-title":"Research note\u2014parenting new acquisitions: Acquirers\u2019 digital resource redeployment and targets\u2019 performance improvement in the US hospital industry","volume":"26","author":"Du","year":"2015","journal-title":"Information Systems Research"},{"key":"2026022713463681400_b34-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"23","DOI":"10.2307\/1401917","article-title":"Errors in variables","volume":"22","author":"Durbin","year":"1954","journal-title":"Review of the International Statistical Institute"},{"issue":"4","key":"2026022713463681400_b34a-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"660","DOI":"10.5465\/amr.1998.1255632","article-title":"The relational view: Cooperative strategy and sources of interorganizational competitive advantage","volume":"23","author":"Dyer","year":"1998","journal-title":"Academy of Management Review"},{"issue":"1","key":"2026022713463681400_b35-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"25","DOI":"10.1002\/smj.433","article-title":"Where do capabilities come from and how do they matter? A study in the software services industry","volume":"26","author":"Ethiraj","year":"2005","journal-title":"Strategic Management Journal"},{"issue":"4","key":"2026022713463681400_b36-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"629","DOI":"10.1086\/209657","article-title":"The measurement of relatedness: An application to corporate diversification","volume":"73","author":"Fan","year":"2000","journal-title":"The Journal of Business"},{"issue":"12","key":"2026022713463681400_b37-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"8520","DOI":"10.1287\/mnsc.2022.01760","article-title":"Organizational and economic obstacles to automation: A cautionary tale from AT&T in the twentieth century","volume":"70","author":"Feigenbaum","year":"2024","journal-title":"Management Science"},{"issue":"S1","key":"2026022713463681400_b38-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"93","DOI":"10.1002\/smj.4250160919","article-title":"Technological and organizational designs for realizing economies of substitution","volume":"16","author":"Garud","year":"1995","journal-title":"Strategic Management Journal"},{"issue":"2","key":"2026022713463681400_b39-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"553","DOI":"10.2307\/41703467","article-title":"The asymmetric benefits of relational flexibility: Evidence from software development outsourcing","volume":"36","author":"Gopal","year":"2012","journal-title":"MIS Quarterly"},{"key":"2026022713463681400_b40-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"235","DOI":"10.1016\/j.jbusres.2018.06.006","article-title":"The emerging cloud dilemma: Balancing innovation with cross-border privacy and outsourcing regulations","volume":"97","author":"Gozman","year":"2019","journal-title":"Journal of Business Research"},{"issue":"1","key":"2026022713463681400_b41-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1","DOI":"10.5465\/annals.2014.0078","article-title":"The process of postmerger integration: A review and agenda for future research","volume":"11","author":"Graebner","year":"2017","journal-title":"Academy of Management Annals"},{"issue":"2","key":"2026022713463681400_b42-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"135","DOI":"10.1093\/pan\/mpq034","article-title":"Fixed effects vector decomposition: A magical solution to the problem of time-invariant variables in fixed effects models?","volume":"19","author":"Greene","year":"2011","journal-title":"Political Analysis"},{"issue":"3","key":"2026022713463681400_b43-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"749","DOI":"10.1111\/j.1540-5915.1999.tb00905.x","article-title":"The role of organizational and information technology antecedents in reengineering initiation behavior","volume":"30","author":"Grover","year":"1999","journal-title":"Decision Sciences"},{"issue":"1","key":"2026022713463681400_b44-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"225","DOI":"10.2307\/41410415","article-title":"Cocreating IT value: New capabilities and metrics for multifirm environments","volume":"36","author":"Grover","year":"2012","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b45-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"59","DOI":"10.1145\/99977.99990","article-title":"The impact of information systems on organizations and markets","volume":"34","author":"Gurbaxani","year":"1991","journal-title":"Communications of the ACM"},{"issue":"1","key":"2026022713463681400_b46-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"315","DOI":"10.25300\/MISQ\/2013\/37.1.14","article-title":"Information technology outsourcing and non-IT operating costs: An empirical investigation","volume":"37","author":"Han","year":"2013","journal-title":"MIS Quarterly"},{"key":"2026022713463681400_b47-10_ra_10_25300_misq_2025_18085","volume-title":"Modern factor analysis","author":"Harman","year":"1976"},{"issue":"6","key":"2026022713463681400_b48-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1119","DOI":"10.1086\/261729","article-title":"Property Rights and the Nature of the Firm","volume":"98","author":"Hart","year":"1990","journal-title":"Journal of Political Economy"},{"issue":"6","key":"2026022713463681400_b49-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1251","DOI":"10.2307\/1913827","article-title":"Specification tests in econometrics","volume":"46","author":"Hausman","year":"1978","journal-title":"Econometrica: Journal of the Econometric Society"},{"issue":"2","key":"2026022713463681400_b50-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"117","DOI":"10.1057\/ejis.2015.2","article-title":"Information system integration in mergers and acquisitions: research ahead","volume":"24","author":"Hedman","year":"2015","journal-title":"European Journal of Information Systems"},{"issue":"3","key":"2026022713463681400_b51-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"907","DOI":"10.25300\/MISQ\/2013\/37.3.11","article-title":"The generative mechanisms of digital infrastructure evolution","volume":"37","author":"Henfridsson","year":"2013","journal-title":"MIS Quarterly"},{"issue":"3","key":"2026022713463681400_b52-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"693","DOI":"10.5465\/256412","article-title":"Effects of acquisitions on R&D inputs and outputs","volume":"34","author":"Hitt","year":"1991","journal-title":"Academy of Management Journal"},{"issue":"6","key":"2026022713463681400_b53-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"90","DOI":"10.1109\/MIC.2010.136","article-title":"Cloud computing: The limits of public clouds for business applications","volume":"14","author":"Hoffman","year":"2010","journal-title":"IEEE Internet Computing"},{"issue":"3","key":"2026022713463681400_b54-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"563","DOI":"10.1287\/isre.2017.0701","article-title":"Governance practices in platform ecosystems: Navigating tensions between cocreated value and governance costs","volume":"28","author":"Huber","year":"2017","journal-title":"Information Systems Research"},{"issue":"2","key":"2026022713463681400_b55-10_ra_10_25300_misq_2025_18085","first-page":"117","article-title":"Preparing for the future: understanding the seven capabilities cloud computing","volume":"9","author":"Iyer","year":"2010","journal-title":"MIS Quarterly Executive"},{"key":"2026022713463681400_b56-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3112901","author":"Jin","year":"2017","journal-title":"Economies before scale: survival and performance of young plants in the age of cloud computing"},{"issue":"10","key":"2026022713463681400_b57-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1161","DOI":"10.1002\/1097-0266","article-title":"More or less and deeper or broader? Reconfiguring business resources following acquisitions in the US medical sector, 1978-1995","volume":"21","author":"Karim","year":"2000","journal-title":"Strategic Management Journal"},{"issue":"3","key":"2026022713463681400_b58-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"740","DOI":"10.1080\/07421222.2018.1481635","article-title":"A strategic value appropriation path for cloud computing","volume":"35","author":"Kathuria","year":"2018","journal-title":"Journal of Management Information Systems"},{"issue":"3","key":"2026022713463681400_b59-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"570","DOI":"10.5465\/256460","article-title":"A causal model of linkages among environmental dimensions, macro-organizational characteristics, and performance","volume":"31","author":"Keats","year":"1988","journal-title":"Academy of Management Journal"},{"issue":"4","key":"2026022713463681400_b60-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1347","DOI":"10.25300\/MISQ\/2017\/41.4.15","article-title":"Information technology investments and firm risk across industries","volume":"41","author":"Kim","year":"2017","journal-title":"MIS Quarterly"},{"key":"2026022713463681400_b61-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","unstructured":"Kotlarsky, J., Oshri, I., Dibbern, J., & Mani, D. (2018). IS sourcing. MISQ Research Curations. https:\/\/www.misqresearchcurations.org\/blog\/2018\/6\/26\/is-sourcing","DOI":"10.25300\/MISQ\/2019\/curations\/07012018"},{"issue":"4","key":"2026022713463681400_b62-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1088","DOI":"10.1007\/s11142-013-9228-9","article-title":"Textual risk disclosures and investors\u2019 risk perceptions","volume":"18","author":"Kravet","year":"2013","journal-title":"Review of Accounting Studies"},{"issue":"1","key":"2026022713463681400_b63-10_ra_10_25300_misq_2025_18085","first-page":"31","article-title":"Cloud services practices for small and medium-sized enterprises","volume":"13","author":"Lacity","year":"2014","journal-title":"MIS Quarterly Executive"},{"key":"2026022713463681400_b64-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"499","DOI":"10.1007\/978-3-319-52651-5_14","article-title":"Review of the empirical business services sourcing literature: An update and future directions","volume-title":"Outsourcing and offshoring business services","author":"Lacity","year":"2017"},{"issue":"3","key":"2026022713463681400_b65-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"363","DOI":"10.2307\/249670","article-title":"An empirical investigation of information technology sourcing practices: Lessons from experience","volume":"22","author":"Lacity","year":"1998","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b66-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1287\/orsc.10.1.1","article-title":"Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization","volume":"10","author":"Larsson","year":"1999","journal-title":"Organization Science"},{"issue":"4","key":"2026022713463681400_b67-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1201","DOI":"10.25300\/MISQ\/2019\/14370","article-title":"Holistic archetypes of IT outsourcing strategy: A contingency fit and configurational approach","volume":"43","author":"Lee","year":"2019","journal-title":"MIS Quarterly"},{"issue":"2","key":"2026022713463681400_b68-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"crossref","first-page":"837","DOI":"10.1177\/0049124119882473","article-title":"How to deal with reverse causality using panel data? Recommendations for researchers based on a simulation study","volume":"51","author":"Leszczensky","year":"2022","journal-title":"Sociological Methods & Research"},{"issue":"3","key":"2026022713463681400_b69-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"331","DOI":"10.2307\/30036537","article-title":"From the vendor\u2019s perspective: Exploring the value proposition in information technology outsourcing","volume":"27","author":"Levina","year":"2003","journal-title":"MIS Quarterly"},{"issue":"7","key":"2026022713463681400_b70-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"3265","DOI":"10.1093\/rfs\/hhaa079","article-title":"Measuring corporate culture using machine learning","volume":"34","author":"Li","year":"2021","journal-title":"The Review of Financial Studies"},{"issue":"10","key":"2026022713463681400_b71-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1113","DOI":"10.1002\/smj.777","article-title":"How do networks and learning drive M&As? An institutional comparison between China and the United States","volume":"30","author":"Lin","year":"2009","journal-title":"Strategic Management Journal"},{"issue":"3","key":"2026022713463681400_b72-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1187","DOI":"10.25300\/MISQ\/2021\/12860","article-title":"The dialectics of technology standardization","volume":"45","author":"Lindgren","year":"2021","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b73-10_ra_10_25300_misq_2025_18085","first-page":"11","article-title":"Assessing cloud readiness at Continental AG","volume":"11","author":"Loebbecke","year":"2012","journal-title":"MIS Quarterly Executive"},{"issue":"4","key":"2026022713463681400_b74-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"931","DOI":"10.2307\/41409967","article-title":"Understanding the link between information technology capability and organizational agility: An empirical examination","volume":"35","author":"Lu","year":"2011","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b75-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"155","DOI":"10.25300\/MISQ\/2015\/39.1.07","article-title":"Service innovation","volume":"39","author":"Lusch","year":"2015","journal-title":"MIS Quarterly"},{"issue":"1","key":"2026022713463681400_b76-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"145","DOI":"10.2307\/25148671","article-title":"Absorptive capacity configurations in supply chains: Gearing for partner-enabled market knowledge creation","volume":"29","author":"Malhotra","year":"2005","journal-title":"MIS Quarterly"},{"key":"2026022713463681400_b77-10_ra_10_25300_misq_2025_18085","article-title":"Does software-as-a-service (SaaS) have a role in IT-enabled innovation? An empirical analysis","author":"Malladi","year":"2012"},{"key":"2026022713463681400_b78-10_ra_10_25300_misq_2025_18085","unstructured":"McFarlan, F. W., & Nolan, R. L. (1995). How to manage an IT outsourcing alliance. MIT Sloan Management Review. https:\/\/sloanreview.mit.edu\/article\/how-to-manage-an-it-outsourcing-alliance\/"},{"issue":"2","key":"2026022713463681400_b79-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"649","DOI":"10.5555\/2535658.2535678","article-title":"Commoditized digital processes and business community platforms: New opportunities and challenges for digital business strategies","volume":"37","author":"Markus","year":"2013","journal-title":"MIS Quarterly"},{"key":"2026022713463681400_b80-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","DOI":"10.6028\/NIST.SP.800-145","volume-title":"The NIST definition of cloud computing","author":"Mell","year":"2011"},{"key":"2026022713463681400_b81-10_ra_10_25300_misq_2025_18085","first-page":"746","article-title":"Linguistic regularities in continuous space word representations","author":"Mikolov","year":"2013"},{"issue":"3","key":"2026022713463681400_b82-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1191","DOI":"10.1287\/mnsc.2017.2977","article-title":"Open-source software and firm productivity","volume":"65","author":"Nagle","year":"2019","journal-title":"Management Science"},{"key":"2026022713463681400_b83-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","DOI":"10.1057\/9780230251076","volume-title":"The handbook of global outsourcing and offshoring","author":"Oshri","year":"2009"},{"issue":"4","key":"2026022713463681400_b84-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"803","DOI":"10.2307\/256601","article-title":"Determinants of acquisition integration level: A decision-making perspective","volume":"37","author":"Pablo","year":"1994","journal-title":"Academy of Management Journal"},{"issue":"4","key":"2026022713463681400_b85-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"2289","DOI":"10.25300\/MISQ\/2022\/17061","article-title":"Digital strategic initiatives and digital resources: Construct definition and future research directions","volume":"46","author":"Piccoli","year":"2022","journal-title":"MIS Quarterly"},{"issue":"13","key":"2026022713463681400_b86-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"2666","DOI":"10.1002\/smj.2686","article-title":"Acquisition motives and the distribution of acquisition performance","volume":"38","author":"Rabier","year":"2017","journal-title":"Strategic Management Journal"},{"issue":"8","key":"2026022713463681400_b87-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"876","DOI":"10.1002\/smj.914","article-title":"Geographic distance and corporate acquisitions: Signals from IPO firms","volume":"32","author":"Ragozzino","year":"2011","journal-title":"Strategic Management Journal"},{"issue":"1","key":"2026022713463681400_b88-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1287\/isre.2013.0495","article-title":"Research commentary\u2014Information technology-enabled business models: A conceptual framework and a coevolution perspective for future research","volume":"25","author":"Rai","year":"2014","journal-title":"Information Systems Research"},{"issue":"4","key":"2026022713463681400_b89-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"865","DOI":"10.25300\/MISQ\/2015\/39.4.6","article-title":"Fit and misfit of plural sourcing strategies and IT-enabled process integration capabilities","volume":"39","author":"Rai","year":"2015","journal-title":"MIS Quarterly"},{"issue":"2","key":"2026022713463681400_b90-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"379","DOI":"10.1287\/isre.2015.0572","article-title":"Social capital and contract duration in buyer-supplier networks for information technology outsourcing","volume":"26","author":"Ravindran","year":"2015","journal-title":"Information Systems Research"},{"issue":"4","key":"2026022713463681400_b91-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"585","DOI":"10.1287\/isre.1080.0202","article-title":"Competitive environment and the relationship between IT and vertical integration","volume":"20","author":"Ray","year":"2009","journal-title":"Information Systems Research"},{"issue":"4","key":"2026022713463681400_b92-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1125","DOI":"10.5465\/amj.2010.0874","article-title":"Impact of information technology capital on firm scope and performance: The role of asset characteristics","volume":"56","author":"Ray","year":"2013","journal-title":"Academy of Management Journal"},{"key":"2026022713463681400_b93-10_ra_10_25300_misq_2025_18085","unstructured":"Reuer, J. J.\n           (2005). Avoiding lemons in M&A deals. MIT Sloan Management Review. https:\/\/sloanreview.mit.edu\/article\/avoiding-lemons-in-ma-deals\/"},{"issue":"4","key":"2026022713463681400_b94-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1260","DOI":"10.1287\/isre.2020.0944","article-title":"Aligning information technology and business: The differential effects of alignment during investment planning, delivery, and change","volume":"31","author":"Saldanha","year":"2020","journal-title":"Information Systems Research"},{"issue":"S1","key":"2026022713463681400_b95-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"135","DOI":"10.1002\/smj.4250160921","article-title":"Strategic flexibility in product competition","volume":"16","author":"Sanchez","year":"1995","journal-title":"Strategic Management Journal"},{"issue":"1","key":"2026022713463681400_b96-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"129","DOI":"10.25300\/MISQ\/2020\/14520","article-title":"Digitization and phase transitions in platform organizing logics: Evidence from the process automation industry","volume":"44","author":"Sandberg","year":"2020","journal-title":"MIS Quarterly"},{"key":"2026022713463681400_b97-10_ra_10_25300_misq_2025_18085","unstructured":"Sarrazin, H., & West, A. (2011). Understanding the strategic value of IT in M&A. McKinsey Quarterly. https:\/\/www.mckinsey.com\/capabilities\/strategy-and-corporate-finance\/our-insights\/understanding-the-strategic-value-of-it-in-m-and-38a"},{"issue":"8","key":"2026022713463681400_b98-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1482","DOI":"10.1287\/mnsc.1110.1498","article-title":"An examination of the efficiency, foreclosure, and collusion rationales for vertical takeovers","volume":"58","author":"Shenoy","year":"2012","journal-title":"Management Science"},{"issue":"4","key":"2026022713463681400_b99-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"44","DOI":"10.5465\/ame.2004.15268683","article-title":"Strategic flexibility: Organizational preparedness to reverse ineffective strategic decisions","volume":"18","author":"Shimizu","year":"2004","journal-title":"Academy of Management Perspectives"},{"issue":"1","key":"2026022713463681400_b100-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"65","DOI":"10.1108\/eb039143","article-title":"Postmerger integration","volume":"7","author":"Shrivastava","year":"1986","journal-title":"Journal of Business Strategy"},{"issue":"6","key":"2026022713463681400_b100a-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1045","DOI":"10.5465\/1556334","article-title":"On the performance of technology-sourcing partnerships: The interaction between partner interdependence and technology attributes","volume":"43","author":"Steensma","year":"2000","journal-title":"Academy of Management Journal"},{"issue":"4","key":"2026022713463681400_b101-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"87","DOI":"10.2753\/MIS0742-1222260404","article-title":"Multitask agency, modular architecture, and task disaggregation in SaaS","volume":"26","author":"Susarla","year":"2010","journal-title":"Journal of Management Information Systems"},{"issue":"7","key":"2026022713463681400_b102-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1388","DOI":"10.1287\/mnsc.1110.1493","article-title":"Contractual flexibility, rent seeking, and renegotiation design: An empirical analysis of information technology outsourcing contracts","volume":"58","author":"Susarla","year":"2012","journal-title":"Management Science"},{"issue":"2","key":"2026022713463681400_b103-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"463","DOI":"10.2307\/23044052","article-title":"Competing perspectives on the link between strategic information technology alignment and organizational agility: insights from a mediation model","volume":"35","author":"Tallon","year":"2011","journal-title":"MIS Quarterly"},{"issue":"11","key":"2026022713463681400_b104-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"2688","DOI":"10.1002\/smj.3508","article-title":"Light-touch integration: A study on cross-border acquisitions by emerging market multinationals","volume":"44","author":"Tang","year":"2023","journal-title":"Strategic Management Journal"},{"issue":"4","key":"2026022713463681400_b105-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"703","DOI":"10.1287\/isre.1090.0250","article-title":"Cross-business information technology integration and acquirer value creation in corporate mergers and acquisitions","volume":"22","author":"Tanriverdi","year":"2011","journal-title":"Information Systems Research"},{"issue":"4","key":"2026022713463681400_b106-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1573","DOI":"10.25300\/MISQ\/2020\/11872","article-title":"Corporate strategy changes and information technology control effectiveness in multibusiness firms","volume":"44","author":"Tanriverdi","year":"2020","journal-title":"MIS Quarterly"},{"issue":"6","key":"2026022713463681400_b107-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"595","DOI":"10.1002\/smj.760","article-title":"The impact of outsourcing new technologies on integrative capabilities and performance","volume":"30","author":"Weigelt","year":"2009","journal-title":"Strategic Management Journal"},{"issue":"3","key":"2026022713463681400_b108-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"548","DOI":"10.1086\/227496","article-title":"The economics of organization: The transaction cost approach","volume":"87","author":"Williamson","year":"1981","journal-title":"American Journal of Sociology"},{"key":"2026022713463681400_b109-10_ra_10_25300_misq_2025_18085","volume-title":"Econometric analysis of cross section and panel data","author":"Wooldridge","year":"2002"},{"issue":"4","key":"2026022713463681400_b110-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"1811","DOI":"10.25300\/MISQ\/2020\/13216","article-title":"Commitment and replacement of existing SaaS-delivered applications: A mixed-methods investigation","volume":"44","author":"Xiao","year":"2020","journal-title":"MIS Quarterly"},{"issue":"4","key":"2026022713463681400_b111-10_ra_10_25300_misq_2025_18085","doi-asserted-by":"publisher","first-page":"724","DOI":"10.1287\/isre.1100.0322","article-title":"Research commentary\u2014The new organizing logic of digital innovation: An agenda for information systems research","volume":"21","author":"Yoo","year":"2010","journal-title":"Information Systems Research"}],"container-title":["MIS Quarterly"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/misq.umn.edu\/misq\/article-pdf\/50\/1\/269\/19888\/10_ra_10.25300_misq_2025_18085.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"https:\/\/misq.umn.edu\/misq\/article-pdf\/50\/1\/269\/19888\/10_ra_10.25300_misq_2025_18085.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,2,27]],"date-time":"2026-02-27T18:46:48Z","timestamp":1772218008000},"score":1,"resource":{"primary":{"URL":"https:\/\/misq.umn.edu\/misq\/article\/50\/1\/269\/3623\/Seizing-Growth-Opportunities-A-Risky-Business"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,3,1]]},"references-count":113,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2026,3,1]]},"published-print":{"date-parts":[[2026,3,1]]}},"URL":"https:\/\/doi.org\/10.25300\/misq\/2025\/18085","relation":{},"ISSN":["0276-7783","2162-9730"],"issn-type":[{"value":"0276-7783","type":"print"},{"value":"2162-9730","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,3,1]]}}}