Toward unlocking the full potential of acquisitions: The role of organizational restructuring

• 成果类型: Review
• 署名作者: Barkema, Harry G.; Schijven, Mario
• 署名单位: Texas A&M University System; Texas A&M University College Station; Mays Business School; Tilburg University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of London; London School Economics & Political Science
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• 发表日期: 2008
• 页码: 696-722
• 关键词: STRATEGIC DECISION-PROCESSES; ATTENTION-BASED VIEW; POSTACQUISITION PERFORMANCE; COGNITIVE SIMPLIFICATION; HORIZONTAL ACQUISITIONS; CORPORATE ACQUISITIONS; PUNCTUATED EQUILIBRIUM; panel-data; integration; mergers

摘要

Building on behavioral theory, we study when and how firms unlock synergy from acquisitions over extended periods of time. We argue that initial integration is inevitably suboptimal and that, as a result, acquisitive growth decreases an acquirer's performance, eventually forcing it to engage in organizational restructuring to more fully unlock the synergistic potential. Hence, we conceptualize organizational restructuring as a second stage in the integration process. Moreover, we theorize about how acquisition-restructuring cycles evolve as firms gain acquisition and restructuring experience. We tested our theory using panel data on firms undertaking almost 1,600 acquisitions over four decades.