A paradox of synergy: Contagion and capacity effects in mergers and acquisitions

• 成果类型: Article
• 署名作者: Shaver, J. Myles
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities
• 刊物名称: ACADEMY OF MANAGEMENT REVIEW
• ISSN/ISSBN: 0363-7425
• DOI: 10.5465/AMR.2006.22527468
• 发表日期: 2006
• 页码: 962-976
• 关键词: CORPORATE ACQUISITIONS; HORIZONTAL ACQUISITIONS; performance; strategies; RISK; PERSPECTIVE

摘要

Integrating merged businesses to realize synergies can adversely affect the distribution of potential outcomes through two mechanisms: the contagion effect and the capacity effect. I describe these effects, highlight when they will be pronounced, and discuss their importance. My arguments demonstrate that an inherent element of synergy-based mergers and acquisitions is that actions to facilitate synergy capture can amplify threats and can inhibit firms' ability to respond to favorable conditions in the business environment.