How to improve acquisition performance: The role of a dedicated M&A function, M&A learning process, and M&A capability

• 成果类型: Article
• 署名作者: Trichterborn, Anja; Knyphausen-Aufsess, Dodo Zu; Schweizer, Lars
• 署名单位: Technical University of Berlin; Technical University of Berlin; Goethe University Frankfurt
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2364
• 发表日期: 2016
• 页码: 763-773
• 关键词: M&A function; M&A capability; M&A experience; M&A performance; structural equation model

摘要

How to improve the performance of mergers & acquisitions (M&A) continues to be a confounding issue. We show that a dedicated M&A function is a new phenomenon that is positively related to a firm's M&A performance and M&A learning process. Moreover, we find that an M&A learning process (involving articulation, codification, sharing, and internalization) helps build up an M&A capability, which in turn is positively related to a firm's overall M&A performance. We use survey data from a sample drawn from the M&A activities of German firms to test our arguments. Ltd. Copyright (c) 2015 John Wiley & Sons, Ltd.