ANTECEDENTS OF M&A SUCCESS: THE ROLE OF STRATEGIC COMPLEMENTARITY, CULTURAL FIT, AND DEGREE AND SPEED OF INTEGRATION

• 成果类型: Article
• 署名作者: Bauer, Florian; Matzler, Kurt
• 署名单位: University of Innsbruck
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2091
• 发表日期: 2014
• 页码: 269-291
• 关键词: M&A; strategic complementarity; cultural compatibility; post-merger integration; M&A success

摘要

In this paper, we develop a comprehensive model of M&A success. We integrate fundamental constructs of different schools and discuss their interdependencies with M&A success. Our theoretical framework was tested empirically across a sample of 106 SME transactions in the machinery, electronic, and logistic industries in the German-speaking part of Central Europe. The results of our study support the demand for an integrative perspective and theory on M&A. M&A success is a function of strategic complementarity, cultural fit, and the degree of integration. Strategic complementarity also positively influences cultural fit and the degree of integration. Cultural fit positively influences M&A success, but surprisingly has a negative impact on the speed and degree of integration. The degree of integration is positively related to speed of integration. Copyright (c) 2013 John Wiley & Sons, Ltd.