Is speed of integration really a success factor of mergers and acquisitions? An analysis of the role of internal and external relatedness

• 成果类型: Review
• 署名作者: Homburg, C; Bucerius, M
• 署名单位: University of Mannheim
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.520
• 发表日期: 2006
• 页码: 347-367
• 关键词: Mergers and acquisitions; postmerger integration; integration speed; internal relatedness; external relatedness

摘要

Previous research on mergers and acquisitions has neglected the issue of speed of postmerger integration by and large. This paper argues that there are benefits and detriments associated with speed of integration. Thus, in some situations speed may be highly beneficial whereas in others it may be harmful to the success of a merger or acquisition. It is argued that the benefits and detriments of speed of integration depend on the magnitude of internal and external relatedness between the merging firms prior to the merger or acquisition. Results from a survey of 232 horizontal mergers and acquisitions show that speed is most beneficial when external relatedness is low and at the same time internal relatedness is high. In contrast, speed is highly detrimental in the case of low internal and high external relatedness. Copyright (c) 2006 John Wiley & Sons, Ltd.