Meta-analyses of post-acquisition performance: Indications of unidentified moderators

• 成果类型: Article; Proceedings Paper
• 署名作者: King, DR; Dalton, DR; Daily, CM; Covin, JG
• 署名单位: Indiana University System; Indiana University Bloomington; IU Kelley School of Business
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.371
• 发表日期: 2004
• 页码: 187-200
• 关键词: Mergers and acquisitions; post-acquisition performance; diversification; Meta-analysis

摘要

Empirical research has not consistently identified antecedents for predicting post-acquisition performance. We employ meta-analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post-acquisition performance. We find robust results indicating that, on average and across the most commonly studied variables, acquiring firms' performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent. More importantly, our results indicate that unidentified variables may explain significant variance in post-acquisition performance, suggesting the need for additional theory development and changes to M&A research methods. Copyright (C) 2003 John Wiley Sons, Ltd.