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

作者：Bauer Florian; Matzler Kurt^*

来源：Strategic Management Journal, 2014, 35(2): 269-291.

DOI：10.1002/smj.2091

• M& A
• strategic complementarity
• cultural compatibility
• post-merger integration
• M& A success

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.

• 出版日期2014-2