Rights statement: This is the author’s version of a work that was accepted for publication in European Management Journal. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in European Management Journal, 36, 3, 2018 DOI: 10.1016/j.emj.2017.06.002
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Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Looking into the ‘black box’
T2 - unlocking the effect of integration on acquisition performance
AU - Teerikangas , Satu
AU - Thanos, Ioannis
N1 - This is the author’s version of a work that was accepted for publication in European Management Journal. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in European Management Journal, 36, 3, 2018 DOI: 10.1016/j.emj.2017.06.002
PY - 2018/6
Y1 - 2018/6
N2 - Extending research on the performance of Mergers and Acquisitions (M&As), this paper seeks to explain how the post-acquisition integration phase affects acquisition performance. Despite extensive research efforts, there remains a scant understanding of how acquisition implementation, particularly in the post-acquisition integration phase, impacts the performance of M&As. Based on an extensive study of eight acquisitions, in this paper, a grounded model detailing the mechanisms by which the post-acquisition integration phase affects acquisition performance is developed. The model posits that integration-related factors do not bear directly upon acquisition performance. Instead, their effect is mediated by functional organizations in both firms. When focusing into these functional mediating dynamics, we observe that integration-related processual, behavioural and cultural factors affect the identified functional mediators in different ways. Going forward, we echo calls for integrated perspectives to the study of M&A and M&A performance in particular.
AB - Extending research on the performance of Mergers and Acquisitions (M&As), this paper seeks to explain how the post-acquisition integration phase affects acquisition performance. Despite extensive research efforts, there remains a scant understanding of how acquisition implementation, particularly in the post-acquisition integration phase, impacts the performance of M&As. Based on an extensive study of eight acquisitions, in this paper, a grounded model detailing the mechanisms by which the post-acquisition integration phase affects acquisition performance is developed. The model posits that integration-related factors do not bear directly upon acquisition performance. Instead, their effect is mediated by functional organizations in both firms. When focusing into these functional mediating dynamics, we observe that integration-related processual, behavioural and cultural factors affect the identified functional mediators in different ways. Going forward, we echo calls for integrated perspectives to the study of M&A and M&A performance in particular.
KW - Integration
KW - Acquisition performance
KW - Post-acquisition integration process
KW - Mergers and acquisitions
U2 - 10.1016/j.emj.2017.06.002
DO - 10.1016/j.emj.2017.06.002
M3 - Journal article
VL - 36
SP - 366
EP - 380
JO - European Management Journal
JF - European Management Journal
SN - 0263-2373
IS - 3
ER -