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    Rights statement: This is the author’s version of a work that was accepted for publication in Journal of World Business. 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 Journal of World Business, ???, ??, 2018 DOI: 101.1016/j.jwb.2018.03.002

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The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions

Research output: Contribution to journalJournal article

E-pub ahead of print
<mark>Journal publication date</mark>19/03/2018
<mark>Journal</mark>Journal of World Business
Publication statusE-pub ahead of print
Early online date19/03/18
Original languageEnglish

Abstract

Based on survey data from 115 acquisitions completed between 2008 and 2011 by European acquirers from German-speaking countries, we find evidence that entrepreneurial leadership is a strong predictor of exploration and a weaker but significant driver of exploitation outcomes following M&A. Industry-wide environmental hostility negatively impacts the influence of entrepreneurial leadership on exploitation. Target market environmental hostility negatively impacts the influence of entrepreneurial leadership on exploration. Thus, while entrepreneurial leadership is a key success factor of M&A performance by increasing both, post-merger exploration and exploitation, acquirers need to take environmental conditions at the industry and market level into account.

Bibliographic note

This is the author’s version of a work that was accepted for publication in Journal of World Business. 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 Journal of World Business, ???, ??, 2018 DOI: 101.1016/j.jwb.2018.03.002