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, 55, 2020 DOI: 10.1016/j.jwb.2018.03.002101.1016/j.jwb.2018.03.002
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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
}
TY - JOUR
T1 - The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions
AU - Strobl, Andreas
AU - Bauer, Florian
AU - Matzler, Kurt
N1 - 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, 55, 2020 DOI: 10.1016/j.jwb.2018.03.002101.1016/j.jwb.2018.03.002
PY - 2020/2/29
Y1 - 2020/2/29
N2 - 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.
AB - 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.
KW - Entrepreneurial leadership
KW - Environmental hostility
KW - Exploitation
KW - Exploration
KW - Mergers and acquisitions
KW - Post-merger integration
U2 - 10.1016/j.jwb.2018.03.002
DO - 10.1016/j.jwb.2018.03.002
M3 - Journal article
VL - 55
JO - Journal of World Business
JF - Journal of World Business
SN - 1090-9516
IS - 2
M1 - 100931
ER -