Experience and Learning in Corporate Acquisitions pp 183-237 | Cite as
Thematic Analysis of Experience and Learning Effects in Acquisitions
- 391 Downloads
Abstract
This is the second chapter dedicated to the thematic analysis of literature on the role of experience and learning in acquisitions. Throughout the chapter, three macro-thematic areas are identified: acquisition-related strategy, acquisition process choices, and post-acquisition outcomes. For each macro-thematic area, themes and subthemes are examined and schematic maps are offered to help the reader to clearly identify both the backbone of existing research and interconnections among the different thematic areas. The chapter also includes a separate examination of the specific research context of serial acquirers and acquisition programs and a transversal examination of the role played by interorganizational experience across the different thematic areas.
Keywords
Serial Acquirers Post-acquisition Performance Focal Acquisition Cross-border Acquisitions Target FirmsReferences
- Abhyankar, Abhay, Keng-Yu Ho, and Huainan Zhao. 2005. Long-Run Post-Merger Stock Performance of UK Acquiring Firms: A Stochastic Dominance Perspective. Applied Financial Economics 15: 679–690.CrossRefGoogle Scholar
- Aktas, Nihat, Eric De Bodt, and Richard Roll. 2009. Learning, Hubris and Corporate Serial Acquisitions. Journal of Corporate Finance 15: 543–561.CrossRefGoogle Scholar
- ———. 2011. Serial Acquirer Bidding: An Empirical Test of the Learning Hypothesis. Journal of Corporate Finance 17: 18–32.CrossRefGoogle Scholar
- ———. 2013. Learning from Repetitive Acquisitions: Evidence from the Time between Deals. Journal of Financial Economics 108: 99–117.CrossRefGoogle Scholar
- Alessandri, Todd, Daniele Cerrato, and Donatella Depperu. 2014. Organizational Slack, Experience, and Acquisition Behavior across Varying Economic Environments. Management Decision 52: 967–982.CrossRefGoogle Scholar
- Arikan, Asli M., and Anita M. McGahan. 2010. The Development of Capabilities in New Firms. Strategic Management Journal 31: 1–18.CrossRefGoogle Scholar
- Barkema, Harry G., and M. Schijven. 2008a. How Do Firms Learn to Make Acquisitions? A Review of Past Research and an Agenda for the Future. Journal of Management 34: 594–634.CrossRefGoogle Scholar
- Barkema, Harry G., and Mario Schijven. 2008b. Toward Unlocking the Full Potential of Acquisitions: The Role of Organizational Restructuring. Academy of Management Journal 51: 696–722.Google Scholar
- Barkema, Harry G., and Freek Vermeulen. 1998. International Expansion through Start-Up or Acquisition: A Learning Perspective. Academy of Management Journal 41: 7–26.Google Scholar
- Barkema, Harry G., John H.J. Bell, and Johannes M. Pennings. 1996. Foreign Entry, Cultural Barriers, and Learning. Strategic Management Journal 17: 151–166.CrossRefGoogle Scholar
- Baum, Joel A.C., Stan Xiao Li, and John M. Usher. 2000. Making the Next Move: How Experiential and Vicarious Learning Shape the Locations of Chains’ Acquisitions. Administrative Science Quarterly 45: 766–801.CrossRefGoogle Scholar
- Beckman, Christine M., and Pamela R. Haunschild. 2002. Network Learning: The Effects of Partners’ Heterogeneity of Experience on Corporate Acquisitions. Administrative Science Quarterly 47: 92–124.CrossRefGoogle Scholar
- Billet, Matthew T., and Yiming Qian. 2008. Are Overconfident CEOs Born or Made? Evidence of Self-Attribution Bias from Frequent Acquirers. Management Science 54: 1037–1051.CrossRefGoogle Scholar
- Bingham, Christopher B., Koen H. Heimeriks, Mario Schijven, and Stephen Gates. 2015. Concurrent Learning: How Firms Develop Multiple Dynamic Capabilities in Parallel. Strategic Management Journal 36: 1802–1825.CrossRefGoogle Scholar
- Boschma, Ron, and Matté Hartog. 2014. Merger and Acquisition Activity as Driver of Spatial Clustering: The Spatial Evolution of the Dutch Banking Industry, 1850–1993. Economic Geography 90: 247–266.CrossRefGoogle Scholar
- Bruton, Garry D., Benjamin M. Oviatt, and Margaret A. White. 1994. Performance of Acquisitions of Distressed Firms. Academy of Management Journal 37: 972–989.Google Scholar
- Carayannopoulos, Sofy, and Ellen R. Auster. 2010. External Knowledge Sourcing in Biotechnology through Acquisition Versus Alliance: A KBV Approach. Research Policy 39: 254–267.CrossRefGoogle Scholar
- Chakrabarti, Abhirup, and Will Mitchell. 2016. The Role of Geographic Distance in Completing Related Acquisitions: Evidence from US Chemical Manufacturers. Strategic Management Journal 37: 673–694.CrossRefGoogle Scholar
- Chao, Yu-Chieh. 2017. Organizational Learning and Acquirer Performance: How Do Serial Acquirers Learn from Acquisition Experience. Asia Pacific Management Review (In Press).Google Scholar
- Chari, Murali D.R., and Kiyoung Chang. 2009. Determinants of the Share of Equity Sought in Cross-Border Acquisitions. Journal of International Business Studies 40: 1277–1297.CrossRefGoogle Scholar
- Cohen, Wesley M., and Daniel A. Levinthal. 1990. Absorptive Capacity: A New Perspective on Learning and Innovation. Administrative Science Quarterly 35: 128–153.CrossRefGoogle Scholar
- Collins, Jamie D., Tim R. Holcomb, S. Travis Certo, Michael A. Hitt, and Richard H. Lester. 2009. Learning by Doing: Cross-Border Mergers and Acquisitions. Journal of Business Research 62: 1329–1334.CrossRefGoogle Scholar
- Datta, Deepak K. 1991. Organizational Fit and Acquisition Performance: Effects of Post-Acquisition Integration. Strategic Management Journal 12: 281–297.CrossRefGoogle Scholar
- Degbey, William Y. 2015. Customer Retention: A Source of Value for Serial Acquirers. Industrial Marketing Management 46: 11–23.CrossRefGoogle Scholar
- Dikova, Desislava, Padma Rao Sahib, and Arjen Van Witteloostuijn. 2010. Cross-Border Acquisition Abandonment and Completion: The Effect of Institutional Differences and Organizational Learning in the International Business Service Industry, 1981–2001. Journal of International Business Studies 41: 223–245.CrossRefGoogle Scholar
- Dunning, John H. 1988. The Eclectic Paradigm of International Production: A Restatement and Some Possible Extensions. Journal of International Business Studies 19: 1–31.CrossRefGoogle Scholar
- Fowler, Karen L., and Dennis R. Schmidt. 1989. Determinants of Tender Offer Post-Acquisition Financial Performance. Strategic Management Journal 10: 339–350.CrossRefGoogle Scholar
- Francis, Bill B., Iftekhar Hasan, and Xian Sun. 2014a. Can Firms Learn by Observing? Evidence from Cross-Border M&As. Journal of Corporate Finance 25: 202–215.CrossRefGoogle Scholar
- ———. 2014b. Does Relationship Matter? The Choice of Financial Advisors. Journal of Economics and Business 73: 22–47.CrossRefGoogle Scholar
- Galavotti, Ilaria, Daniele Cerrato, and Donatella Depperu. 2017a. Experience and Cross-Border Acquisitions: An Organizational Learning Perspective. European Management Review 14: 119–131.CrossRefGoogle Scholar
- Galavotti, Ilaria, Donatella Depperu, and Daniele Cerrato. 2017b. Acquirer-to-Target Relatedness and Target Country Unfamiliarity in Acquisitions: The Role of Product Diversification and International Experience. Management Decision 55: 892–914.CrossRefGoogle Scholar
- Haleblian, Jerayr, and Sydney Finkelstein. 1999. The Influence of Organizational Acquisition Experience on Acquisition Performance: A Behavioral Learning Perspective. Administrative Science Quarterly 44: 29–56.CrossRefGoogle Scholar
- Haleblian, Jerayr, Ji-Yub Kim, and Nandini Rajagopalan. 2006. The Influence of Acquisition Experience and Performance on Acquisition Behavior: Evidence from the US Commercial Banking Industry. Academy of Management Journal 49: 357–370.CrossRefGoogle Scholar
- Harford, Jarrad, and Robert J. Schonlau. 2013. Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions. Journal of Financial Economics 110: 18–36.CrossRefGoogle Scholar
- Haspeslagh, Philippe C., and David B. Jemison. 1991. Managing Acquisitions: Creating Value through Corporate Renewal. New York: Free Press.Google Scholar
- Haunschild, Pamela R. 1993. Interorganizational Imitation: The Impact of Interlocks on Corporate Acquisition Activity. Administrative Science Quarterly 38: 564–592.CrossRefGoogle Scholar
- ———. 1994. How Much Is That Company Worth?: Interorganizational Relationships, Uncertainty, and Acquisition Premiums. Administrative Science Quarterly 39: 391–411.CrossRefGoogle Scholar
- Haunschild, Pamela R., and Christine M. Beckman. 1998. When Do Interlocks Matter?: Alternate Sources of Information and Interlock Influence. Administrative Science Quarterly 43: 815–844.CrossRefGoogle Scholar
- Haunschild, Pamela R., and Anne S. Miner. 1997. Modes of Interorganizational Imitation: The Effects of Outcome Salience and Uncertainty. Administrative Science Quarterly 42: 472–500.CrossRefGoogle Scholar
- Haunschild, Pamela R., Alison Davis-Blake, and Mark Fichman. 1994. Managerial Overcommitment in Corporate Acquisition Processes. Organization Science 5: 528–540.CrossRefGoogle Scholar
- Hayward, Mathew L.A. 2002. When Do Firms Learn from Their Acquisition Experience? Evidence from 1990 to 1995. Strategic Management Journal 23: 21–39.CrossRefGoogle Scholar
- Hayward, Mathew L.A., and Donald C. Hambrick. 1997. Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly 42: 103–127.CrossRefGoogle Scholar
- Hayward, Mathew L.A., and Katsuhiko Shimizu. 2006. De-commitment to Losing Strategic Action: Evidence from the Divestiture of Poorly Performing Acquisitions. Strategic Management Journal 27: 541–557.CrossRefGoogle Scholar
- Hébert, Louis, Philippe Very, and Paul W. Beamish. 2005. Expatriation as a Bridge over Troubled Water: A Knowledge-Based Perspective Applied to Cross-Border Acquisitions. Organization Studies 26: 1455–1476.CrossRefGoogle Scholar
- Heimeriks, Koen H., Mario Schijven, and Stephen Gates. 2012. Manifestations of Higher-Order Routines: The Underlying Mechanisms of Deliberate Learning in the Context of Postacquisition Integration. Academy of Management Journal 55: 703–726.CrossRefGoogle Scholar
- Hennart, Jean-François, and Sabine Reddy. 1997. The Choice between Mergers/Acquisitions and Joint Ventures: The Case of Japanese Investors in the United States. Strategic Management Journal 18: 1–12.CrossRefGoogle Scholar
- Herrmann, Pol, and Deepak K. Datta. 2006. CEO Experiences: Effects on the Choice of FDI Entry Mode. Journal of Management Studies 43: 755–778.CrossRefGoogle Scholar
- Hisey, Karen B., and Richard E. Caves. 1985. Diversification Strategy and Choice of Country: Diversifying Acquisitions Abroad by US Multinationals, 1978–1980. Journal of International Business Studies 16: 51–64.CrossRefGoogle Scholar
- Hitt, Michael A., and Beverly B. Tyler. 1991. Strategic Decision Models: Integrating Different Perspectives. Strategic Management Journal 12: 327–351.CrossRefGoogle Scholar
- Hitt, Michael A., David King, Hema Krishnan, Marianna Makri, Mario Schijven, Katsuhiko Shimizu, and Hong Zhu. 2012. Creating Value through Mergers and Acquisitions: Challenges and Opportunities. In The Handbook of Mergers and Acquisitions, ed. David Faulkner, Satu Teerikangas, and Richard J. Joseph, 71–113. Oxford: Oxford University Press.CrossRefGoogle Scholar
- Huang, Qianqian, F. Jiang, Erik Lie, and Ke Yang. 2014. The Role of Investment Banker Directors in M&A. Journal of Financial Economics 112: 269–286.CrossRefGoogle Scholar
- Hunter, William C., and Julapa Jagtiani. 2003. An Analysis of Advisor Choice, Fees, and Effort in Mergers and Acquisitions. Review of Financial Economics 12: 65–81.CrossRefGoogle Scholar
- Hutzschenreuter, Thomas, Ingo Kleindienst, and Michael Schmitt. 2014. How Mindfulness and Acquisition Experience Affect Acquisition Performance. Management Decision 52: 1116–1147.CrossRefGoogle Scholar
- Ingram, Paul, and Joel A.C. Baum. 1997. Opportunity and Constraint: Organizations’ Learning from the Operating and Competitive Experience of Industries. Strategic Management Journal 18: 75–98.CrossRefGoogle Scholar
- Isenberg, Daniel J. 1986. Group Polarization: A Critical Review and Meta-Analysis. Journal of Personality and Social Psychology 50: 1141–1151.CrossRefGoogle Scholar
- Ismail, Ahmad, and Abed A. Abdallah. 2013. Acquirer’s Return and the Choice of Acquisition Targets: Does Acquisition Experience Matter? Applied Economics 45: 3770–3777.CrossRefGoogle Scholar
- Ivarsson, Inge, and Jan-Erik Vahlne. 2002. Technology Integration through International Acquisitions: The Case of Foreign Manufacturing TNCs in Sweden. Scandinavian Journal of Management 18: 1–27.CrossRefGoogle Scholar
- Iyer, Dinesh N., and Kent D. Miller. 2008. Performance Feedback, Slack, and the Timing of Acquisitions. Academy of Management Journal 51: 808–822.Google Scholar
- Jemison, David B., and Sim B. Sitkin. 1986. Corporate Acquisitions: A Process Perspective. Academy of Management Review 11: 145–163.CrossRefGoogle Scholar
- Keil, Thomas, Tomi Laamanen, and Aino Makisalo. 2012. Acquisitions, Acquisition Programs, and Acquisition Capabilities. In The Handbook of Mergers and Acquisitions, ed. David Faulkner, Satu Teerikangas, and Richard J. Joseph, 148–170. Oxford: Oxford University Press.Google Scholar
- Kim, Ji-Yub, Jerayr Haleblian, and Sydney Finkelstein. 2011. When Firms Are Desperate to Grow via Acquisition: The Effect of Growth Patterns and Acquisition Experience on Acquisition Premiums. Administrative Science Quarterly 56: 26–60.CrossRefGoogle Scholar
- Klier, Hendrik, Christian Schwens, Florian B. Zapkau, and Desislava Dikova. 2017. Which Resources Matter How and Where? A Meta-Analysis on Firms’ Foreign Establishment Mode Choice. Journal of Management Studies 54: 304–339.CrossRefGoogle Scholar
- Krishnan, Hema A., Michael A. Hitt, and Daewoo Park. 2007. Acquisition Premiums, Subsequent Workforce Reductions and Post-Acquisition Performance. Journal of Management Studies 44: 709–732.CrossRefGoogle Scholar
- Kroll, Mark, Bruce A. Walters, and Peter Wright. 2008. Board Vigilance, Director Experience, and Corporate Outcomes. Strategic Management Journal 29: 363–382.CrossRefGoogle Scholar
- Krug, Jeffrey A. 2009. Brain Drain: Why Top Management Bolts after M&As. Journal of Business Strategy 30: 4–14.CrossRefGoogle Scholar
- Kusewitt, John B. 1985. An Exploratory Study of Strategic Acquisition Factors Relating to Performance. Strategic Management Journal 6: 151–169.CrossRefGoogle Scholar
- Laamanen, Tomi, and Thomas Keil. 2008. Performance of Serial Acquirers: Toward an Acquisition Program Perspective. Strategic Management Journal 29: 663–672.CrossRefGoogle Scholar
- Lahiri, Somnath. 2017. The Moderating Influence of Market Potential and Prior Experience on the Governance Quality–Equity Participation Relationship: Evidence from Acquisitions in BRIC. Management Decision 55: 203–217.CrossRefGoogle Scholar
- Lee, Jeongsik Jay. 2013. Dancing with the Enemy? Relational Hazards and the Contingent Value of Repeat Exchanges in M&A Markets. Organization Science 24: 1237–1256.CrossRefGoogle Scholar
- Lee, Tung-Jean, and Richard E. Caves. 1998. Uncertain Outcomes of Foreign Investment: Determinants of the Dispersion of Profits after Large Acquisitions. Journal of International Business Studies 29: 563–581.CrossRefGoogle Scholar
- Li, Jiatao. 1995. Foreign Entry and Survival: Effects of Strategic Choices on Performance in International Markets. Strategic Management Journal 16: 333–351.CrossRefGoogle Scholar
- Lin, Zhiang John, Mike Peng, Haibin Yang, and Sunny Li Sun. 2009. How Do Networks and Learning Drive M&As? An Institutional Comparison between China and the United States. Strategic Management Journal 30: 1113–1132.CrossRefGoogle Scholar
- López-Duarte, Cristina, and Marta M. Vidal-Suárez. 2008. Foreign Direct Investment through Partial Acquisitions: Hostage Effect or Conflicts Enhancement. Journal of Management & Governance 12: 287–308.CrossRefGoogle Scholar
- Loughran, Tim, and Anand M. Vijh. 1997. Do Long-Term Shareholders Benefit from Corporate Acquisitions? The Journal of Finance 52: 1765–1790.CrossRefGoogle Scholar
- Maitland, Elizabeth, and André Sammartino. 2015. Decision Making and Uncertainty: The Role of Heuristics and Experience in Assessing a Politically Hazardous Environment. Strategic Management Journal 36: 1554–1578.CrossRefGoogle Scholar
- Malhotra, Shavin, Pengcheng Zhu, and Taco H. Reus. 2015. Anchoring on the Acquisition Premium Decisions of Others. Strategic Management Journal 36: 1866–1876.CrossRefGoogle Scholar
- Marsh, John S., William J. Wales, Rachel Graefe-Anderson, and Marshall W. Pattie. 2015. Cashing-in: Understanding Post-Acquisition CEO Stock Option Exercise. Management Decision 53: 1953–1975.CrossRefGoogle Scholar
- McDonald, Michael L., James D. Westphal, and Melissa E. Graebner. 2008. What Do They Know? The Effects of Outside Director Acquisition Experience on Firm Acquisition Performance. Strategic Management Journal 29: 1155–1177.CrossRefGoogle Scholar
- McNamara, Gerry M., Jerayr J. Haleblian, and Bernadine Johnson Dykes. 2008. The Performance Implications of Participating in an Acquisition Wave: Early Mover Advantages, Bandwagon Effects, and the Moderating Influence of Industry Characteristics and Acquirer Tactics. Academy of Management Journal 51: 113–130.CrossRefGoogle Scholar
- Miller, Danny, and Peter H. Friesen. 1980. Momentum and Revolution in Organizational Adaptation. Academy of Management Journal 23: 591–614.Google Scholar
- Moatti, Valerie. 2009. Learning to Expand or Expanding to Learn? The Role of Imitation and Experience in the Choice among Several Expansion Modes. European Management Journal 27: 36–46.CrossRefGoogle Scholar
- Mousa, Fariss T., Sang Kyun Kim, and Matthew A. Rutherford. 2016. Top Management Team and IPO Firms’ Acquisition Activity. Management Decision 54: 664–682.CrossRefGoogle Scholar
- Muehlfeld, Katrin, Utz Weitzel, and Arjen Van Witteloostuijn. 2011. Mergers and Acquisitions in the Global Food Processing Industry in 1986–2006. Food Policy 36: 466–479.CrossRefGoogle Scholar
- Muehlfeld, Katrin, Padma Rao Sahib, and Arjen Van Witteloostuijn. 2012. A Contextual Theory of Organizational Learning from Failures and Successes: A Study of Acquisition Completion in the Global Newspaper Industry, 1981–2008. Strategic Management Journal 33: 938–964.CrossRefGoogle Scholar
- Nadolska, Anna, and Harry G. Barkema. 2007. Learning to Internationalise: The Pace and Success of Foreign Acquisitions. Journal of International Business Studies 38: 1170–1186.CrossRefGoogle Scholar
- ———. 2014. Good Learners: How Top Management Teams Affect the Success and Frequency of Acquisitions. Strategic Management Journal 35: 1483–1507.CrossRefGoogle Scholar
- Nahavandi, Afsaneh, and Ali R. Malekzadeh. 1988. Acculturation in Mergers and Acquisitions. Academy of Management Review 13: 79–90.CrossRefGoogle Scholar
- Ormosi, Peter L. 2012. Claim Efficiencies or Offer Remedies? An Analysis of Litigation Strategies in EC Mergers. International Journal of Industrial Organization 30: 578–592.CrossRefGoogle Scholar
- Orsi, Luigi, Andrea Ganzaroli, Ivan De Noni, and Federica Marelli. 2015. Knowledge Utilisation Drivers in Technological M&As. Technology Analysis & Strategic Management 27: 877–894.CrossRefGoogle Scholar
- ———. 2016. Evaluating Post-Acquisition Technological Performance by Measuring Absorption-Related Invention. International Journal of Entrepreneurship and Innovation Management 20: 117–146.CrossRefGoogle Scholar
- Pablo, Amy L. 1994. Determinants of Acquisition Integration Level: A Decision-Making Perspective. Academy of Management Journal 37: 803–836.Google Scholar
- ———. 1995. The Case of Post-Acquisition Integration Design Decisions. International Journal of Value-Based Management 8: 149–161.CrossRefGoogle Scholar
- Parola, Heather R., Kimberly M. Ellis, and Peggy Golden. 2015. Performance Effects of Top Management Team Gender Diversity during the Merger and Acquisition Process. Management Decision 53: 57–74.CrossRefGoogle Scholar
- Peng, Yu-Shu, and Chung-Ping Fang. 2010. Acquisition Experience, Board Characteristics, and Acquisition Behavior. Journal of Business Research 63: 502–509.CrossRefGoogle Scholar
- Piaskowska, Dorota, and Grzegorz Trojanowski. 2014. Twice as Smart? The Importance of Managers’ Formative-Years’ International Experience for Their International Orientation and Foreign Acquisition Decisions. British Journal of Management 25: 40–57.CrossRefGoogle Scholar
- Popli, Manish, Mohammad Akbar, Vikas Kumar, and Ajai Gaur. 2016. Reconceptualizing Cultural Distance: The Role of Cultural Experience Reserve in Cross-Border Acquisitions. Journal of World Business 51: 404–412.CrossRefGoogle Scholar
- Porrini, Patrizia. 2004a. Alliance Experience and Value Creation in High-Tech and Low-Tech Acquisitions. The Journal of High Technology Management Research 15: 267–292.CrossRefGoogle Scholar
- ———. 2004b. Can a Previous Alliance between an Acquirer and a Target Affect Acquisition Performance? Journal of Management 30: 545–562.CrossRefGoogle Scholar
- Puranam, Phanish, and Kannan Srikanth. 2007. What They Know vs. What They Do: How Acquirers Leverage Technology Acquisitions. Strategic Management Journal 28: 805–825.CrossRefGoogle Scholar
- Rabbiosi, Larissa, Stefano Elia, and Fabio Bertoni. 2012. Acquisitions by EMNCs in Developed Markets. Management International Review 52: 193–212.CrossRefGoogle Scholar
- Reuer, Jeffrey J., Oded Shenkar, and Roberto Ragozzino. 2004. Mitigating Risk in International Mergers and Acquisitions: The Role of Contingent Payouts. Journal of International Business Studies 35: 19–32.CrossRefGoogle Scholar
- Riccobono, Francesca, Manfredi Bruccoleri, and Giovanni Perrone. 2015. External Knowledge Sourcing for R&D Activities: Antecedents and Implications of Governance Mode Choice. Technology Analysis & Strategic Management 2: 142–160.CrossRefGoogle Scholar
- Riviezzo, Angelo. 2013. Acquisitions in Knowledge-Intensive Industries: Exploring the Distinctive Characteristics of the Effective Acquirer. Management Research Review 36: 183–212.CrossRefGoogle Scholar
- Roll, Richard. 1986. The Hubris Hypothesis of Corporate Takeovers. The Journal of Business 59: 197–216.CrossRefGoogle Scholar
- Servaes, Henri, and Marc Zenner. 1996. The Role of Investment Banks in Acquisitions. The Review of Financial Studies 9: 787–815.CrossRefGoogle Scholar
- Shimizu, Katsuhiko, and Michael A. Hitt. 2005. What Constrains or Facilitates Divestitures of Formerly Acquired Firms? The Effects of Organizational Inertia. Journal of Management 31: 50–72.CrossRefGoogle Scholar
- Sirower, Mark L. 1997. The Synergy Trap: How Companies Lose the Acquisition Game. New York: Simon and Schuster.Google Scholar
- Slangen, Arjen H.L., and Jean-François Hennart. 2008. Do Multinationals Really Prefer to Enter Culturally Distant Countries through Greenfields Rather Than Through Acquisitions? The Role of Parent Experience and Subsidiary Autonomy. Journal of International Business Studies 39: 472–490.CrossRefGoogle Scholar
- Stylianou, Antonis C., Carol J. Jeffries, and Stephanie S. Robbins. 1996. Corporate Mergers and the Problems of IS Integration. Information & Management 31: 203–213.CrossRefGoogle Scholar
- Trichterborn, Anja, Zu Knyphausen-Aufseß, and Lars Schweizer. 2016. How to Improve Acquisition Performance: The Role of a Dedicated M&A Function, M&A Learning Process, and M&A Capability. Strategic Management Journal 37: 763–773.CrossRefGoogle Scholar
- Tseng, Jen-Jen, and Ping-Hung Chou. 2011. Mimetic Isomorphism and Its Effect on Merger and Acquisition Activities in Taiwanese Financial Industries. The Service Industries Journal 31: 1451–1469.CrossRefGoogle Scholar
- Uhlenbruck, Klaus. 2004. Developing Acquired Foreign Subsidiaries: The Experience of MNEs in Transition Economies. Journal of International Business Studies 35: 109–123.CrossRefGoogle Scholar
- Vermeulen, Freek, and Harry G. Barkema. 2001. Learning through Acquisitions. Academy of Management Journal 44: 457–476.Google Scholar
- Villalonga, Belen, and Anita M. McGahan. 2005. The Choice among Acquisitions, Alliances, and Divestitures. Strategic Management Journal 26: 1183–1208.CrossRefGoogle Scholar
- Westphal, James D., Marc-David L. Seidel, and Katherine J. Stewart. 2001. Second-Order Imitation: Uncovering Latent Effects of Board Network Ties. Administrative Science Quarterly 46: 717–747.CrossRefGoogle Scholar
- Yang, Monica. 2009. Isomorphic or Not? Examining Cross-Border Mergers and Acquisitions by Chinese Firms, 1985–2006. Chinese Management Studies 3: 43–57.CrossRefGoogle Scholar
- Yang, Monica, and Mary Anne Hyland. 2006. Who Do Firms Imitate? A Multilevel Approach to Examining Sources of Imitation in the Choice of Mergers and Acquisitions. Journal of Management 32: 381–399.CrossRefGoogle Scholar
- ———. 2012a. Similarity in Cross-Border Mergers and Acquisitions: Imitation, Uncertainty and Experience among Chinese Firms, 1985–2006. Journal of International Management 18: 352–365.CrossRefGoogle Scholar
- ———. 2012b. Re-Examining Mimetic Isomorphism: Similarity in Mergers and Acquisitions in the Financial Service Industry. Management Decision 50: 1076–1095.CrossRefGoogle Scholar
- Zaheer, Akbar, Exequiel Hernandez, and Sanjay Banerjee. 2010. Prior Alliances with Targets and Acquisition Performance in Knowledge-Intensive Industries. Organization Science 21: 1072–1091.CrossRefGoogle Scholar
- Zaheer, Akbar, Xavier Castañer, and David Souder. 2013. Synergy Sources, Target Autonomy, and Integration in Acquisitions. Journal of Management 39: 604–632.CrossRefGoogle Scholar
- Zakaria, Rimi, Whitney Douglas Fernandez, and William D. Schneper. 2017. Resource Availability, International Acquisition Experience, and Cross-Border M&A Target Search: A Behavioral Approach. Multinational Business Review 25: 185–205.CrossRefGoogle Scholar
- Zhang, Hao. 1997. Repeated Acquirers in FDIC Assisted Acquisitions. Journal of Banking & Finance 21: 1419–1430.CrossRefGoogle Scholar
- Zhu, David H. 2013. Group Polarization on Corporate Boards: Theory and Evidence on Board Decisions about Acquisition Premiums. Strategic Management Journal 34: 800–822.CrossRefGoogle Scholar
- Zhu, David H., and Guoli Chen. 2015. CEO Narcissism and the Impact of Prior Board Experience on Corporate Strategy. Administrative Science Quarterly 60: 31–65.CrossRefGoogle Scholar
- Zhu, Peng Cheng, Vijay Jog, and Isaac Otchere. 2014. Idiosyncratic Volatility and Mergers and Acquisitions in Emerging Markets. Emerging Markets Review 19: 18–48.CrossRefGoogle Scholar
- Zollo, Maurizio, and Degenhard Meier. 2008. What Is M&A Performance. The Academy of Management Perspectives 22: 55–77.CrossRefGoogle Scholar
- Zollo, Maurizio, and Harbir Singh. 2004. Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in US Bank Mergers. Strategic Management Journal 25: 1233–1256.CrossRefGoogle Scholar