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Meta‐analyses of post‐acquisition performance: indications of unidentified moderators
Author(s) -
King David R.,
Dalton Dan R.,
Daily Catherine M.,
Covin Jeffrey G.
Publication year - 2004
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.371
Subject(s) - antecedent (behavioral psychology) , variance (accounting) , psychology , econometrics , function (biology) , meta analysis , social psychology , economics , biology , accounting , medicine , evolutionary biology
Empirical research has not consistently identified antecedents for predicting post‐acquisition performance. We employ meta‐analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post‐acquisition performance. We find robust results indicating that, on average and across the most commonly studied variables, acquiring firms' performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent. More importantly, our results indicate that unidentified variables may explain significant variance in post‐acquisition performance, suggesting the need for additional theory development and changes to M&A research methods. Copyright © 2003 John Wiley & Sons, Ltd.