How to improve acquisition performance: The role of a dedicated M&A function, M&A learning process, and M&A capability

How to improve the performance of mergers & acquisitions (M&A) continues to be a confounding issue. We show that a dedicated M&A function is a new phenomenon that is positively related to a firm's M&A performance and M&A learning process. Moreover, we find that an M&A le...

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Bibliographic Details
Published inStrategic management journal Vol. 37; no. 4; pp. 763 - 773
Main Authors Trichterborn, Anja, Zu Knyphausen-Aufseß, Dodo, Schweizer, Lars
Format Journal Article
LanguageEnglish
Published Chichester, UK John Wiley & Sons, Ltd 01.04.2016
John Wiley & Sons
Wiley Periodicals Inc
Subjects
Acquisitions & mergers
Germany
Learning
M&A capability
M&A experience
M&A function
M&A performance
Organizational learning
Performance management
structural equation model
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Summary:How to improve the performance of mergers & acquisitions (M&A) continues to be a confounding issue. We show that a dedicated M&A function is a new phenomenon that is positively related to a firm's M&A performance and M&A learning process. Moreover, we find that an M&A learning process (involving articulation, codification, sharing, and intemalization) helps build up an M&A capability, which in turn is positively related to a firm's overall M&A performance. We use survey data from a sample drawn from the M&A activities of German firms to test our arguments. Ltd.
Bibliography:Appendix S1. Operationalization of the M&A capability construct.Appendix S2. Evaluation of constructs.Appendix S3. Loadings and cross loadings to evaluate discriminant validity.
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ArticleID:SMJ2364
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ISSN:0143-2095
1097-0266
DOI:10.1002/smj.2364