Synergy Sources, Target Autonomy and Integration in Acquisitions

Détails

ID Serval
serval:BIB_EB401BC4AE0F
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Synergy Sources, Target Autonomy and Integration in Acquisitions
Périodique
Journal of Management
Auteur(s)
Zaheer A., Castañer X., Souder D.
ISSN
0149-2063
Statut éditorial
Publié
Date de publication
03/2013
Peer-reviewed
Oui
Volume
39
Numéro
3
Pages
604-632
Langue
anglais
Résumé
Determining the appropriate level of integration is crucial to realizing value from acquisitions. Most prior research assumes that higher integration implies the removal of autonomy from target managers, which in turn undermines the functioning of the target firm if it entails unfamiliar elements for the acquirer. Using a survey of 86 acquisitions to obtain the richness of detail necessary to distinguish integration from autonomy, the authors argue and find that integration and autonomy are not the opposite ends of a single continuum. Certain conditions (e.g., when complementarity rather than similarity is the primary source of synergy) lead to high levels of both integration and autonomy. In addition, similarity negatively moderates the relationship between complementarity and autonomy when the target offers both synergy sources. In contrast, similarity does not moderate the link between complementarity and integration. The authors' findings advance scholarly understanding about the drivers of implementation strategy and in particular the different implementation strategies acquiring managers deploy when they attempt to leverage complementarities, similarities, or both.
Mots-clé
mergers and acquisitions (M&As), similarity, complementarity, autonomy, integration
Web of science
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Création de la notice
07/01/2011 16:09
Dernière modification de la notice
20/08/2019 16:13
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