Meta-analyses of post-acquisition performance: indications of unidentified moderators
Article first published online: 4 NOV 2003
Copyright © 2003 John Wiley & Sons, Ltd.
Strategic Management Journal
Volume 25, Issue 2, pages 187–200, February 2004
How to Cite
King, D. R., Dalton, D. R., Daily, C. M. and Covin, J. G. (2004), Meta-analyses of post-acquisition performance: indications of unidentified moderators. Strat. Mgmt. J., 25: 187–200. doi: 10.1002/smj.371
- Issue published online: 24 DEC 2003
- Article first published online: 4 NOV 2003
- Manuscript Accepted: 30 JUL 2003
- Manuscript Received: 20 MAY 2002
- mergers and acquisitions;
- post-acquisition performance;
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.