When does acquisition experience recency matter?

IF 9.8 1区管理学 Q1 BUSINESS

Journal of Business Research Pub Date : 2025-09-13 DOI:10.1016/j.jbusres.2025.115708

Roman W. Barwinski , David R. King , Tuhin Chaturvedi , Florian Bauer

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引用次数: 0

Abstract

The effects of acquisition experience on acquisition performance are inherently complex, and research results are mixed and highly debated. Prior research has found both positive, negative and on aggregated level insignificant effects of acquisition experience on acquirer performance. We develop and test how recent acquisition experience interacts with capabilities required during different phases of the acquisition process. Particularly, we focus on sensing in the pre-acquisition stage, seizing during deal completion, and transforming during integration. Using unique survey data from German mid-sized acquirers, our results show that recent acquisition experience interacts positively with capabilities that involve repetitive elements across different deals, such as deal completion and integration. However, it is detrimental during phases containing high degrees of novelty, such as sensing of opportunities. By identifying when recent acquisition experience is beneficial in combination with capabilities, our results reconcile conflicting research findings and demonstrate that the effect of acquisition experience is contextual.

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什么时候习得经验的近代性很重要？

收购经验对收购绩效的影响本质上是复杂的，研究结果参差不齐，争议很大。已有研究发现，并购经验对并购者绩效的正向、负向和总体水平的影响均不显著。我们开发和测试最近的收购经验如何与收购过程中不同阶段所需的能力相互作用。我们特别关注收购前阶段的感知、交易完成期间的抓住以及整合期间的转型。利用来自德国中型收购方的独特调查数据，我们的研究结果表明，最近的收购经验与不同交易中涉及重复要素的能力（如交易完成和整合）呈正相关。然而，在包含高度新颖性的阶段，例如对机会的感知，这是有害的。通过确定最近的收购经验何时与能力相结合是有益的，我们的结果调和了相互矛盾的研究结果，并证明了收购经验的影响是情境性的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Research BUSINESS-

CiteScore

20.30

自引率

10.60%

发文量

956

期刊介绍： The Journal of Business Research aims to publish research that is rigorous, relevant, and potentially impactful. It examines a wide variety of business decision contexts, processes, and activities, developing insights that are meaningful for theory, practice, and/or society at large. The research is intended to generate meaningful debates in academia and practice, that are thought provoking and have the potential to make a difference to conceptual thinking and/or practice. The Journal is published for a broad range of stakeholders, including scholars, researchers, executives, and policy makers. It aids the application of its research to practical situations and theoretical findings to the reality of the business world as well as to society. The Journal is abstracted and indexed in several databases, including Social Sciences Citation Index, ANBAR, Current Contents, Management Contents, Management Literature in Brief, PsycINFO, Information Service, RePEc, Academic Journal Guide, ABI/Inform, INSPEC, etc.