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INTEGRATION MANAGERS' VALUE-CAPTURING ROLES AND ACQUISITION PERFORMANCE
DOI:10.1002/hrm.20453.png)
摘要
En 中文
Although the significance of managing the acquisition process is acknowledged, little evidence exists as to the ways in which managerial action throughout this process impacts acquisition performance. In this article, the researchers draw attention to the central, yet largely neglected figure responsible for implementing mergers and acquisitions (M&A), namely the integration manager. Drawing from an extensive study of nine related, friendly acquisitions involving 166 interviews, the authors find that integration managers affect acquisition performance by capturing value derived from (a) the,preacquisition phase, (b) the acquiring firm, and (c) the acquired firm. Through their in/action, integration managers affect two sources of economic performance: the extent of additional value created and the extent of value leaked. The findings contribute to enriching our knowledge of managing the acquisition process and are a call for more actor-based, micro-level studies on the ways in which managing the acquisition process and the actors therein affect acquisition performance. (C) 2011 Wiley Periodicals, Inc.
Keyword:
integration manager
M&A
acquisition
M&A performance
acquisition performance
acquisition process
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期刊
IF:
13
论文数:
2.6K
被引数:
7.2K
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