Antecedents of M&A success: The role of strategic complementarity, cultural fit, and degree and speed of integration
研究了战略互补性、文化契合度及整合程度与速度对并购成功的影响，基于106家德语区中欧中小企业样本，发现战略互补性正向影响文化契合度和整合程度，而文化契合度却意外地降低了整合速度与程度。
In this paper, we develop a comprehensive model of M&A success. We integrate fundamental constructs of different schools and discuss their interdependencies with M&A success. Our theoretical framework was tested empirically across a sample of 106 SME transactions in the machinery, electronic, and logistic industries in the German ‐speaking part of Central Europe . The results of our study support the demand for an integrative perspective and theory on M&A . M&A success is a function of strategic complementarity, cultural fit, and the degree of integration. Strategic complementarity also positively influences cultural fit and the degree of integration. Cultural fit positively influences M&A success, but surprisingly has a negative impact on the speed and degree of integration. The degree of integration is positively related to speed of integration . Copyright © 2013 John Wiley & Sons, Ltd.