Should Acquiring Firms Pursue More Than One Value Creation Strategy? An Empirical Test of Acquisition Performance
基于配置理论，研究130家欧洲横向收购案例发现，采用单一价值创造策略（重组或杠杆）的企业绩效显著优于同时采用两种策略的企业。
Drawing on the configuration literature, we argue that the deployment of different value creation strategies requires different and specific organizational structures, processes and implementation capabilities, and therefore corporate acquirers may be more successful if they adhere to a single value creation strategy. We test our argument within a sample of 130 horizontal European acquisitions and find that those which employed a single value creating strategy of either reconfiguration or leverage performed significantly better than those which sought to implement both reconfiguration and leverage simultaneously. In addition to lending empirical support to the configuration argument our results provide implications for both acquiring firm executives and future researchers.