Cultural differences and shareholder value in related mergers: Linking equity and human capital
研究发现，收购方与被收购方高层管理团队感知的文化差异越大，收购方股东获得的股市收益越低，且这一关系受收购方对多元文化容忍度的影响。
Abstract Merger literature suggests that the relationship between shareholder gains and the relatedness of merging firms is contingent upon the compatibility of the two firms' top management cultures. This hypothesis is tested by surveying the perceptions of cultural differences of top management teams of recently acquired firms, and then relating these perceptions to related stock market gains to the buying firms. The findings suggest a strong inverse relationship between perceptions of cultural differences and shareholder gains, after controlling for perceptions of the buying firm's tolerance for multiculturalism and the relative size of the merging firms.