Meta‐analyses of post‐acquisition performance: indications of unidentified moderators
通过元分析发现，收购后企业绩效平均未显著提升，反而轻微下降，且大量绩效差异无法由现有变量解释，提示需发展新理论并改进研究方法。
Abstract Empirical research has not consistently identified antecedents for predicting post‐acquisition performance. We employ meta‐analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post‐acquisition performance. We find robust results indicating that, on average and across the most commonly studied variables, acquiring firms' performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent. More importantly, our results indicate that unidentified variables may explain significant variance in post‐acquisition performance, suggesting the need for additional theory development and changes to M&A research methods. Copyright © 2003 John Wiley & Sons, Ltd.