Toward Unlocking The Full Potential of Acquisitions: The Role of Organizational Restructuring
基于行为理论，研究企业如何通过组织重组在收购后长期释放协同效应，发现收购增长会降低绩效，迫使企业进行重组以解锁潜力，并考察收购-重组循环如何随经验演变。
Building on behavioral theory, we study when and how firms unlock synergy from acquisitions over extended periods of time. We argue that initial integration is inevi-tably suboptimal and that, as a result, acquisitive growth decreases an acquirer'sperformance, eventually forcing it to engage in organizational restructuring to more fully unlock the synergistic potential. Hence, we conceptualize organizational restructuring as a second stage in the integration process. Moreover, we theorize about how acquisition-restructuring cycles evolve as firms gain acquisition and restructuring experience. We tested our theory using panel data on firms undertaking almost 1,600 acquisitions over four decades.