Synergies and Post-Acquisition Performance: Differences versus Similarities in Resource Allocations
研究检验了收购方与目标企业间资源差异（而非相似性）对合并后企业绩效的贡献，发现差异显著提升绩效，挑战了传统相关并购与无关并购的区分。
Theory suggests that synergy is an essential ingredientfor value creation to occur as a result of acquisitions. This dominant theory often argues for similarities among resources in the acquiring and targetfirms. However; it is argued here that uniquely valuable synergy might be created where differences (versus similarities) exist between resources in the acquiring and target firms. Tests of these competing hypotheses confirmed that differences contributed significantly to performance in the mergedfirm. Thisfinding may suggest that traditional distinctions between related and unrelated mergers may not be as useful as once thought. A focus on specific resources rather than strategy types in the merger and acquisition research may better explain firm performance.