Does a Prior Alliance with the Target Affect Acquisition Performance? The Dangers of a Honeymoon before Marriage
基于组织学习理论，研究收购前联盟的持续时间对收购绩效的影响，发现两者呈倒U型关系，且受伙伴承诺程度调节。
Drawing from organizational learning theory, extant literature argues that a pre‐acquisition alliance between an acquirer and its target is usually expected to have a positive impact on subsequent acquisition performance. Yet, since alliances and acquisitions are partially dissimilar events, negative transfer effects can bias inter‐partner learning and negatively affect acquisition performance. To fill this gap, our paper explores pre‐acquisition alliance duration and examines its effects on acquisition outcomes. We argue that a pre‐acquisition alliance can have either beneficial or detrimental effects on subsequent acquisition performance, depending on the duration of the pre‐acquisition alliance. We examine our hypotheses using a (1988–2008) panel database covering acquisitions by French firms in the US. We show an inverted U‐shaped relationship between the duration of a pre‐acquisition alliance and the probability of acquisition failure. Our results also indicate that this non‐monotonic relationship is partially moderated by the degree of partner commitment to the alliance.