How Do National Cultural Differences Affect Cross-Border Acquisitions? Cultural Dimensions, Learning From Supply Chain Partners, and Post-Acquisition Performance
研究了收购方与目标公司间的国家文化差异（个人主义/集体主义和权力距离）对跨境并购后绩效的影响，发现权力距离差异有负面影响，而个人主义差异有正面影响，且收购方从供应链伙伴的文化学习可缓解权力距离差异的负面效应。
This research examines how national cultural differences between the acquirer and target firms affect post-acquisition performance in cross-border acquisitions. We focus on two dimensions of national culture—individualism/collectivism (IDV) and power distance (PDI)—for their close relevance to structural changes that occur during post-acquisition integration. We find that while differences in PDI are negatively associated with post-acquisition performance, differences in IDV positively affect such performance. We also find that the acquirer's cultural learning from supply chain partners helps mitigate the negative impact of PDI differences on post-acquisition performance, especially when the partner has a similar national culture in PDI to the target. Our theoretical development and empirical findings contribute to the operations and supply chain management research by illuminating the differential effects of national cultural differences on post-acquisition integration outcomes. Also, our study sheds new light on the possibility that working with supply chain partners may provide an opportunity for cultural learning that can be utilized in a post-acquisition integration setting.