Acquirer Strategic Orientations, Integration Decisions, and Performance
基于北欧、德语区和中国的中小企业样本，研究收购方的市场导向和创业导向如何影响其对收购的认知、整合决策及收购绩效。
Abstract Integration decisions are not isolated, as they are embedded in an organizational context. Using a multi‐country sample (Nordics, German speaking Europe, and China) of small‐ and medium‐sized acquirers, we explore the influence of firm strategic orientations on how managers conceptualize acquisitions, make integration decisions, and impact acquisition performance. Both market‐ and entrepreneurial‐oriented firms coordinate activities following an acquisition, but they do so differently. Entrepreneurial‐oriented acquirers use human integration to align target managers with common goals and reinforce their decision‐making autonomy. In contrast, market‐oriented acquirers strive for functional integration and use human integration to reduce target firm managers' decision‐making autonomy. Thus, achieving coordination after an acquisition can follow different paths that are closely aligned with the strategic orientation of the acquirer. In other words, different strategic orientations guide managers' decisions, resulting in different paths to acquisition success.