2003/11/04 by David R. King, Dan R. Dalton, Catherine M. Daily +1 · 3 citations
Economics, Econometrics and Finance · Business, Management and Accounting · #Firm Innovation and Growth #Corporate Finance and Governance #Innovation and Knowledge Management
paper · doi:10.1002/smj.371
openalex publication_date 2003/11/04 · openalex created_date 2025/10/10 · openalex updated_date 2026/08/01
Abstract Empirical research has not consistently identified antecedents for predicting post‐acquisition performance. We employ meta‐analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post‐acquisition performance. We find robust results indicating that, on average and across the most commonly studied variables, acquiring firms' performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent. More importantly, our results indicate that unidentified variables may explain significant variance in post‐acquisition performance, suggesting the need for additional theory development and changes to M&A research methods. Copyright © 2003 John Wiley & Sons, Ltd.