This paper examines the association between the managerial ability of acquiring firms and their long-term performance after mergers and acquisitions (M&As). Based on M&A data for U.S. firms from 2000 to 2012, we find that acquiring firms with higher managerial ability achieve better long-term operating performance and stock returns. We also find that the positive effect of managerial ability on long-term performance is more pronounced when acquirers and target firms belong to the same industry. The result suggests that managers who have higher ability to manage their firms, i.e., to generate higher revenues for given resources, are more capable of achieving higher synergy benefits and better post-acquisition performance in same-industry acquisitions than in cross-industry acquisitions.

本文研究了收购公司的管理能力与并购后的长期绩效之间的关联。根据2000年至2012年美国公司的并购数据，我们发现具有较高管理能力的并购公司可获得更好的长期经营业绩和股票回报。我们还发现，当收购方和目标公司属于同一行业时，管理能力对长期绩效的积极影响更加明显。结果表明，与跨行业收购相比，同行业收购具有更高的管理公司能力（即为给定资源产生更高的收入）的经理们更有能力实现更高的协同效益和更好的收购后绩效。