The purpose of this paper is to hone in on the degree of segment-level integration relative to corporate post-merger performance.,The sample consists of 89 segments in 29 combined companies resulting from large mergers and acquisitions (M&A) transactions between 2001 and 2014 in the pharmaceutical and chemical industries worldwide. The authors track the change through M&A in performance of segments with different integration forms as well as performance of entire companies with different integration levels.,The authors find that integrating the segments from the target significantly improves the acquirer’s overall performance, as well as the concerned segments’ performance, following an M&A transaction. Whereas the segments from the target company, when left unintegrated, not only exhibit subpar performance among all the segments, but also appear responsible for the worsening corporate performance. Various possible reasons for this contrast are discussed.,This paper raises awareness of the significance of segment-level analyses, and contributes to the post-merger integration (PMI) research by examining the influence of structural integration on operating segments. To the best of our knowledge, this paper is the first to investigate integration forms and the post-merger financial performance of various segments within companies.

中文翻译：

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分段感知：知道何时合并以及何时清除

本文旨在研究细分级别整合相对于公司合并后绩效的程度。该样本由2001年至2014年间大型并购（M＆A）交易产生的29家合并公司中的89个细分组成在全球制药和化学行业中。作者通过并购来跟踪具有不同整合形式的部门的绩效以及具有不同整合水平的整个公司的绩效的变化。作者发现，将目标部门与各个部门进行整合可以显着提高收购方的整体绩效以及相关人员并购交易后的业务表现。目标公司的细分市场如果不整合起来，不仅在所有细分市场中都表现不佳，但也似乎对公司业绩恶化负责。讨论了这种对比的各种可能原因。本文提高了对段级分析重要性的认识，并通过研究结构整合对运营段的影响为合并后整合（PMI）研究做出了贡献。据我们所知，本文是第一个研究公司内部各个部门的整合形式和合并后财务绩效的文章。