Most researchers focus on the effect of mergers and acquisitions (M&As) on investor returns and overlook customer reactions, despite the fact that customers are directly impacted by these corporate transformations. Others suggest that in M&A contexts, a dual emphasis of customer satisfaction and firm efficiency is both likely and beneficial. In contrast, the authors demonstrate that M&As not only do not yield a dual emphasis but also cause a decline in customer satisfaction to the extent that it eclipses any gain in firm value from an increase in firm efficiency. A quasi-experimental difference-in-differences analysis and an instrumental variable panel regression provide robust evidence for the dark side of M&As for customers. The authors use the attention-based view of the firm to demonstrate that post-M&A customer dissatisfaction occurs because of a shift in executive attention away from customers and toward financial issues. In line with the related upper echelons theory, they find that marketing representation on firms’ board of directors helps maintain executive attention on customers, which mitigates the dysfunctional effect of M&As on customer satisfaction. This research identifies a negative M&A-customer satisfaction relationship and highlights executive attention to customer issues and marketing leadership as factors that mitigate this negative relationship.

大多数研究人员关注并购 (M&A) 对投资者回报的影响，而忽视了客户的反应，尽管客户直接受到这些企业转型的影响。其他人则认为，在并购背景下，客户满意度和公司效率的双重强调既可能又有益。相比之下，作者证明并购不仅不会产生双重重视，而且还会导致客户满意度下降，以至于它超过了公司效率提高带来的公司价值收益。准实验差异分析和工具变量面板回归为客户并购的阴暗面提供了有力的证据。作者使用公司基于注意力的观点来证明并购后 客户不满意的发生是因为高管的注意力从客户转移到财务问题上。根据相关的高层理论，他们发现公司董事会中的营销代表有助于保持高管对客户的关注，从而减轻并购对客户满意度的功能失调影响。这项研究确定了负面的并购与客户满意度关系，并强调了高管对客户问题和营销领导力的关注是减轻这种负面关系的因素。这减轻了并购对客户满意度的功能失调影响。这项研究确定了负面的并购与客户满意度关系，并强调了高管对客户问题和营销领导力的关注是减轻这种负面关系的因素。这减轻了并购对客户满意度的功能失调影响。这项研究确定了负面的并购与客户满意度关系，并强调了高管对客户问题和营销领导力的关注是减轻这种负面关系的因素。