We theorize that contingent on whether acquisitions put more emphasis on realizing cost versus revenue synergy, they require different degrees of post-acquisition integration due to their different resource reconfiguration requirements. We use data from 448 US-based acquirers and 1452 domestic acquisitions to find strong support for our theoretical conjecture. On the one hand, we find that for acquisitions that emphasize cost synergy more than revenue synergy, the degree of integration exerts a linear mediating effect on acquirer performance. That is, performance increases as the degree of integration increases. On the other hand, we find that for acquisitions that emphasize revenue synergy more than cost synergy, the degree of integration exerts an inverted U-shaped mediating effect. That is, performance is highest at intermediate degrees of integration. We advance research on post-acquisition integration by first demonstrating the importance of aligning the degree of integration with the synergy rationale in acquisitions (emphasis on cost or revenue synergy) to achieve high acquisition performance. Second, we introduce a novel, replicable approach for empirically operationalizing the degree of post-acquisition integration. We contribute to the resource reconfiguration lens of dynamic capabilities by showing that firms whose managers align the intended source of value creation with their approach to reconfiguration may achieve higher performance outcomes.

中文翻译：

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企业收购中的运营协同和收购后整合：资源重组视角


我们的理论是，根据收购是否更注重实现成本与收入的协同，由于其不同的资源重新配置要求，它们需要不同程度的收购后整合。我们使用 448 个美国收购方和 1452 个国内收购方的数据来为我们的理论猜想找到强有力的支持。一方面，我们发现对于更强调成本协同而非收入协同的收购，整合程度对收购方绩效产生线性中介效应。也就是说，性能随着集成度的提高而提高。另一方面，我们发现，对于更强调收入协同而非成本协同的收购，整合程度会产生倒U型中介效应。也就是说，中等集成度时性能最高。我们首先论证了将整合程度与收购中的协同原理（强调成本或收入协同）相结合以实现高收购绩效的重要性，从而推进对收购后整合的研究。其次，我们引入了一种新颖的、可复制的方法，用于实证操作收购后整合的程度。我们通过表明管理者将预期的价值创造来源与其重新配置方法相结合的公司可以实现更高的绩效结果，为动态能力的资源重新配置视角做出了贡献。