The Management Factor in Acquisition Performance

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Abstract
Theoretical development and empirical investigation into the performance of mergers and acquisitions are reviewed. In parallel, recent research which links the performance of organisations to the presence of an appropriate corporate culture is discussed. From these two theoretical platforms, it is argued that the performance of acquisitions is determined by a match of culture and those organisational expectations which avoid post‐acquisition managerial indigestion. Finally, a programme of research is proposed to measure the performance of acquisitions against the criteria laid down by the acquiring management, and to determine the impact of culture clashes on those acquisitions perceived to have failed.