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Determinants and Consequences of Post-Acquisition Change

In: The Management of Corporate Acquisitions

Author

Listed:
  • Mark T. Shanley

Abstract

A major wave of acquisition activity developed in the US after 1976 (Golbe and White 1988). Evidence on the results of this activity for corporate acquirers is mixed (Porter 1987), while claims about its negative consequences for stakeholders have prompted numerous concerns (Siegfried and Sweeney 1982). The mechanisms by which acquisitions create value are unclear and little attention is devoted to what happens in firms after changes in ownership (Shanley and Correa 1992).1 This chapter studies the determinants and consequences of post-acquisition changes for 51 Fortune 500 acquisitions. Our results suggest that changes are best understood by an incremental management style that avoids disruptions, maintains flexibility, and maximises organisational learning.

Suggested Citation

  • Mark T. Shanley, 1994. "Determinants and Consequences of Post-Acquisition Change," Palgrave Macmillan Books, in: Georg Krogh & Alessandro Sinatra & Harbir Singh (ed.), The Management of Corporate Acquisitions, chapter 15, pages 391-413, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-13016-0_15
    DOI: 10.1007/978-1-349-13016-0_15
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    Cited by:

    1. Maurizio Zollo, 2009. "Superstitious Learning with Rare Strategic Decisions: Theory and Evidence from Corporate Acquisitions," Organization Science, INFORMS, vol. 20(5), pages 894-908, October.
    2. Chow, Clement Kong Wing & Tsui, Wai Hong Kan, 2017. "Organizational learning, operating costs and airline consolidation policy in the Chinese airline industry," Journal of Air Transport Management, Elsevier, vol. 63(C), pages 108-118.
    3. Harbir Singh & Maurizio Zollo, 1998. "The Impact of Knowledge Codification, Experience Trajectories and Integration Strategies on the Performance of Corporate Acquisitions," Center for Financial Institutions Working Papers 98-24, Wharton School Center for Financial Institutions, University of Pennsylvania.
    4. Maurizio Zollo & Jeffrey J. Reuer, 2001. "Experience Spillovers across Corporate Development Activities," Center for Financial Institutions Working Papers 01-35, Wharton School Center for Financial Institutions, University of Pennsylvania.

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