http://repub.eur.nl/res/aut/18713/ List of Publications en http://repub.eur.nl/static-eur/img/logo.png http://repub.eur.nl http://repub.eur.nl/res/pub/26575/ 2012-07-01T00:00:00Z Building on psychology research about culture's influences on emotional expressions and experiences, I considered culture's consequences for acquirers' emotional attending during post-merger integration. Analyses of cross-border acquisitions by multinational companies from the United States showed support for a subtle role of culture - on the one hand, cultural differences constrain emotional attending during post-merger integration; on the other hand, when acquisitions are made in cultures that are characterized by more humane orientation, U.S. acquirers seem to adapt to this local context and showed more emotional attending than in less humane-oriented cultures. The findings further suggest that these effects depend on an acquirer's multiculturalism. http://repub.eur.nl/res/pub/38363/ 2012-01-01T00:00:00Z ABSTRACT This chapter revisits central knowledge-based mechanisms that explain variance in value creation through mergers and acquisitions (M&As). It places the organizational capabilities of absorptive capacity and combinative capability in the context of M&As. Absorptive capacity – i.e., the combining firms’ ability to explore new knowledge – relies on the extent of prior related experiences of acquirers and their acquired firms, and available complementary knowledge among the two. Combinative capability – i.e., the combining firms’ ability to combine and recombine available existing knowledge – depends on the opportunity, motivation, and ability to share knowledge. The chapter concludes with several contextual factors that intensify the roles of knowledge, and reveal important contradictory roles in the development and value of absorptive capacity and combinative capability. http://repub.eur.nl/res/pub/31796/ 2011-12-01T00:00:00Z We examine whether size-specific experience influences performance following large related, domestic acquisitions. Supporting a transfer theory of learning, our results suggest that although prior experience in making large , related acquisitions transfers positively to this focal situation, experience in making small related acquisitions hurts firm performance. We find that bidder-to-target dissimilarity in product offerings and geographic reach exacerbates the negative effects of experience in small related acquisitions. In contrast, perceived dissimilarity in organizational cultures curbs these negative effects. Moreover, retaining acquired top managers and engaging in less integration in large related acquisitions both aid acquirers in better drawing on experiences from smaller related acquisitions. http://repub.eur.nl/res/pub/17281/ 2009-10-01T00:00:00Z This study aims to bring together seemingly contradicting arguments in the literature about the role of cultural distance in international acquisitions. We offer a model that postulates that cultural distance relates negatively to international acquisition performance because it taxes integration capabilities during international acquisitions, but that cultural distance also elevates the positive association of integration capabilities and international acquisition performance because it provides more learning opportunities that can only be exploited with strong integration capabilities. Empirical tests with a sample of international acquisitions by 118 US multinational companies provide support for the proposed model. On one hand, we find that cultural distance impedes understandability of key capabilities that need to be transferred, and constrains communication between acquirers and their acquired units, bringing about a negative indirect effect on acquisition performance. On the other hand, we find that cultural distance enriches acquisitions by enhancing the positive effects of understandability and communication on acquisition performance. Acquirers that can overcome the impeding effects of cultural distance on understanding key capabilities and effective communication appear to reap significant performance gains. Our study provides initial support for a double-edged sword effect of cultural differences on acquisition performance, and illustrates the importance of integration capabilities. http://repub.eur.nl/res/pub/20737/ 2009-10-01T00:00:00Z While research on international joint ventures (IJVs) has intensified over the last few decades, numerous reviewers have criticized the field for lack of accumulation. We use meta-analytic techniques to quantitatively synthesize and evaluate agency theory and the behavioral perspective in their ability to explain IJV performance variance. Overall, we find support for these theories but moderator analyses unveil important effects of artifactual variables, and point to a unique character of IJVs in China. • Based on meta-analyses of 165 effect sizes from 61 independent samples and a total of 26,927 IJVs, the results offer overall support for a hypothesized path model grounded in agency theory and the behavioral perspective. However, only 19 percent of the variance in IJV performance is accounted for, indicating a need to explore other underexplored variables. We do not find evidence that hierarchical control is associated with partner conflict. Closer examination shows that for IJVs in China such control lowers partner conflict, while for IJVs in other countries it amplifies partner conflict. The effects of partner conflict on IJV performance are less harmful for Chinese joint ventures than for joint ventures in other countries. Furthermore, while objective measures of cultural distance show a weak positive effect on IJV performance, subjective measures show a negative effect. http://repub.eur.nl/res/pub/32856/ 2009-08-01T00:00:00Z Viewing organizations as open, knowledge-dependent interpretation systems and building on the knowledge-based view, we develop a theoretical model of knowledge investments and value creation. By emphasizing the interpretive nature of organizations and examining knowledge requirements, capabilities, and investments, our contribution provides a more complete understanding of why some organizations make certain types of knowledge investments more than others and why these investments may have positive or negative effects on value creation.. http://repub.eur.nl/res/pub/18502/ 2009-02-01T00:00:00Z This study explores the independent and interactive effects of procedural justice and informational justice on post-deal value creation in large, related acquisitions. Our results show that informational justice and procedural justice affect different components of value creation. Procedural justice is critical in realizing market position improvements following the integration process, while informational justice is essential in achieving market position gains during integration and financial return gains both during and post-integration. Indicating that the interrelationships between different justice dimensions may be more complex than previously thought, we find that procedural justice reduces the positive effects of informational justice on financial return during the integration process, while it magnifies the effects of informational justice on the combined firms' market position during integration efforts. We explore the implications of these results for future research on the acquisition integration process and for practicing managers engaging in large, related acquisitions.