The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions

被引：47
|
作者：
Strobl, Andreas [1 ]
Bauer, Florian [2 ]
Matzler, Kurt [3 ]
机构：
[1] Univ Innsbruck, Dept Strateg Management Mkt & Tourism, Univ Str 15, A-6020 Innsbruck, Austria
[2] Univ Innsbruck, MCI Management Ctr Innsbruck, Dept Strateg Management Mkt & Tourism, Dept Management & Law, Univ Str 15, A-6020 Innsbruck, Austria
[3] Free Univ Bozen Bolzano, Fac Econ & Management, Univ Pl 1 Piazza Univ, I-39100 Bozen Bolzano, Italy
来源：
JOURNAL OF WORLD BUSINESS | 2020年 / 55卷 / 02期
关键词：
Entrepreneurial leadership; Mergers and acquisitions; Exploration; Exploitation; Environmental hostility; Post-merger integration; M-AND-A; POSTACQUISITION INTEGRATION PROCESS; STRATEGIC MANAGEMENT RESEARCH; LEAST-SQUARES PLS; MODERATING ROLE; ORGANIZATIONAL AMBIDEXTERITY; FIRM PERFORMANCE; MEDIATING ROLE; CORPORATE ENTREPRENEURSHIP; ABSORPTIVE-CAPACITY;
D O I：
10.1016/j.jwb.2018.03.002
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Based on survey data from 115 acquisitions completed between 2008 and 2011 by European acquirers from German-speaking countries, we find evidence that entrepreneurial leadership is a strong predictor of exploration and a weaker but significant driver of exploitation outcomes following M&A. Industry-wide environmental hostility negatively impacts the influence of entrepreneurial leadership on exploitation. Target market environmental hostility negatively impacts the influence of entrepreneurial leadership on exploration. Thus, while entrepreneurial leadership is a key success factor of M&A performance by increasing both, post-merger exploration and exploitation, acquirers need to take environmental conditions at the industry and market level into account.
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页数：18
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