Is Speed of Integration really a Success Factor of Mergers and Acquisitions? : An Analysis of the Role of Internal and External Relatedness

Homburg, Christian ; Bucerius, Matthias

W091_Is Speed of Integration really a success Factor of Mergers and Aquisitions.pdf - Published

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URN: urn:nbn:de:bsz:180-madoc-248642
Document Type: Working paper
Year of publication: 2006
The title of a journal, publication series: Reihe: Wissenschaftliche Arbeitspapiere / Institut für Marktorientierte Unternehmensführung
Volume: W091
Place of publication: Mannheim
Publishing house: Inst. für Marktorientierte Unternehmensführung, Univ. Mannheim
Publication language: English
Institution: Business School > Business-to-Business Marketing, Sales & Pricing (Homburg 1998-)
Subject: 330 Economics
Abstract: Previous research on mergers and acquisitions (M&A) has neglected the issue of speed of post merger integration (PMI) by and large. This paper argues that there are benefits and detriments associated with speed of integration. Thus, in some situations speed may be highly beneficial whereas in others it may be harmful to the success of a merger or acquisition. It is argued that the benefits and detriments of speed of integration depend on the magnitude of internal and external relatedness between the merging firms prior to the merger or acquisition. Results from a survey of 232 horizontal mergers and acquisitions show that speed is most beneficial when external relatedness is low and at the same time internal relatedness is high. In contrast, speed is highly detrimental in the case of low internal and high external relatedness.

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