International, Market, and Host Country Experience in M&A. The Moderating Role of Acquisition Experience on Institutional Differences - M&A Performance Relationship

      Аннотация: Cross-national distance in international M&A activities has received much attention in existing research. However, empirical evidences for influence of cultural and institutional differences on M&A performance are inconclusive. This study contributes to the literature by examining whether international, market, and host country acquisition experience moderates the relationship between institutional differences and M&A performance. A theoretical framework is tested empirically on the sample of 118 transactions pursued by Austrian-based companies. The findings suggest that institutional differences can both serve as threats and opportunities for post-merger success. Furthermore, I find a clear inverted U-shaped pattern for acquisition experience. It indicates that organizational learning is related to the development of routines and knowledge codification.

Ключевые слова: M&A, Merger & Acquisitions, institutional differences, host country experience, Cultural Differences, Organizational Learning, cross-border M&A