The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions
The impact of industry-wide and target market environmental hostility on entrepreneurial leadership in mergers and acquisitions
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DOI：
10.1016/j.jwb.2018.03.002
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发表时间：
2020-02
影响因子：
8.9
通讯作者：
A. Strobl;Florian Bauer;Kurt Matzler
中科院分区：
文献类型：
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作者：
A. Strobl;Florian Bauer;Kurt Matzler
基于2008年至2011年期间由德语国家的欧洲收购者完成的115项收购的调查数据，我们发现证据表明，企业家领导力是探索的有力预测因素，也是并购后剥削结果的较弱但重要的驱动因素。全行业的环境敌意对企业家领导对剥削的影响产生负面影响。目标市场环境敌意对创业领导对探索的影响有负向影响。因此，虽然企业家的领导能力是并购业绩的一个关键成功因素，可以增加并购后的探索和开发，但收购方需要考虑到行业和市场一级的环境条件。
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.