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

Andreas Strobl, Florian Bauer and Kurt Matzler

Journal of World Business, 2020, vol. 55, issue 2

Abstract: 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.

Keywords: Entrepreneurial leadership; Mergers and acquisitions; Exploration; Exploitation; Environmental hostility; Post-merger integration (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (5)

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DOI: 10.1016/j.jwb.2018.03.002

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