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| Synergy and Innovation during Cross-Border Acquisition Integration: Strategic Fit between Integration Motive and Integration Degree |
| Wu Hang1,Chen Jin2 |
| (1.Business School,East China University of Political Science and Law,Shanghai 201620,China;2.School of Economics and Management,Tsinghua University,Beijing 100083,China) |
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Abstract The successful completion of M&A integration is crucial to the realization of innovation intentions.However,existing research has not revealed the internal mechanism of M&A integration decision-making on innovation performance.Based on the perspective of M&A synergy,this paper empirically examines the impact of two types of integration motivations,such as operational collaboration and financial collaboration,on innovation performance.At the same time,we also examine the moderating effects of integration depth and integration speed based on strategic fit theory.The results show that both operational synergy and financial synergy have a positive impact on innovation performance,and the motivation for M&A integration must also match the degree of integration.For firms that are committed to achieving operational synergy,deep integration and slow integration strategies should be adopted during the integration process; for firms aiming to achieve financial synergy,low integration and rapid integration strategies should be adopted during the integration process.This study has theoretical and practical implications for cross-border M&A integration.
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Received: 19 September 2020
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