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Firm-level recent profitability and acquisition performance: exploring competing theoretical perspectives

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Abstract

In light of the mixed findings upon whether good performers are good or bad acquirers, this paper explores the relationship between firm-level recent profitability and post-acquisition performance through the competing analysis of the managerial ability and the hubris hypotheses. The paper also builds on the organizational learning literature to examine the moderating effect played by a firm’s previous acquisition experience, as a potential contingency factor that may alter the performance effects of acquisitions. Based on a dataset of 469 acquisitions completed between 2007 and 2013, results provide support to the managerial ability hypothesis, according to which good performing firms exhibit better post-acquisition returns. Results also support the existence of learning benefits from previous acquisition experience, which further enhances the positive effect played by an acquirer’s recent profitability on post-acquisition performance.

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Notes

  1. It is worth noting that the food and beverage industry may not be the sole industry in which acquiring firms are active, i.e. acquirers may be multi-business companies operating in one or more industries beyond the food and beverage.

  2. Because error terms may not be independent, as multiple acquisitions are performed by the same acquirers, from a methodological point of view, error terms have been clusterized by acquirer.

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    Ilaria Galavotti

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Galavotti, I. Firm-level recent profitability and acquisition performance: exploring competing theoretical perspectives. Eurasian Bus Rev 9, 319–345 (2019). https://doi.org/10.1007/s40821-018-0111-2

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