Post-acquisition performance: Contingency of acquisition strategy

This paper concerns the relationship between acculturation in acquisitions (X-1), the acquirer's acquisition strategy (X-2), and organizational integration ( X-3) between acquirer and target organizations, as well as their interactive effect ( X1X2X3) on post-acquisition performance. The empirical results drawn by 154 acquisitions in the Taiwanese electronics and information sector reveal the existence of three-way interaction and show: (1) related acquisition with high degree of acculturation and integration is associated with high performance, whereas unrelated acquisition with low degree of acculturation and high degree of integration is associated with high performance; (2) organizational integration positively moderates the relationship between acculturation and performance; (3) integration has a stronger moderating effect in related acquisitions than in unrelated acquisitions. (C) 2015 The Authors. Published by Elsevier Ltd.