Record: oai:ARNO:641692

AuteurH. Doddema
TitelAcquisition experience and acquisition performance : the moderating effect of performance feedback
BegeleiderB. Silveira Barbosa Correia Lima,
FaculteitFaculteit Economie en Bedrijfskunde
OpleidingFEB MSc Business Administration
SamenvattingStudies regarding acquisition experience and subsequent acquisition performance have provided mixed empirical results and differing relationships between the two constructs. Building on the work of scholars in the field on management research, the moderating effect of performance feedback is added to this complex relationship, to identify a potential source for the mixed empirical results in the past. Performance feedback is examined based on firm performance, compared to social and historical aspirational levels. Furthermore, a distinction is made between performance above and performance below these aspirational goals. Based on an extensive literature review, there are several hypotheses proposed that require empirical testing. The two main hypotheses are that performance below aspiration will weaken the negative effect of acquisition experience on the performance of the acquisition, whilst performance above aspiration will strengthen the negative effect of acquisition experience on subsequent acquisition performance. The most prominent result of analysing 21.830 acquisitions by public firms from the US between 1985 and 2014 is that performance below aspiration significantly moderates the relationship of acquisition experience and performance, by weakening the negative effect of experience. This main finding suggests that firms performing below their aspirational goal apply acquisition experience differently in an acquisition, depending on their performance feedback, which leads to significantly different acquisition performance. Future research can use this study to advance and further conjoin the fields of experiential learning and performance feedback theory, as performance feedback could provide a possible contingency for the mixed empirical results in the past.
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