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Meta-analyses of Post-acquisition Performance: Indications of Unidentified Moderators
Strategic Management Journal
  • David R. King, Marquette University
  • Dan R. Dalton, Indiana University - Bloomington
  • Catherine M Daily, Indiana University - Bloomington
  • Jeffrey G. Covin, Indiana University - Bloomington
Document Type
Format of Original
14 p.
Publication Date

Empirical research has not consistently identified antecedents for predicting post-acquisition performance. We employ meta-analytic techniques to empirically assess the impact of the most commonly researched antecedent variables on post-acquisition performance. We find robust results indicating that, on average and across the most commonly studied variables, acquiring firms’ performance does not positively change as a function of their acquisition activity, and is negatively affected to a modest extent. More importantly, our results indicate that unidentified variables may explain significant variance in post-acquisition performance, suggesting the need for additional theory development and changes to M&A research methods.


Accepted version. Strategic Management Journal, Vol. 25, No. 2, pp 187–200 (2004). DOI. © 2004 Wiley. Used with permission.

David R. King was affiliated with the U.S. Air Force at the time of publication.

Citation Information
David R. King, Dan R. Dalton, Catherine M Daily and Jeffrey G. Covin. "Meta-analyses of Post-acquisition Performance: Indications of Unidentified Moderators" Strategic Management Journal (2004) ISSN: 0143-2095
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