인수합병 후 성공적 통합에 관한 탐험적 연구

Seventy percent of merging firms fails to reach their initial goals of the acquisitions and ends up with disappointing results. Assuming that the success of M&As is largely dependent on how well to combine the merging and merged firms together throughout the post-merger integration (PMI) process, this study tries to investigate what are the determinants that lead the merging firm with the successful result and maximum value. In particular, this study will focus on the issue of integration speed by arguing that maintaining not too fast or slow but relevant speed of post-merger integration is critical to the success of the M&As. Given this premise, this study provides conceptual framework to guide how to select relevant integration speed under the various circumstances during the post merger integration procedure. Four factors are suggested as determinants of deciding relevant integration speed: integration level, external relatedness, cultural fit and attributes of shared resources. Using these variables, this study suggests conceptual framework to explain how each variable would influence the performance of M&As depending on different degree of integration speed. The suggested framework will raise a new research issue of integration speed including its impact on the M&As performance.