dc.description.abstract | Using a sample of 26 Norwegian merger and acquisition (M&A) transactions, we
empirically investigate if serial acquirers perform better than first-time acquirers,
focusing on learning and post-merger integration (PMI) problems. We perform
factor analysis to develop five hypotheses regarding the firms’ strategic position,
operational integration, organizational culture, integration processes, and the
overall outcome. The results show that serial acquirers (experienced) generally
perceive their performance as more successful than first-time acquirers
(inexperienced) on the topics and issues researched. We argue that learning and
experience from previous M&A deals increase the success rate of integration
outcome compared to first-time acquirers. Lastly, we discuss our findings,
limitations, and suggest paths for future research. | nb_NO |