Imperial College London


Business School

Professor of Strategy and Sustainability



+44 (0)20 7594 2163m.zollo Website CV




276Business School BuildingSouth Kensington Campus






BibTex format

author = {Bettinazzi, ELM and Zollo, M},
doi = {10.1002/smj.2672},
journal = {Strategic Management Journal},
pages = {2465--2485},
title = {Stakeholder Orientation and Acquisition Performance},
url = {},
volume = {38},
year = {2017}

RIS format (EndNote, RefMan)

AB - Copyright © 2017 John Wiley & Sons, Ltd. Research summary: In this article, we study how a firm's stakeholder orientation affects the performance of its corporate acquisitions. We depart from prior literature and suggest that orientations toward employees, customers, suppliers, and local communities will affect long-term acquisition performance both directly and through its interactions with process characteristics, such as preacquisition relatedness and postacquisition integration. Analyses of data on a sample of 1884 acquisitions show overall a positive association between acquirers' stakeholder orientation and acquisition performance. In addition, we find support for a positive moderation of business relatedness on the performance impacts of stakeholder orientation. Structural integration has a similarly positive moderation effect only for some of the stakeholder categories. Managerial summary: Does collaboration with stakeholders during an acquisition pay off in terms of performance? The results of this research show that it is worth engaging stakeholders during the M&A process, but that the efficacy of involvement practices may depend on the type of stakeholders and the characteristics of the acquisition. While acquiring firms that take account of suppliers and local communities consistently overperform in their acquisitions, the inclusion of employees might be not beneficial (and even harmful) when the target firm operates in a dissimilar business or when managers do not plan to maintain it as a separate entity. Copyright © 2017 John Wiley & Sons, Ltd.
AU - Bettinazzi,ELM
AU - Zollo,M
DO - 10.1002/smj.2672
EP - 2485
PY - 2017///
SN - 0143-2095
SP - 2465
TI - Stakeholder Orientation and Acquisition Performance
T2 - Strategic Management Journal
UR -
VL - 38
ER -