Cross-border Acquisitions: Towards an Integrative Framework for Explaining Performance

This Ph.D. thesis advances the understanding of the 'success paradox' in mergers and acquisitions (M&As) by investigating cross-border acquisitions (CBAs), specifically addressing firm motives, performance determinants, and value creation mechanisms. It fills research gaps by proposing an integrative 'input-process-output' framework derived from resource-based view (RBV), dynamic capabilities, and synergy theory, incorporating pre- and post-acquisition factors. Empirical analysis, based on data from 103 Nordic firms using partial least squares structural equation modeling (PLS-SEM), confirms the framework's validity, demonstrating that CBA success stems from the interplay of resource base, value identification, and resource reconfiguration capabilities, alongside deal-setting factors like competition and management attitudes. The study further establishes that resource reconfiguration is the most critical determinant, outweighing implementation costs, while also highlighting that acquisitions with multiple motives outperform those with single motives. This research contributes to M&A, RBV, and dynamic capabilities literature by offering an integrative, process-oriented model for CBA performance, emphasizing the dynamic and sequential relationship between resource possession, value identification, and resource reconfiguration as key drivers of acquisition success.