Stakeholder Orientation and Acquisition Performance

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.


Emanuele Bettinazzi and Maurizio Zollo. 2017. Stakeholder Orientation and Acquisition Performance, Strategic Management Journal, 38(12): 2465-2485:

2018-03-06T13:31:19+00:00 By |

About the Author:

Emanuele Bettinazi
I am an Assistant Professor in the Department of Strategy and Organization at EMLYON Business School and a proud member of the of the STORM Research center.

I obtained my Phd in Management in 2016 from Bocconi University. In 2010 I also obtained my MRes in Business Administration from ESADE Business School.

Most of my research is on corporate development strategies, M&A, Stakeholder theory, firm’s sustainability and organizational learning. I am particularly interested in the influence of different stakeholder groups on firms’ capabilities to develop their business and to choose between different development strategies. I’ve published in some international journals including Global strategy Journal, Strategic Management Journal and the Academy of Management Best Paper Proceedings.

Between 2011 and 2016 I also had the chance to coordinate the GOLDEN Observatory, a research program aimed at monitoring firm’s evolution towards more sustainable enterprise models.

Before joining the academia I was a consultant for small financial boutique focused on cross-border M&A activities. I devote most of free-time to my greatest passions: cooking (of course… I am Italian) and watching movies (my all-time favorite movie is Blade Runner).

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