Abstract
Within the scope of evaluating strategic management decisions, strategic consistency is an important dimension. Looking at MA effects of strategic consistency of M&A series on performance have never been researched empirically. Drawing on findings of the strategic management and corporate finance literature, we argue that strategic consistency of serial transactions leads to higher performance. Employing a sample of 379 series we find evidence for a positive relationship between strategic consistency and acquisition performance and first signs for a relativization of conglomerate discount.
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