SMJ:Attributional Tendencies in Cultural Explanations of Mergers and Acquisitions Performance

Riikka Sarala (Department of Management) co-authored a manuscript “ATTRIBUTIONAL TENDENCIES IN CULTURAL EXPLANATIONS OF M&A PERFORMANCE” that was accepted for publication in Strategic Management Journal – a leading journal in the field of strategic management (Financial Times 45 listed).


This paper focuses on managers’ attributions of M&A performance. Our analysis indicates that there is a linear association between performance and attributions to cultural differences, which is moderated by prior experience. Furthermore, our results suggest that there is a curvilinear association between performance and attributions to managers’ actions, but we found no support for the moderating effect of experience for this association. By substantiating these attributional tendencies, our analysis contributes to research on M&As and studies on attribution more generally. In particular, our study helps to put cultural differences in perspective and cautions researchers and practitioners alike to avoid simplistic explanations of M&A performance.