LAUSR

By synthesizing two complementary theoretical perspectives − resource dependence theory (RDT) and the resource-based view (RBV) − this study explores why acquirers destroy the acquisition value in international acquisitions in high-technology industries. Using a multiple case study approach, we develop a two by three matrix to present the sources of value destruction from two dimensions: environment dynamics and strategic resources, which are drawn from the RDT and RBV, respectively. Our study contributes to the acquisition literature in three respects. First, it answers the call to integrate several theoretical perspectives to examine sources of value destruction, particularly in international acquisitions. Second, it attempts to unlock the black box of why value destruction exists in post-acquisition integration. Third, it advances understanding of the basis of value destruction in terms of non-financial measures.