Research suggests that M&A performance improves through routinization and/or codified experience. Traditionally, acquisition research has drawn a direct link between the two knowledge accumulation mechanisms and acquisition performance. Yet, how lessons learned are captured and applied in subsequent events remains largely unanswered. We argue that routinization and codification may both result in standardized acquisition integration approaches that promise greater efficiency. Our results show that experience can be captured and applied through standardized acquisition integration approaches. Importantly, our findings show that a strategic M&A intent influences the relationships between routinization and codified experience, and standardized acquisition integration approaches. We find that a strong strategic M&A intent strengthens the relationship between codification and standardization, but it weakens the relationship between routinization and standardization. We test our hypotheses with a combination of primary survey and secondary data to offer managerial and research insights. By combining three pertinent M&A literature streams – acquisition experience, acquisition integration and acquisition intent – we shed light on the importance of organizational learning and strategic direction on acquisition performance.

中文翻译：

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整合过程中受益于收购经验：战略并购意图的调节作用

研究表明，并购绩效可以通过常规化和/或编码经验来提高。传统上，习得研究将两种知识积累机制和习得绩效之间建立了直接联系。然而，如何汲取经验教训并将其应用到后续事件中仍然很大程度上没有得到解答。我们认为，例行化和法典化都可能导致标准化的采办整合方法，从而提高效率。我们的结果表明，可以通过标准化的采购集成方法来获取和应用经验。重要的是，我们的研究结果表明，战略并购意图会影响常规化和编码化经验以及标准化收购整合方法之间的关系。我们发现，强烈的战略并购意图加强了法典化和标准化之间的关系，但削弱了常规化和标准化之间的关系。我们结合主要调查和二手数据来检验我们的假设，以提供管理和研究见解。通过结合三个相关的并购文献——收购经验、收购整合和收购意图——我们阐明了组织学习和战略方向对收购绩效的重要性。