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Journal of Management
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Acquisition Decision-Making Processes: The Central Role of Risk

Amy L. Pablo

The University of Calgary

Sim B. Sitkin

Duke University

David B. Jemison

The University of Texas

This paper builds upon the work of organizational and strategic management scholars who have conceptualized acquisitions as decision-making processes, We suggest that behavioral concepts of risk, specifically decision-maker risk perceptions and propensities, are key to understanding the process by which acquisition candidates are selected, the characteristics of pre-acquisition evaluation and negotiations, and approaches to post-acquisition integration. By drawing upon past work concerning the effects of these risk-related variables in other decision-making contexts, we develop propositions that conceptualize their impact on acquisition decision processes. Incorporation of risk as a key variable in process theories of acquisitions provides a stronger theoretical grounding for these theories, and suggests some important practical implications for managers.

Journal of Management, Vol. 22, No. 5, 723-746 (1996)
DOI: 10.1177/014920639602200503
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