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3. PAPER 2: ACQUISITION VERSUS DIVESTITURE DECISION-MAKING – THE INFLUENCE AND INTERPLAY OF COMPREHENSIVENESS AND DISSENT

ABSTRACT

Decision comprehensiveness – also sometimes labelled decision rationality – has emerged as one of the most prominent constructs in strategic decision-making research over the last thirty years. Empirical findings regarding the influence of decision comprehensiveness on firm performance or decision outcome, however, have remained largely equivocal. This study argues that part of this inconclusiveness results from two major shortcomings: first, a lack of attention to the different types of strategic decisions included in prior empirical analyses; second, a lack of attention to the social context in which the comprehensive decision-making process takes place – particularly the controversial discourse among decision makers that accompanies strategic decision-making. To address these shortcomings, this study examines and compares the individual and joint influences of decision comprehensiveness and dissent on (financial) deal performance in acquisition and divestiture decision-making processes. Drawing on prospect and information theory, we argue that the influence of comprehensiveness and dissent on deal performance is likely to differ between both decision types. While in acquisition decisions comprehensiveness and dissent enable decision makers to effectively mitigate the impact of cognitive biases and existing information asymmetries, in divestitures both factors are to be far less helpful (comprehensiveness) or even harmful (dissent) due to different contextual requirements. We test our hypotheses using 49 acquisition and 31 divestiture decisions from the largest 56 public companies in Germany and Switzerland (i.e. 55 per cent participation rate) using a multi-respondent design. Our findings indicate that comprehensiveness and dissent have disparate influences on deal performance in acquisitions and divestitures and provide a number of implications for both strategic decisionmaking, as well as acquisitions and divestiture research.

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