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Asubstantive body of theory and research on the role of culture in mergers and acquisitions (M&A) suggests that cultural differences can create major obstacles to achieving integration benefits. However, the opposite view—that differences in culture between merging firms can be a source of value creation and learning—has also been advanced and empirically supported. In an attempt to reconcile these conflicting perspectives and findings, we present a model that synthesizes our current understanding of the role of culture in M&A, and we develop a set of hypotheses regarding mechanisms through which cultural differences affect M&A performance. The results of a meta-analysis of 46 studies, with a combined sample size of 10,710 M&A, suggest that cultural differences affect sociocultural integration, synergy realization, and shareholder value in different, and sometimes opposing, ways. Moderator analyses reveal that the effects of cultural differences vary depending on the degree of relatedness and the dimensions of cultural differences separating the merging firms, as well as on research design and sample characteristics. The implications for M&A research and practice are discussed.

Cultural friction posits that cultural differences may be either synergistic or disruptive, but does not specify when or how synergies or disruptions emerge. We theorize that synergies will emerge in foreign-invested enterprises (FIEs) when cultural differences in leadership beliefs are less central to the host nation's cultural identity; while disruption will occur when differences are in more culturally central leadership beliefs. Analyzing survival data from 274 FIEs in China, we found support for these hypotheses with five of the six GLOBE leadership dimensions. As predicted, differences in the Participative and Team-Oriented dimensions were associated with higher firm death, while differences in the Charismatic, Autonomous and Self-Protective dimensions were associated with firm survival. Our results indicate that while there are areas where differences may indeed need to be accepted or minimized, there are other areas where differences can be beneficial. This requires that managers identify more central aspects of local culture to determine whether to minimize differences or to leverage their synergistic potential.

Background This study explores the profound links between rituals and native trees in Guji society, focusing on their symbolic, cosmological, and socio-spiritual significance in the Gadaa system. Methods: Employing interviews, transect walks, and focus group discussions, data were collected from 43 purposively and snowball-sampled participants, including Gadaa leaders, elders, women, youth, and cultural experts. The analysis was conducted through thematic analysis and qualitative description. The findings The findings reveal that native trees—such as Euphorbia candelabrum var. bilocularis (Hadaammaa), Ficus vasta Forssk (Qilxaa), Vachellia horrida subsp. Benadirensis (Hurbuu), Afrocarpus gracilior (Birbissa), and Olea europaea subsp. africana (Ejersaa )—are sacred entities central to rituals like supplication and ancestral commemoration, embodying ecological and cultural harmony as eco-cultural synergy. These trees are protected through taboos and customary rules, reflecting a belief system that personifies them as divine gifts essential for the prosperity and resilience of people. However, deforestation, agricultural expansion, and cultural erosion threaten this eco-cultural synergy. Despite challenges, the Guji employ adaptive strategies, including replanting sacred trees and restorative rituals. Conclusion The culturally constructed and symbolically validated connections between rituals and trees—forming an eco-cultural synergy—serve as a testament to a society’s harmonious relationship with nature, where local belief systems and ecology coalesce into sustainable coexistence. Preserving these links underpins the conservation of trees as biocultural diversity hotspots and sustains cultural practices. Thus, there should be implementation of integrated conservation measures that address both ecological and cultural dimensions of native trees. This approach should prioritize community engagement, policy reinforcement, and sustainable practices to preserve the biocultural diversity of Guji society against the pressures of modernity.

Specific cellulose hydrolysis rates (g of cellulose/g of cellulase per h) were shown to be substantially higher (2.7- to 4.7-fold) for growing cultures of Clostridium thermocellum as compared with purified cellulase preparations from this organism in controlled experiments involving both batch and continuous cultures. This \"enzyme-microbe synergy\" requires the presence of metabolically active cellulolytic microbes, is not explained by removal of hydrolysis products from the bulk fermentation broth, and appears due to surface phenomena involving adherent cellulolytic microorganisms. Results support the desirability of biotechnological processes featuring microbial conversion of cellulosic biomass to ethanol (or other products) in the absence of added saccharolytic enzymes.

We use laboratory experiments to explore merger failure due to conflicting organizational cultures. We introduce a laboratory paradigm for studying organizational culture that captures several key elements of the phenomenon. In our experiments, we allow subjects in \"firms\" to develop a culture, and then merge two firms. As expected, performance decreases following the merging of two laboratory firms. In addition, subjects overestimate the performance of the merged firm and attribute the decrease in performance to members of the other firm rather than to situational difficulties created by conflicting culture.

Outlining aims: This case seeks to present the experience of a Montreal theater aiming to embrace the cause of diversity and inclusion and transcend the challenges of presenting a more inclusive season. The article shows how a global organizational approach enables the theatre to engage concretely toward discrimination. Main conclusion: The interest is to present openness to diversity from the managerial responsibility of (1) positioning the company according to its stage of openness (2) making changes on the structural, political, human, and symbolic aspects (3) valuing the multiple identities of the participants in orderto strengthen the links. Methodology used: The presented case has been restituted thanks to the collection of qualitative data and semi-structured interviews. Drawing on a cross-cultural management literature review, the article mobilizes concepts to analyze the presented case and theorize what could be identified as good practices for the theater milieu.

An extensive body of literature has suggested that the influence of culture on the postmerger integration process and mergers and acquisitions (M&A) performance is critical. However, the results of empirical studies are contradictory and confusing. In fact, the combined effects of corporate culture, national culture, and synergy potential on various integration approaches, as well as their influence on M&A performance, have never been simultaneously investigated. This study aims to fill this gap and to develop a theoretical model using a multidisciplinary approach that draws upon the literature from strategic management, international management, and anthropology. Furthermore, unlike most studies that focus on a single stage of M&A, this study combines variables of pre- and postmerger stages.

The Cirque du Soleil, based in Montreal, is known internationally for its innovative form of circus production. Although a transnational company recruiting talent from around the world, it is argued that the Cirque's ability to innovate is underpinned by its historical and geographical situatedness in Montreal. Drawing on evolutionary economics, the paper examines the place-specific and path-dependent trajectory which has informed the emergence of the Cirque, focusing on how a series of latent synergies—including a vibrant tradition of street performance in Quebec, the lack of established circus conventions, and the strength of related cultural sectors in Montreal—gave rise to the Cirque. In addition, the paper explores the purposive role of the state in actualising some of these latent synergies.

This paper aims to explore how overseas visitors experience off-the-beaten-track areas and everyday life in London. Initially scoped through quantitative research using visitor surveys involving some 400 respondents, the study was subsequently developed through qualitative research: 49 semi-structured interviews with visitors from a wide range of countries. These areas offer city visitors opportunities to create their own narratives and experiences of the city, and to build a cultural capital in a convivial relationship with other city users. At the same time, visitors contribute to the discovery of new areas for tourism - and in some sense the creation of new places to visit. Further research in other areas of London and in other world tourism cities is needed to develop ideas discussed here. Subtler forms of tourism marketing are required to develop the potential of areas like those discussed in the paper. Some tourists and residents enjoy a convivial and complementary relationship in area development. The paper focuses on everyday life as an element in the attraction that cities exert for tourists, and on the visitors' contribution to recreating the city.