Extant work has predominantly investigated how acquisitions create value by focusing on isolated effects of individual determinants. We propose that this research needs to be complemented with a configurational approach that captures the multidimensional fit among these factors, thus enabling a more accurate depiction of the mechanisms through which acquisitions create—and fail to create—value. Using fuzzy-set qualitative comparative analysis (fsQCA), we draw on a fine-grained dataset of 101 acquisitions to examine the fit among three sets of factors that cover the essence of the existing acquisition literature: pre-deal characteristics of the acquisition, the acquirer’s acquisition capabilities, and post-acquisition decisions. Our findings highlight different configurations leading to value creation and failure thereof, together with novel insights regarding the multidimensional fit between the underlying factors.
