Blending causation and effectuation in acquisitions: a research agenda

Acquisition research is predominantly informed by a causation logic that suggests the importance of pre-planning acquisition activities before and after the deal is closed, and then carefully executing those plans. While useful, this perspective remains narrow and incomplete as acquisitions are fraught with uncertainty and ambiguity due to information asymmetries and cognitive biases across the acquisition process. Moreover, emphasis on planning downplays serendipity value that often takes place in acquisitions. I advance an effectuation lens as a complementary perspective to support a different type of decision making in uncertain and volatile acquisition decision environments. By combining the goal-driven process with non-goal driven logic, an effectuation model of post-acquisition processes that combines effectuation and causation provides an agenda for future research.