Examining Links between Pre and Post M&A Value Creation Mechanisms — Exploitation, Exploration and Ambidexterity in Central European SMEs

This study examines how pre-merger strategic fit in exploration and exploitation orientations translates into post-merger value creation in Central European SMEs. The research reveals that similarity in exploitation and exploration strategies between acquirer and target positively influences post-merger success; however, pursuing simultaneous improvements in both exploration and exploitation negatively affects M&A performance due to organizational complexity. Acquisition experience enhances in-domain synergy realization but provides limited benefits for cross-domain capability transfers, suggesting that SMEs should pursue focused, sequential integration strategies rather than attempting ambidextrous transformation during the integration phase.