Abstract

The global business environment rests on the ongoing formation, renewal, and integration of international investments. Mergers and acquisitions (M&As) represent a foremost form of foreign direct investment and internationalization (Mody 2004). Acquiring firms and assets in other countries effectively contrasts with relatively slower-paced or more limited methods of international expansion such as licensing, exporting, alliances, or greenfields (Bartlett and Beamish 2011). As with other forms of business strategy, internationalization and acquisitions involve the input of strategic leadership (Covin et al. 1997; Vaara 2003). The value of top leadership has been sometimes questioned but has been found essential to the forward momentum of firms contingent upon the exploration and exploitation of strategic opportunities suited to the evolving business environment (Wasserman et al. 2010). The strategic leadership, context, and actions must fit together.