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Resumo

Chinese multinational enterprises (CMNEs) are increasingly initiating risky mergers and acquisitions (M&As) in developed markets to obtain strategic assets, which necessitates long-term integration that often takes years. Drawing on knowledge management literature, this study explores CMNEs' dynamic post-merger integration (PMI) changes, the role of knowledge, and coevolutionary relationships. Based on 41 conversations concerning five Chinese acquisitions in Germany, this study develops a spiral-forward framework, determining that CMNEs' PMI changes proceed through three phases of access, adjustment, and growth, moving from autonomy to systemic integration to business integration in a forward spiral with evolving knowledge needs. The efficiency of previous integration and knowledge needs has an influence in the following periods' degree of integration via balanced integration, over-integration, or delayed integration. This study stresses the crucial role of knowledge types and knowledge processes in CMNEs' PMI changes, offering a valuable framework for understanding CMNEs' PMI dynamics and the role of knowledge management.

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