The trend over the last two decades has been for large numbers of mergers and acquisitions (M&A's) in a variety of industries to either fail or not achieve the results expected based on the performance, resources, and reputations of the joining companies. This study explored the impact of culture alignment in M&A's on the financial performance as measured by return on equity, return on invested capital, and free cash flow measure. It expanded on the work of both DeGraaff and MacDonald who explored other factors impacting company performance related to M&A's. The sample included U.S.-based pharmaceutical companies in NAICS code 325412 or SIC code 2834 that experienced a merger between January 1, 1993 and December 31 2006. Historical data available in the public domain was employed to complete content analysis of company cultures based on the themes found in the Organizational Culture Assessment Instrument (OCAI). Once categorized, a repeated measures ANOVA was used to determine if a statistically significant difference existed in the pose-merger performance of companies related to the combination of organizational cultures. Based on the analysis of the data, future research topics were identified.
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