“…Even so, acquiring firms must prioritize either business growth or high levels of operational profitability because available resources are limited, and one may not spontaneously follow the other (e.g., Chakravarthy & Lorange, 2008; Delmar et al, 2013; Fuertes-Callen & Cuellar-Fernandez, 2019; Jang & Park, 2011; Lee, 2014; Zhou & Park, 2020). Accordingly, the different business practices and strategic focuses of growth-driven firms cause different post-M&A performances to those of profit-driven firms (Malmendier et al, 2018; Zhou & Park, 2020). For example, growth-focused firms are more likely to pursue faster growth and make risky investments with costly external financing than profit-focused firms planning to reduce redundant resources, which would influence their operating performance and financial position differently (Davidsson et al, 2009; Fuertes-Callen & Cuellar-Fernandez, 2019; Zhou & Park, 2020).…”