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Figure Figure 1 From the research bench

Three outcomes, three evidence paths

The meta-analysis separates sociocultural integration, accounting-based synergy, and shareholder value. Confidence intervals crossing zero highlight that financial performance does not guarantee cultural collaboration.

A dot-and-range chart showing meta-analytic mean correlations and 95% confidence intervals from Stahl and Voigt (2008): sociocultural integration (r = -0.06, CI [-0.12, 0.00]), accounting-based synergy (r = 0.01, CI [-0.05, 0.07]), and shareholder value (r = 0.02, CI [-0.04, 0.08]).-0.15 r-0.10 r-0.05 r-0.00 r0.05 r0.10 r0.15 rSociocultural integration-0.06 rAccounting-based synergy0.01 rTarget/bidder shareholder value0.02 r
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Reference & Evidence

Source: Author's synthesis of meta-analytic correlations from Stahl and Voigt (2008), 46 M&A studies (n = 10,710). Points show sample-weighted mean correlation r; bands show estimated 95% confidence intervals. The chart keeps outcome domain boundaries explicit.

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