Yes. For example, cultures often clash over risk. The more risk-averse cultures (older companies with a greater legacy to protect) may be praised as prudent or criticized as passive. Conversely, risk-tolerant cultures (typically belonging to newer companies, large or small) may be either branded as brash or lionized as innovative. One of the greatest challenges in any merger is to find a way to balance the two cultures.

Many mergers are cited for cultural differences. It takes time to see whether the cultural integration is a success or a failure. After several years, the jury is still out on the 2018 merger between Amazon and Whole Foods, which appears to be a cultural bust but a financial success.[i]

Some other alleged culture clashes include:

• Sprint and Nextel (2005)
• Hewlett Packard and Compaq Computer (2002)
• AOL and Time Warner (2001)
• Daimler-Benz and Chrysler (1998)

Alleged cultural successes include the Renault investment in Nissan, combining French and Japanese cultures—the subject of a classic Harvard Case Study.[ii] This alliance, which began in 1999, is still in force a quarter century later despite the rise and fall of Nissan’s CEO Carlos Ghosn. On July 26, 2023, the companies announced a binding agreement to collaborate in multiple areas.[iii]