Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda (original) (raw)

An Overview of Three Decades of Mergers and Acquisitions Research

Mergers and acquisitions (M&A) have long attracted managers’ attention and have been researched in different perspectives and using different theories. In this study we grasp the wealth of extant research in the field of M&As. We conducted a bibliometric study of 635 articles on strategic management and international business research published in 34 highly ranked management journals between 1983 and 2012. We performed citation, co-citation and factor analyses to uncover the issues examined by scholars, the main theoretical approaches and themes researched. The results show a relative shift from economic and financial approaches to knowledge-based and organizational learning perspectives in recent years. There was also an evolution from assessing the performance of firms after an M&A to seeking an understanding of what may drive synergy creation after the integration process. Furthermore we observed an increasing interest in cross-border M&As. We discuss our findings, identifying gaps and suggesting paths for future research.

Thirty Years of Mergers and Acquisitions Research: Recent Advances and Future Opportunities

The complex phenomenon that mergers and acquisitions (M&As) represent has attracted substantial interest from a variety of management disciplines over the past 30 years. Three primary streams of enquiry can be identified within the strategic and behavioural literature, which focus on the issues of strategic fit, organizational fit and the acquisition process itself. The recent achievements within each of these research streams are briefly reviewed. However, in parallel to these research advances, the failure rates of mergers and acquisitions have remained consistently high. Possible reasons for this dichotomy are discussed, which in turn highlight the significant opportunities that remain for future M&A research.

30 YEARS OF MERGERS AND ACQUISITIONS RESEARCH: RECENT ADVANCES AND FUTURE OPPORTUNITIES

The complex phenomenon that mergers and acquisitions (M&As) represent has attracted substantial interest from a variety of management disciplines over the past 30 years. Three primary streams of enquiry can be identified within the strategic and behavioural literature which focus on the issues of strategic fit, organizational fit and the acquisition process itself.

Mergers and acquisitions: A comparative review of literature

Industrija, 2016

The paper aims to review scholastic research on the effect of M&As on firm performance and present a comparative analysis of Indian M&As visa-vis those occurring in other nations. 108 articles in referred journals published between 2005 and 2015 have been surveyed with a focus on comparing firm performance parameters prior and post the M&A. Firm performance has been inspected via three measures i.e. accounting measures, stock market performance measures and qualitative measures. On the basis of these three measures, literature on mergers in India with those occurring in another 23 countries was compared. The review has shown that irrespective of the nation, M&As may impact the accounting and stock market performance measures of the acquirer and target firms in a positive, negative or mixed manner. M&As in nations other than India have received more academic attention with respect to the effect on qualitative issues like cultural compatibility, downsizing and innovation. Cultural incompatibility and downsizing are problems of M&As in India as well as other nations. Indian domestic M&As have resulted in greater market share whereas majority of the M&As in other nations have lost customer base. Although literature studying the outcomes of M&As on firm performance from a pre-post perspective are multifarious, a comparative assessment of the studies on M&As occurring in India with those carried out in other nations of the world is a novel attempt.

Theorizing in the qualitative study of mergers ampamp; acquisitions

2019

This paper focuses on theorizing in the study of mergers and acquisitions (M&As), a globally significant interorganizational phenomenon. We analyze 76 qualitative papers on M&As published in leading management journals between 1966–2016. We identify five modes of theorizing in the study of M&As. We find that M&A scholars make theoretical contributions using different theoretical positioning and research design strategies. The majority of the papers offer a contribution to middle-range theorizing (i.e., the literature on M&As), while a third of the papers also contribute to higher-order, or grand theories in management. In closing, this leads us to call for a rejuvenation of middle-range theorizing in management research.

Mergers & Acquisitions research: A bibliometric study of top strategy journals, 2000 - 2009

2011

Mergers and acquisitions (M&As) are important modes through which firms undertake their domestic and international strategies. This bibliometric review examines the extant research on M&As in the top five strategic management journals during a ten years period ? from 2000 to 2009. The 90 articles identified in these top journals denote an eclectic theoretical focus with the prevalence of four theories ? resource-based view, transaction costs, agency theory and institutional theory. We present a brief analysis of the key issues in M&A research, as well as the samples and theories more commonly used. We conclude by presenting a broad discussion comprising the methods used, the research questions investigated, the type of articles, as well as limitations and avenues for future enquiry.

MERGERS AND ACQUISITIONS: STRATEGIC -ORGANIZATIONAL FIT AND OUTCOMES 1

This paper examines the effects of resource complementarity and organizational compatibility on merger and acquisition (M&A) outcomes. We also explore the effect of firms' previous M&A experiences. Our investigation focuses on two classes of events following M&As: organizational dissolution and involvement in subsequent M&As, with the firm continuance following the M&A as the "non-event." Using a multinomial logit model for repeated-event history analysis that reflects the dynamics of organizational evolution, we analyse 461 M&As in the history of the Dutch accounting industry. Our results show that compatibility is not associated with the dissolution rate but is strongly related with the probablity that a firm will engage in additional M&As. Resouce complementarity is negatively associated with the odds of dissolution and positively associated with the probability to engage in additional M&As. The results also indicate that previous M&A experience enhances both the dissolution rate and rate to engage in additional M&As.

Mergers and Acquisitions: A Conceptual Review

International Journal of Accounting and Financial Reporting, 2014

From the last few decades, maximum studies focused to understand the importance of going into the deal of Mergers & Acquisitions (M&A). The current study examined the motivation to recognize either the assumed benefits of the deal of Mergers and Acquisitions have posted increase or not. The current study calculated whether the deal is beneficial or harmful for the organizations who want to enter into the deal of M&A. The study scrutinizes the issues by using the perspective of history, waves, motives and methods to determine Merger and acquisition value. The study focuses on the current Literature available on M&A from the recent past to portray unlike the methods used to gauge performance of M&A. Although field of M&A research is far too broad and more complex to be covered in a review paper, therefore, the study attempts to start covering some historical and background issues such as History, waves in M&A, Methods of measuring deals and M&A motives.

Literature Review On Merger and Acquisition (Theories and Previous Studies)

Studies of Applied Economics

Merger and Acquisition (M&A) is a way for companies to grow faster than organic business growth and can be a channel for companies to strengthen their global market position and increase competiteveness. M&A activities in the world have a large volume and value of several major commodities such as coal, industrial metal, silver, lead, zinc, copper, steel, aluminum etc. In 2018 (January to December) the total value of M&A transactions for the coal and metal sector reached USD 60 bio with the largest portion in coal commodities and transaction volume of 320 transactions.M&A is one of the strategic options in corporate restructuring activities that can provide more access to companies in increasing profits, market control or market share and increasing competitiveness (competitive advantage) to face the world market which is currently unstoppable.In this study, the problem to be answered is what are the theories behind the occurrence of M&A and also previous research that has been done...