“…These resources can be the company's employees, the technologies, the business knowledge, the processes or procedures, the equipment or machinery, the brand value or even the financial capital (Wernerfelt, 1984). Previous studies in the higher education industry suggested that the resources, such as internal structures, organizational culture, management designs and leadership styles, influence the success or failure of the higher education institutions and the mergers in this sector (Chipunza and Gwarinda, 2010; Kitchener, 2002; Maduro et al , 2018; Manona, 2015; Ngcamu, 2017). On the other hand, the rivalry levels and the intensified competition were the major forces behind the increasing rate of mergers, and many higher education institutions opt for participating in mergers as a way to establish a competitive advantage in the industry (Boling et al , 2017; Hammond, 2016; Johnes, 2014).…”