Merge Ahead: A Research Agenda to Increase Merger and Acquisition Success

Marks, Mitchell Lee; Mirvis, Philip H.

doi:10.1007/s10869-011-9219-4

Cited by 73 publications

(73 citation statements)

References 20 publications

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“…Especially, cultural issues need to be considered at this stage as well. It is fundamental to identify any hurdles as early as possibly to react on time against them (Holland & Salama, 2010;Joseph, 2014;Larsson & Finkelstein, 1999;Marks & Mirvis, 2011;Mitchell & Shaver, 2003;Wayne & Alzira, 2010). Additionally, the mode of integration is a crucial factor determining corresponding integration activities.…”

Section: The Manda Process and Synergiesmentioning

confidence: 99%

The Crucial Role of Time in M&A Activities: An Inductive Exploration

Zadrazil¹,

Lehner²,

Losbichler³

2017

JMAA

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Mergers & acquisitions (M&As) are important strategic instruments, yet nearly half of all transactions fail, often resulting in disastrous write-offs and losses for corporations and financing institutions alike -despite promising prospects upfront. Applied research has been trying to find a "panacea" to prevent or at least predict M&A failure, investigating motives, synergies and performance. Despite the growing unease with the stationary explanatory models in literature, research has only marginally focused on the concept of time, with inquiries into market timing and integration speed. Yet other timing concepts have been neglected in concepts so far despite early empirical evidence for their existence. The purpose of this paper is thus to identify and elaborate on the importance of further relevant theories of timing. For this, and true to the exploratory nature of the topic, the authors have chosen a qualitative comparative case study design based on existing case reports which are investigated for narrations highlighting timing concepts. This study reveals six factors which have a crucial impact on the M&A outcome: time of acquisition, M&A duration in its entirety, M&A sequence, synergy chronology, frequency of acquisitions and time to step back. It contributes to theory and practice in outlining the careful attention that needs to be paid in planning in these factors to enhance the chances of a successful M&A transaction.

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Section: The Manda Process and Synergiesmentioning

confidence: 99%

The Crucial Role of Time in M&A Activities: An Inductive Exploration

Zadrazil¹,

Lehner²,

Losbichler³

2017

JMAA

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“…The underexplored issues include global strategies and internationalization process of firms in developing countries (Casillas & Acedo, 2013;Peng, Wang, & Jiang, 2008;Wan, 2005;Wright, Filatotchev, Hoskisson, & Peng, 2005), performance of cross-border acquisitions in emerging markets (Bertrand & Betschinger, 2012;Shimizu et al, 2004), pre-merger phase and negotiation phase of international acquisitions (Reis et al, 2013), benefits and costs to the bidding firm shareholders in overseas acquisitions to domestic deals (Barbopoulos et al, 2012;Boeh, 2011), home-host country determinants of foreign market entry strategies, particularly FDIs and acquisitions (Barbopoulos et al, 2014;Brouthers & Dikova, 2010;Luo, 2001;Buckley et al, 2007;Very & Schweiger, 2001), role of country-level legal and regulatory framework in foreign market entry strategies (Meyer et al, 2009), relational, learning, spillover, and real options perspectives in internationalization process (Theodorakopoulos, Patel, & Budhwar, 2012;Xu & Meyer, 2013), collaborative approaches (e.g., alliances, networks) in foreign market entry (Berggren, 2003;Shi et al, 2011), and timing of acquisitions deal at local and international context (Marks & Mirvis, 2011). In a recent review paper, Kearney (2012) suggested few areas for future research in emerging markets, which include market efficiency, risk-adjusted returns and risk premium, firm-level internationalization, attracting and benefiting from FDI, corporate and institutional governance, and behavioral perspectives.…”

Section: Contemporary Research Issues In Mandas and Ib Streamsmentioning

confidence: 99%

“…(Apfelthaler & Vaiman, 2013;Bengtsson & Larsson, 2012;Doz, 2011;Eisenhardt, 1989;Meglio & Risberg, 2010;Reddy, 2015a;Woodside, 2010). For example, case study research often use by case researchers to advance the existing theory or to build new theory, but scholars should shift their attention to emerging markets for enhancing the current state of literature (Barbopoulos et al, 2014;Bello & Kostova, 2012;Marks & Mirvis, 2011). In other words, researchers often build two types of questions "why and how" based on case(s) exemplars and thereby try to connect them with relevant gaps in the literature (Yin, 2003).…”

Section: Contemporary Research Issues In Mandas and Ib Streamsmentioning

confidence: 99%

Determinants of Cross-Border Mergers and Acquisitions: A Comprehensive Review and Future Direction

Reddy

2015

SSRN Journal

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The purpose of this paper is to review and summarize earlier studies analyzing the determinants of cross-border mergers and acquisitions (M&As). We primarily describe the motives of cross-border acquisitions and present the market performance for corporate control transactions over the period 1994-2013. Then, we illustrate the factors affecting cross-border investments and acquisitions in various taxonomies, namely deal-specific factors, firm-and industry-specific attributes, organizational learning and prioracquisition experience, and country-specific factors. We draw special attention to the country-specific taxonomy for various reasons include economic and financial markets environment, institutional and regulatory framework, political situation (including corruption), tax system, accounting and valuation matters, geographical factors and cultural issues. We also provide a synopsis of earlier studies addressing the diversification motive in M&A decision. We thus propose that a host-country's institutional laws and regulatory system, accounting and tax provisions, economic performance, financial markets development, investor protection, geographical, political and cultural factors distinctly affect cross-border acquisition's completion. Lastly, we outline contemporary issues in M&A research, and suggest promising areas for future exploration. JEL Classification: G34

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“…Most recent studies on M&A transactions explore the economic reasons for mergers and acquisitions [1,2], the motivation of the contracting parties [3,4], and the optimization of production and property or decrease in competition [5], and the impact of culture on M&A success [6,7,8] to name a few. Forms of M&A have been researched as well.…”

Section: Introductionmentioning

confidence: 99%

“…Researchers are finding that M&A do not necessary lead to financial success [7,10]. The analysis of the theory and practice of M&A transactions shows that their success and the competitiveness of the integrated structure is becoming increasingly important, not only due to the unification of tangible assets of the companies and the optimization of the property complex, but also because the increase and development of integrated company competencies are vital.…”

Section: Introductionmentioning

confidence: 99%