Mergers and acquisitions: A review of phases, motives, and success factors

Extant reviews on entry-mode/internationalization, mergers & acquisitions, and diversification: Understanding theories and establishing interdisciplinary research

“…They found that acquisitions create value for target shareholders, but not for bidder shareholders, around the announcement. Calipha et al (2010) [29] reviewed specific attributes of M&A such as the acquisition process, merger motives, and success determinants, and recommended some themes for future investigation. Interestingly, Marks and Mirvis (2011) [120] conducted research on the merger/acquisition success rate and found that 83% of deals failed to deliver shareholder value and 53% actually destroyed value.…”

The Role of Absorptive Capacity in Acquisition Knowledge Transfer

“…Furthermore, the acculturation perspective has proposed target firm sociocultural characteristics, such as cultural preservation and negative perceptions of the partner, as further impediments in acquisitions (Nahavandi & Malekzadeh, 1988;Sarala, 2010). Finally, inspired by the process perspective of Haspeslagh and Jemison (1991), researchers have taken a comprehensive view of the acquisition process (e.g., Calipha, Tarba, & Brock, 2010; or focused on the impact of specific organizational processes and managerial actions, such as communication (Birkinshaw, Bresman, & Håkanson, 2000;Buono & Bowditch, 1989;, integration approach (Ellis, Weber, Raveh, & Tarba, 2012;Tarba, Almor, & Benyamini, 2012;Weber, Tarba, & Reichel, 2011;Weber, Tarba, & Rozen-Bachar, 2011;Weber, Tarba, Stahl, & Rozen-Bachar, 2013), cultural integration (Junni & Sarala, 2011;Sarala & Vaara, 2010), cultural learning and collective teaching (Junni & Sarala, 2012) and autonomy (Almor, Tarba, & Benjamini, 2009;Hambrick & Cannella, 1993;Ranft & Lord, 2000).…”

“Us vs. them” or “us over them”? On the roles of similarity and status in M&As

“…Hence, different roles of similarity and status at successive stages of post-merger integration would imply that these factors should be seen as complementary explanantia of individuals' reactions and behavior in cross-border M&As. In this regard, the findings of the current study addresses calls for further research examining links between successive M&A phases, key success factors and different performance outcomes (Calipha et al, 2010;.…”

“…Furthermore, cross-border acquisitions constitute approximately 70% of worldwide foreign direct investment and therefore constitute the main vehicle through which multinational companies undertake investments in foreign countries (Peng, 2008). Whereas finance and strategy have long been the dominant disciplines based on which M&As are analyzed, literature on the post-acquisition stage, with a particular emphasis on the integration of social norms, cultural values and human resources, has been gaining remarkable mass and volume during the last two decades (for a review, see Calipha, Tarba, & Brock, 2010). Studies in this research stream pay particular attention to sociocultural dynamics and integration in M&As, wherein establishment of mutual trust and efficient flow and exchange of tangible and intangible resources between merging organizations are identified as key objectives (Bjö rkman, Stahl, & Vaara, 2007;Stahl et al, 2013).…”