Mergers and acquisitions : a research overview

121 Pages·2019·0.843 MB·English

by  Bauer, Florian, King, David R., Schriber, Svante

“This book by accomplished and respected scholars examines mergers and
acquisitions using the unique lens of organizational change. It provides
a fi ne-grained evaluation of M&As and their outcomes for a broad set of
stakeholders resulting in a greater understanding of this important strategic
action. It is a must read for scholars and practitioners alike.”
— Michael A. Hitt, University Distinguished Professor Emeritus,
Mays Business School, Texas A&M University, USA

Mergers and Acquisitions

The process of identifying and evaluating a target fi rm, completing a deal
after its negotiation and announcement, and then integrating a target fi rm after
legal combination is a multi-year process with uncertain returns to acquiring
fi rms. Research on mergers and acquisitions (M&As) is progressing rapidly
yet it remains fragmented across multiple research perspectives that largely
examine different acquisition phases separately and coincide with a focus
on different research variables. As a result, research fragmentation means
that a researcher in one area may be unaware of research from related areas
that is likely relevant. This contributes to research silos with M&A research
displaying different traditions, starting points, and assumptions.
Mergers and Acquisitions: A Research Overview summarizes the frontier
in M&A research and provides insights into where it can be expanded. It
undertakes the needed integration and reconciliation of research in order to
derive practical knowledge for managing acquisitions from beginning to end,
providing a summary of what is known and its implications for future research.
T his concise overview reconciles and integrates the state of the art in our
understanding of mergers and acquisitions, providing an essential fi rst stopping
point in the research journey of students and scholars working in this area.
David R. King is the Department Chair and Higdon Professor of Management
at Florida State University, where he teaches undergraduate and graduate
business strategy. His research focuses on complementary resources, merger
and acquisition (M&A) integration and performance, technology innovation,
and defense procurement.
Florian Bauer is Professor of Strategy, Entrepreneurship and Innovation at
Lancaster University Management School. His research focuses on the fi elds
of strategy, mergers & acquisitions, and the effects of decision-making.
Svante Schriber is an Associate Professor at Stockholm Business School,
Stockholm University, Sweden. His research interests center on strategic
management, specifi cally the strategic, competitive, and integration aspects
of M&A.
State of the Art in Business Research
Edited by Professor Geoffrey Wood
Recent advances in theory, methods, and applied knowledge (alongside struc-
tural changes in the global economic ecosystem) have presented researchers
with challenges in seeking to stay abreast of their fi elds and navigate new
scholarly terrains.
State of the Art in Business Research presents shortform books which
provide an expert map to guide readers through new and rapidly evolving
areas of research. Each title will provide an overview of the area, a guide to
the key literature and theories, and time-saving summaries of how theory
interacts with practice.
A s a collection, these books provide a library of theoretical and concep-
tual insights, and exposure to novel research tools and applied knowledge,
that aid and facilitate in defi ning the state of the art, as a foundation stone
for a new generation of research.
Nonprofit Marketing and Fundraising
A Research Overview
Roger Bennett
Business Models
A Research Overview
Christian Nielsen, Morten Lund, Marco Montemari, Francesco Paolone,
Maurizio Massaro and John Dumay
Mergers and Acquisitions
A Research Overview
David R. King, Florian Bauer and Svante Schriber
F or more information about this series, please visit: w ww.routledge.com/
State-of-the-Art-in-Business-Research/book-series/START
Mergers and Acquisitions
A Research Overview
David R. King, Florian Bauer
and Svante Schriber
First published 2019
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
52 Vanderbilt Avenue, New York, NY 10017
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2019 David R. King, Florian Bauer and Svante Schriber
The right of David R. King, Florian Bauer and Svante Schriber to be
identified as authors of this work has been asserted by them in accordance
with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or
utilised in any form or by any electronic, mechanical, or other means, now
known or hereafter invented, including photocopying and recording, or in
any information storage or retrieval system, without permission in writing
from the publishers.
Trademark notice : Product or corporate names may be trademarks or
registered trademarks, and are used only for identification and explanation
without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: King, David R. (Professor of management), author. | Bauer,
Florian (Professor of management), author. | Schriber, Svante, author.
Title: Mergers and acquisitions : a research overview / David R. King,
Florian Bauer and Svante Schriber.
Description: Abingdon, Oxon ; New York, NY : Routledge, 2019. |
Series: State of the art in business research, ISSN 2575–4815 |
Includes bibliographical references and index.
Identifiers: LCCN 2018040404 | ISBN 9781138602762 (hardback) |
ISBN 9780429469459 (ebook)
Subjects: LCSH: Consolidation and mergers of corporations.
Classification: LCC HD2746.5 .K564 2019 | DDC 658.1/62—dc23
LC record available at https://lccn.loc.gov/2018040404
ISBN: 978-1-138-60276-2 (hbk)
ISBN: 978-0-429-46945-9 (ebk)
Typeset in Times New Roman
by Apex CoVantage, LLC
The authors recognize the support of MCI Management
Center in Innsbruck, Austria in facilitating our research
collaboration and completion of this book, as well as the
support of the Fulbright Austria.

Contents
List of illustrations xi
1 Introduction 1
Change content 3
Change context 3
Process of change 4
Change outcomes 4
Summary and outlook 5
2 Content of change 7
M&A versus other growth modes 7
External and internal drivers of M&A 8
M&A motives 12
Related topic: divestments 12
Related topic: due diligence 15
Summary and outlook 15
3 Context of change 17
Stakeholders 17
Related topic: family firms 19
Communication 24
Summary and outlook 26
4 Process of change 27
Shifting focus of M&A research 28
Aggregating M&A research 29