Research output: Contribution to conference - Without ISBN/ISSN › Conference paper › peer-review
Research output: Contribution to conference - Without ISBN/ISSN › Conference paper › peer-review
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TY - CONF
T1 - Not all Acquirers perform the same, and that matters
AU - Angwin, Duncan Neil
AU - Urs, Uma
AU - Thanos, Ioannis
AU - Appadu, Naag
N1 - Strategic Management Society Special Conference on M&A, Costa Rica.
PY - 2017/12
Y1 - 2017/12
N2 - Many studies of M&A performance suggest that most fail, using a wide range of methods and criteria for evaluation but based on the general assumption that they aim to maximise value. M&A are also studied at different levels of analysis, notably from strategy, CEO and macro perspectives and yet performance studies have not yet integrated these in a single analysis. This paper draws upon these three levels to create an M&A typology that can then be tested using a CAAR methodology. Results indicate significant differences in performance by M&A type. This suggests that each of the levels of analysis matters and in particular that context plays a crucial role. Our evidence suggests that, contrary to current M&A performance dogma, M&As with a classical strategy and good agent CEO during a boom period, out perform the market and other M&A deals.
AB - Many studies of M&A performance suggest that most fail, using a wide range of methods and criteria for evaluation but based on the general assumption that they aim to maximise value. M&A are also studied at different levels of analysis, notably from strategy, CEO and macro perspectives and yet performance studies have not yet integrated these in a single analysis. This paper draws upon these three levels to create an M&A typology that can then be tested using a CAAR methodology. Results indicate significant differences in performance by M&A type. This suggests that each of the levels of analysis matters and in particular that context plays a crucial role. Our evidence suggests that, contrary to current M&A performance dogma, M&As with a classical strategy and good agent CEO during a boom period, out perform the market and other M&A deals.
KW - M&A performance
KW - Contingency theory
KW - M&A typology
M3 - Conference paper
T2 - SMS Special Conference in Costa Rica
Y2 - 14 December 2017 through 16 December 2017
ER -