M&A process: A literature review and research agenda

Business Process Management Journal

Volumn 21, Issue 1, 2015, Pages 205-220

  Caiazza, Rosa ^a   Volpe, Tiziana ^b  

^a UNIVERSITY OF NAPLES PARTHENOPE   (Italy)

^b CNR   (Italy)

Author keywords

M A; Process

Indexed keywords

EID: 84921832532     PISSN: 14637154     EISSN: None     Source Type: Journal    
DOI: 10.1108/BPMJ-11-2013-0145     Document Type: Article

References (106)

1. Aguilera, R.V. and Dencker, J.C. (2004), “The role of human resource management in cross-border mergers and acquisitions”, International Journal of Human Resource Management, Vol. 15 No. 8, pp. 1355-1370.
2. Alaganandan, P., Bhowmick, R. and Mohanty, S. (2009), “Human capital challenges of M&A transactions in India”, Mercer, 1 July, New York, NY.
3. Anand, J. and Delios, A. (2002), “Absolute and relative resources as determinants of international acquisitions”, Strategic Management Journal, Vol. 23 No. 2, pp. 119-134.
4. Andersen, O. (1997), “Internationalization and market entry mode: a review of theories and conceptual framework”, Management International Review, Vol. 37, pp. 27-42.
5. Angwin, D. (2001), “Mergers and acquisitions across european borders: national perspectives on pre-acquisition due diligence and the use of professional advisors”, Journal of World Business, Vol. 36 No. 1, pp. 32-57.
6. Angwin, D. (2004), “Speed in M&A integration: the first 100 days”, European Management Journal, Vol. 22 No. 4, pp. 418-430.
7. Bailey, C. and Thomas, T. (2009), “Getting the deal done right: the key role of finance in achieving M&A results”, Deloitte Consulting LLP, 6 May, New York, NY.
8. Barkema, H.G., Bell, J.H.J. and Pennings, J.M. (1996), “Foreign entry, cultural barriers and learning”, Strategic Management Journal, Vol. 17 No. 2, pp. 151-166.
9. Barkema, H.G. and Vermeulen, F. (1998), “International expansion through start-up or acquisition: a learning perspective”, Academy of Management Journal, Vol. 41 No. 1, pp. 7-26.
10. Bastien, D.T. (1987), “Common patterns of behaviour and communication in corporate mergers and acquisitions”, Human Resource Management, Vol. 26 No. 1, pp. 17-33.
11. Berry, J.W. (1983), “Acculturation: a comparative analysis of alternative forms”, in Samuda, R.J. and Woods, S.L. (Eds), Perspectives in Immigrant and Minority Education, University Press of America, Lanham, MD.
12. Berry, J.W. (1984), “Cultural relations in plural societies: alternatives to segregation and their sociopsychological implications”, in Miller, N. and Brewer, M.B. (Eds), Groups in Contact, Academic Press, Orlando, FL.
13. Birkinshaw, J., Bresman, H. and Håkansson, L. (2000), “Managing the post-acquisition integration process: how the human integration and task integration processes interact to foster value creation”, Journal of Management Studies, Vol. 37 No. 3, pp. 395-425.
14. Brocke, J.V. and Sinnl, T. (2011), “Culture in business process management: a literature review”, Business Process Management Journal, Vol. 17 No. 2, pp. 357-378.
15. Brouthers, K.D. and Brouthers, L.E. (2000), “Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences”, Strategic Management Journal, Vol. 21 No. 1, pp. 89-97.
16. Buono, A.F. and Bowditch, J.L. (1989), The Human Side of Mergers and Acquisitions: Managing Collisions Between People and Organizations, Jossey Bass, San Francisco, CA.
17. Burke, R.J. (1987), “Managing the human side of mergers and acquisitions”, Business Quarterly, Vol. 5 Nos 2/3, pp. 18-23.
18. Caiazza, R. and Nueno, P. (2014), “Corporate strategies of automotive firms: how to become global leaders”, Competitiveness Review, Vol. 24 No. 2, pp. 119-123.
19. Caiazza, R. and Volpe, T. (2014), “The emerging factors affecting China’s outward foreign direct investments”, Management and Organizational Studies, Vol. 1 No. 2, pp. 18-22.
20. Caiazza, R. and Ferrara, G. (2013), “Internationalization of asian firms: new economic geography, international”, Journal of Economics, Business and Finance, Vol. 1 No. 11, pp. 447-456.
21. Caiazza, R. (2013), “Advisors’ role in cross-border acquisitions: new challenges and opportunities”, Journal of Strategy and Management, Vol. 6 No. 3, pp. 309-314.
22. Caiazza, R., Hsieh, W., Tiwari, M. and Topf, D. (2013), “M&A between giants: the fastest way to dominate the world economy”, Foresight, Vol. 15 No. 3, pp. 228-239.
23. Cantwell, J. and Santangelo, G.D. (2007), “M&As and the global strategies of TNCs”, The Developing Economies, Vol. 40 No. 4, pp. 400-434.
24. Capaldo, A., Cogman, D. and Suonio, H. (2009), “What’s different about M&A in this downturn”, McKinsey on Finance, No. 30.
25. Capaldo, A., Cogman, D. and Suonio, H. (2008), “Deal making in 2007: is the M&A boom over?”, McKinsey on Finance, No. 26.
26. Capron, L., Dussuage, P. and Mitchell, W. (1998), “Resource redeployment following horizontal acquisitions in Europe and North America, 1988-92”, Strategic Management Journal, Vol. 19 No. 7, pp. 631-661.
27. Carbonara, G. and Caiazza, R. (2008), “Unicredit bank CEO’s dilemma agenda: grow internationally preserving a strong cultural identity”, The Business Review Cambridge, Vol. 11 No. 1, pp. 201-206.
28. Carbonara, G. and Caiazza, R. (2008a), “Cross-border M&As: new challenges for Italian banks”, The Business Review Cambridge, Vol. 11 No. 2, pp. 275-281.
29. Carbonara, G. and Caiazza, R., (2008b), “From knowledge to dynamic capabilities: double learning process in unordinary events”, The Business Review Cambridge, Vol. 11 No. 2, pp. 247-251.
30. Carbonara, G. and Caiazza, R. (2009), “Factors affecting M&A success: a starting point for the topic renaissance”, The Journal of American Academy of Business Cambridge, Vol. 15 No. 1, pp. 92-98.
31. Carbonara, G. and Caiazza, R. (2009a), “Mergers and acquisitions: causes and effects, the journal of American academy of business”, Cambridge, Vol. 14 No. 2, pp. 188-194.
32. Carbonara, G. and Caiazza, R. (2009b), “Are disciplined acquisitions able to create exceptional financial performance?”, The Business Review Cambridge, Vol. 14 No. 1, pp. 258-265.
33. Carbonara, G. and Caiazza, R. (2009c), “Competitive advantage in luxury industry: is it a question of size?”, The Business Review Cambridge, Vol. 14 No. 1, pp. 216-221.
34. Carbonara, G. and Caiazza, R. (2010), “How to turn crisis into opportunity: perception and reaction to high level of uncertainty in banking industry, foresight”, Vol. 12 No. 4, pp. 37-46.
35. Cartwright, S. and Cooper, C.L. (1990), “The impact of mergers and acquisitions on people at work: existing research and issues”, British Journal of Management, Vol. 1 No. 2, pp. 65-76.
36. Child, J., Falkner, D. and Pitkethly, R. (2001), The Management of International Acquisitions, Oxford University Press, Oxford.
37. Datta, D. and Puia, G. (1995), “Cross-border acquisitions: an examination of the influence of relatedness and cultural fit on shareholder value creation in US acquiring firms”, Management International Review, Vol. 35 No. 3, pp. 337-359.
38. Datta, D.K. (1991), “Organisational fit and acquisition performance: effects of post-acquisition integration”, Strategic Management Journal, Vol. 12, pp. 281-97.
39. David, K. and Singh, H. (1994), “Sources of acquisition cultural risk”, in Von Krogh, G., Siknatra, A. and Singh, H. (Eds), The Management of Corporate Acquisitions, Macmillan, London.
40. De Noble, A.F., Gustafson, L.T. and Hergert, M. (1988), “Planning for post-merger integration-eight lessons for merger success”, Long-Range Planning, Vol. 21 No. 4, pp. 82-85.
41. Deiser, R. (1994), “Post-acquisition management: a process of strategic and organisational learning”, in Von Krogh, G., Siknatra, A. and Singh, H. (Eds), The Management of Corporate Acquisitions, The Macmillan Press, London.
42. Dionne, J.L. (1988), “The art of acquisitions”, The Journal of Business Strategy, Vol. 9 No. 6, pp. 13-17.
43. Gogan, J.L., Baxter, R.J., Boss, S.R. and Chircu, A.M. (2013), “Handoff processes, information quality and patient safety: a trans-disciplinary literature review”, Business Process Management Journal, Vol. 19 No. 1, pp. 70-94.
44. Haspeslagh, P. and Farquhar, A.B. (1994), “The acquisition integration process: a contingent framework”, in von Krogh, G., Siknatra, A. and Singh, H. (Eds), The Management of Corporate Acquisitions, The Macmillan Press, London.
45. Haspeslagh, P.C. and Jemison, D.B. (1991), Managing Acquisitions: Creating Value Through Corporate Renewal, The Free Press, New York, NY.
46. Healy, P.M., Palepu, K.G. and Ruback, R.S. (1992), “Does corporate performance improve after mergers?”, Journal of Financial Economics, Vol. 31 No. 2, pp. 135-175.
47. Hitt, M.A. (2000), “The new frontier: transformation of management for the new millennium”, Organizational Dynamics, Vol. 28 No. 1, pp. 6-17.
48. Hitt, M.A., Harrison, J.S., Ireland, R.D. and Best, A. (1998a), “Attributes of successful and unsuccessful acquisitions of U.S. firms”, British Journal of Management, Vol. 9 No. 2, pp. 91-114.
49. Hitt, M.A., Keats, B.W. and DeMarie, S.M. (1998b), “Navigating in the new competitive landscape: building strategic flexibility and competitive advantage in the 21st century”, Academy of Management Executive, Vol. 12 No. 4, pp. 22-42.
50. Howell, R.A. (1970), “Plan to integrate your acquisitions”, Harvard Business Review, November-December, pp. 66-76.
51. Inkpen, A.C., Sundaram, A.K. and Rockwood, K. (2000), “Cross-border acquisitions of U.S. technology assets”, California Management Review, Vol. 42 No. 3, pp. 50-70.
52. Ivancevich, J.M., Schweiger, D.M. and Power, F.R. (1987), “Strategies for managing human resources during mergers and acquisitions”. Human Resource Planning, Vol. 10 No. 1, pp. 19-35.
53. Jemison, D.B. and Sitkin, S.B. (1986), “Corporate acquisitions: a process perspective”, Academy of Management Review, Vol. 11 No. 1, pp. 145-163.
54. Kavanagh, M.H. and Ashkanasy, N.M. (2004), “Management approaches to merger evoked cultural change and acculturation outcomes”, in Cooper, C.L. and Finkelstein, S. (Eds), Advances in Mergers and Acquisitions, JAI Press, Amsterdam.
55. Kitching, J. (1967), “Why do mergers miscarry?”, Harvard Business Review, November-December, pp. 84-100.
56. Kogut, B. and Singh, H. (1988), “The effect of national culture on the choice of entry mode”, Journal of International Business Studies, Vol. 19 No. 3, pp. 411-432.
57. Krug, J.A. and Nigh, D. (2001), “Executive perceptions in foreign and domestic acquisitions: an analysis of foreign ownership and its effect on executive fate”, Journal of World Business, Vol. 36 No. 1, pp. 85-105.
58. Larsson, R. and Finkelstein, S. (1999), “Integrating strategic, organizational, and human resource perspective on mergers and acquisitions: a case survey of synergy realization”, Organization Science, Vol. 10, pp. 1-26.
59. Larsson, R. and Lubatkin, M. (2001), “Achieving acculturation in mergers and acquisitions: an international case study”, Human Relations, Vol. 54 No. 12, pp. 1573-1607.
60. Lewicki, R. and Bunker, B. (1995), “Trust in relationships: a model of development and decline”, in Bunker, B. and Rubin, J. (Eds), Conflict, Cooperation and Justice, Jossey-Bass, San Francisco, CA.
61. Lindgren, U. (1982a), Foreign Acquisitions-Management of the Integration Process, Gotab, Stockholm.
62. Lindgren, U. (1982b), “Strategic aspects of postacquisition management in multinational corporations”, International Studies of Management and Organisation, Vol. 12 No. 1, pp. 83-123.
63. Mace, M.L. and Montgomery, G. (1962), Management Problems of Corporate Acquisitions, Harvard University Press, Cambridge, MA.
64. Madhok, A. (1997), “Cost, value and foreign market entry mode: the transaction and the firm”, Strategic Management Journal, Vol. 18 No. 2, pp. 39-61.
65. Marks, M.L. (1982), “Merging human resources: a review of the literature”, Mergers and Acquisitions, Summer, pp. 38-44.
66. Marks, M.L. (1991a), “Merger management hr’s way”, Human Resource Magazine, May, pp. 60-66.
67. Marks, M.L. (1991b), “Combating merger shock before the deal is closed”, Mergers and Acquisitions, January/February, pp. 43-48.
68. Marks, M.L. and Mirvis, P. (1997a), “Revisiting the merger syndrome: dealing with stress”, Mergers and Acquisitions, Vol. 31 No. 6, pp. 21-27.
69. Marks, M.L. and Mirvis, P. (1997b), “Revisiting the merger syndrome: crisis management”, Mergers and Acquisitions, Vol. 32 No. 1, pp. 34-40.
70. Mercer (2008), East Meets West: The challenges of Cross-Border M&As-An Interview With Dave Cantor, 7 March, New York, NY.
71. Mercer (2009), Successful M&A Strategies for Asia, 21 September, New York, NY.
72. Mercer (2006), M&A in Emerging Markets The Human Capital Challenge, Mercer Human Resource Consulting, New York, NY.
73. Morck, R. and Yeung, B. (1991), “Why investors value multinationality”, Journal of Business, Vol. 64 No. 2, pp. 165-187.
74. Morosini, P. (1998), Managing Cultural Differences, Pergamon, Oxford.
75. Morosini, P., Shane, S. and Singh, H. (1998), “National cultural distance and cross-border acquisition performance”, Journal of International Business Studies, Vol. 29 No. 1, pp. 137-158.
76. Nahavandi, A. and Malekzadeh, A.R. (1988), “Acculturation in mergers and acquisitions”, Academy of Management Review, Vol. 13 No. 3, pp. 79-90.
77. Napier, N.K. (1989), “Mergers and acquisitions, human resource issues and outcomes: a review and suggested typology”, Journal of Management Studies, Vol. 26 No. 3, pp. 271-289.
78. Napier, N.K., Schweiger, D.M. and Kosglow, J.J. (1993), “Managing organisational diversity: observations from cross-border acquisitions”, Human Resource Management, Vol. 32 No. 4, pp. 505-523.
79. Olie, R. (1994), “Shades of culture and institutions in international mergers”, Organization Science, Vol. 15 No. 1, pp. 381-405.
80. Penrose, E.T. (1959), The Theory of the Growth of the Firm, John Wiley, New York, NY.
81. Ranft, A.L. and Lord, M.D. (2002), “Acquiring new technologies and capabilities: a grounded model of acquisition implementation”, Organisation Science, Vol. 13 No. 4, pp. 420-441.
82. Schuler, R.S., Jackson, S.E. and Luo, Y. (2004), Managing Human Resources in Cross-Border Alliances, Routledge, Taylor and Francis Group, London.
83. Schweiger, D.M., Csiszar, E.N. and Napier, N.K. (1993), “Implementing international mergers and acquisitions”, Human Resource Planning, Vol. 16 No. 1, pp. 53-70.
84. Schweiger, D.M., Csiszar, E.N. and Napier, N.K. (1994), “A strategic approach to implementing mergers and acquisitions”, in von Krogh, G., Siknatra, A. and Singh, H (Eds), The Management of Corporate Acquisitions, The Macmillan Press Ltd, London.
85. Schweiger, D.M. and Denisi, A.S. (1991), “Communication with employees following a merger: a longitudinal field experiment”, Academy of Management Journal, Vol. 34 No. 1, pp. 110-135.
86. Schweiger, D.M. and Goulet, P.K. (2000), “Integrating mergers and acquisitions: an international research review”, in Cooper, C. and Gregory, A. (Eds), Advances in Mergers and Acquisitions. 1, JAI Press, Amsterdam.
87. Schweiger, D.M. and Weber, Y. (1987), “Strategies for managing human resources during mergers and acquisitions: an empirical investigation”, Human Resource Planning, Vol. 12 No. 2, pp. 69-85.
88. Shimizu, K., Hitt, M.A., Vaidyanath, D. and Pisano, V. (2004), “Theoretical foundations of crossborder mergers and acquisitions: a review of current research and recommendations for the future”, Journal of International Management, Vol. 10 No. 3, pp. 307-353.
89. Soni, G. and Kodali, R. (2011), “A critical analysis of supply chain management content in empirical research”, Business Process Management Journal, Vol. 17 No. 2, pp. 238-266.
90. Teece, D.J. (1987), “Technological change and the nature of the firm. in the competitive challenge”, in Teece, D.J (Ed.), Harper Row, New York, NY, pp. 256-281.
91. Useem, M. (2006), The Go Point: When It’s Time to Decide-Knowing What to Do and When to Do It, Crown Business/Random House New York, NY.
92. Vaara, E. (2002), “On the discursive construction of success/failure in narratives of post-merger integration”, Organisation Science, Vol. 23 No. 2, pp. 211-248.
93. Vaara, E., Tienari, J. and Säntti, R. (2003), “The international match: metaphors as vehicles of social identity building in cross-border mergers”, Human Relations, Vol. 56 No. 4, pp. 419-451.
94. Vasconcellos, G.M. and Kish, R.J. (1998), “Cross-border mergers and acquisitions: the European-US experience”, Journal of Multinational Financial Management, Vol. 8 No. 3, pp. 431-450.
95. Vermeulen, F. and Barkema, H.G. (2001), “Learning through acquisitions”, Academy of Management Journal, Vol. 44 No. 1, pp. 457-476.
96. Very, P., Lubatkin, M. and Calori, R. (1996), “A cross-national assessment of acculturative stress in recent European mergers”, International Studues of Management and Organization, Vol. 26, pp. 59-88.
97. Very, P., Lubatkin, M., Calori, R. and Veiga, J. (1997), “Relative standing and the performance of recent European mergers”, Strategic Management Journal, Vol. 18, pp. 593-615.
98. Weber, Y. (1996), “Corporate cultural fit and performance in mergers and acquisitions”, Human Relations, Vol. 49 No. 9, pp. 1181-1201.
99. Weber, Y., Shenkar, O. and Raveh, A. (1996), “National and corporate cultural fit in mergers/acquisitions: an exploratory study”, Management Science, Vol. 42 No. 8, pp. 1215-1227.
100. Wernerfelt, B. (1984), “A resource-based view of the firm”, Strategic Management Journal Vol. 5 No. 2, pp. 171-180.
101. WIR (2008), World Investment Report, UNCTAD-United Nations Publication, New York, NY and Geneva.
102. Zaheer, S. (1995), “Overcoming the liability of foreignness”, Academy of Management Journal, Vol. 38, pp. 341-363.
103. Zahra, S.A., Ireland, R.D., Gutierrez, I. and Hitt, M.A. (2000), “Privatization and entrepreneurial transformation: emerging issues and a future research agenda”, Academy of Management Review, Vol. 25, pp. 509-524.
104. Capron, L. (1999), “The long-term performance of horizontal acquisitions”, Strategic Management Journal, Vol. 20 No. 11, pp. 987-1018.
105. Krug, J.A. and Hegarty, W.H. (2001), “Research notes and commentaries: predicting who stays and leaves after an acquisition: a study of top managers in multinational firms”, Strategic Management Journal, Vol. 22 No. 1, pp. 185-196.
106. Lubatkin, M., Calori, R., Very, P. and Veiga, J.F. (1998), “Management mergers across-borders: a twonation exploration of a nationally bound administrative heritage”, Organization Science, Vol. 9 No. 1, pp. 670-684.