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Does merger & acquisition (M&A) strategy matter? A contingency perspective

Angwin, Duncan N.; Urs, Uma; Appadu, Naaguesh; Thanos, Ioannis C.; Vourloumis, Stavros; Kastanakis, Minas N.

Does merger & acquisition (M&A) strategy matter? A contingency perspective Thumbnail


Duncan N. Angwin

Uma Urs

Naaguesh Appadu

Ioannis C. Thanos

Stavros Vourloumis

Minas N. Kastanakis


This paper takes a contingency approach to investigate whether there are market performance variations for different types of M&A. Eight different types of M&A are identified in a typology based upon the conjunction of three contextual dimensions: external environmental, acquiring firm level strategy and CEO motivation. Drawing upon a sample of 1,926 domestic UK deals we evaluate the typology to determine whether the financial markets distinguish between different types of M&A. Results indicate significant market and risk-adjusted performance differences by M&A type. These confirm that a contingency approach to M&A performance has merit. We suggest that the proposed integrated typology, that recognizes the importance of multiple aspects of strategic fit to M&A performance, addresses the paradox that M&A practitioners continue to pursue deals despite widespread acceptance that they result in high failure rates.


Angwin, D. N., Urs, U., Appadu, N., Thanos, I. C., Vourloumis, S., & Kastanakis, M. N. (2022). Does merger & acquisition (M&A) strategy matter? A contingency perspective. European Management Journal, 40(6), 847-856.

Journal Article Type Article
Acceptance Date Sep 16, 2022
Online Publication Date Sep 26, 2022
Publication Date 2022-12
Deposit Date Feb 1, 2023
Publicly Available Date Feb 8, 2023
Journal European Management Journal
Print ISSN 0263-2373
Publisher Elsevier BV
Peer Reviewed Peer Reviewed
Volume 40
Issue 6
Pages 847-856
Keywords Strategy and Management
Public URL
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