Does changing contexts affect linkages throughout the mergers and acquisition process? A multiphasic investigation of motives, pre‐ and post‐acquisition and performance

Thanos, Ioannis C.; Papadakis, Vassilis M.; Angwin, Duncan

Abstract

Mergers and Acquisitions (M&A) is an important organizational change phenomena that has attracted significant research focus to many of its aspects but only recently has attention begun to investigate its complex multi-phasic nature and its embeddedness in multiple contexts. So far the influence of the macro context in M&A deals has been little studied and its interaction with M&A’s multiphasic nature has been ignored. This article aims to address this limitation by investigating whether different macro-economic wave and non-wave periods of M&A activity influence different phases of M&A in terms of motives, pre- and post-acquisition processes and acquisition performances. Drawing on a dataset of Greek M&As, an under researched M&A context, findings suggest that acquisitions in non-wave periods are driven by different motives from those in wave periods. Interestingly though, we found no statistically significant changes in pre- and post-acquisition processes and M&A performance between wave and non-wave periods. We suggest this organizational change finding maybe due to the early stage nature of Greek M&A and may also apply to other countries with similar levels of M&A experience. Further implications for theory and practice of these findings are discussed

• Journal Article Type: Article
• Acceptance Date: Dec 10, 2019
• Online Publication Date: Mar 4, 2020
• Publication Date: Mar 4, 2020
• Deposit Date: Mar 17, 2020
• Publicly Available Date: Mar 5, 2022
• Journal: Strategic Change
• Print ISSN: 1086-1718
• Electronic ISSN: 1099-1697
• Publisher: Wiley
• Peer Reviewed: Peer Reviewed
• Volume: 29
• Issue: 2
• Pages: 149-164
• DOI: https://doi.org/10.1002/jsc.2318
• Keywords: pre-M&A process, post-M&A process, integrative framework, M&A wave, M&A performance
• Public URL: https://nottingham-repository.worktribe.com/output/4160512
• Publisher URL: https://onlinelibrary.wiley.com/doi/abs/10.1002/jsc.2318
• Additional Information: Published: 2020-03-04