@article{discovery10178163,
           pages = {847--856},
            note = {Copyright {\copyright} 2022 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/bync-nd/4.0/).},
           title = {Does merger \& acquisition (M\&A) strategy matter? A contingency perspective},
          volume = {40},
       publisher = {Elsevier BV},
         journal = {European Management Journal},
           month = {December},
            year = {2022},
          number = {6},
          author = {Angwin, Duncan N and Urs, Uma and Appadu, Naaguesh and Thanos, Ioannis C and Vourloumis, Stavros and Kastanakis, Minas N},
        keywords = {M\&As; M\&A strategy; Contingency perspective; Acquiring firm level strategy; CEO motivation; Typology},
        abstract = {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.},
            issn = {0263-2373},
             url = {https://doi.org/10.1016/j.emj.2022.09.004}
}