%0 Journal Article
%@ 0263-2373
%A Angwin, Duncan N
%A Urs, Uma
%A Appadu, Naaguesh
%A Thanos, Ioannis C
%A Vourloumis, Stavros
%A Kastanakis, Minas N
%D 2022
%F discovery:10178163
%I Elsevier BV
%J European Management Journal
%K M&As; M&A strategy; Contingency perspective; Acquiring firm level strategy; CEO motivation; Typology
%N 6
%P 847-856
%T Does merger & acquisition (M&A) strategy matter? A contingency perspective
%U https://discovery.ucl.ac.uk/id/eprint/10178163/
%V 40
%X 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.
%Z 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/).