TY  - JOUR
EP  - 856
AV  - public
Y1  - 2022/12//
TI  - Does merger & acquisition (M&A) strategy matter? A contingency perspective
PB  - Elsevier BV
ID  - discovery10178163
N2  - 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.
KW  - M&As; M&A strategy; Contingency perspective; Acquiring firm level strategy; CEO motivation; Typology
VL  - 40
SP  - 847
N1  - 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/).
IS  - 6
SN  - 0263-2373
UR  - https://doi.org/10.1016/j.emj.2022.09.004
A1  - Angwin, Duncan N
A1  - Urs, Uma
A1  - Appadu, Naaguesh
A1  - Thanos, Ioannis C
A1  - Vourloumis, Stavros
A1  - Kastanakis, Minas N
JF  - European Management Journal
ER  -