eprintid: 10178163
rev_number: 9
eprint_status: archive
userid: 699
dir: disk0/10/17/81/63
datestamp: 2023-10-04 07:16:16
lastmod: 2023-10-04 07:16:16
status_changed: 2023-10-04 07:16:16
type: article
metadata_visibility: show
sword_depositor: 699
creators_name: Angwin, Duncan N
creators_name: Urs, Uma
creators_name: Appadu, Naaguesh
creators_name: Thanos, Ioannis C
creators_name: Vourloumis, Stavros
creators_name: Kastanakis, Minas N
title: Does merger & acquisition (M&A) strategy matter? A contingency perspective
ispublished: pub
divisions: UCL
divisions: B04
divisions: C05
divisions: F49
keywords: M&As; M&A strategy; Contingency perspective; Acquiring firm level strategy; CEO motivation; Typology
note: 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/).
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.
date: 2022-12
date_type: published
publisher: Elsevier BV
official_url: https://doi.org/10.1016/j.emj.2022.09.004
oa_status: green
full_text_type: pub
language: eng
primo: open
primo_central: open_green
verified: verified_manual
elements_id: 2093459
doi: 10.1016/j.emj.2022.09.004
lyricists_name: Angwin, Duncan
lyricists_id: DANGW91
actors_name: Angwin, Duncan
actors_id: DANGW91
actors_role: owner
full_text_status: public
publication: European Management Journal
volume: 40
number: 6
pagerange: 847-856
issn: 0263-2373
citation:        Angwin, Duncan N;    Urs, Uma;    Appadu, Naaguesh;    Thanos, Ioannis C;    Vourloumis, Stavros;    Kastanakis, Minas N;      (2022)    Does merger & acquisition (M&A) strategy matter? A contingency perspective.                   European Management Journal , 40  (6)   pp. 847-856.    10.1016/j.emj.2022.09.004 <https://doi.org/10.1016/j.emj.2022.09.004>.       Green open access   
 
document_url: https://discovery.ucl.ac.uk/id/eprint/10178163/1/Angwin_Does%20merger%20%26%20acquisition%20%28M%26A%29%20strategy%20matter_%20A%20contingency%20perspective.pdf