Edited by David Faulkner, Satu Teerikangas and Richard J. Joseph
With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more
competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal.
What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study?
The
Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy,
finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results.
Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged
in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific "lenses" - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should
be "synthesized", it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.
1. David Faulkner, Satu Teerikangas, Richard J. Joseph: Introduction
Section I: A Strategic Lens for M&A
2. Kalin Kolev, John Haleblian, and Gerry McNamara: A Review of the Merger and Acquisition Wave Literature
3. Duncan Angwin: M&A Typologies: A Review
4. Michel Hitt,
David King, Hema Krishnan, Marianna Makri, Mario Schijven, Katsuhiko Shimizu, and Hong Zhu: Creating Value through M&A: Challenges and Opportunities
5. Ioannis Thanos and Vassilis Papadakis: Unbundling Acquisition Performance: How Do they Perform and How Can This Be Measured?
6. Thomas
Keil, Tomi Laamanen, and Aino Mäkisalo: Acquisitions, Acquisition Programs and Acquisition Capabilities
Section II: A Financial Lens for M&A
7. Brendan McSweeney and Elina Happonen: Pre-deal Management
8. Sudi Sudarsanam: Value Creation and Value Appropriation in M&A Deals
9.
Richard J. Joseph and Bill Ryan: Structuring the Transaction
10. Scott Moeller and Maria Carapeto: Acquiring Distressed and Bankrupt Concerns
11. Brendan McSweeney: Takeover Strategies, Competitive Bidding and Defensive Tactics
12. Viktoria Dalko: Leveraged Buyouts
13. Bill Ryan:
Shareholder Value: a Driver of M&A Activity
Section III: A Socio-Cultural Lens for M&A
14. Satu Teerikangas and Richard J. Joseph: Post-M&A Integration: An Overview
15. Susan Cartwright: Individual Response to Mergers and Acquisitions
16. Satu Teerikangas and Philippe Véry:
Culture in M&A: A Critical Synthesis and Steps Forward
17. David Faulkner, Robert Pitkethly, and John Child: Country Cultural Differences in Acquisition Management
18. Sajjad Jasimuddin: Knowledge Management in Mergers and Acquisitions
19. Steffen Giessner, Johannes Ullrich, and Rolf van
Dick: A Social Identity Analysis of Mergers and Acquisitions
20. Janne Tienari and Eero Vaara: Power and Politics in M&A
21. Satu Teerikangas: Silent Forces Shaping the Performance of Cross-border Acquisitions
Section IV: A Sectorial Lens for M&A
22. Harbir Singh and Prashant
Kale: Characteristics of Emerging Market Mergers and Acquisitions
23. Gary A. Dymski: Financial Mergers and Acquisitions: From Regulation to Strategic Repositioning to Geo-economics
24. Nicholas Fairclough and Samantha Fairclough: Mergers between Professional Service Firms: How the Big 8
Became the Big 5
25. Annette Ranft, Adelaide Wilcox King, and Jennifer C. Sexton: Examining Resource and Expectational Ambiguity in Technology M&A Integration
26. Lars Schweizer: Characteristics of Biotechnology Mergers and Acquisitions
Section V: Synthesis
27. Satu
Teerikangas, Richard J. Joseph, David Faulkner: A Synthesis
Satu Teerikangas, David Faulkner, Richard J. Joseph: Appendix 1: M&A Motives, Definitions, and Defining Characteristics
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Professor David Faulkner is Dean of Magna Carta College, Oxford, a private business school that he co-founded in 2007. He is also Professor at Hult International Business School and Professor Emeritus of Strategy at Royal Holloway, University of London. He was formerly official Student
(Fellow) of Christ Church, Oxford and Deputy Director of the Saïd Business School, Oxford University. He is an Oxford-educated economist by background, who has spent much of his early career as a strategic management consultant with McKinsey and Co and Arthur D. Little. He gained a Doctorate from
Oxford University (D Phil), researching into conditions for success in International Strategic Alliances. He has written and edited thirteen books including, The Oxford Handbook of Strategy (OUP). Dr Satu Teerikangas is Lecturer in Management at University College, London. She received her PhD from
Helsinki University of Technology. Her research centres on the management of M&A, and has been published in several journals, including the Journal of Management and the British Journal of Management. She co-edits Special Issues on M&As for the Scandinavian Journal of Management and the European
Journal of International Management, and co-chairs the M&A track at the European Academy of Management annual conference since 2008. Prior to an academic career, Dr Teerikangas worked for Shell in the Netherlands and the UK. She is on the editorial review board of the International Journal of
Cross-Cultural Management. Richard J. Joseph is the Vice President and former Provost of Hult International Business School, Boston, London, Dubai, Shanghai, and San Francisco. Previously he served on the faculty and administration of the McCombs School of Business at the University of Texas at
Austin. Prior to his academic career, he worked as an investment banker at Lehman Brothers, a securities trader at Bear Stearns, an international banker at Citibank, and a mergers and acquisitions lawyer for the Bass Group, Fort Worth. A graduate magna cum laude of Harvard College (B.A.), Oxford
University (M.Litt.), and the University of Texas at Austin School of Law (J.D.), he is co-editor of Prentice Hall's Federal Taxation Series and has written numerous commentaries in the Financial Times, Christian Science Monitor, and Tax Notes International. His book, The Origins of the American
Income Tax (Syracuse University Press), explores the original intent, rationale, and effect of the early American income ta
Making Sense - Margot Northey and Joan McKibbin
Mergers & Acquisitions - Michael A. Hitt, Jeffrey S. Harrison and R. Duane Ireland
