Homberg, F., Rost, K. and Osterloh, M., 2009. Do synergies exist in related acquisitions? A meta-analysis of acquisition studies. Review of Managerial Science, 3 (2), pp. 75-116.
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Official URL: http://dx.doi.org/10.1007/s11846-009-0026-5
Mergers and acquisitions (M&A) aim to increase the wealth of shareholders of the acquiring company, in particular by creating synergies. It is often assumed that relatedness is a source of synergies. Our study distinguishes between business, cultural, technological, and size relatedness. It discusses the reasons why these different forms of relatedness can lead to an acquisition success and we conduct a meta-analysis of 67 prior M&A studies. Results indicate that positive effects can be expected under specific conditions only and have a limited overall impact on acquisition success. A moderator analysis finds that synergies stemming from relatedness depend on industry-, country-, and investor-characteristics.
|Uncontrolled Keywords:||Mergers and acquisitions - Meta-analysis - Business relatedness - Size relatedness - Technological relatedness - Cultural relatedness - Synergies|
|Subjects:||Technology > Business, Management and Marketing|
|Deposited By:||Dr Fabian Homberg|
|Deposited On:||07 Mar 2012 09:29|
|Last Modified:||07 Mar 2013 15:53|
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