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Improving the M&A Decision-Making Process: Learning from Serial Acquirers

Author

Listed:
  • Michael Weber

    (Technische Universität Berlin)

  • Dodo zu Knyphausen-Aufseß

    (Technische Universität Berlin)

  • Lars Schweizer

    (Goethe-University Frankfurt)

Abstract

Mergers and acquisitions (M&A) represent a substantial means to implement corporate and business unit strategy. However, capturing expected value proves to be very challenging. While previous studies on acquisition decision-making have identified a number of impediments to process, they lack a rich and theoretically grounded description of how to systematically mitigate those obstacles. Our research setting is four firms from the German industry sector. Using a multi-case inductive study, we analyze how serial strategic acquirers—all equipped with a dedicated M&A function—have designed their M&A decision-making process. We find that firms rely on group decision-making mechanisms, following three procedural strategies and one governance strategy.

Suggested Citation

  • Michael Weber & Dodo zu Knyphausen-Aufseß & Lars Schweizer, 2019. "Improving the M&A Decision-Making Process: Learning from Serial Acquirers," Schmalenbach Business Review, Springer;Schmalenbach-Gesellschaft, vol. 71(3), pages 295-342, August.
    • Handle: RePEc:spr:schmbr:v:71:y:2019:i:3:d:10.1007_s41464-019-00077-8
    DOI: 10.1007/s41464-019-00077-8
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    References listed on IDEAS

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    Cited by:

    1. Xiaoxu Zhang & Yu Song & Hongyu Liu, 2023. "Too Much of a Good Thing? The Impact of Serial M&A on Innovation Performance," Sustainability, MDPI, vol. 15(12), pages 1-23, June.

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