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Left at the Altar? A Relational View of Merger and Acquisition Announcements in the 1990s

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  • Aguilera, Ruth V.

    (U of Illinois at Urbana-Champaign)

  • Dencker, John C.

    (U of Illinois at Urbana-Champaign)

  • Escandell, Xavier

    (U of Illinois at Urbana-Champaign)

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    Abstract

    In this paper, we analyze data on the world's largest merger and acquisition (M&A) announcements in the 1990s to explore the relational factors that determine their completion or withdrawal. Existing research on this little understood phenomenon in the M&A process typically focuses on the characteristics and actions of acquirer firms to understand financial and strategic M&A elements. We offer a new perspective by focusing on the dyadic relationship between acquirer and target firms. Controlling for strategic and financial factors, we find that the completion of an announced M&A is more likely to the extent that the relational capabilities stemming from country-level, industry-level and organizational-level factors generate a cooperative and trustworthy relationship. We conclude by discussing theoretical and managerial implications of our multi-level relational model.

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    Bibliographic Info

    Paper provided by University of Illinois at Urbana-Champaign, College of Business in its series Working Papers with number 05-0111.

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    Date of creation: 2005
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    Handle: RePEc:ecl:illbus:05-0111

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    Web page: http://www.business.uiuc.edu/Working_Papers/Main.asp
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