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Do synergies exist in related acquisitions? A meta-analysis of acquisition studies

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  • Fabian Homberg

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  • Katja Rost

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  • Margit Osterloh

    ()

Abstract

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Suggested Citation

  • Fabian Homberg & Katja Rost & Margit Osterloh, 2009. "Do synergies exist in related acquisitions? A meta-analysis of acquisition studies," Review of Managerial Science, Springer, vol. 3(2), pages 75-116, July.
  • Handle: RePEc:spr:rvmgts:v:3:y:2009:i:2:p:75-116 DOI: 10.1007/s11846-009-0026-5
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    References listed on IDEAS

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    1. Ulrike Malmendier & Geoffrey Tate, 2005. "Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited," European Financial Management, European Financial Management Association, vol. 11(5), pages 649-659.
    2. Gugler, Klaus & Mueller, Dennis C. & Yurtoglu, B. Burcin & Zulehner, Christine, 2003. "The effects of mergers: an international comparison," International Journal of Industrial Organization, Elsevier, vol. 21(5), pages 625-653, May.
    3. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1990. " Do Managerial Objectives Drive Bad Acquisitions?," Journal of Finance, American Finance Association, vol. 45(1), pages 31-48, March.
    4. Cassiman, Bruno & Colombo, Massimo & Garrone, Paola & Veugelers, Reinhilde, 2003. "Impact of M&A on the R&D process. An empirical analysis of the role of technological and market relatedness, The," IESE Research Papers D/500, IESE Business School.
    5. Eric Lindenberg & Michael P. Ross, 1999. "To Purchase Or To Pool: Does It Matter?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 12(2), pages 32-47.
    6. Jensen, Michael C. & Ruback, Richard S., 1983. "The market for corporate control : The scientific evidence," Journal of Financial Economics, Elsevier, vol. 11(1-4), pages 5-50, April.
    7. Lucian Bebchuk & Oliver Hart, 2001. "Takeover bids vs. Proxy Fights in Contests for Corporate Control," NBER Working Papers 8633, National Bureau of Economic Research, Inc.
    8. Roll, Richard, 1986. "The Hubris Hypothesis of Corporate Takeovers," The Journal of Business, University of Chicago Press, vol. 59(2), pages 197-216, April.
    9. Bruce Kogut & Harbir Singh, 1988. "The Effect of National Culture on the Choice of Entry Mode," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(3), pages 411-432, September.
    10. Piero Morosini & Scott Shane & Harbir Singh, 1998. "National Cultural Distance and Cross-Border Acquisition Performance," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 29(1), pages 137-158, March.
    11. Cloodt, Myriam & Hagedoorn, John & Van Kranenburg, Hans, 2006. "Mergers and acquisitions: Their effect on the innovative performance of companies in high-tech industries," Research Policy, Elsevier, vol. 35(5), pages 642-654, June.
    12. Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
    13. Pennings, J.M. & Barkema, H.G. & Douma, S.W., 1994. "Organizational learning and diversification," Other publications TiSEM 2cabb122-340f-4729-afb3-9, Tilburg University, School of Economics and Management.
    14. John A. Doukas & Dimitris Petmezas, 2007. "Acquisitions, Overconfident Managers and Self-attribution Bias," European Financial Management, European Financial Management Association, vol. 13(3), pages 531-577.
    15. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 13-39, March.
    16. Slangen, Arjen H.L., 2006. "National cultural distance and initial foreign acquisition performance: The moderating effect of integration," Journal of World Business, Elsevier, vol. 41(2), pages 161-170, June.
    17. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages 251-278, October.
    18. Ravenscraft, David J. & Scherer, F. M., 1989. "The profitability of mergers," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 101-116, March.
    19. Scanlon, Kevin P & Trifts, Jack W & Pettway, Richard H, 1989. "Impacts of Relative Size and Industrial Relatedness on Returns to Shareholders of Acquiring Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(2), pages 103-112, Summer.
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    Citations

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    Cited by:

    1. Nils Ellwanger & Ron Boschma, 2013. "Who acquires whom? The role of geographical proximity and industrial relatedness in Dutch domestic M&As between 2002 and 2008," Papers in Evolutionary Economic Geography (PEEG) 1319, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Oct 2013.
    2. Feiqiong Chen & Yao Chen & Fangfang Zhong, 0. "Integration decision-making in technology-sourcing cross-border M&As: a mathematical model," Computational and Mathematical Organization Theory, Springer, vol. 0, pages 1-22.
    3. John S. Marsh & William J. Wales & Fariss-Terry Mousa & Rachel Graefe-Anderson, 2016. "Countermove: how CEOs respond to post-acquisition compensation adjustments," Review of Managerial Science, Springer, pages 711-755.
    4. Ron Boschma & Emanuela Marrocu & Raffaele Paci, 2016. "Symmetric and asymmetric effects of proximities. The case of M&A deals in Italy," Journal of Economic Geography, Oxford University Press, vol. 16(2), pages 505-535.
    5. repec:spr:manint:v:54:y:2014:i:4:d:10.1007_s11575-014-0212-9 is not listed on IDEAS
    6. A. N. Bany-Ariffin & Mohamad Hisham & Carl B. McGowan, 2016. "Macroeconomic factors and firm’s cross-border merger and acquisitions," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 40(2), pages 277-298, April.
    7. Simshauser, Paul & Tian, Yuan & Whish-Wilson, Patrick, 2015. "Vertical integration in energy-only electricity markets," Economic Analysis and Policy, Elsevier, vol. 48(C), pages 35-56.
    8. John Hagedoorn & Myriam Cloodt, 2012. "Mergers and Acquisitions and Firm Performance," Chapters,in: Handbook on the Economics and Theory of the Firm, chapter 28 Edward Elgar Publishing.
    9. repec:spr:comaot:v:23:y:2017:i:4:d:10.1007_s10588-016-9241-1 is not listed on IDEAS

    More about this item

    Keywords

    Mergers and acquisitions; Meta-analysis; Business relatedness; Size relatedness; Technological relatedness; Cultural relatedness; Synergies; G34; M19;

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other

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