IDEAS home Printed from
   My bibliography  Save this paper

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


  • 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)


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.

Suggested Citation

  • Aguilera, Ruth V. & Dencker, John C. & Escandell, Xavier, 2005. "Left at the Altar? A Relational View of Merger and Acquisition Announcements in the 1990s," Working Papers 05-0111, University of Illinois at Urbana-Champaign, College of Business.
  • Handle: RePEc:ecl:illbus:05-0111

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    References listed on IDEAS

    1. Ortega, P, et al, 1991. "A New Functional Form for Estimating Lorenz Curves," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 37(4), pages 447-452, December.
    2. Hammer, Michael & Champy, James, 1993. "Reengineering the corporation: A manifesto for business revolution," Business Horizons, Elsevier, vol. 36(5), pages 90-91.
    3. Gupta, Yash P. & Goyal, Sameer, 1989. "Flexibility of manufacturing systems: Concepts and measurements," European Journal of Operational Research, Elsevier, vol. 43(2), pages 119-135, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances; Revolutions
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecl:illbus:05-0111. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.