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Mergers & acquisitions process research
- A review
Michael Grant, Lars Frimanson & Fredrik Nilsson
Department of Business Studies, Uppsala University
ABSTRACT
The purpose of this paper is to provide an update and review of M&A process research
following Haspeslagh and Jemison (1991). The review follows a methodical approach using
selected elements from the systematic review methodology of evidence-informed
management knowledge. The reviewed papers are separated into M&A process categories in
order to identify and examine theoretical perspectives, research questions, research designs,
empirical research contexts, data and methods, perspectives of analysis, and main findings.
The review also reveals and adds new ways of how to view and describe M&A processes, and
proposes directions for future research. 21 years after Hasepslagh and Jemison (1991)
developed the process perspective in M&A research, this review brings together papers from
top-rated academic journals within nearly all fields of business and management research.
Thus providing an assessment of “state-of-the art” M&A process research.
1. Introduction
Process is an important aspect of research on mergers and acquisitions (M&A). Process
reminds us of the complex set of steps organizations and their members go through resulting
in both intended and unintended acquisition outcomes. Jemison and Sitkin (1986) introduced
process as a perspective in M&A research to provide an alternative to the rational choice
perspective. Subsequently, calls for process research were made, particularly for qualitative
process research (Cartwright and Schoenberg 2006; Haspeslagh and Jemison 1991; Risberg
2006; Meglio and Risberg 2010) and a growing body of literature on M&A processes has
emerged in recent decades. This research has employed a variety of theoretical perspectives to
address an increasing range of complex M&A process issues. In the past decade, this research
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has developed theoretically, and many M&A process papers now make it to top-rated
academic journals. Yet, no systematic knowledge exists on what is known about M&A
processes. This paper represents an attempt in that direction by providing a systematic review
on the topic.
M&A processes are highly complex. There are several motives and they differ for different
stakeholders in any particular M&A process. The same holds for sub-processes, such as the
idea process, the justification process, the integration process, and the outcome (Haspeslagh
and Jemison 1991). When there are many motives, so too are the explanations and they are
often contradictory in space and over time, simply because each observed M&A process
brings an unique cultural, organizational, and social dimension (Meglio and Risberg 2010).
Examining causes and consequences of M&A is the domain of cross-sectional research. But
rather than examining causes and consequences, process research relies on longitudinal
designs and qualitative field data to understand what is going on in M&A processes, how
processes are linked to each other, and how people experience them.
This paper reviews the substantive contributions of 55 empirical M&A process research
papers published in 4* and 4 ranked journals in the Associations of Business Schools’ list
between 2001 and 2010. The contributions are reflected upon and new and interesting
avenues for further M&A process research are discussed. The reviewed papers are separated
into M&A process categories to identify and examine streams of theoretical perspectives,
research questions, research designs, empirical research contexts, data and methods,
perspectives of analysis, and main findings.
The remainder of this paper is structured as follows. First we present our methodology
thereafter we characterize the research following the M&A processes and finally we present
some tentative conclusions.
2. Methodology
The review follows a methodical approach using selected elements from the systematic
review methodology of evidence-informed management knowledge (Tranfield et al. 2003).
This includes a documented, replicable and transparent process for planning, conducting and
reporting.
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The M&A phenomenon is the focal point of the study. While it entails many facets, such as
strategic and organizational changes, it has been used when studying corporate
diversification, resource dependence theory, human resource management, executive
compensation, learning and social and cultural integration (Armenakis and Bedekian 1999;
Barkema and Schijven 2008; Gomez-Mejia and Wiseman 1997; Hillman et al 2009; Hitt et al
2006; Ramanujam and Varadarajan 1989; Stahl and Mendenhall 2005). This means that the
review contains many different phenomenon and fields applied to M&A. Therefore it cannot
give evidence of the status of processes pertaining to constructs and theories related to other
fields.
2.1 Planning the study
After framing the research question the key concepts of merger and acquisition were defined.
Thereafter sources to search from were selected. There is a variety of sources available
including articles, books, conference papers and dissertations (c.f. Tranfield et al. 2003). Our
criteria were to get the latest up to date knowledge which has been tested with academic rigor.
Also, we wanted to get a broad overview of M&A research covering as many fields as
possible within business and management studies. These considerations led us to selecting
journals from the 2010 list published by ABS (Association of Business Schools). This guide
is designed to primarily serve the needs of business and management research and covers 22
subject fields. Apart from management it includes fields such as accounting, business history,
economics, organization studies and psychology. The ranking of the journals within the list is
based on peer review, statistical information relating to citation and editorial judgments. All
journals marked with the two highest categories 4* and 4 were selected. This resulted in a
total of 94 journals (see Annex 1) covering 20 of the subject fields. The two fields not being
covered, Business ethics and governance and Management development and education,
lacked journals ranked 4* or 4. Extending the search to also include journals rated 3 would
add another 230 journals. This was deemed practically not feasible given the time allocated to
the study.
The last ten years, 2001-2010, was chosen as a reasonable time frame, since we wanted to
cover the current state of M&A research. Also, other scholars have indicated that process
studies are more likely to have been done during later years (e.g. Cartwright and Schoenberg,
2006; Haleblian et al. 2009; Meglio and Risberg 2010).
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2.2 Conducting the review
Within the selected journals, we did an abstract search on the keywords Merger, merge*,
acquisition, divestment, divest*, takeover, buyout, spin-off, IPO and private equity. This also
included the plural form. For all of the articles, the title and abstract was read in order to
identify if the article could be classified as a M&A study. If the abstract did not give clear
guidance the article would be read partly or entirely. For each journal, the date of the search,
the database used, and the number of hits and M&A articles per keyword were recorded in a
table. The references for all M&A articles were saved in EndNote X3. For each journal we
collected and saved in a binder, the table, the reference list in EndNote, and the articles in full.
In total 591 articles were defined as being M&A articles (see Annex 1).
As a second step the sections describing the method and data were read to determine whether
the study was a process study. If the result was not clear the study was discussed with the
other authors and a joint decision was formed whether the study was deemed to be a process
study or not. A general principle was to include studies which were ambiguous as to whether
they could be seen as process studies.
As a third step the articles were read and a 1-2 page document was written on each paper
including elements such as authors, title, journal, abstract, positioning of the research
question, context, research process and analysis, data, contributions, and our own comments.
This enabled us to get an overview of all articles. When doing our analysis we used these
together with the articles. In our results we present for each article, in table 1, the following:
researched process following our process categories; author(s) and title; theoretical
perspective; research question; research design; M&A context describing type of transaction
as stated in the article; data and method; perspective of analysis describing which party(-ies)
perspective(-s) are used in the analysis of the M&A transaction; and main findings.
2.3 Constructs
There are different ways of defining a merger or an acquisition. Webster´s New Twentieth
Century Dictionary defines “merger” as the combination of several companies, corporations
etc. in one. An “acquisition” on the other hand is simply a purchase. Another term often used
is M&A, mergers and acquisitions. Generally these terms are used interchangeably, as in this
paper.
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The other side of an acquisition is the divestment process which, obviously, has a strong
influence on the acquisition process in the acquiring company. Studies of divestments are also
included in this review while they show the “other side” of the acquisition i.e. the company
being acquired with its processes. This also includes divestments by ways of public offerings,
spin-offs, management buy-outs or sales to private equity companies. These types of
divestments have similarities with a sale to one buyer even though the process doesn’t lead to
the integration of the acquired company with the buyer. As an example the divested company
might change its organizational identity, similar to what can occur when an industrial
company acquires a business. An industrial company can also limit the extent to which the
acquired company is integrated. In the pre-merger phase the process of the sale via a public
offering or a sale to a private equity buyer can be the same as for a sale to a company
integrating the acquired business. As an example a company can pursue a dual-track process
in which the divested company either will be sold via a public offering or directly to an
industrial or private equity company. In this case the pre-merger process is the same either the
buyer will integrate the business or not.
There are also other forms of strategic change in organizations which include transfer or
sharing of assets or knowledge to other organizations like alliances including joint ventures.
Parts of these transactions can be similar to M&A processes, as an example setting up a joint
venture can have similarities with a merger process. However, in their main part these
processes are different from M&A processes, while they are cooperative and designed to
allow partners to share risk and resources, gain knowledge, and obtain access to markets (Hitt
et al., 2000).
2.4 Reporting the review
In this section of the paper we present how the papers are characterized. When reporting the
study we use Van de Ven’s (1992) description of process as a sequence of events or activities
describing how things change over time.
The papers are characterized based on the M&A process model as described by Haspeslagh
and Jemison (1991). This model is based on extensive empirical research of acquisitions and
is a development of the acquisition model presented by Jemison and Sitkin (1986) in their
groundbreaking article “Corporate acquisitions: a process perspective” which introduced the
process perspective into M&A research (Risberg, 2006). It also adheres to a common way of
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describing M&A processes based on activities and processes taking place during different
phases of an acquisition (e.g. Bruner 2004; Pablo and Javidan 2004; Sudarsanam 2003).
Figure 1. M&A process, Haspeslagh and Jemison (1991)
The idea phase deals with the source of ideas for acquisition targets or divestments.
“Acquisition justification” is the process in which what they name the “theory” of the
acquisition is developed. They describe six important dimensions or criteria for assessing the
quality of the acquisition justification including strategic and organizational fit, how thorough
this analysis is done and how widely shared the conclusions are in the organization.
Furthermore they mention the timing of the integration of the target into the acquirer and the
maximum price the acquirer is willing to pay. Haspeslagh and Jemison base their analysis on
a capability based view of value creation. The underlying assumption is that it is not possible
for firms to achieve a distinct competence, something which they can do better than other
firms that will give them a unique and lasting competitive advantage. They rather see the
firm’s competitive position or advantage as a result of the firm’s application of a wide range
of capabilities, which can be defined as those central to competitive advantage. Based on this
view they further discuss and analyze acquisition integration and problems during the
implementation process.
The acquisition integration process by Haspeslagh and Jemison was further developed by
Birkinshaw et al. (2000). Based on their empiricial findings from acquisition integration they
added organizational behavioral research and developed the integration process into a task
and a human integration process. The former consisting of identification and realization of
operational synergies, and the latter focused on the creation of positive attitudes towards the
integration among employees on both sides.
Like in the study by Birkinshaw et al. (2000) we found several other examples of studies
covering both task and human integration processes. We therefore chose task and human
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integration process as one category. Studies exclusively focused on human integration
processes formed their own category.
Idea and acquisition justification was grouped into one category while studies focusing on
only the idea or acquisition justification process were few, together only 9 studies out of 55
were found in the idea and justification processes. Also some of these studies included both
the idea and acquisition justification processes. The group process outcome includes process-
studies with a primary interest in outcome of acquisitions.
To sum up we chose to categorize the papers in four groups: idea and acquisition justification;
task and human integration; human integration; and process outcome. Each of these groups,
except for process outcome, can be viewed as a process in itself or a selection of processes
taking place under the group itself, while in essence all processes take place at a micro level.
Process outcome is the outcome of the whole acquisition process.
Some of the studies could be placed into more than one of the categories however we have
selected to place each study only in the group in which its main emphasis lies.
3. Results
3.1 Idea and acquisition justification process
Few studies cover this process which is notable since many elements like strategy, motives
and price to a large extent are determined in this process. In spite of this these studies
contribute with alternative perspectives on how to interrogate the M&A phenomenon;
institutional changes and logics as antecedents and motives; how several factor together
contribute to acquisitions and divestments; and how trust, balance of power and key values
can influence the negotiation process.
The studies highlight important alternative perspectives in researching the phenomenon.
Meyer (2006) gives emphasis to changing the perspective of acquisitions from being
portrayed as a single phenomenon to acquisitions and divestments as means of achieving
strategic change by following two Danish companies’ internationalization and focus of their
business over a 25 year period. Graebner and Eisenhardt (2004) add the importance of the
seller in the process and present an alternative framework of acquisitions as courtship in
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contrast to takeover and agency perspectives. They demonstrate that the leaders of selling
firms pay limited time to short-term personal benefits but rather seek buyers that offer long-
term resource combination potential and “fit” between the leaders, and the sellers culture and
employees. Also they show that investors and the board joined managers in this view in
valuing combination potential and “fit”.
The studies show how the change in institutional logic and other changes in the external
environment impact the process. Thornton (2001) describes how a change in institutional
logic in the market for education and higher publishing increased the risk of being acquired.
While Kitchener (2002) explores how the institutional logic in health care changed from
professionalism to a managerial logic. This paved way for uncritical adoption of a “merger is
effective” myth and a dysfunctional merger of Academic Health Centers. The author argues
that the merger was an example of managerial agency using M&A as an option managers can
select from a menu of legitimized options. Wood (2001) also give an example of how the
external environment impact M&A by showing how a company adopted to regulation by
restructuring the company in the premerger phase. Savage (2004) add the local union as a
stakeholder, examining how it used media and cooperation with other stakeholders to
influence the outcome for employees and public health care in a merger between a private and
public hospital.
The papers also contribute to other knowledge on acquisition antecedents and motives by
adding and giving examples of how several factors together contribute to acquisitions and
divestments. Examples of these are changes in top management team, personal motivation
including life changes such as marriage and a less stressful work situation, and attraction of
buyers (Graebner and Eisenhardt 2004; Kitchener 2002; Meyer 2006).
Some studies focus on parts of the negotiation process. Morris (2001) adds, to existing union
literature, the importance of balance of power, and balancing of key values in explaining why
a merger between three traditionally rival unions succeeded. Graebner (2009) shows how trust
asymmetries between sellers and buyers develop and impact the process, while Brauer (2009)
investigates which factors influence corporate and divisional manager involvement in
divestments.
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3.2 Task and human integration process
Papers related to this process include the study of knowledge transfer, leadership and change
and the role of acquired leaders and other participants.
Studies of knowledge transfer demonstrate different processes for different type of
knowledge, each with its own facilitators and temporal characteristics.
The research on leadership and change point at several difficulties involved when trying to
change and integrate organizations. Several of the studies follow the process over a long time
period, up to 6 years, revealing a long time required for change processes with impediments
arising during the journey. This research also highlights the multiplication of difficulties when
the change process involves pluralistic organizations, like health care and universities, with
diffuse power and divergent objectives.
Closely related to leadership is the question of how to allocate positions and functions in the
combined company. Applying an organizational justice perspective in practice reveal the
difficulties when trying to balance the fostering of relationship with economic productivity
This study of the integration process also show how acquired leaders can contribute to create
value and what role the HR function or the integration team can play. Other contributions are
how the external environment influence the integration process and the role of confidentiality
agreements and its effect on employees and the organization.
The perspective of stakeholders outside the companies involved are rarely studied. The paper
by Spedale et al. (2007) is therefore of special interest since it brings to the afore how the
relations with customers and suppliers of the acquired company is effected in the integration.
Bresman et al. (1999)1 show in their study of knowledge transfer in international acquisitions
how different forms of knowledge transfer were related to the different processes and had
different temporal characteristic. Transfer of technical know-how was facilitated by
communication, visits and meetings and time elapsed since acquisition; transfer of patents and
management systems was facilitated by articability of knowledge, size of acquired unit and
recency of acquisition. They also showed that early, 2-3 years from time of the acquisition,
1 This study was republished 2010 in Journal of International Business as the 2009 decade award winning article
and is part of our sample.
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transfers were from the acquirer to the target while later, after 3-6 years, was reciprocal. Ranft
and Lord (2001) also explore how firms gain new technologies and capabilities in acquisitions
making a somewhat similar distinction as Bresman et al (1999) between the tacitness and
social complexity of the knowledge. They identify the balance between the speed of transfer
and knowledge preservation; communication and retention of key employees as important
factors for transferring knowledge.
Two examples of studies of knowledge transfer in other industries are given by Schweizer and
Empson. Schweizer (2005) investigates how the acquisition of a biotech company should be
integrated into a pharmaceutical company. His findings suggest using different approaches
across different functions and value chain components based on a distinction between
different short- and long-term motives. Empson (2001) investigates knowledge transfer in
mergers between professional service organizations and explores reasons behind individual
resistance to knowledge transfer. She finds perceived differences in the knowledge base (tacit
or codified) of the firms and the quality of the merging parties’ external image as reasons
behind individual resistance.
Denis and Langley (2001) highlight, in their study of merger between hospitals, how the
special character of the pluralistic organization impact integration and strategic change. They
saw that change tended to advance cyclically and was dependent on the “coupling” between a
collective leadership group with the organization and its environment. Another leadership
study is Yu et al (2005) which in an ethnographic study, investigate what topics senior
management attend to during the integration process of several acquisitions by a medical
group. They found that most time was spent on operationalization of administrative functions,
i.e. structures and systems and it took five years until the objective with the merger, patient
care, was focused on. They portrayed the integration process as an ongoing journey including
vicious circles and even after eight years the organizations still had separate cultures
(acculturation process of adaptation not seen).
In a longitudinal study over 6 years, of mergers between Australian Universities and colleges,
Kavangh and Ashkanasy (2006) examine how leadership and change management approach
affect individual acceptance of change in organizational culture. The results suggest that the
direction in which the organizational culture moved in terms of constraint or autonomy for the
individual and the pace of change affect if individuals will accept or reject change and how
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they will perceive leadership. Other important elements for the perception of leadership were
communication and a transparent change process. Fulop et al. (2005) explore the merger of
public health care organizations. They highlight how multiple stated and unstated motives
were based on simplistic assumptions about organizational change processes and demonstrate
how perceived differences in organizational culture and “takeover” perceptions formed
impediments to realization of motives. Apart from cost savings and service development they
found multiple motives normally not included in mergers between private companies like
local and national politics, community motives, addressing managerial deficits, improving
conditions and career prospects for staff and address recruitment and retention problems
Meyer (Meyer 2001; Meyer and Altenborg 2007) use an organizational justice perspective to
explore the tradeoffs in mergers between different approaches to allocate positions and
functions. These underscore the difficulties when trying to encourage relationship and
economic productivity at the same time. They also give an example, from a failed
international merger, of the difficulties in operationalizing the approaches. They argue that in
this case the equality principle did not lead to social integration. This together with a large top
management team with equal numbers from each company and structural restrictions in the
shareholders agreement attributed to the break-up of the merger.
In another paper by Meyer and Altenborg (2008), analyzing the same case, the authors argue
that the merger parties had complementary resources, strategic fit, but different views existed
between the parties on how these resources should be deployed. The incompatible strategies
were not resolved due to the equality in national governance structures and thereby
contributed to the failure of the merger.
Graebner (2004) demonstrate, in her study of acquired technology firms, the importance and
role of acquired leaders in integration of the acquired firm. The acquired leaders contributed
to unlocking expected value through speeding up interaction with the buyer and mitigating
employee concerns. These leaders were given cross-organizational responsibilities, which
enabled them to identify and realize opportunities for unexpected resources configuration
(serendipitous value).
Marks and Vansteenkiste (2008) describe the role of and actions an HR function can
undertake to support a business and its employees in a company being sold to two competitors
and partly being dismantled. Boselie and Koene (2010) follow a company during a two year
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period, when negotiating a private equity buyout. They describe how HR initially was
decoupled from the buy-out process by top management impeding HR initiatives, but later on
as the transaction grow more hostile played a role in supporting the management.
Llewellyn (2007), using an agent perspective, argue that a merger integration team of ten
agents were instrumental in the first 18 months of the integration. She also discusses and tests
conceptual agent views from Archer and Giddens.
Mtar (2010) uses three comparative case studies to examine how the institutional effect
influence the integration of management systems in French acquisitions in UK. The findings
reveal that the institutional effect varies dependent on market structure and power dependency
factors.
Harwood (2006) explores the impact of confidentiality agreements in integration of
acquisitions. The findings demonstrate that the agreements at the company level enabled
“space” to discuss and do some change without fear of disrupting ongoing business. At the
individual level the effects were information and prestige power, protectionism and a low
level of inter-team trust. Different information transfers, in spite of the agreements, were also
identified.
The paper by Spedale et al. (2007) belong to one of the few studying other stakeholders than
the companies and owners involved. They explore how relations with customers and suppliers
of the acquired company is effected and factors influencing this. They identify
communication, idiosyncratic investments, interpersonal relations and personnel turnover as
critical managerial decision areas affecting the relations. Also they mention the balance of
power and sensemaking processes between the acquired company and its suppliers and
customers as being important.
3.3 Human integration process
Research related to this process includes employee reactions, organizational identity change,
and a discursive perspective giving attention to how language constructs phenomena.
How employees react to acquisitions have been studied earlier. Four of our studies include
additional contributions to this area. These include findings of positive target employee
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reactions, the highlighting of managers negative emotions, and activities managers of the
acquirer and target can use to reduce negative employee effects.
One central element in integration of organizations is identity change. A group of studies
explore various perspectives of this. Included in these are how national identity can be used
by employees to create “we” and “them” and gain power; how organizational identities differ
along hierarchical levels; and how employees can shift focus from organizational to
professional identities in change processes. Other papers develop models for the process of
organizational identity change including elements like “sense of continuity” and what leaders
can do to facilitate identity change. Another paper demonstrate the linkage between
institutional trust and an organization’s identity.
A discursive perspective has been used to reveal how media legitimate and create winners and
losers in mergers. It has also uncovered how discourses can be used by employees for framing
success or failure, justify their own actions and gain power.
In a merger between two public service organizations Dackert et al. (2003) examine how
employees perceived their own, the other and the expected merged organization before the
merger. They show that prior to the merger employees in both organizations expected one of
them to be dominant after the merger. Members in the non-dominant group felt threatened by
the merger and therefore stressed their own distinctiveness.
Ford and Harding (2003) present their analysis of managers emotions in a merger in the form
of the play Dr Faustus by Christopher Marlowe. This suggest that managers felt as if they had
sold their souls in the merger. Several examples of situations in which the managers
experienced negative emotions are also presented.
Brannen and Peterson (2009) describe how individuals are impacted in a cross-border
acquisition between a Japanese and a US company. They describe activities used to reduce
alienation but also found pockets of alienation in the acquired company.
In another paper on cross-border acquisitions Teerikangas (2010) found that in six out of eight
acquisitions studied employee reactions in the pre-merger phase were positive. The reason
was that these acquisitions were perceived as opportunities to target firms and had the target
management involved. She proposes a model for employee reactions in the target company
including target and acquirer factors, and target managerial involvement.
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Ailon-Souday and Kunda (2003) describe in their paper how national identity, in a cross-
border acquisition, was constructed and used by employees to create a “we” and “them” in
their struggles for local separateness and global status. In a Swedish Finnish cross-border
merger Vaara et al. (2003) examine, in a metaphor exercise, social identity building of “we”
and “them” and reveal cognitive, emotional and power aspects.
Corley (2004) identifies different organizational identities along hierarchical lines. Examples
of differences between hierarchies were whether the identities were based in the organizations
strategy or culture and consequently if change in identities were based in language or
meaning.
An example of how employees can shift their identity is given by van Vuuren et al. (2010). In
their study of a merger between two Universities they describe how employees shifted their
focus from being a member in an organization towards an identity of profession.
Ullrich et al. (2005) argue in their study of a merger between two German organizations the
importance of “sense of continuity” for employee identification with the merged organization.
Similar to this Clark (2010) describe how a transitional identity can facilitate organizational
identity change in his study of a merger between two healthcare organizations.
In a global accounting firm´s acquisition of a UK firm Empson (2004) explores the process of
organizational identity change with linkage to professional identity. She proposes a
framework for the process including how organizational members identify with their
organization and techniques which can be deployed by management to facilitate this. Another
model for organizational identity change is proposed by Corley and Gioia (2004). Their
model include triggers of identity ambiguities, employee reactions and leaders responses.
Brown and Humphreys (2006) reveal how different groups used "place" as a discursive
resource in creating and defending their version of group and organizational identity. The
paper by Maguire and Phillips (2008) focus on organizational identity and institutional trust.
They describe how institutional trust is initially reduced by the ambiguity of the new
organization’s identity. For a group of employees the lack of institutional trust continued
since they did not identify with the new organization.
Two of the studies using a discursive perspective examine how issues respectively
legitimation of mergers are constructed and reconstructed in the media. Hellgren et al. (2002)
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shows that media constructed “winners” and “losers” around issues of ownership,
management positions, locations and staff reductions, while Vaara et al (2006) explore
legitimation strategies. The studies identifies discursive strategies such as factualization,
rationalization, emotionalization and moralization.
In a narrative analysis of a hostile takeover Ng and De Cock (2002) reveal how a chairman of
the target used storytelling to carve out a powerful position.
In a multiple case study of mergers between Swedish and Finnish companies Vaara (2002)
examine how discourses are used in the construction of success and failures by employees. He
demonstrates four discursive strategies (rationalistic, cultural, role-bound and individualistic)
used by employees for (re)framing success or failure and also justifying their own actions and
(re)construction of responsibility.
By studying sensemaking of issues in a Finnish company’s acquisition of three Swedish
companies Vaara (2003) reveal “irrational features” impeding the integration process. The
features he uncovers are inherent ambiguities, cultural confusion in social interaction and
communication, organizational hypocrisy and politicization.
Riad (2005) argues that “organizational culture” has become a “truth” in merger integration.
She illustrates this by using a merger in the public sector in New Zeeland.
In a cross-border merger Vaara (2005) analyze the power effects of the choice of language
policy. The result demonstrates how language skills affected individual’s power, association
of professional skills and social networks. It also illustrates reification of post-colonial
structures of domination, increased national identification, and construction of superiority and
inferiority.
In a later study Vaara and Monin (2010) explore legitimation processes in a merger that was
subsequently broken up. The findings disclose how legitimation and delegitimation are
recursively linked to organizational actions and the material realm of resources and
capabilities.
3.4 Process outcome studies
Research focusing on the outcome of the M&A process includes union merger literature and
historical research and one paper trying to embrace how the complex weave of politics,
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regulation, and sociocultural aspects together with a retaliating competitor influenced a
transnational acquisition.
Wallis and Winterton (2001) explore why there were different outcomes for industrial
relations at collieries following the sale, privatization, of British Coal. They argue that the
variations are explained by competing unions and whether the UK government in the sale of
the collieries required management to keep previous agreements.
Keller (2005) studies consequences of a merger between five unions in Germany. His findings
of the outcome are ambiguous with respect to realization of synergies and positive
membership development and service. He further argues that competition between unions will
intensify. One interpretation he suggests is that the merger was driven by a “merger wave”
and not based on an analysis about the future.
Kim (2006) describes how a US based transnational corporation entered the South Korean
market by acquiring a local company, and how a domestic based competitor retaliated. The
outcome was that the acquired company lost market share in their domestic market to its
competitor but increased in other parts of Asia. The study reveals a complex weave of global
and local politics, regulation, and sociocultural contexts which affect the strategies of TNCs.
It also illustrates how a competitor influenced and used farmers, politicians, the general public
and government to strengthen its position in the market.
Cheffins (2004) explains how mergers influence the national corporate governance system.
He uses the US merger wave during 1897-1903 as a parallel to Britain in late 1950´s to early
1970´s to argue that mergers and anti-competitive regulation were important determinants for
the separation of ownership and control in Britain. He also describes how efficiency of
corporate size, managerial skills, company law, anti-competitive regulation and robust
demand for shares can influence mergers.
Higgins and Toms (2006) introduce a conceptual model with the market for corporate control
and the integration strategy of the acquirer as variable factors. They apply this to the British
textiles industry during c.1950-c.1990. Their findings suggest that a decentralized market-led
strategy with secured financial resources was more successful than a centralized strategy.
They argue that when the market for corporate control was passive a centralized strategy led
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to acquisition gains consumed by managerial rents while a decentralized strategy led to gains
accrued to market-making individuals.
In a longitudinal historical analysis, from after the first world until 1990, Jones and Miskell
(2007) examine the role of acquisitions on the growth of Unilever’s ice-cream and tea
businesses. The findings indicate that over the long-term complementary acquisitions added
value. Development of local research and market competence and a successful integration
based on agreed acquisitions and slow pace contributed to this.
4. Tentative discussion, conclusion, and suggestions for further research
Haspeslagh and Jemison (1991) contributed to a better understanding of the acquisition
process by developing and describing the processes of idea, justification, and integration, and
how these processes affect the outcome. At that time the process perspective was a new way
of examining the M&A phenomenon and gain a better understanding of what makes
acquisitions succeed or fail. Our systematic review across the fields of business and
management research maps the development and current knowledge of M&A process-
research. It also reveals and adds new ways of how to view and describe M&A processes.
Haspeslagh and Jemison (1991) mention the perspective of viewing a series of acquisitions as
a means to an end of corporate renewal but do not develop it further. Our review gives
reasons to expand this perspective. Research applying a temporal perspective, of 10 to 20
years and beyond, shifts the view from M&A as a single activity to a process of corporate
development including several acquisitions and divestments (cf Jones and Miskell 2007;
Higgins and Toms 2006; Meyer 2006). This could also mean assessing the outcome for a
process consisting of several acquisitions and divestments instead of that for a single
transaction.
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Fig 1. M&A process studies, with circles representing the number of studies in each category
The idea and justification process includes notably few studies, only 9 out of 55 papers, see
figure 1. Some of these reveal the importance of including also the seller in this process. In
Haspeslagh and Jemison (1991) both organizations are visibly present in the integration
process but in the idea and justification process only the acquirer is present. Graebener and
Eisenhardt (2004) show the importance of including the seller, emphasizing the social side of
this process. They reframe acquisition as courtship and corporate governance as a syndicate in
contrast to takeover and agency perspectives.
Most of the research have been conducted on the integration process. Based on the study of
knowledge transfer Bresman et al. (1999) developed the integration process into a task and a
human process (Bresman et al. 2000). This and other research have demonstrated different
processes and facilitators dependent on the tacitness and social complexity of the knowledge
(Ranft and Lord 2001). Research of the integration process has also unveiled reasons behind
individual resistance to knowledge transfer in mergers between professional service
organizations, an industry not part of the studies of Haspeslagh and Jemison (1991). Another
perspective raised in this process is how leaders achieve change. The research on leadership
and change point at several difficulties involved when trying to change and integrate
organizations. Several of the studies follow the process over a long time period, up to six
years, revealing a long time required for change processes with impediments arising during
the journey. This research also highlights the multiplication of difficulties when the change
process involves pluralistic organizations, like health care and universities, with diffuse power
and divergent objectives.
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Schweizer (2005) stress the need to move beyond the general integration framework
suggested by Haspeslagh and Jemison (1991) considering the specific motives, type of
knowledge, organizational cultures, and temporal aspects. He suggests, for integration
between pharmaceutical and biotech companies, the use of different integration approaches
across different functions and value chain components based on a distinction between
different short- and long-term motives.
The human integration process represents a new stream of research since Haspeslagh and
Jemison (1991). This includes research to further our understanding of how employees react
to acquisitions, also encompassing positive reactions, and activities managers can undertake
to reduce negative effects. Several studies illustrate the complexity of changing culture and
identities. For example these studies show how multiple organizational and professional
identities can exist within the same organization and become impediments to integrating the
two organizations. They also show how elements like national and cultural identities are
actively used and constructed as symbolic resources by members in the organization to serve
their purposes.
Studies on process outcome includes the outcome of union merger. This is an example of a
different type of organization with its own stream of merger research. Within this process we
also find research on business history, with a different time perspective, revealing the longer
term outcome of M&As. As an example, the study of the development of Unilever’s tea
business contains an example of an acquisition which took several decades to develop
globally, and in many instances, over a decade to integrate outside Europe (Jones and Miskell
2007).
Although M&A process research since Haspeslagh and Jemison (1991) has brought important
findings it is still scarce and only 55 studies out of our 591 M&A papers are process studies.
Therefore, the call for further process research as proposed by Haspeslagh and Jemison (ibid),
and other scholars thereafter (Cartwright and Schoenberg 2006; Risberg 2006; Meglio and
Risberg 2010) is still relevant.
The idea and justification processes are important since they to a large extent determine many
elements like strategy, motives and price. We argue that further research of these might reveal
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new perspectives, also when understanding M&A outcomes. An example, which might be
fruitful to pursue, is the framework of acquisitions as courtship and governance as syndicate,
which offers an interesting alternative to takeover and agency perspectives (Graebner and
Eisenhardt 2004). This framework also put price into a multidimensional context by including
timing, strategic and personal factors.
The integration studies have revealed the importance of type of organizations as context for
examining this process. An example is health care organizations which gives a pluralistic
setting involving multiple and divergent objectives and diffuse power structures in which
leadership is shared and the top teams are influenced of other professionals and external
agencies (Denis et al. 2001; Fulop et al. 2005). The studies of leadership and change in these
pluralistic organizations show several difficulties associated with this particular type of
organization. For example change requires a unified collective leadership something which is
fragile due to the diffuse power structures, this is further complicated with multiple and
contradictory motives (ibid). Our review give arguments for, depending on research question,
moving beyond the general integration frameworks researching M&As as one type of
phenomenon and instead researching them as different processes in different organizational
and other (Graebner and Eisenhardt 2004) contexts.
The review attempts to give an overview and update of M&A process research using
Haspeslagh and Jemison (1991) as a starting point. We have systematically and in a
transparent way conducted the review with its limitations. For example there has been M&A
process research presented in thesis works and conference papers which will not or have not
yet reached the top ranked international journals included in our review. There is also high
quality process research published in lower ranked journals. Furthermore, we have chosen the
period 2001-2010, thus only indirectly including papers published prior to this period.
However while certain high quality process research likely is missing in our review we argue
that the papers published in our selection of top ranked journals have gone through a process
assuring theoretically well grounded research with a well developed frame of reference,
ensuring that the research is up to date and of a high quality.
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Researched
phase
Author(s) Theoretical
perspective
Research question Research
design
Research
context
Data and method Perspective
of analysis
Main findings
Idea and
acquisition
justification
process
Morris (2001).
Industry Change
and Union
Mergers in British
Retail Finance.
Atheoretical How is a union
merger achieved
between three
traditionally rival
unions and what
are the
consequences of
the merger for
unions in the
sector?
Single case
study
The merger
between three
unions in the
British retail
finance sector.
Qualitative data from
interviews (with
managers from
unions and the
financial sector) and
archives.
The three
merger
parties
Add new factors (convergence of
values and structure, balance of
power, and balancing of key values
in the negotiation between the
merging parties) to union merger
literature, explaining reasons for
union mergers. The study also
concludes that several unions still
can exist in the sector.
Thornton (2001).
Personal Versus
Market Logics of
Control: A
Historically
Contingent
Theory of the Risk
of Acquisition.
Economic and
structural
contingency and
resource
dependence
How do the
institutional and
historical
conditions affect
the risk of being
acquired?
Qualitative
and
quantitative
analysis.
Higher
education and
publishing
market during
1958-1990.
Qualitative and
quantitative industry
data from interviews
(>33) and archives.
Industry Identification of two institutional
logics editorial (personal) and
market logic with different
determinants of acquisition.
Wood (2001).
Regulatory
constrained
portfolio
restructuring: the
US department
store industry in
the 1990s
Eclectic: portfolio
restructuring
factors
The study explores
how portfolio
restructuring
interacts with US
antitrust regulation
in local markets.
Single case
study
A US
department
store
acquisition.
Qualitative data from
interviews (more than
30 with executives at
the acquirer and
target company,
academics and equity
analysts) and
archives.
The acquirer
and
regulation
Shows how investment decisions
are influenced by the regulation and
also impact the regulatory
environment. Also illustrates how
an acquirer restructured its
geography in the premerger stage
to conform to regulatory policy and
improve the strategic fit of the
transaction.
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Kitchener (2002).
Mobilizing the
Logic of
Managerialism in
Professional
Fields: The Case
of Academic
Health Centre
Mergers
New institutional,
political science
and social
movement.
What are the
antecedents,
processes and
implications of
uncritical adoption
of mergers in
professional
organizations?
Single Case
study
Two academic
healthcare
centres in
California.
Qualitative merger
parties data from
interviews (11 key
informants) and
archives
The merger
parties
Shows how political choices caused
the shift to an institutional market-
managerial logic from
professionalism in health care. Also
describes how executive board
members of the academic health
care centres, business press and
management consultants
uncritically adopted a standard
´merger is effective’ myth. The
result was a merger with
dysfunctional outcomes and the
merger was subsequently broken
up. Argues that managerial agency
was important and could be viewed
as managers selecting innovations
from a menu of legitimized options
varying over time.
Graebner &
Eisenhardt
(2004). The
Seller's Side of
the Story:
Acquisition as
Courtship and
Governance as
Syndicate in
Entrepreneurial
Inductive theory
building
When and to whom
do company
leaders sell their
firms?
Multiple-
case study
12 technology-
based
entrepreneurial
firms in US
Qualitative and
quantitative seller
and buyer data from
interviews (>80), e-
mails, phone calls and
archives
Seller Identify three sell factors: two push-
factors, strategic hurdles (CEO, sales
ramp-up, funding, product
portfolio) and personal motivation
(major life change, increased risk
aversion), and one pull-factor,
attraction of buyers (combination
potential, organizational rapport,
and price). Contrast takeover and
agency perspectives by developing
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Firms.
an alternative framework;
acquisition as courtship and
corporate governance as a
syndicate.
Savage (2004).
Public sector
unions shaping
hospital
privatization: the
creation of
Boston Medical
Center.
Labor geography How did a local
union influence the
shape of a merger
between two
hospitals?
Single Case
study
The merger
between a
public and
private hospital
in Boston.
Four interviews with
two key union
leaders.
Newspapers incl. their
coverage of press
conferences. City
records and union
documents.
The local
union
Shows how a local labor union were
able to launch a highly public
campaign and built coalitions with
other unions and public healthcare
advocates and thus were able to
play an instrumental role in
influencing the terms of the merger.
The result was a merger agreement
with significant protection for
quality public healthcare and
favourable employment conditions.
Meyer (2006).
Globalfocusing:
From Domestic
Conglomerates to
Global Specialists.
Resource based Why do firms
internationalize
and focus their
business
(globalfocusing)?
Two case
studies
Danisco and GN
Great Nordic
followed over
the period
1990-2004.
Qualitative acquirer
data from interviews
(eight managers),
informal
conversations with
competitors and
former employees,
earlier case studies
and archives
The acquiring
companies.
Indicates that the process of
globalfocusing was driven by
changes in the internal (top
management team) and external
environment (industry evolution,
liberalization of institutional
environment and financial markets)
which gave rise to a shift in the
relative importance of country-
(high to low) and industry-specific
(low to high) resources and
capabilities.
Brauer (2009).
Corporate and
Divisional
Eclectic: various
manager
involvement
What are the key
factors influencing
managers
Single case
study
A European
technology
company
Qualitative seller data
from interviews (17),
e-mails, phone calls
Seller Indicates that multiple, interrelated,
external and internal contingency
factors influence the involvement of
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Manager
Involvement in
Divestitures - a
Contingent
Analysis.
factors involvement in
divestments?
divesting four
business units.
and archives corporate and divisional managers
in the initiation and execution of
divestments.
Graebner (2009).
Caveat venditor:
Trust assymetries
in acquisitions of
entrepreneural
firms.
Interorganizational
trust
To study trust and
deception between
buyers and sellers.
Multiple-
case study
12 technology-
based
entrepreneurial
firms in US
Qualitative and seller
and buyer data from
interviews (>80), e-
mails, phone calls and
archives
Buyer and
seller
Shows how trust of their
counterparts are different for
sellers and buyers. The author
describe how these asymmetries
emerge and develop and impact the
acquisition process including
deceptions.
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Researched
phase
Author(s) Theoretical
perspective
Research question Research
design
Research
context
Data and method Perspective
of analysis
Main findings
Task and
human
integration
process
Denis & Langley
(2001). The
dynamics of
collective
leadership and
strategic
change in
pluralistic
organizations.
Eclectic: various
literature within
strategic
leadership and
organizational
change
How does
leadership and
other factors
influence the
change process in
pluralistic
organizations?
Multiple
case studies
Five cases of
strategic
change at
hospitals in
Canada of
which two
involved a
merger.
Qualitative merger
parties data from
non-participatory
observation (54
meetings), interviews
(59 interviews) and
archives.
The merged
companies
Identifies a collective leadership
group and its “coupling” with the
organization and its environment to
be crucial to achieve change.
“Coupling” at all levels at the same
time was difficult thus change
tended to advance cyclically.
Empson (2001).
Fear of
Exploitation
and Fear of
Contamination:
Impediments to
Knowledge
Transfer in
Mergers
between
Professional
Service Firms.
Knowledge based
view
Why do individuals
oppose to
knowledge transfer
in mergers
between
professional service
organizations?
Multiple
case study (3
cases)
Three
professional
service
organization
mergers across
six firms.
Qualitative merger
parties data from
observed meetings,
interviews (177
interviews), and
archives
The two
merger
parties
Indicates two reasons behind
individuals resistance to knowledge
transfer: perceived differences in
the form of the knowledge base
(tacit or codified) and the quality of
the merging parties external image.
This resistance was apart from
stated commercial and objective
concerns by the interviewees also
ruled by personal and subjective
factors.
Meyer (2001).
Allocation
Processes in
Mergers and
Acquisitions: An
Organizational
justice perspective
What are the trade-
offs between
different
approaches to
allocate positions
Comparative
case studies
(2 studies)
A merger and a
hostile
acquisition
within the
financial
Qualitative buyer and
target data from
participatory
observation,
interviews (78
Acquirer and
acquired
company.
Gives insights into trade-offs and
constraining factors between
approaches when trying to
comply with fostering relationship
and economic productivity.
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Organizational
Justice
Perspective.
and functions? industry in
Norway
interviews) and
archives.
Ranft & Lord
(2002).
Acquiring New
Technologies
and
Capabilities: A
Grounded
Model of
Acquisition
Implementation
Knowledge based
view
How do firms gain
new technologies
and capabilities in
implementation of
a technology and
capability based
acquisitions?
Multiple
case study
Seven
acquisitions of
high-tech
companies
Qualitative buyer and
target data from
interviews (17
interviewees), and
archives
The buyer
and the
acquired
companies
Identifies how the appropriation by
the acquirer of the knowledge is
effected by the tacitness and
socially complex form of the
knowledge; speed of transfer;
autonomy of the acquired
company; communication and
retention of key employees.
Graebner
(2004).
Momentum and
Serendipity:
How acquired
leaders create
value in the
integration of
technology
firms.
Inductive theory
building
Explore how
leaders of the
acquired firm
influence value
creation during the
integration process.
Multiple-
case study
12 technology-
based
entrepreneurial
firms in US
Qualitative seller and
buyer data from
interviews (>80), e-
mails, phone calls and
archives
Buyer and
seller
Uncover the importance and role of
the acquired firm leader for
unlocking expected and
serendipitous value. The expected
value was supported through
accelerating interaction with the
buyer, solving employees’ concerns
and internal communication.
Responsibilities across the
organizations enabled these leaders
to identify and realize opportunities
for unexpected resources
configuration (serendipitous value).
Fulop et
al.(2005).
Changing
organisations: a
Eclectic:
organisational
change
Understanding the
integration
processes of
mergers in the
Comparative
case study
Four health
care mergers in
UK
Qualitative internal
and external
stakeholder data from
interviews (131
The merged
organisations
Describes the dynamics between
the organisation and its context
(stated and unstated drivers for the
merger) and individuals. The cases
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study of the
context and
processes of
mergers of
health care
providers in
England.
context of stated
and unstated
motives.
interviewees) and
archives
also show that problems persisted
into the third year after the merger
including delays in service deliveries
and limited sharing of “good
practices” caused by perceived
differences in organisational culture
and perceptions of “takeovers”.
Schweizer
(2005).
Organizational
integration of
acquired
biotechnology
companies into
pharmaceutical
companies: the
need for a
hybrid
approach.
Eclectic: various
factors influencing
the integration of
acquired
companies
How to integrate a
biotech company
into a
pharmaceutical
company?
Comparative
case study
Five
pharmaceutical
companies
acquiring
biotech
companies
Qualitative seller data
from interviews (18),
and archives
The buyers Proposes an integration framework
based on short- and long-term
motives applying different
approaches across different
functions and value chain
components.
Yu et al.(2005).
The Integration
Journey: An
Attention-
Based View of
the Merger and
Acquisition
Integration
Process.
Eclectic: attention
based view of the
firm and
sensemaking
What topics do
senior
management
attend to, and how
much time is spent
on each topic,
during the
integration
process?
Eight year
ethnographic
study
The integration
of several
acquisitions by
a medical group
in US.
Qualitative and
quantitative acquirer
data from meetings
(147 meetings),
interviews, site visits,
planning retreats and
archival.
Total of 241 hours of
observation from
1995 to 2002.
The acquiring
organization.
The integration process diverted
attention from core functions. The
management spent most time on
designing structures and systems
(operationalizing administrative
functions) and it took until year five
until the reason for the merger,
patient care, was focused on. The
integration process was portrayed
as a continuous journey, also
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identifying vicious circles, and even
after eight years could an
acculturation process of adaption
not be seen.
Harwood
(2006).
Confidentiality
Constraints
Within Mergers
and
Acquisitions:
Gaining Insights
Through a
'Bubble'
Metaphor.
Eclectic: various
research on
confidentiality
Explore the impact
of confidentiality
agreements in
integration of
acquisitions.
Single case
study
A multinational
FTSE100
pharmaceutical
company and
the integration
of its
manufacturing
operations
following an
acquisition and
divestment
program
Qualitative acquirer
data from participant
observation,
interviews (33
interviews with 22
individuals) and
archives
The acquirer Shows effects at company level
(provided space to develop
scenarios and do some change
without disrupting ongoing
business) and on signatories
(information and prestige power;
protectionism and low level of
inter-team trust) . The study also
illustrates instances of information
leakage (accidental, trading,
deliberate, ethical and illegitimate).
Kavanagh &
Ashkanasy
(2006). The
Impact of
Leadership and
Change
Management
Strategy on
Organizational
Culture and
Individual
Acceptance of
Change during a
Merger.
Eclectic: Various
literature in
leadership and
change in
organizational
culture
How does
leadership, change
management
approach affect
individual
acceptance of
change in the
organizational
culture?
Multiple
case studies.
Three
Australian
Universities
that merged
with several
other colleges.
Qualitative and
quantitative merger
parties data from
questionnaires,
interviews (62
interviews) and
archives.
Merger
parties.
Suggests that the pace of change
(indifferent, immediate,
incremental) and direction in which
the organizational culture is moved
(constraint or autonomy for the
individual) affect how individuals
will accept/reject change and
perceive leadership.
Communication and transparent
change process are other factors
which influence how leadership will
be perceived.
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Llewellyn
(2007).
Introducing the
Agents.
Agent Apply and tests
conceptual agent
views, on what an
organizational
agent is and acts, to
an empirical study.
Case study. The merger
between a
Swedish and an
UK
pharmaceutical
company
Qualitative merger
parties data from
interviews (10
interviewees) .
Merger
parties.
Archer´s (2000) description of agent
(self, primary, corporate agent and
actor) could be used when
describing what an agent is, while
Giddens (1984) view of the agents
knowledge, rules, power and
resources helps to understand how
an agent acts.
Meyer &
Altenborg
(2007). The
Disintegrating
Effects of
Equality: A
Study of a
Failed
International
Merger.
Organizational
justice
Explore how the
operationalization
of the equality
principle
contributed to the
break up of a
merger.
Single case
study
The merger and
subsequent
break-up
between a
Swedish and a
Norwegian
telecom
company in
1999.
Qualitative merger
parties data from
participative
observations,
interviews (13) and
archives.
Merger
parties
Suggests that: the perception of
equality distribution as not being
fair by members of the top
management team; a large top
management team with equal
numbers from each company; and
structural restrictions in the
shareholder agreements
contributed to the subsequent
break-up of the merger. Contrary
to what could have been expected
the equality principle did not lead to
social integration in the top
management team.
Spedale et
al.(2007).
Preservation
and Dissolution
of the Target
Firm's
Embedded Ties
Network and
embedded ties
How are the
embedded ties of
target firms
effected when the
company is
acquired and what
factors influence
Two case
studies
Two acquisition
cases in the
travel and food
industry.
Qualitative buyer and
target data from
interviews (40
interviews) and
archives.
The
customers
and suppliers
of the target
companies
Identifies four critical managerial
decision areas (communication,
idiosyncratic investments,
interpersonal relations and
personnel turnover) which affect
the components of the target firm´s
embedded ties and also stress the
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in Acquisitions. this? balance of power and sensemaking
processes between targets and
embedded ties as factors
influencing the preservation or
dissolution if ties.
Marks &
Vansteenkiste
(2008).
Preparing for
organizational
death:
Proactive HR
engagement in
an
organizational
transition.
Atheoretical Describing the role
of HR in managing
an organizational
death.
Single case
study
A Canadian
wine and liquor
company
acquired in
2000 and
subsequently
sold to two
competitors
and party of the
organization
was dismantled
Qualitative target
data from interviews
and archives.
Target
company
Describes and give examples of
actions an HR function can
undertake to support a business
and its employees during
organizational death.
Meyer &
Altenborg
(2008).
Incompatible
strategies in
international
mergers: the
failed merger
between Telia
and Telenor.
Eclectic: resource
based view and
various factors
influencing
realization of
synergies
The study
investigates how
incompatible
strategies
contributed to the
failure of a merger.
Case study A cross-border
merger which
failed
Qualitative merger
parties data from
participant
observation,
interviews (25
interviews) and
archives.
The two
merger
parties
Describes how in a related merger,
with strategic fit, incompatible
strategies were unable to be
resolved due to equality in national
governance structures. The authors
argue that strategic incompatibility
is an important link between
strategic and organizational fit.
Boselie & Koene
(2010). Private
equity and
human
Eclectic:
organisational
change, with
various effects on,
What role does
Human Resource
Management have
prior a
Single case
study
A large Dutch
engineering
company
followed during
Qualitative seller data
from meetings,
interviews (25), and
archives
Target
company
Suggests that during the negotiation
period organizational uncertainty
increases and there is a reduction in
institutional trust. The study also
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32
resource
management:
'Barbarians at
the gate!' HR's
wake-up call?
and factors
influencing
employees
restructuring
(Private Equity
Buyout) of a
company?
a two year
period of
negotiating a
private equity
buyout.
shows how top management
initially decoupled the buy-out
process from organizational and HR
issues impeding HR initiatives.
Bresman et al
(2010).
Knowledge
transfer in
international
acquisitions.
Eclectic:
knowledge
management and
factors influencing
knowledge
transfer
What are the
patterns and what
factors facilitate
knowledge transfer
in international
acquisitions?
Quantitative
analysis and
three case
studies
Quantitative
analysis of 15
large Swedish
MNCs
acquisitions
between 1927-
1990.
Three MNC
acquisitions
with R&D as a
motive.
Qualitative and
quantitative buyer
and target data from
questionnaires,
interviews (50
interviews) and
archives.
Acquirer and
acquired
company.
Two forms of knowledge transfer
were distinguished: transfer of
technical know-how which was
facilitated by communication, visits
&meetings and time elapsed since
acquisition; transfer of patents and
management systems which was
facilitated by articability of
knowledge , size of acquired unit
and recency of acquisition. Early
transfers were one-way from
acquirer to acquired while over
time transfer was reciprocal.
Mtar (2010).
Institutional,
Industry and
Power Effects
on Integration
in Cross-border
Acquisitions.
Institutional How does
institutional,
market structure
and power
dependency
influence
integration
outcomes of
international
acquisitions.
Three case
studies
Three French
companies
acquisitions in
UK
Qualitative and
quantitative buyer
and target data from
questionnaires,
interviews
(32interviewees) and
archives.
Acquirer and
acquired
company.
Indicates that the institutional
effect on integration outcomes
(introducing management systems)
varies and is dependent on the
interplay with market structure
(degree of competition, openness,
national rules and regulation) and
power dependency factors.
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33
Researched
phase
Author(s) Theoretical
perspective
Research question Research
design
Research
context
Data and method Perspective
of analysis
Main findings
Human
integration
process
Hellgren et al.
(2002). How
Issues Become
(Re)constructed
in the Media:
Discursive
Practices in the
AstraZeneca
Merger.
Eclectic:
sensemaking,
sensegiving, critical
discourse analysis
and other
perspectives on
media and media
texts
Examine how issues
in mergers are (re)
constructed in
media texts
Single case
study
The merger
between
Swedish Astra
and British
Zeneca in 1999.
Qualitative media
data from articles
(381) in daily papers
and weekly magazines
from both countries
The media/
the merger
parties
Shows that the media constructed
“winners” and “losers” around the
issues of division of ownership, top
management positions, locations
and staff reductions drawing on the
discursive practices of factualizing,
rationalizing and emotionalizing.
Ng & De Cock
(2002). Battle in
the boardroom:
a discursive
perspective.
Narrative analysis Examine how
storytelling can be
used by managers
in a conflicting
situation.
Single case
study
A hostile
takeover in
Singapore.
Qualitative acquirer
and target data from
participant
observation,
interviews (2) and
archives.
The (new)
chairman of
the target.
Outlines competing narratives and
how these evolved during different
stages of a hostile takeover. In
particular the study shows how the
chairman of the target used
storytelling to carve out a powerful
position.
Vaara (2002). On
the Discursive
Construction of
Success/Failure
in Narratives of
Post-Merger
Integration
Narrative analysis Examine the
discursive
construction of
success and failures
in post-merger
integration.
Multiple
case studies
Eight mergers
and
acquisitions
between
Swedish and
Finnish
companies
between 1984-
1997.
Qualitative acquirer
and target data from
interviews (126
interviewees, 144
interviews) and
archives.
The acquirer
and target.
Shows how four types of discourse
(rationalistic, cultural, role-bound
and individualistic) are used in the
construction of success and failures
in narratives. Illustrates how these
are used for (re)framing the
success/failure, overall justification
of one´s own actions and (re)
construction of responsibility.
Ailon-Souday & National identity How is national Single case The acquisition Qualitative acquirer The acquirer Shows how national identity was
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34
Kunda (2003).
'The Local Selves
of Global
Workers: The
Social
Construction of
National Identity
in the Face of
Organizational
Globalization.
identity
constructed and
used by employees
in an acquisition of
a foreign company?
study,
ethnographi
c study
by an Israeli
high tech
company of a
US company in
1998.
company data from
participant
observations,
interviews (130
interviews), and
archives
used by members in their struggles
for local separateness (national
identity as boundary) and for global
status (national identity as
organizational merit). National
identity was thus used to create a
“we” and “them”.
Dackert at al.
(2003). Eliciting
and Analysing
Employees'
Expectations of a
Merger.
Eclectic: Various
within
organizational
culture
How does
employees perceive
their own, the
other and the
expected merged
organization,
before the merger?
Qualitative
and
quantitative
analysis.
The “merger”
between two
public service
organizations in
Sweden.
Qualitative and
quantitative merger
parties data from
questionnaires,
interviews (16),
repertory grid.
Archives ?
The two
merger
parties.
The employees saw their own
organizational culture (People-
centredness, decentralized control,
work load and efficiency) as
different from the one in the other
organization and perceived their
own organization more favourable.
The employees also expected one of
the organizations to be dominant.
Ford & Harding
(2003). Invoking
Satan or the
Ethics of the
Employment
Contract.
Eclectic: narrative
analysis and the
metaphor of the
organization as a
theatre
Exploring the
experience of
emotions in
mergers.
Single case
study.
A merger
between two
health care
organizations.
Qualitative merged
company data from
interviews (7
interviewees).
Archives ?
The merged
company.
Suggests that managers felt as if
their souls had been sold in the
merger with several examples of
situations in which managers
experienced negative emotions.
Vaara (2003).
Post-acquisition
Integration as
Sensemaking:
Glimpses of
Sensemaking The study examines
decision making in
post-merger
organizational
integration
Three case
studies
A Finnish
company´s
acquisitions of
three Swedish
companies
Qualitative buyer and
target data from
participant
observation,
interviews (39
The buyer
and the
acquired
companies
Identifies, as a contrast to
rationalistic views of integration
processes, four “irrational” features
which form impediments to
organizational integration: inherent
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35
Ambiguity,
Confusion,
Hypocrisy, and
Politicization.
interviewees), and
archives
ambiguities; cultural confusion in
social interaction and
communication; organizational
hypocrisy and politicization.
Vaara et al.
(2003). The
International
Match:
Metaphors as
Vehicles of Social
Identity-Building
in Cross-Border.
Eclectic:
metaphors, social
identity and self-
categorization
theories
Examine social
identity building in
cross-border
mergers through
metaphors.
Single case
study
The cross-
border merger
between
Finnish Merita
and Swedish
Nordbanken
announced in
1997.
Qualitative merger
parties data through
participant
observation and
written materials
from seminars.
The merger
parties
Illustrates how metaphors
developed in a cultural exercise
between the merger parties reveal
cognitive, emotional and power
aspects in social identity building of
“Us” and “Them” and a common
future.
Corley(2004).
Defined by our
strategy or our
culture?
Hierarchical
differences in
perceptions of
organizational
identity and
change.
Organizational
identity
How and along
what lines can
multiple
organizational
identities exist?
Single case
study
A global, US
based
technology
service provider
being spun-off
from its parent
company
Qualitative spun-off
company data from
observations,
interviews (80) and
archives
The
divested/
spun-off
company
Identifies different identities along
hierarchical lines. Differences
between hierarchies were found in
perceptions of: the base for the
identities (strategic vs cultural);
identity discrepancies (external
image vs temporal); the basis for
identity change (language vs
meaning) and identity change
implementation (formal vs
emergent).
Corley & Gioia
(2004). Identity
Ambiguity and
Change in the
Wake of a
Corporate Spin-
off.
Organizational
identity
How does
organizational
identity change
during a spin-off?
Single case
study
A global, US
based
technology
service provider
being spun-off
from its parent
company
Qualitative spun-off
company data from
observations,
interviews (80) and
archives
The
divested/
spun-off
company
Identifies triggers of identity
ambiguity (social referent change,
temporal identity discrepancies,
construed external image
discrepancies), sensegiving
imperatives (change overload and
identity tensions) with leaders
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responses to imperatives (refined
desired future image, increased
branding efforts, modeling behavior)
leading to a post-spin-off identity.
Empson (2004).
Organizational
identity change:
managerial
regulation and
member
identification in
an accounting
firm acquisition.
Organizational and
professional
identity
How does
organizational
identity change
following an
acquisition?
Single case
study
A global
accounting
firm’s
acquisition of a
UK mid-market
accounting
firm.
Qualitative acquirer
and target company
data from
observations,
interviews (98
interviews), and
archives
The acquirer
and target
company
Propose a framework for
organizational identity change
including organizational members´
self-concepts with linkage between
professional and organizational
identity, and managers´ aspirational
organizational image with
techniques which can be deployed
to support these.
Riad (2005). The
Power of
'Organizational
Culture' as a
Discursive
Formation in
Merger
Integration.
Discourse analysis
(Foucauldian
perspective of
discursive
formation)
A critical
examination of how
the knowledge of
“organizational
culture” has
acquired its
authority and
“truth” in merger
integration.
Single case
study
A merger in the
public sector in
New Zeeland
between three
organizations
Qualitative merger
parties data from
observations,
interviews (focus
groups and
individual), and
archives
The merger
parties
Argues that “organizational culture”
(OC) is a Foucaldian formation that
has become normative and forms
the discourse. The case illustrates
how the “truth” effects are
reproduced and resisted.
Ullrich et al.
(2005).
Continuity and
Change in
Mergers and
Acquisitions: A
Social Identity
Case Study of a
Social identity
approach (based
on self-
categorization
theory and social
identity theory)
How does “sense of
continuity” impact
organizational
identification
following a merger?
Single case
study
A merger
between two
German based
global
organizations.
Qualitative and
merger parties data
from interviews (16
interviewees) and
archives
The merger
parties
Added the concept of “projected
continuity” (perception of the road
map into the future from the
present) as an important factor for
employees “sense of continuity” and
possibility to identification with the
organization. The authors argue
that due to organizational changes
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37
German
Industrial
Merger.
the “observable continuity” and
identification is often week after a
merger something which could be
mitigated by a strong “projected
continuity”.
Vaara et al
(2005). Language
and the Circuits
of Power in a
Merging
Multinational
Corporation.
Eclectic: various
power and
language
perspectives
Examine the power
effects of the
choice of language
policy (Swedish as
corporate
language).
Single case
study
The merger
between
Swedish
Nordbanken
and Finnish
Merita in 1997
in which
Swedish was
chosen as
corporate
language.
Qualitative merger
parties data from
participant
observation,
interviews (53), media
texts and archives
The merger
parties
Reveals for individuals how language
skills empowered and
disempowered, were associated
with professional skills and created
new social networks. The choice of
language also reificated historical
post-colonial structures of
domination and increased national
identification and construction of
superiority and inferiority.
Brown &
Humphreys
(2006).
Organizational
Identity and
Place: A
Discursive
Exploration of
Hegemony and
Resistance.
Eclectic:
Organizational
identity and critical
discourse analysis
How does
employee groups
understand their
organization´s
identity following a
merger?
Single case
study
Two merged
colleges in UK
Qualitative merger
parties data from
observations,
interviews (75
interviews), and
archives
The merger
parties
Shows how different groups use
“place” as a discursive resource in
creating and defending their version
of the identity of their group and
organization.
Vaara et al.
(2006). Pulp and
Paper Fiction: On
the Discursive
Eclectic:
legitimation,
critical discourse
analysis
Examine
legitimation
strategies used
when making sense
Single case
study
The merger
between
Swedish Stora
and Finnish
Qualitative media
data from articles
(189 articles)
The media/
the merger
parties
Outlines and analyzes legitimation
strategies used by the media being:
normalization, authorization,
rationalization, moralization and
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Legitimation of
Global Industrial
Restructuring.
of a merger in the
media.
Enso in 1998. narrativization.
Maguire &
Phillips (2008).
Citibankers' at
Citigroup: A
Study of the Loss
of Institutional
Trust after a
Merger.
Eclectic:
institutional trust,
organizational
identity and
identification
processes
What identification
processes leads to
low levels of trust
following a merger?
Single case
study
The merger
between the US
companies
Citicorp and
Travelers.
Qualitative merger
parties data from
interviews (15
interviewees from
one of the merger
parties), and archives.
One of the
merger
parties.
Describes an initial ambiguity in the
new organizational identity with
actions experienced as
unpredictable undermining
institutional trust. When a new
organizational identity for the
merged organizations was formed a
group of employees did not identify
with the new identity and low levels
of trust in the new organization
followed.
Brannen &
Peterson (2009).
Merging without
alienating:
interventions
promoting cross-
cultural
organizational
integration and
their limitations.
Eclectic: various
literature on the
social side of cross-
border M&A
including work
alienation
To understand how
individuals are
impacted in cross-
border
acquisitions?
Single case
study.
Ethnographi
c study over
5 years.
An acquisition
of a US paper
converting
plant by a
Japanese
company.
Qualitative and
quantitative target
data from participant
observations
interviews,
questionnaires and
archives.
Acquired
company.
Found pockets of alienation (which
the authors developed measures to
operationalize) in the acquired
organization and showed examples
of activities reducing alienation like
arranging for employees to visit the
company in Japan and transferring
supervisors from Japan to US.
Clark (2010).
Transitional
Identity as a
Facilitator of
Organizational
Identity Change
Eclectic:
Organizational
identity change,
sensemaking and
sensegiving
To Identify and
describe the
processes by which
organizational
identity change.
Real-time,
longitudinal
single case
study
A merger
between two
formerly rival
healthcare
organizations.
Qualitative merger
parties data from
participant
observations
interviews (33) and
archives.
Merger
parties
Suggests a model of identity change
consisting of context of identity
destabilization, sources of identity
inertia (current identity,
sensemaking via image comparison,
local identification), enablers of
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during a Merger. identity change (projected future
identity, sensegiving via image
management, collective
identification) and a transitional
identity (Newco). The authors argue
that the transitional identity with its
ambiguity was crucial in facilitating
the change of identity.
Teerikangas
(2010).
Dynamics of
Acquired Firm
Pre-Acquisition
Employee
Reactions.
Inductive theory
building
What factors
explain employee
reactions in the
target company?
Multiple
case study
Seven cross-
border
acquisitions by
Finnish
multinationals
from different
industry
sectors.
Qualitative acquirer
and target company
data from interviews
(166), e-mails, phone
calls and archives
Acquirer and
target
companies
Target management involvement
was found to be key to a positive
employee reaction. Factors found to
influence management involvement
was: static (organisational fit &
historical relationship, target
acquisition history & international
exposure) and dynamic
(communicated partner intentions &
partner behaviours, perceived need
for an acquisition). Dynamic factors
were found to have the strongest
impact of the two.
Vaara & Monin
(2010). A
Recursive
Perspective on
Discursive
Legitimation and
Organizational
Action in
Mergers and
Eclectic:
legitimation,
critical discourse
analysis,
sensemaking and
sensegiving
Explore
legitimation
processes in a
merger which
subsequently
failed.
Single case
study
The merger
between two
pharmaceutical
companies
announced in
2000 and
broken up in
2002.
Qualitative and
quantitative merger
parties data from
informal meetings,
interviews (20
interviews), media
articles (107) and
interviews with
journalists, and
The merger
parties
Describes how legitimation and
delegitimation are recursively linked
to organizational actions (merger
decision, mobilization for integration
and break-up decision); legitimation
strategies based on rationality,
authority and morality; and the
important role of media.
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Acquisitions. archives
van Vuuren et al.
(2010). Speaking
of dominance,
status
differences, and
identification:
Making sense of
a merger.
Social identity and
sensemaking
To understand how
the perception of
social identity by
organizational
members change
during a merger.
Single case
study
A merger
between two
South African
Universities
that were
historically a
‘white’ and a
‘black’
institution.
Qualitative merger
parties data from a
focus group session
and interviews (31
interviews) .
Merger
parties
The study shows how social
identification, status differences and
dominance changed during the
merger. Employees from both
parties saw the other organization
as being the one dominating. The
employees shifted their focus from
being a member in an organization
towards an identity of profession.
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Researched
phase
Author(s) Theoretical
perspective
Research question Research
design
Research
context
Data and method Perspective
of analysis
Main findings
Process
outcome
Wallis & Winterton
(2001). Industrial
Relations in Privatized
UK Mining: A
Contingency
Strategy?
Atheoretical Explore and explain
the variations in
patterns of
industrial relations
at different
collieries following
the sale of British
Coal.
Multiple
case study.
Four collieries
in UK following
the sale of
British Coal to
RJB Mining
(privatization).
Qualitative data from
interviews with RJB
management and
union representatives
and archives.
Industrial
relations
within RJB
Mining.
Variations are explained by
competing unions and whether the
UK government in the sale of the
colliery required management to
keep previously jointly negotiated
procedures and agreements.
Cheffins (2004).
Mergers and the
Evolution of Patterns
of Corporate
Ownership and
Control.
Historical analysis Explore mergers, its
determinants, and
effects on
corporate
ownership and
control.
Multiple
cases?
US in 1897-
1903 used as a
parallel to UK in
late 1950´s-
early 70´s.
Qualitative and
quantitative archival
data.
Corporate
ownership
and control
Conjectures that: mergers effect the
system of corporate ownership and
control; anti-competitive regulation
is a determinant of ownership and
control. Support from capital
markets, company law, managerial
skills (or lack thereof) , and
efficiency of corporate size are
other explanations that could play a
role.
Keller (2005). Union
Formation through
Merger: The Case of
Ver.di in Germany.
Eclectic: various
theories within
organization and
economics
What are the
consequences of
union mergers in
Germany?
Case study The merger
between five
German unions.
Qualitative and
quantitative merger
parties data from
non-participatory
observations,
interviews and
archives.
The merged
union.
The evidence of the performance
outcome is ambiguous with respect
to the possibility to retain existing
and attract new members and
improve membership services. The
study indicates that competition
between unions will be exacerbated
and that the position of the central
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organization of German trade
unions will erode.
Higgins & Toms
(2006). Financial
institutions and
corporate strategy:
David Alliance and
the transformation of
British textiles,
c.1950-c.1990.
Eclectic: resource
based and
corporate
governance
perspectives?
Explore how the
outcome at the
corporate level, in
the British textile
industry, was
dependent on
corporate strategy
(centralization vs
decentralization)
and the market for
corporate control
(passive vs active)?
Multiple
cases
The
transformation
of British
textiles c.1950-
c.1990 and the
development of
three industrial
groups.
Qualitative and
quantitative archival
data.
The textile
industry and
the
development
of three
industrial
groups.
The study suggests that a
centralizing strategy and passive
market for corporate control (MCC)
led to acquisition gains consumed
by managerial rents. A
decentralized market-led strategy
with secured financial resources
was shown to be more successful
and when the MCC activity was low
abnormal gains accrued to market-
making individuals.
Kim (2006).
Networks, Scale, and
Transnational
Corporations: The
Case of the South
Korean Seed Industry.
Geographic scale
and actor-networks
Understanding
global strategies
and activities of
TNCs (Trans-
National
Corporations)
Comparative
case study
Two TNCs
present in
South Korea.
Qualitative and
quantitative buyer
and competitor data
from interviews (6
interviewees) and
archives
Buyer and a
competitor
The cases indicate that interactions
among several different actors, and
socio-economic and cultural
practices and norms, are dynamic.
This leads to complex and
unpredictable economic outcomes
and reconfigurations of in networks.
Jones & Miskell
(2007). Acquisitions
and firm growth:
Creating Unilever's
ice cream and tea
business.
Eclectic: Resource
based and factors
influencing
integration of
acquisitions
Examine the role of
acquisitions on firm
growth.
Single case
story
Unilever´s
creation of
their ice-cream
and tea
businesses
(after the first
world war until
1990).
Qualitative and
quantitative archival
data.
The acquiring
company.
Shows that complementary
acquisitions added value over the
long-term; local competence was
essential; successful integration was
based on agreed acquisitions and
slow pace because relative low
shareholder interests before the
1980s.
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43
ANNEX 1
Sub-field and journal M&A articles of which
Qualitative
Accountancy
1 Journal of Accounting Research 5 0
2 Journal of Accounting & Economics 10 0
3 Accounting Review (The) 7 0
4 Accounting, Organizations and Society 1 1
5 Review of Accounting studies 5 0
Business history
6 Business history 3 3
Economics
7 Econometrica 2 0
8 Journal of Political Economy 3 0
9 American Economic Review (The) 8 0
10 Quarterly Journal of Economics 4 0
11 Review of economic Studies 2 0
12 Journal of Economic Literature 0 0
13 Journal of Econometrics 1 0
14 Journal of Monetary Economics 0 0
15 Journal of Economic Theory 3 0
16 Review of Economics and Statistics 6 0
17 International Economic Review 2 0
18 Journal of Economic Perspectives 4 0
19 Economic Journal 5 0
20 Journal of Environmental Economics and Management 0 0
21 Games and Economic Behavior 1 0
22 Journal of Risk and Uncertainty 0 0
23 Journal of the European Economic Association 2 0
Entrepreneurship and small business management
24 Journal of Business venturing 8 0
25 Entrepreneurship, Theory and Practice 4 0
Business ethics and Governance
Finance
26 Journal of Finance 56 0
27 Review of Financial Studies 25 0
28 Journal of Financial and Quantitative Analysis 15 0
29 Journal of Financial Economics 64 0
30 Journal of Money, Credit and banking 26 0
General Management31 Academy of Management review 2 0
32 Academy of Management Journal 19 3
33 Administrative Science quarterly 10 3
34 Journal of Management 21 1
35 Journal of Management Studies 17 8
36 Harvard Business Review 17 0
37 British Journal of Management 17 6
HR and employment studies
38 Human Resource management 1 1
39 Industrial relations: A Journal of Economy and Society 1 0
40 British Journal of Industrial relations 5 3
41 Work, Employment and Society 1 0
International Business and area studies
42 Journal of International Business Studies 33 3
Information management
43 MIS Quarterly 0 0
44 Information Systems Research 0 0
Innovation
45 Journal of Product Innovation Management 2 0
Management development and education
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44
Marketing
46 Journal of Marketing 6 0
47 Journal of Marketing Research 4 0
48 Journal of Consumer research 0 0
49 Marketing Science 0 0
50 Journal of Retailing 2 0
Operations research and management science
51 Management Science 13 0
52 Operations research 0 0
53 Journal of the Royal Statistical Society Series B 0 0
54 Journal of the American Statistical Association 0 0
Operations technology and management
55 Journal of Operations Management 1 0
Organization studies
56 Organization science 21 3
57 Organization Studies 12 9
58 Leadership Quarterly 4 0
59 Human Relations 11 5
Psychology
60 Personnel Psychology 1 0
61 Organizational Behavior and Human Decision Processes 0 0
62 Psychological Bulletin 0 0
63 Psychological Review 0 0
64 Journal of Applied Psychology 0 0
65 Journal of Organizational Behavior 0 0
66 Annual Review of Psychology 0 0
67 Journal of Personality and Social Psychology 1 0
68 Journal of Experimental Social Psychology 0 0
69 Personality and Social Psychology Bulletin 4 0
70 Journal of Vocational Behavior 0 0
71 Quarterly Journal of Experimental Psychology 0 0
72 Psychological Science 0 0
73 Journal of Experimental Psychology Applied 0 0
74 Journal of Consumer Psychology 0 0
75 Journal of Occupational and Organizational Psychology 2 1
Public sector management
76 Journal of Public Administration: Research and Theory 0 0
77 Milbank Quarterly 1 0
78 Public Administration Review 1 0
Sector studies
79 Transportation Research Part B: Methodological 1 0
Social science
80 Journal of Economic Geography 2 0
81 Economic History Review 0 0
82 Economic Geography 1 1
83 American Journal of Sociology 1 0
84 American Sociological Review 1 0
85 Research Policy 20 0
86 Social Science and Medicine 2 1
87 Annual Review of Sociology 0 0
88 Environment and Planning A 3 2
89 Environment and Planning D: Society and Space 0 0
90 Sociology of Health and Illness 0 0
91 Risk Analysis: An International Journal 0 0
Strategic management
92 Strategic Management journal 58 1
Tourism and hospitality management
93 Annals of Tourism Research 0 0
94 TourIsm Management 0 0
TOTAL ABS LIST 4 AND 4* 591 55
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