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

被引：42

作者：

Homberg, Fabian ^{[1
]}

Rost, Katja ^{[1
]}

Osterloh, Margit ^{[1
,2
]}

机构：

[1] Univ Zurich, IOU Inst Org & Adm Sci, CH-8006 Zurich, Switzerland

[2] CREMA, Zurich, Switzerland

来源：

REVIEW OF MANAGERIAL SCIENCE | 2009年 / 3卷 / 02期

关键词：

Mergers and acquisitions; Meta-analysis; Business relatedness; Size relatedness; Technological relatedness; Cultural relatedness; Synergies; NATIONAL CULTURAL DISTANCE; DIVERSIFICATION STRATEGY; SHAREHOLDER VALUE; CEO OVERCONFIDENCE; MERGER STRATEGIES; CORPORATE-CONTROL; ACQUIRING FIRMS; PERFORMANCE; RETURNS; IMPACT;

D O I：

10.1007/s11846-009-0026-5

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Mergers and acquisitions (M&A) aim to increase the wealth of shareholders of the acquiring company, in particular by creating synergies. It is often assumed that relatedness is a source of synergies. Our study distinguishes between business, cultural, technological, and size relatedness. It discusses the reasons why these different forms of relatedness can lead to an acquisition success and we conduct a meta-analysis of 67 prior M&A studies. Results indicate that positive effects can be expected under specific conditions only and have a limited overall impact on acquisition success. A moderator analysis finds that synergies stemming from relatedness depend on industry-, country-, and investor-characteristics.

引用

页码：75 / 116

页数：42

共 108 条

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