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"Left at the altar? An analysis of merger and acquisition announcements in the 1990s"

Ruth V. Aguilera, John Dencker, and Xavier Escandell

 

First Author :

Ruth V. Aguilera
Business Administration
University of Illinois
College of Business, Department of Business Administration
University of Illinois at Urbana-Champaign
1206 S. Sixth Street
Champaign, IL 61820
USA

(217) 333-7090
(217) 244-7969 (Fax)

ruth-agu@uiuc.edu

http://www.business.uiuc.edu/faculty/aguilera.html


Second Author :

John Dencker
Institute of Labor and Industrial Relations
University of Illinois
Institute of Labor and Industrial Relations
University of Illinois at Urbana-Champaign
504 E. Armory Avenue
Champaign, IL 61820
USA

(217) 333-2383

dencker@uiuc.edu

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Third Author :

Xavier Escandell
Sociology
University of Illinois
Department of Sociology
University of Illinois at Urbana-Champaign
702 S. Wright Street
Urbana, IL 61801
USA

(217) 344-2178

escandel@ad.uiuc.edu

 
 
Abstract :
 
This paper analyzes data on the largest mergers and acquisition (M&A) announcements in the 1990s and the contextual factors that determine their completion or withdrawal. Drawing on institutional theory, we argue that the completion of an M&A is more likely to the extent that the institutional logics involved at the country-level, industry-level and organizational-level create less integration uncertainty. In addition, we also propose that acquirers’ organizational experience will reduce integration uncertainty and consequently will increase the likelihood of deal completion. Our findings highlight the incomplete nature of financial economic accounts when institutional logics are not accounted for, and illustrate the cumulative nature relationships across institutional levels. We conclude by discussing theoretical and managerial implications of our multi-level institutional model.
 
 
Manuscript Received : 2004
Manuscript Published : November 5, 2004
 
 
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