| |
"Left at the Altar? A Relational View of Merger and Acquistion Announcements in the 1990s"
Ruth V. Aguilera, John C. Dencker, and Xavier Escandell
|
| |
First Author :
|
|
Second Author :
|
|
Third Author :
|
|
| |
| |
| Abstract : |
| |
| In this paper, we analyze data on the world’s largest merger and acquisition (M&A) announcements in the 1990s to explore the relational factors that determine their completion or withdrawal. Existing research on this little understood phenomenon in the M&A process typically focuses on the characteristics and actions of acquirer firms to understand financial and strategic M&A elements. We offer a new perspective by focusing on the dyadic relationship between acquirer and target firms. Controlling for strategic and financial factors, we find that the completion of an announced M&A is more likely to the extent that the relational capabilities stemming from country-level, industry-level and organizational-level factors generate a cooperative and trustworthy relationship. We conclude by discussing theoretical and managerial implications of our multi-level relational model. |
|
| |
| |
| JEL Classification :
D21
, D23
, D74
, D81
|
| |
| |
| Keywords : |
| |
| acquisition, announcements, corporate governance, M&A, merger |
| |
| |
| Footnotes & Acknowledgements : |
| |
| This is a revised version of Paper 04-0117. SSRN Web Address: http://ssrn.com/abstract=743886 |
| |
| |
| Manuscript Received :
2005
|
| Manuscript Published :
2005
|
|
| |
| |
|
This abstract has been viewed 2218 times.
|
| |
| |
|
