Integrating Disciplinary Perspectives on Fifth-wave M&A Research

K. Park, D.R. King, S. Chaudhuri, A.M. Arikan, and P.K. Goulet (USA)


Opportunities; Integration; Challenges and Difficulties; Interdisciplinary M&A Research


This paper spans disciplines to present emergent concep tual and empirical work on mergers and acquisitions that occurred from 19932000, the years representing the fifth merger wave since the start of the twentieth century. We integrate a range of theoretical frameworks and merger settings to deepen academic and practitioner insight into the total sequence of M&A conception, implementation, integration, and performance during this unique wave of typically high-valuation, horizontal deals in the financial services, telecommunications, energy, manufacturing, and high-technology sectors. Specifically, we draw on con cepts from financial economics, strategic management, and organization studies to provide new understanding of (1) managing complexity and uncertainty to transfer innovative capabilities in high-technology acquisitions, (2) extracting economic value from the acquisition of intangible assets, (3) creating synergy through the combination of comple mentary innovation and marketing resources, (4) fostering intercultural learning to facilitate the integration process, and (5) identifying the presence of CEO leadership and pro found organizational change in large acquisitions.

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