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.
|Titolo:||Do synergies exist in related acquisitions? A meta-analysis of acquisition studies|
HOMBERG, FABIAN KURT FALK (Corresponding)
|Data di pubblicazione:||2009|
|Appare nelle tipologie:||01.1 - Articolo su rivista (Article)|
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|Homberg Rost Osterloh 2009.pdf||Versione dell'editore||DRM non definito||Administrator|