Improving the M&A Decision-Making Process: Learning from Serial Acquirers

Michael Weber (), Dodo zu Knyphausen-Aufseß () and Lars Schweizer ()
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Michael Weber: Technische Universität Berlin
Dodo zu Knyphausen-Aufseß: Technische Universität Berlin
Lars Schweizer: Goethe-University Frankfurt

Schmalenbach Business Review, 2019, vol. 71, issue 3, No 1, 295-342

Abstract: Abstract Mergers and acquisitions (M&A) represent a substantial means to implement corporate and business unit strategy. However, capturing expected value proves to be very challenging. While previous studies on acquisition decision-making have identified a number of impediments to process, they lack a rich and theoretically grounded description of how to systematically mitigate those obstacles. Our research setting is four firms from the German industry sector. Using a multi-case inductive study, we analyze how serial strategic acquirers—all equipped with a dedicated M&A function—have designed their M&A decision-making process. We find that firms rely on group decision-making mechanisms, following three procedural strategies and one governance strategy.

Keywords: Mergers and acquisitions (M&A); Organizational behavior school of M&A; Process perspective; Decision-making; Serial acquirer; M10; M19 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s41464-019-00077-8

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