Stakeholder approach to M&A performance

Olimpia Meglio

Chapter 141 in Elgar Encyclopedia of Mergers and Acquisitions, 2026, pp 381-382 from Edward Elgar Publishing

Abstract: No single variable seems to explain acquisition performance, but heavy reliance is placed upon cumulative abnormal returns (CAR) methodology which emphasizes deal performance for shareholders at the expense of other stakeholders. As acquisitions are increasingly perceived as multi-stakeholder deals, a way to embrace this perspective is to view acquisition performance as an ‘umbrella construct,’ which describes broad, ambiguous terms with multiple connotations, tied together under a unitary label. Acquisition performance should reflect as many dimensions as the stakes involved in the deal. These plural outcomes should also reflect different time horizons of the acquisition process. Acquisition outcomes therefore need careful measurement processes and definitional clarity, and they may be categorized into financial and non-financial measures of acquisition performance.

Keywords: Acquisition performance; Shareholder value; Economic performance; Financial performance; Acquisition outcomes (search for similar items in EconPapers)
Date: 2026
ISBN: 9781800880856
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