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Do synergies exist in related acquisitions? A meta-analysis of acquisition studies

Homberg, Fabian ; Rost, Katja ; Osterloh, Margit

In: Review of Managerial Science, 2009, vol. 3, no. 2, p. 75-116

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    Titre
    • Do synergies exist in related acquisitions? A meta-analysis of acquisition studies
    Auteur
    • Homberg, Fabian. IOU Institute for Organization and Administrative Science, University of Zurich, Universitätsstrasse 84, 8006, Zurich, Switzerland
    • Rost, Katja. IOU Institute for Organization and Administrative Science, University of Zurich, Universitätsstrasse 84, 8006, Zurich, Switzerland
    • Osterloh, Margit. IOU Institute for Organization and Administrative Science, University of Zurich, Universitätsstrasse 84, 8006, Zurich, Switzerland
    Type de document
    • Postprint
    Langue
    • Anglais
    Publié dans
    • Review of Managerial Science, 2009, vol. 3, no. 2, p. 75-116. Springer-Verlag
    Autre version électronique
    Identifiant OAI-PMH
    • oai:doc.rero.ch:313990
    Summary
    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