A 27‐year review of mergers and acquisitions research in 27 leading management journals

• DOI: http://doi.org/10.1002/jsc.2320
• Published date: 01 March 2020
• Date: 01 March 2020
• Author: Ferran Vendrell‐Herrero,Emanuel Gomes,Sunbir Alam,Shlomo Y. Tarba

RESEARCH ARTICLE

A 27-year review of mergers and acquisitions research in

27 leading management journals

Emanuel Gomes

1

| Sunbir Alam

2

| Shlomo Y. Tarba

2

| Ferran Vendrell-Herrero

2

1

Universidade Nova de Lisboa, Nova School of

Business and Economics, Nova University,

Lisbon, Portugal

2

University of Birmingham, Birmingham

Business School, University of Birmingham,

Birmingham, UK

Correspondence

Emanuel Gomes, Universidade Nova de Lisboa,

Nova School of Economics and Business, Nova

University, R. Holanda no.1, 2775-405

Carcavelos, Portugal.

Email: emanuel.gomes@novasbe.pt

Funding information

Social Sciences Data Lab, Grant/Award

Numbers: 22209, LISBOA-

01-0145-FEDER007722; Fundaç~

ao para a

Ciência e Tecnologia, Grant/Award Number:

UID/ECO/00124/2013

Abstract

This study contributes to the existing body of knowledge on mergers and acquisitions

(M&As) by providing a systematic review of over 500 academic articles across

27 management journals over a 27-year time frame. There appears to be a mixture of

empirical and conceptual articles, with a larger proportion being empirical but an

increasing number leaning towards a conceptual nature. Our findings show that most

studies follow a quantitative approach and use large samples, mostly originating from

existing databases. There is an emergence of thematic areas related to the strategic

factors influencing M&As, but with the human dimension, gaining increasing atten-

tion over time.

1|INTRODUCTION

The growing popularity and undeniable importance of mergers and

acquisitions (M&As) as a method suited to gain critical size and global

reach is reflected in the increasing scholarly attention given to the

topic. Strategic management scholars have explored numerous topics

within M&As, adopting a wide range of theoretical frameworks and

methodological approaches that, as a result, have led to the emer-

gence of a significant body of literature from various disciplinary per-

spectives. Numerous studies have investigated a broad range of

aspects, including finance (Arikan, & Stulz, 2016; Erel, Jang, &

Weisbach, 2015; Tuch & O'Sullivan, 2007), strategy (Humphery-Jen-

ner, Sautner, & Suchard, 2017; Nair, Demirbag, Mellahi, & Pillai, 2018;

Park & Gould, 2017; Xing, Liu, Tarba, & Cooper, 2017; Yildiz & Fey,

2016), partner selection (Cuypers, Cuypers, & Martin, 2017; Gomes,

Weber, Brown, & Tarba, 2011; Very, Lubatkin, Calori, & Veiga, 1997),

management teams and leadership (Rao-Nicholson, Khan, & Stokes,

2016; Vasilaki, Tarba, Ahammad, & Glaister, 2016; Xing & Liu, 2015),

communication (Angwin, Mellahi, Gomes, & Peter, 2016), human

resource management (HRM) (Aguilera & Dencker, 2004; Gomes,

Angwin, Peter, & Mellahi, 2012; Khan, Rao-Nicholson, Akhtar, & He,

2017; Sarala, Junni, Cooper, & Tarba, 2014; Sarala, Vaara, & Junni,

2019), speed of implementation (Angwin, 2004; Gomes, 2009),

merger integration (Ahammad, Tarba, Frynas, & Scola, 2017; Almor,

Tarba, & Benjamini 2009; Angwin and Meadows, 2015; Björkman,

Stahl, & Vaara, 2007; Gomes, 2009; Stahl et al., 2013; Weber & Tarba,

2011), acquisition experience (Cuypers et al., 2017; Gomes, Donnelly,

Morris, & Collis, 2007), culture (Ahammad, Tarba, Liu, & Glaister,

2016; Bauer & Matlzer, 2014; Björkman et al., 2007; Gomes et al.,

2011; Morosini, Shane, & Singh, 1998; Reynolds & Teerikangas, 2016;

Stahl et al., 2013), organizational justice (Ellis, Reus, & Lamont, 2009;

Gomes, Mellahi, Sahadev, & Harvey, 2017) and pricing (Agarwal &

Kwan, 2018; Agarwal, Kwan, & Paul, 2018). However, despite such

substantial research endeavors, the field is accumulated knowledge

and literature remains dispersed (Angwin & Vaara, 2005; Gomes,

Angwin, Weber, & Tarba, 2013); hence the need to organize and

structure the existing body of knowledge—the object of this study.

Over the years, several reviews have been carried out in an

attempt to identify the various research streams and understand the

complexities and intricacies inherent in the various critical success fac-

tors involved in M&A processes. Some reviews have attempted to

shed light on the human elements associated with the M&A process

(Junni & Sarala, 2014), including strategic and organizational fit in

partner selection (Cartwright & Schoenber, 2006). Other reviews have

JEL Classification code: M10.

DOI: 10.1002/jsc.2320

Strategic Change. 2020;29:179–193. wileyonlinelibrary.com/journal/jsc © 2020 John Wiley & Sons, Ltd. 179