Permanent URL to this publication: http://dx.doi.org/10.5167/uzh-29667
Homberg, Fabian; Rost, Katja; Osterloh, Margit (2009). Do synergies exist in related acquisitions? - A meta-analysis of acquisition studies. Review of Managerial Science, 3(2):75-116.
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Mergers and Acquisitions (M&A) aim to increase wealth for 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 conducts 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.
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|Item Type:||Journal Article, refereed, original work|
|Communities & Collections:||03 Faculty of Economics > Department of Business Administration|
|Dewey Decimal Classification:||330 Economics|
|Uncontrolled Keywords:||Mergers & Acquisitions, Meta-Analysis, business relatedness, size relatedness,technological relatedness, cultural relatedness, synergies|
|Deposited On:||08 Feb 2010 10:18|
|Last Modified:||27 Nov 2013 18:20|
|Additional Information:||The original publication is available at www.springerlink.com|
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