Mergers & acquisitions process research - A review€¦ · Mergers & acquisitions process research - A review Michael Grant, Lars Frimanson & Fredrik Nilsson Department of Business

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June 3, 2012

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Mergers & acquisitions process research

- A review

Michael Grant, Lars Frimanson & Fredrik Nilsson

Department of Business Studies, Uppsala University

ABSTRACT

The purpose of this paper is to provide an update and review of M&A process research

following Haspeslagh and Jemison (1991). The review follows a methodical approach using

selected elements from the systematic review methodology of evidence-informed

management knowledge. The reviewed papers are separated into M&A process categories in

order to identify and examine theoretical perspectives, research questions, research designs,

empirical research contexts, data and methods, perspectives of analysis, and main findings.

The review also reveals and adds new ways of how to view and describe M&A processes, and

proposes directions for future research. 21 years after Hasepslagh and Jemison (1991)

developed the process perspective in M&A research, this review brings together papers from

top-rated academic journals within nearly all fields of business and management research.

Thus providing an assessment of “state-of-the art” M&A process research.

1. Introduction

Process is an important aspect of research on mergers and acquisitions (M&A). Process

reminds us of the complex set of steps organizations and their members go through resulting

in both intended and unintended acquisition outcomes. Jemison and Sitkin (1986) introduced

process as a perspective in M&A research to provide an alternative to the rational choice

perspective. Subsequently, calls for process research were made, particularly for qualitative

process research (Cartwright and Schoenberg 2006; Haspeslagh and Jemison 1991; Risberg

2006; Meglio and Risberg 2010) and a growing body of literature on M&A processes has

emerged in recent decades. This research has employed a variety of theoretical perspectives to

address an increasing range of complex M&A process issues. In the past decade, this research


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has developed theoretically, and many M&A process papers now make it to top-rated

academic journals. Yet, no systematic knowledge exists on what is known about M&A

processes. This paper represents an attempt in that direction by providing a systematic review

on the topic.

M&A processes are highly complex. There are several motives and they differ for different

stakeholders in any particular M&A process. The same holds for sub-processes, such as the

idea process, the justification process, the integration process, and the outcome (Haspeslagh

and Jemison 1991). When there are many motives, so too are the explanations and they are

often contradictory in space and over time, simply because each observed M&A process

brings an unique cultural, organizational, and social dimension (Meglio and Risberg 2010).

Examining causes and consequences of M&A is the domain of cross-sectional research. But

rather than examining causes and consequences, process research relies on longitudinal

designs and qualitative field data to understand what is going on in M&A processes, how

processes are linked to each other, and how people experience them.

This paper reviews the substantive contributions of 55 empirical M&A process research

papers published in 4* and 4 ranked journals in the Associations of Business Schools’ list

between 2001 and 2010. The contributions are reflected upon and new and interesting

avenues for further M&A process research are discussed. The reviewed papers are separated

into M&A process categories to identify and examine streams of theoretical perspectives,

research questions, research designs, empirical research contexts, data and methods,

perspectives of analysis, and main findings.

The remainder of this paper is structured as follows. First we present our methodology

thereafter we characterize the research following the M&A processes and finally we present

some tentative conclusions.

2. Methodology

The review follows a methodical approach using selected elements from the systematic

review methodology of evidence-informed management knowledge (Tranfield et al. 2003).

This includes a documented, replicable and transparent process for planning, conducting and

reporting.


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The M&A phenomenon is the focal point of the study. While it entails many facets, such as

strategic and organizational changes, it has been used when studying corporate

diversification, resource dependence theory, human resource management, executive

compensation, learning and social and cultural integration (Armenakis and Bedekian 1999;

Barkema and Schijven 2008; Gomez-Mejia and Wiseman 1997; Hillman et al 2009; Hitt et al

2006; Ramanujam and Varadarajan 1989; Stahl and Mendenhall 2005). This means that the

review contains many different phenomenon and fields applied to M&A. Therefore it cannot

give evidence of the status of processes pertaining to constructs and theories related to other

fields.

2.1 Planning the study

After framing the research question the key concepts of merger and acquisition were defined.

Thereafter sources to search from were selected. There is a variety of sources available

including articles, books, conference papers and dissertations (c.f. Tranfield et al. 2003). Our

criteria were to get the latest up to date knowledge which has been tested with academic rigor.

Also, we wanted to get a broad overview of M&A research covering as many fields as

possible within business and management studies. These considerations led us to selecting

journals from the 2010 list published by ABS (Association of Business Schools). This guide

is designed to primarily serve the needs of business and management research and covers 22

subject fields. Apart from management it includes fields such as accounting, business history,

economics, organization studies and psychology. The ranking of the journals within the list is

based on peer review, statistical information relating to citation and editorial judgments. All

journals marked with the two highest categories 4* and 4 were selected. This resulted in a

total of 94 journals (see Annex 1) covering 20 of the subject fields. The two fields not being

covered, Business ethics and governance and Management development and education,

lacked journals ranked 4* or 4. Extending the search to also include journals rated 3 would

add another 230 journals. This was deemed practically not feasible given the time allocated to

the study.

The last ten years, 2001-2010, was chosen as a reasonable time frame, since we wanted to

cover the current state of M&A research. Also, other scholars have indicated that process

studies are more likely to have been done during later years (e.g. Cartwright and Schoenberg,

2006; Haleblian et al. 2009; Meglio and Risberg 2010).


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2.2 Conducting the review

Within the selected journals, we did an abstract search on the keywords Merger, merge*,

acquisition, divestment, divest*, takeover, buyout, spin-off, IPO and private equity. This also

included the plural form. For all of the articles, the title and abstract was read in order to

identify if the article could be classified as a M&A study. If the abstract did not give clear

guidance the article would be read partly or entirely. For each journal, the date of the search,

the database used, and the number of hits and M&A articles per keyword were recorded in a

table. The references for all M&A articles were saved in EndNote X3. For each journal we

collected and saved in a binder, the table, the reference list in EndNote, and the articles in full.

In total 591 articles were defined as being M&A articles (see Annex 1).

As a second step the sections describing the method and data were read to determine whether

the study was a process study. If the result was not clear the study was discussed with the

other authors and a joint decision was formed whether the study was deemed to be a process

study or not. A general principle was to include studies which were ambiguous as to whether

they could be seen as process studies.

As a third step the articles were read and a 1-2 page document was written on each paper

including elements such as authors, title, journal, abstract, positioning of the research

question, context, research process and analysis, data, contributions, and our own comments.

This enabled us to get an overview of all articles. When doing our analysis we used these

together with the articles. In our results we present for each article, in table 1, the following:

researched process following our process categories; author(s) and title; theoretical

perspective; research question; research design; M&A context describing type of transaction

as stated in the article; data and method; perspective of analysis describing which party(-ies)

perspective(-s) are used in the analysis of the M&A transaction; and main findings.

2.3 Constructs

There are different ways of defining a merger or an acquisition. Webster´s New Twentieth

Century Dictionary defines “merger” as the combination of several companies, corporations

etc. in one. An “acquisition” on the other hand is simply a purchase. Another term often used

is M&A, mergers and acquisitions. Generally these terms are used interchangeably, as in this

paper.


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The other side of an acquisition is the divestment process which, obviously, has a strong

influence on the acquisition process in the acquiring company. Studies of divestments are also

included in this review while they show the “other side” of the acquisition i.e. the company

being acquired with its processes. This also includes divestments by ways of public offerings,

spin-offs, management buy-outs or sales to private equity companies. These types of

divestments have similarities with a sale to one buyer even though the process doesn’t lead to

the integration of the acquired company with the buyer. As an example the divested company

might change its organizational identity, similar to what can occur when an industrial

company acquires a business. An industrial company can also limit the extent to which the

acquired company is integrated. In the pre-merger phase the process of the sale via a public

offering or a sale to a private equity buyer can be the same as for a sale to a company

integrating the acquired business. As an example a company can pursue a dual-track process

in which the divested company either will be sold via a public offering or directly to an

industrial or private equity company. In this case the pre-merger process is the same either the

buyer will integrate the business or not.

There are also other forms of strategic change in organizations which include transfer or

sharing of assets or knowledge to other organizations like alliances including joint ventures.

Parts of these transactions can be similar to M&A processes, as an example setting up a joint

venture can have similarities with a merger process. However, in their main part these

processes are different from M&A processes, while they are cooperative and designed to

allow partners to share risk and resources, gain knowledge, and obtain access to markets (Hitt

et al., 2000).

2.4 Reporting the review

In this section of the paper we present how the papers are characterized. When reporting the

study we use Van de Ven’s (1992) description of process as a sequence of events or activities

describing how things change over time.

The papers are characterized based on the M&A process model as described by Haspeslagh

and Jemison (1991). This model is based on extensive empirical research of acquisitions and

is a development of the acquisition model presented by Jemison and Sitkin (1986) in their

groundbreaking article “Corporate acquisitions: a process perspective” which introduced the

process perspective into M&A research (Risberg, 2006). It also adheres to a common way of


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describing M&A processes based on activities and processes taking place during different

phases of an acquisition (e.g. Bruner 2004; Pablo and Javidan 2004; Sudarsanam 2003).

Figure 1. M&A process, Haspeslagh and Jemison (1991)

The idea phase deals with the source of ideas for acquisition targets or divestments.

“Acquisition justification” is the process in which what they name the “theory” of the

acquisition is developed. They describe six important dimensions or criteria for assessing the

quality of the acquisition justification including strategic and organizational fit, how thorough

this analysis is done and how widely shared the conclusions are in the organization.

Furthermore they mention the timing of the integration of the target into the acquirer and the

maximum price the acquirer is willing to pay. Haspeslagh and Jemison base their analysis on

a capability based view of value creation. The underlying assumption is that it is not possible

for firms to achieve a distinct competence, something which they can do better than other

firms that will give them a unique and lasting competitive advantage. They rather see the

firm’s competitive position or advantage as a result of the firm’s application of a wide range

of capabilities, which can be defined as those central to competitive advantage. Based on this

view they further discuss and analyze acquisition integration and problems during the

implementation process.

The acquisition integration process by Haspeslagh and Jemison was further developed by

Birkinshaw et al. (2000). Based on their empiricial findings from acquisition integration they

added organizational behavioral research and developed the integration process into a task

and a human integration process. The former consisting of identification and realization of

operational synergies, and the latter focused on the creation of positive attitudes towards the

integration among employees on both sides.

Like in the study by Birkinshaw et al. (2000) we found several other examples of studies

covering both task and human integration processes. We therefore chose task and human


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integration process as one category. Studies exclusively focused on human integration

processes formed their own category.

Idea and acquisition justification was grouped into one category while studies focusing on

only the idea or acquisition justification process were few, together only 9 studies out of 55

were found in the idea and justification processes. Also some of these studies included both

the idea and acquisition justification processes. The group process outcome includes process-

studies with a primary interest in outcome of acquisitions.

To sum up we chose to categorize the papers in four groups: idea and acquisition justification;

task and human integration; human integration; and process outcome. Each of these groups,

except for process outcome, can be viewed as a process in itself or a selection of processes

taking place under the group itself, while in essence all processes take place at a micro level.

Process outcome is the outcome of the whole acquisition process.

Some of the studies could be placed into more than one of the categories however we have

selected to place each study only in the group in which its main emphasis lies.

3. Results

3.1 Idea and acquisition justification process

Few studies cover this process which is notable since many elements like strategy, motives

and price to a large extent are determined in this process. In spite of this these studies

contribute with alternative perspectives on how to interrogate the M&A phenomenon;

institutional changes and logics as antecedents and motives; how several factor together

contribute to acquisitions and divestments; and how trust, balance of power and key values

can influence the negotiation process.

The studies highlight important alternative perspectives in researching the phenomenon.

Meyer (2006) gives emphasis to changing the perspective of acquisitions from being

portrayed as a single phenomenon to acquisitions and divestments as means of achieving

strategic change by following two Danish companies’ internationalization and focus of their

business over a 25 year period. Graebner and Eisenhardt (2004) add the importance of the

seller in the process and present an alternative framework of acquisitions as courtship in


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contrast to takeover and agency perspectives. They demonstrate that the leaders of selling

firms pay limited time to short-term personal benefits but rather seek buyers that offer long-

term resource combination potential and “fit” between the leaders, and the sellers culture and

employees. Also they show that investors and the board joined managers in this view in

valuing combination potential and “fit”.

The studies show how the change in institutional logic and other changes in the external

environment impact the process. Thornton (2001) describes how a change in institutional

logic in the market for education and higher publishing increased the risk of being acquired.

While Kitchener (2002) explores how the institutional logic in health care changed from

professionalism to a managerial logic. This paved way for uncritical adoption of a “merger is

effective” myth and a dysfunctional merger of Academic Health Centers. The author argues

that the merger was an example of managerial agency using M&A as an option managers can

select from a menu of legitimized options. Wood (2001) also give an example of how the

external environment impact M&A by showing how a company adopted to regulation by

restructuring the company in the premerger phase. Savage (2004) add the local union as a

stakeholder, examining how it used media and cooperation with other stakeholders to

influence the outcome for employees and public health care in a merger between a private and

public hospital.

The papers also contribute to other knowledge on acquisition antecedents and motives by

adding and giving examples of how several factors together contribute to acquisitions and

divestments. Examples of these are changes in top management team, personal motivation

including life changes such as marriage and a less stressful work situation, and attraction of

buyers (Graebner and Eisenhardt 2004; Kitchener 2002; Meyer 2006).

Some studies focus on parts of the negotiation process. Morris (2001) adds, to existing union

literature, the importance of balance of power, and balancing of key values in explaining why

a merger between three traditionally rival unions succeeded. Graebner (2009) shows how trust

asymmetries between sellers and buyers develop and impact the process, while Brauer (2009)

investigates which factors influence corporate and divisional manager involvement in

divestments.


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3.2 Task and human integration process

Papers related to this process include the study of knowledge transfer, leadership and change

and the role of acquired leaders and other participants.

Studies of knowledge transfer demonstrate different processes for different type of

knowledge, each with its own facilitators and temporal characteristics.

The research on leadership and change point at several difficulties involved when trying to

change and integrate organizations. Several of the studies follow the process over a long time

period, up to 6 years, revealing a long time required for change processes with impediments

arising during the journey. This research also highlights the multiplication of difficulties when

the change process involves pluralistic organizations, like health care and universities, with

diffuse power and divergent objectives.

Closely related to leadership is the question of how to allocate positions and functions in the

combined company. Applying an organizational justice perspective in practice reveal the

difficulties when trying to balance the fostering of relationship with economic productivity

This study of the integration process also show how acquired leaders can contribute to create

value and what role the HR function or the integration team can play. Other contributions are

how the external environment influence the integration process and the role of confidentiality

agreements and its effect on employees and the organization.

The perspective of stakeholders outside the companies involved are rarely studied. The paper

by Spedale et al. (2007) is therefore of special interest since it brings to the afore how the

relations with customers and suppliers of the acquired company is effected in the integration.

Bresman et al. (1999)1 show in their study of knowledge transfer in international acquisitions

how different forms of knowledge transfer were related to the different processes and had

different temporal characteristic. Transfer of technical know-how was facilitated by

communication, visits and meetings and time elapsed since acquisition; transfer of patents and

management systems was facilitated by articability of knowledge, size of acquired unit and

recency of acquisition. They also showed that early, 2-3 years from time of the acquisition,

1 This study was republished 2010 in Journal of International Business as the 2009 decade award winning article

and is part of our sample.


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transfers were from the acquirer to the target while later, after 3-6 years, was reciprocal. Ranft

and Lord (2001) also explore how firms gain new technologies and capabilities in acquisitions

making a somewhat similar distinction as Bresman et al (1999) between the tacitness and

social complexity of the knowledge. They identify the balance between the speed of transfer

and knowledge preservation; communication and retention of key employees as important

factors for transferring knowledge.

Two examples of studies of knowledge transfer in other industries are given by Schweizer and

Empson. Schweizer (2005) investigates how the acquisition of a biotech company should be

integrated into a pharmaceutical company. His findings suggest using different approaches

across different functions and value chain components based on a distinction between

different short- and long-term motives. Empson (2001) investigates knowledge transfer in

mergers between professional service organizations and explores reasons behind individual

resistance to knowledge transfer. She finds perceived differences in the knowledge base (tacit

or codified) of the firms and the quality of the merging parties’ external image as reasons

behind individual resistance.

Denis and Langley (2001) highlight, in their study of merger between hospitals, how the

special character of the pluralistic organization impact integration and strategic change. They

saw that change tended to advance cyclically and was dependent on the “coupling” between a

collective leadership group with the organization and its environment. Another leadership

study is Yu et al (2005) which in an ethnographic study, investigate what topics senior

management attend to during the integration process of several acquisitions by a medical

group. They found that most time was spent on operationalization of administrative functions,

i.e. structures and systems and it took five years until the objective with the merger, patient

care, was focused on. They portrayed the integration process as an ongoing journey including

vicious circles and even after eight years the organizations still had separate cultures

(acculturation process of adaptation not seen).

In a longitudinal study over 6 years, of mergers between Australian Universities and colleges,

Kavangh and Ashkanasy (2006) examine how leadership and change management approach

affect individual acceptance of change in organizational culture. The results suggest that the

direction in which the organizational culture moved in terms of constraint or autonomy for the

individual and the pace of change affect if individuals will accept or reject change and how


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they will perceive leadership. Other important elements for the perception of leadership were

communication and a transparent change process. Fulop et al. (2005) explore the merger of

public health care organizations. They highlight how multiple stated and unstated motives

were based on simplistic assumptions about organizational change processes and demonstrate

how perceived differences in organizational culture and “takeover” perceptions formed

impediments to realization of motives. Apart from cost savings and service development they

found multiple motives normally not included in mergers between private companies like

local and national politics, community motives, addressing managerial deficits, improving

conditions and career prospects for staff and address recruitment and retention problems

Meyer (Meyer 2001; Meyer and Altenborg 2007) use an organizational justice perspective to

explore the tradeoffs in mergers between different approaches to allocate positions and

functions. These underscore the difficulties when trying to encourage relationship and

economic productivity at the same time. They also give an example, from a failed

international merger, of the difficulties in operationalizing the approaches. They argue that in

this case the equality principle did not lead to social integration. This together with a large top

management team with equal numbers from each company and structural restrictions in the

shareholders agreement attributed to the break-up of the merger.

In another paper by Meyer and Altenborg (2008), analyzing the same case, the authors argue

that the merger parties had complementary resources, strategic fit, but different views existed

between the parties on how these resources should be deployed. The incompatible strategies

were not resolved due to the equality in national governance structures and thereby

contributed to the failure of the merger.

Graebner (2004) demonstrate, in her study of acquired technology firms, the importance and

role of acquired leaders in integration of the acquired firm. The acquired leaders contributed

to unlocking expected value through speeding up interaction with the buyer and mitigating

employee concerns. These leaders were given cross-organizational responsibilities, which

enabled them to identify and realize opportunities for unexpected resources configuration

(serendipitous value).

Marks and Vansteenkiste (2008) describe the role of and actions an HR function can

undertake to support a business and its employees in a company being sold to two competitors

and partly being dismantled. Boselie and Koene (2010) follow a company during a two year


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period, when negotiating a private equity buyout. They describe how HR initially was

decoupled from the buy-out process by top management impeding HR initiatives, but later on

as the transaction grow more hostile played a role in supporting the management.

Llewellyn (2007), using an agent perspective, argue that a merger integration team of ten

agents were instrumental in the first 18 months of the integration. She also discusses and tests

conceptual agent views from Archer and Giddens.

Mtar (2010) uses three comparative case studies to examine how the institutional effect

influence the integration of management systems in French acquisitions in UK. The findings

reveal that the institutional effect varies dependent on market structure and power dependency

factors.

Harwood (2006) explores the impact of confidentiality agreements in integration of

acquisitions. The findings demonstrate that the agreements at the company level enabled

“space” to discuss and do some change without fear of disrupting ongoing business. At the

individual level the effects were information and prestige power, protectionism and a low

level of inter-team trust. Different information transfers, in spite of the agreements, were also

identified.

The paper by Spedale et al. (2007) belong to one of the few studying other stakeholders than

the companies and owners involved. They explore how relations with customers and suppliers

of the acquired company is effected and factors influencing this. They identify

communication, idiosyncratic investments, interpersonal relations and personnel turnover as

critical managerial decision areas affecting the relations. Also they mention the balance of

power and sensemaking processes between the acquired company and its suppliers and

customers as being important.

3.3 Human integration process

Research related to this process includes employee reactions, organizational identity change,

and a discursive perspective giving attention to how language constructs phenomena.

How employees react to acquisitions have been studied earlier. Four of our studies include

additional contributions to this area. These include findings of positive target employee


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reactions, the highlighting of managers negative emotions, and activities managers of the

acquirer and target can use to reduce negative employee effects.

One central element in integration of organizations is identity change. A group of studies

explore various perspectives of this. Included in these are how national identity can be used

by employees to create “we” and “them” and gain power; how organizational identities differ

along hierarchical levels; and how employees can shift focus from organizational to

professional identities in change processes. Other papers develop models for the process of

organizational identity change including elements like “sense of continuity” and what leaders

can do to facilitate identity change. Another paper demonstrate the linkage between

institutional trust and an organization’s identity.

A discursive perspective has been used to reveal how media legitimate and create winners and

losers in mergers. It has also uncovered how discourses can be used by employees for framing

success or failure, justify their own actions and gain power.

In a merger between two public service organizations Dackert et al. (2003) examine how

employees perceived their own, the other and the expected merged organization before the

merger. They show that prior to the merger employees in both organizations expected one of

them to be dominant after the merger. Members in the non-dominant group felt threatened by

the merger and therefore stressed their own distinctiveness.

Ford and Harding (2003) present their analysis of managers emotions in a merger in the form

of the play Dr Faustus by Christopher Marlowe. This suggest that managers felt as if they had

sold their souls in the merger. Several examples of situations in which the managers

experienced negative emotions are also presented.

Brannen and Peterson (2009) describe how individuals are impacted in a cross-border

acquisition between a Japanese and a US company. They describe activities used to reduce

alienation but also found pockets of alienation in the acquired company.

In another paper on cross-border acquisitions Teerikangas (2010) found that in six out of eight

acquisitions studied employee reactions in the pre-merger phase were positive. The reason

was that these acquisitions were perceived as opportunities to target firms and had the target

management involved. She proposes a model for employee reactions in the target company

including target and acquirer factors, and target managerial involvement.


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Ailon-Souday and Kunda (2003) describe in their paper how national identity, in a cross-

border acquisition, was constructed and used by employees to create a “we” and “them” in

their struggles for local separateness and global status. In a Swedish Finnish cross-border

merger Vaara et al. (2003) examine, in a metaphor exercise, social identity building of “we”

and “them” and reveal cognitive, emotional and power aspects.

Corley (2004) identifies different organizational identities along hierarchical lines. Examples

of differences between hierarchies were whether the identities were based in the organizations

strategy or culture and consequently if change in identities were based in language or

meaning.

An example of how employees can shift their identity is given by van Vuuren et al. (2010). In

their study of a merger between two Universities they describe how employees shifted their

focus from being a member in an organization towards an identity of profession.

Ullrich et al. (2005) argue in their study of a merger between two German organizations the

importance of “sense of continuity” for employee identification with the merged organization.

Similar to this Clark (2010) describe how a transitional identity can facilitate organizational

identity change in his study of a merger between two healthcare organizations.

In a global accounting firm´s acquisition of a UK firm Empson (2004) explores the process of

organizational identity change with linkage to professional identity. She proposes a

framework for the process including how organizational members identify with their

organization and techniques which can be deployed by management to facilitate this. Another

model for organizational identity change is proposed by Corley and Gioia (2004). Their

model include triggers of identity ambiguities, employee reactions and leaders responses.

Brown and Humphreys (2006) reveal how different groups used "place" as a discursive

resource in creating and defending their version of group and organizational identity. The

paper by Maguire and Phillips (2008) focus on organizational identity and institutional trust.

They describe how institutional trust is initially reduced by the ambiguity of the new

organization’s identity. For a group of employees the lack of institutional trust continued

since they did not identify with the new organization.

Two of the studies using a discursive perspective examine how issues respectively

legitimation of mergers are constructed and reconstructed in the media. Hellgren et al. (2002)


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shows that media constructed “winners” and “losers” around issues of ownership,

management positions, locations and staff reductions, while Vaara et al (2006) explore

legitimation strategies. The studies identifies discursive strategies such as factualization,

rationalization, emotionalization and moralization.

In a narrative analysis of a hostile takeover Ng and De Cock (2002) reveal how a chairman of

the target used storytelling to carve out a powerful position.

In a multiple case study of mergers between Swedish and Finnish companies Vaara (2002)

examine how discourses are used in the construction of success and failures by employees. He

demonstrates four discursive strategies (rationalistic, cultural, role-bound and individualistic)

used by employees for (re)framing success or failure and also justifying their own actions and

(re)construction of responsibility.

By studying sensemaking of issues in a Finnish company’s acquisition of three Swedish

companies Vaara (2003) reveal “irrational features” impeding the integration process. The

features he uncovers are inherent ambiguities, cultural confusion in social interaction and

communication, organizational hypocrisy and politicization.

Riad (2005) argues that “organizational culture” has become a “truth” in merger integration.

She illustrates this by using a merger in the public sector in New Zeeland.

In a cross-border merger Vaara (2005) analyze the power effects of the choice of language

policy. The result demonstrates how language skills affected individual’s power, association

of professional skills and social networks. It also illustrates reification of post-colonial

structures of domination, increased national identification, and construction of superiority and

inferiority.

In a later study Vaara and Monin (2010) explore legitimation processes in a merger that was

subsequently broken up. The findings disclose how legitimation and delegitimation are

recursively linked to organizational actions and the material realm of resources and

capabilities.

3.4 Process outcome studies

Research focusing on the outcome of the M&A process includes union merger literature and

historical research and one paper trying to embrace how the complex weave of politics,


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regulation, and sociocultural aspects together with a retaliating competitor influenced a

transnational acquisition.

Wallis and Winterton (2001) explore why there were different outcomes for industrial

relations at collieries following the sale, privatization, of British Coal. They argue that the

variations are explained by competing unions and whether the UK government in the sale of

the collieries required management to keep previous agreements.

Keller (2005) studies consequences of a merger between five unions in Germany. His findings

of the outcome are ambiguous with respect to realization of synergies and positive

membership development and service. He further argues that competition between unions will

intensify. One interpretation he suggests is that the merger was driven by a “merger wave”

and not based on an analysis about the future.

Kim (2006) describes how a US based transnational corporation entered the South Korean

market by acquiring a local company, and how a domestic based competitor retaliated. The

outcome was that the acquired company lost market share in their domestic market to its

competitor but increased in other parts of Asia. The study reveals a complex weave of global

and local politics, regulation, and sociocultural contexts which affect the strategies of TNCs.

It also illustrates how a competitor influenced and used farmers, politicians, the general public

and government to strengthen its position in the market.

Cheffins (2004) explains how mergers influence the national corporate governance system.

He uses the US merger wave during 1897-1903 as a parallel to Britain in late 1950´s to early

1970´s to argue that mergers and anti-competitive regulation were important determinants for

the separation of ownership and control in Britain. He also describes how efficiency of

corporate size, managerial skills, company law, anti-competitive regulation and robust

demand for shares can influence mergers.

Higgins and Toms (2006) introduce a conceptual model with the market for corporate control

and the integration strategy of the acquirer as variable factors. They apply this to the British

textiles industry during c.1950-c.1990. Their findings suggest that a decentralized market-led

strategy with secured financial resources was more successful than a centralized strategy.

They argue that when the market for corporate control was passive a centralized strategy led


June 3, 2012

17

to acquisition gains consumed by managerial rents while a decentralized strategy led to gains

accrued to market-making individuals.

In a longitudinal historical analysis, from after the first world until 1990, Jones and Miskell

(2007) examine the role of acquisitions on the growth of Unilever’s ice-cream and tea

businesses. The findings indicate that over the long-term complementary acquisitions added

value. Development of local research and market competence and a successful integration

based on agreed acquisitions and slow pace contributed to this.

4. Tentative discussion, conclusion, and suggestions for further research

Haspeslagh and Jemison (1991) contributed to a better understanding of the acquisition

process by developing and describing the processes of idea, justification, and integration, and

how these processes affect the outcome. At that time the process perspective was a new way

of examining the M&A phenomenon and gain a better understanding of what makes

acquisitions succeed or fail. Our systematic review across the fields of business and

management research maps the development and current knowledge of M&A process-

research. It also reveals and adds new ways of how to view and describe M&A processes.

Haspeslagh and Jemison (1991) mention the perspective of viewing a series of acquisitions as

a means to an end of corporate renewal but do not develop it further. Our review gives

reasons to expand this perspective. Research applying a temporal perspective, of 10 to 20

years and beyond, shifts the view from M&A as a single activity to a process of corporate

development including several acquisitions and divestments (cf Jones and Miskell 2007;

Higgins and Toms 2006; Meyer 2006). This could also mean assessing the outcome for a

process consisting of several acquisitions and divestments instead of that for a single

transaction.


June 3, 2012

18

Fig 1. M&A process studies, with circles representing the number of studies in each category

The idea and justification process includes notably few studies, only 9 out of 55 papers, see

figure 1. Some of these reveal the importance of including also the seller in this process. In

Haspeslagh and Jemison (1991) both organizations are visibly present in the integration

process but in the idea and justification process only the acquirer is present. Graebener and

Eisenhardt (2004) show the importance of including the seller, emphasizing the social side of

this process. They reframe acquisition as courtship and corporate governance as a syndicate in

contrast to takeover and agency perspectives.

Most of the research have been conducted on the integration process. Based on the study of

knowledge transfer Bresman et al. (1999) developed the integration process into a task and a

human process (Bresman et al. 2000). This and other research have demonstrated different

processes and facilitators dependent on the tacitness and social complexity of the knowledge

(Ranft and Lord 2001). Research of the integration process has also unveiled reasons behind

individual resistance to knowledge transfer in mergers between professional service

organizations, an industry not part of the studies of Haspeslagh and Jemison (1991). Another

perspective raised in this process is how leaders achieve change. The research on leadership

and change point at several difficulties involved when trying to change and integrate

organizations. Several of the studies follow the process over a long time period, up to six

years, revealing a long time required for change processes with impediments arising during

the journey. This research also highlights the multiplication of difficulties when the change

process involves pluralistic organizations, like health care and universities, with diffuse power

and divergent objectives.


June 3, 2012

19

Schweizer (2005) stress the need to move beyond the general integration framework

suggested by Haspeslagh and Jemison (1991) considering the specific motives, type of

knowledge, organizational cultures, and temporal aspects. He suggests, for integration

between pharmaceutical and biotech companies, the use of different integration approaches

across different functions and value chain components based on a distinction between

different short- and long-term motives.

The human integration process represents a new stream of research since Haspeslagh and

Jemison (1991). This includes research to further our understanding of how employees react

to acquisitions, also encompassing positive reactions, and activities managers can undertake

to reduce negative effects. Several studies illustrate the complexity of changing culture and

identities. For example these studies show how multiple organizational and professional

identities can exist within the same organization and become impediments to integrating the

two organizations. They also show how elements like national and cultural identities are

actively used and constructed as symbolic resources by members in the organization to serve

their purposes.

Studies on process outcome includes the outcome of union merger. This is an example of a

different type of organization with its own stream of merger research. Within this process we

also find research on business history, with a different time perspective, revealing the longer

term outcome of M&As. As an example, the study of the development of Unilever’s tea

business contains an example of an acquisition which took several decades to develop

globally, and in many instances, over a decade to integrate outside Europe (Jones and Miskell

2007).

Although M&A process research since Haspeslagh and Jemison (1991) has brought important

findings it is still scarce and only 55 studies out of our 591 M&A papers are process studies.

Therefore, the call for further process research as proposed by Haspeslagh and Jemison (ibid),

and other scholars thereafter (Cartwright and Schoenberg 2006; Risberg 2006; Meglio and

Risberg 2010) is still relevant.

The idea and justification processes are important since they to a large extent determine many

elements like strategy, motives and price. We argue that further research of these might reveal


June 3, 2012

20

new perspectives, also when understanding M&A outcomes. An example, which might be

fruitful to pursue, is the framework of acquisitions as courtship and governance as syndicate,

which offers an interesting alternative to takeover and agency perspectives (Graebner and

Eisenhardt 2004). This framework also put price into a multidimensional context by including

timing, strategic and personal factors.

The integration studies have revealed the importance of type of organizations as context for

examining this process. An example is health care organizations which gives a pluralistic

setting involving multiple and divergent objectives and diffuse power structures in which

leadership is shared and the top teams are influenced of other professionals and external

agencies (Denis et al. 2001; Fulop et al. 2005). The studies of leadership and change in these

pluralistic organizations show several difficulties associated with this particular type of

organization. For example change requires a unified collective leadership something which is

fragile due to the diffuse power structures, this is further complicated with multiple and

contradictory motives (ibid). Our review give arguments for, depending on research question,

moving beyond the general integration frameworks researching M&As as one type of

phenomenon and instead researching them as different processes in different organizational

and other (Graebner and Eisenhardt 2004) contexts.

The review attempts to give an overview and update of M&A process research using

Haspeslagh and Jemison (1991) as a starting point. We have systematically and in a

transparent way conducted the review with its limitations. For example there has been M&A

process research presented in thesis works and conference papers which will not or have not

yet reached the top ranked international journals included in our review. There is also high

quality process research published in lower ranked journals. Furthermore, we have chosen the

period 2001-2010, thus only indirectly including papers published prior to this period.

However while certain high quality process research likely is missing in our review we argue

that the papers published in our selection of top ranked journals have gone through a process

assuring theoretically well grounded research with a well developed frame of reference,

ensuring that the research is up to date and of a high quality.


June 3, 2012

21


June 3, 2012

22

Researched

phase

Author(s) Theoretical

perspective

Research question Research

design

Research

context

Data and method Perspective

of analysis

Main findings

Idea and

acquisition

justification

process

Morris (2001).

Industry Change

and Union

Mergers in British

Retail Finance.

Atheoretical How is a union

merger achieved

between three

traditionally rival

unions and what

are the

consequences of

the merger for

unions in the

sector?

Single case

study

The merger

between three

unions in the

British retail

finance sector.

Qualitative data from

interviews (with

managers from

unions and the

financial sector) and

archives.

The three

merger

parties

Add new factors (convergence of

values and structure, balance of

power, and balancing of key values

in the negotiation between the

merging parties) to union merger

literature, explaining reasons for

union mergers. The study also

concludes that several unions still

can exist in the sector.

Thornton (2001).

Personal Versus

Market Logics of

Control: A

Historically

Contingent

Theory of the Risk

of Acquisition.

Economic and

structural

contingency and

resource

dependence

How do the

institutional and

historical

conditions affect

the risk of being

acquired?

Qualitative

and

quantitative

analysis.

Higher

education and

publishing

market during

1958-1990.

Qualitative and

quantitative industry

data from interviews

(>33) and archives.

Industry Identification of two institutional

logics editorial (personal) and

market logic with different

determinants of acquisition.

Wood (2001).

Regulatory

constrained

portfolio

restructuring: the

US department

store industry in

the 1990s

Eclectic: portfolio

restructuring

factors

The study explores

how portfolio

restructuring

interacts with US

antitrust regulation

in local markets.

Single case

study

A US

department

store

acquisition.


interviews (more than

30 with executives at

the acquirer and

target company,

academics and equity

analysts) and

archives.

The acquirer

and

regulation

Shows how investment decisions

are influenced by the regulation and

also impact the regulatory

environment. Also illustrates how

an acquirer restructured its

geography in the premerger stage

to conform to regulatory policy and

improve the strategic fit of the

transaction.


June 3, 2012

23

Kitchener (2002).

Mobilizing the

Logic of

Managerialism in

Professional

Fields: The Case

of Academic

Health Centre

Mergers

New institutional,

political science

and social

movement.

What are the

antecedents,

processes and

implications of

uncritical adoption

of mergers in

professional

organizations?

Single Case

study

Two academic

healthcare

centres in

California.

Qualitative merger

parties data from

interviews (11 key

informants) and

archives

The merger

parties

Shows how political choices caused

the shift to an institutional market-

managerial logic from

professionalism in health care. Also

describes how executive board

members of the academic health

care centres, business press and

management consultants

uncritically adopted a standard

´merger is effective’ myth. The

result was a merger with

dysfunctional outcomes and the

merger was subsequently broken

up. Argues that managerial agency

was important and could be viewed

as managers selecting innovations

from a menu of legitimized options

varying over time.

Graebner &

Eisenhardt

(2004). The

Seller's Side of

the Story:

Acquisition as

Courtship and

Governance as

Syndicate in

Entrepreneurial

Inductive theory

building

When and to whom

do company

leaders sell their

firms?

Multiple-

case study

12 technology-

based

entrepreneurial

firms in US

Qualitative and

quantitative seller

and buyer data from

interviews (>80), e-

mails, phone calls and

archives

Seller Identify three sell factors: two push-

factors, strategic hurdles (CEO, sales

ramp-up, funding, product

portfolio) and personal motivation

(major life change, increased risk

aversion), and one pull-factor,

attraction of buyers (combination

potential, organizational rapport,

and price). Contrast takeover and

agency perspectives by developing


June 3, 2012

24

Firms.

an alternative framework;

acquisition as courtship and

corporate governance as a

syndicate.

Savage (2004).

Public sector

unions shaping

hospital

privatization: the

creation of

Boston Medical

Center.

Labor geography How did a local

union influence the

shape of a merger

between two

hospitals?

Single Case

study

The merger

between a

public and

private hospital

in Boston.

Four interviews with

two key union

leaders.

Newspapers incl. their

coverage of press

conferences. City

records and union

documents.

The local

union

Shows how a local labor union were

able to launch a highly public

campaign and built coalitions with

other unions and public healthcare

advocates and thus were able to

play an instrumental role in

influencing the terms of the merger.

The result was a merger agreement

with significant protection for

quality public healthcare and

favourable employment conditions.

Meyer (2006).

Globalfocusing:

From Domestic

Conglomerates to

Global Specialists.

Resource based Why do firms

internationalize

and focus their

business

(globalfocusing)?

Two case

studies

Danisco and GN

Great Nordic

followed over

the period

1990-2004.

Qualitative acquirer


(eight managers),

informal

conversations with

competitors and

former employees,

earlier case studies

and archives

The acquiring

companies.

Indicates that the process of

globalfocusing was driven by

changes in the internal (top

management team) and external

environment (industry evolution,

liberalization of institutional

environment and financial markets)

which gave rise to a shift in the

relative importance of country-

(high to low) and industry-specific

(low to high) resources and

capabilities.

Brauer (2009).

Corporate and

Divisional

Eclectic: various

manager

involvement

What are the key

factors influencing

managers

Single case

study

A European

technology

company

Qualitative seller data

from interviews (17),

e-mails, phone calls

Seller Indicates that multiple, interrelated,

external and internal contingency

factors influence the involvement of


June 3, 2012

25

Manager

Involvement in

Divestitures - a

Contingent

Analysis.

factors involvement in

divestments?

divesting four

business units.

and archives corporate and divisional managers

in the initiation and execution of

divestments.

Graebner (2009).

Caveat venditor:

Trust assymetries

in acquisitions of

entrepreneural

firms.

Interorganizational

trust

To study trust and

deception between

buyers and sellers.

Multiple-

case study

12 technology-

based

entrepreneurial

firms in US

Qualitative and seller

and buyer data from



archives

Buyer and

seller

Shows how trust of their

counterparts are different for

sellers and buyers. The author

describe how these asymmetries

emerge and develop and impact the

acquisition process including

deceptions.


June 3, 2012

26

Researched

phase


perspective


design

Research

context


of analysis

Main findings

Task and

human

integration

process

Denis & Langley

(2001). The

dynamics of

collective

leadership and

strategic

change in

pluralistic

organizations.

Eclectic: various

literature within

strategic

leadership and

organizational

change

How does

leadership and

other factors

influence the

change process in

pluralistic

organizations?

Multiple

case studies

Five cases of

strategic

change at

hospitals in

Canada of

which two

involved a

merger.

Qualitative merger

parties data from

non-participatory

observation (54

meetings), interviews

(59 interviews) and

archives.

The merged

companies

Identifies a collective leadership

group and its “coupling” with the

organization and its environment to

be crucial to achieve change.

“Coupling” at all levels at the same

time was difficult thus change

tended to advance cyclically.

Empson (2001).

Fear of

Exploitation

and Fear of

Contamination:

Impediments to

Knowledge

Transfer in

Mergers

between

Professional

Service Firms.

Knowledge based

view

Why do individuals

oppose to

knowledge transfer

in mergers

between

professional service

organizations?

Multiple

case study (3

cases)

Three

professional

service

organization

mergers across

six firms.

Qualitative merger

parties data from

observed meetings,

interviews (177

interviews), and

archives

The two

merger

parties

Indicates two reasons behind

individuals resistance to knowledge

transfer: perceived differences in

the form of the knowledge base

(tacit or codified) and the quality of

the merging parties external image.

This resistance was apart from

stated commercial and objective

concerns by the interviewees also

ruled by personal and subjective

factors.

Meyer (2001).

Allocation

Processes in

Mergers and

Acquisitions: An

Organizational

justice perspective

What are the trade-

offs between

different

approaches to

allocate positions

Comparative

case studies

(2 studies)

A merger and a

hostile

acquisition

within the

financial

Qualitative buyer and

target data from

participatory

observation,

interviews (78

Acquirer and

acquired

company.

Gives insights into trade-offs and

constraining factors between

approaches when trying to

comply with fostering relationship

and economic productivity.


June 3, 2012

27

Organizational

Justice

Perspective.

and functions? industry in

Norway

interviews) and

archives.

Ranft & Lord

(2002).

Acquiring New

Technologies

and

Capabilities: A

Grounded

Model of

Acquisition

Implementation

Knowledge based

view

How do firms gain

new technologies

and capabilities in

implementation of

a technology and

capability based

acquisitions?

Multiple

case study

Seven

acquisitions of

high-tech

companies


target data from

interviews (17

interviewees), and

archives

The buyer

and the

acquired

companies

Identifies how the appropriation by

the acquirer of the knowledge is

effected by the tacitness and

socially complex form of the

knowledge; speed of transfer;

autonomy of the acquired

company; communication and

retention of key employees.

Graebner

(2004).

Momentum and

Serendipity:

How acquired

leaders create

value in the

integration of

technology

firms.

Inductive theory

building

Explore how

leaders of the

acquired firm

influence value

creation during the

integration process.

Multiple-

case study

12 technology-

based

entrepreneurial

firms in US

Qualitative seller and

buyer data from



archives

Buyer and

seller

Uncover the importance and role of

the acquired firm leader for

unlocking expected and

serendipitous value. The expected

value was supported through

accelerating interaction with the

buyer, solving employees’ concerns

and internal communication.

Responsibilities across the

organizations enabled these leaders

to identify and realize opportunities

for unexpected resources

configuration (serendipitous value).

Fulop et

al.(2005).

Changing

organisations: a

Eclectic:

organisational

change

Understanding the

integration

processes of

mergers in the

Comparative

case study

Four health

care mergers in

UK

Qualitative internal

and external

stakeholder data from

interviews (131

The merged

organisations

Describes the dynamics between

the organisation and its context

(stated and unstated drivers for the

merger) and individuals. The cases


June 3, 2012

28

study of the

context and

processes of

mergers of

health care

providers in

England.

context of stated

and unstated

motives.

interviewees) and

archives

also show that problems persisted

into the third year after the merger

including delays in service deliveries

and limited sharing of “good

practices” caused by perceived

differences in organisational culture

and perceptions of “takeovers”.

Schweizer

(2005).

Organizational

integration of

acquired

biotechnology

companies into

pharmaceutical

companies: the

need for a

hybrid

approach.

Eclectic: various

factors influencing

the integration of

acquired

companies

How to integrate a

biotech company

into a

pharmaceutical

company?

Comparative

case study

Five

pharmaceutical

companies

acquiring

biotech

companies


from interviews (18),

and archives

The buyers Proposes an integration framework

based on short- and long-term

motives applying different

approaches across different

functions and value chain

components.

Yu et al.(2005).

The Integration

Journey: An

Attention-

Based View of

the Merger and

Acquisition

Integration

Process.

Eclectic: attention

based view of the

firm and

sensemaking

What topics do

senior

management

attend to, and how

much time is spent

on each topic,

during the

integration

process?

Eight year

ethnographic

study

The integration

of several

acquisitions by

a medical group

in US.

Qualitative and

quantitative acquirer

data from meetings

(147 meetings),

interviews, site visits,

planning retreats and

archival.

Total of 241 hours of

observation from

1995 to 2002.

The acquiring

organization.

The integration process diverted

attention from core functions. The

management spent most time on

designing structures and systems

(operationalizing administrative

functions) and it took until year five

until the reason for the merger,

patient care, was focused on. The

integration process was portrayed

as a continuous journey, also


June 3, 2012

29

identifying vicious circles, and even

after eight years could an

acculturation process of adaption

not be seen.

Harwood

(2006).

Confidentiality

Constraints

Within Mergers

and

Acquisitions:

Gaining Insights

Through a

'Bubble'

Metaphor.

Eclectic: various

research on

confidentiality

Explore the impact

of confidentiality

agreements in

integration of

acquisitions.

Single case

study

A multinational

FTSE100

pharmaceutical

company and

the integration

of its

manufacturing

operations

following an

acquisition and

divestment

program


data from participant

observation,

interviews (33

interviews with 22

individuals) and

archives

The acquirer Shows effects at company level

(provided space to develop

scenarios and do some change

without disrupting ongoing

business) and on signatories

(information and prestige power;

protectionism and low level of

inter-team trust) . The study also

illustrates instances of information

leakage (accidental, trading,

deliberate, ethical and illegitimate).

Kavanagh &

Ashkanasy

(2006). The

Impact of

Leadership and

Change

Management

Strategy on

Organizational

Culture and

Individual

Acceptance of

Change during a

Merger.

Eclectic: Various

literature in

leadership and

change in

organizational

culture

How does

leadership, change

management

approach affect

individual

acceptance of

change in the

organizational

culture?

Multiple

case studies.

Three

Australian

Universities

that merged

with several

other colleges.

Qualitative and

quantitative merger

parties data from

questionnaires,

interviews (62

interviews) and

archives.

Merger

parties.

Suggests that the pace of change

(indifferent, immediate,

incremental) and direction in which

the organizational culture is moved

(constraint or autonomy for the

individual) affect how individuals

will accept/reject change and

perceive leadership.

Communication and transparent

change process are other factors

which influence how leadership will

be perceived.


June 3, 2012

30

Llewellyn

(2007).

Introducing the

Agents.

Agent Apply and tests

conceptual agent

views, on what an

organizational

agent is and acts, to

an empirical study.

Case study. The merger

between a

Swedish and an

UK

pharmaceutical

company

Qualitative merger

parties data from

interviews (10

interviewees) .

Merger

parties.

Archer´s (2000) description of agent

(self, primary, corporate agent and

actor) could be used when

describing what an agent is, while

Giddens (1984) view of the agents

knowledge, rules, power and

resources helps to understand how

an agent acts.

Meyer &

Altenborg

(2007). The

Disintegrating

Effects of

Equality: A

Study of a

Failed

International

Merger.

Organizational

justice

Explore how the

operationalization

of the equality

principle

contributed to the

break up of a

merger.

Single case

study

The merger and

subsequent

break-up

between a

Swedish and a

Norwegian

telecom

company in

1999.

Qualitative merger

parties data from

participative

observations,

interviews (13) and

archives.

Merger

parties

Suggests that: the perception of

equality distribution as not being

fair by members of the top

management team; a large top

management team with equal

numbers from each company; and

structural restrictions in the

shareholder agreements

contributed to the subsequent

break-up of the merger. Contrary

to what could have been expected

the equality principle did not lead to

social integration in the top

management team.

Spedale et

al.(2007).

Preservation

and Dissolution

of the Target

Firm's

Embedded Ties

Network and

embedded ties

How are the

embedded ties of

target firms

effected when the

company is

acquired and what

factors influence

Two case

studies

Two acquisition

cases in the

travel and food

industry.


target data from

interviews (40

interviews) and

archives.

The

customers

and suppliers

of the target

companies

Identifies four critical managerial

decision areas (communication,

idiosyncratic investments,

interpersonal relations and

personnel turnover) which affect

the components of the target firm´s

embedded ties and also stress the


June 3, 2012

31

in Acquisitions. this? balance of power and sensemaking

processes between targets and

embedded ties as factors

influencing the preservation or

dissolution if ties.

Marks &

Vansteenkiste

(2008).

Preparing for

organizational

death:

Proactive HR

engagement in

an

organizational

transition.

Atheoretical Describing the role

of HR in managing

an organizational

death.

Single case

study

A Canadian

wine and liquor

company

acquired in

2000 and

subsequently

sold to two

competitors

and party of the

organization

was dismantled

Qualitative target


and archives.

Target

company

Describes and give examples of

actions an HR function can

undertake to support a business

and its employees during

organizational death.

Meyer &

Altenborg

(2008).

Incompatible

strategies in

international

mergers: the

failed merger

between Telia

and Telenor.

Eclectic: resource

based view and

various factors

influencing

realization of

synergies

The study

investigates how

incompatible

strategies

contributed to the

failure of a merger.

Case study A cross-border

merger which

failed

Qualitative merger

parties data from

participant

observation,

interviews (25

interviews) and

archives.

The two

merger

parties

Describes how in a related merger,

with strategic fit, incompatible

strategies were unable to be

resolved due to equality in national

governance structures. The authors

argue that strategic incompatibility

is an important link between

strategic and organizational fit.

Boselie & Koene

(2010). Private

equity and

human

Eclectic:

organisational

change, with

various effects on,

What role does

Human Resource

Management have

prior a

Single case

study

A large Dutch

engineering

company

followed during


from meetings,

interviews (25), and

archives

Target

company

Suggests that during the negotiation

period organizational uncertainty

increases and there is a reduction in

institutional trust. The study also


June 3, 2012

32

resource

management:

'Barbarians at

the gate!' HR's

wake-up call?

and factors

influencing

employees

restructuring

(Private Equity

Buyout) of a

company?

a two year

period of

negotiating a

private equity

buyout.

shows how top management

initially decoupled the buy-out

process from organizational and HR

issues impeding HR initiatives.

Bresman et al

(2010).

Knowledge

transfer in

international

acquisitions.

Eclectic:

knowledge

management and

factors influencing

knowledge

transfer

What are the

patterns and what

factors facilitate

knowledge transfer

in international

acquisitions?

Quantitative

analysis and

three case

studies

Quantitative

analysis of 15

large Swedish

MNCs

acquisitions

between 1927-

1990.

Three MNC

acquisitions

with R&D as a

motive.

Qualitative and

quantitative buyer

and target data from

questionnaires,

interviews (50

interviews) and

archives.

Acquirer and

acquired

company.

Two forms of knowledge transfer

were distinguished: transfer of

technical know-how which was

facilitated by communication, visits

&meetings and time elapsed since

acquisition; transfer of patents and

management systems which was

facilitated by articability of

knowledge , size of acquired unit

and recency of acquisition. Early

transfers were one-way from

acquirer to acquired while over

time transfer was reciprocal.

Mtar (2010).

Institutional,

Industry and

Power Effects

on Integration

in Cross-border

Acquisitions.

Institutional How does

institutional,

market structure

and power

dependency

influence

integration

outcomes of

international

acquisitions.

Three case

studies

Three French

companies

acquisitions in

UK

Qualitative and

quantitative buyer


questionnaires,

interviews

(32interviewees) and

archives.

Acquirer and

acquired

company.

Indicates that the institutional

effect on integration outcomes

(introducing management systems)

varies and is dependent on the

interplay with market structure

(degree of competition, openness,

national rules and regulation) and

power dependency factors.


June 3, 2012

33

Researched

phase


perspective


design

Research

context


of analysis

Main findings

Human

integration

process

Hellgren et al.

(2002). How

Issues Become

(Re)constructed

in the Media:

Discursive

Practices in the

AstraZeneca

Merger.

Eclectic:

sensemaking,

sensegiving, critical

discourse analysis

and other

perspectives on

media and media

texts

Examine how issues

in mergers are (re)

constructed in

media texts

Single case

study

The merger

between

Swedish Astra

and British

Zeneca in 1999.

Qualitative media

data from articles

(381) in daily papers

and weekly magazines

from both countries

The media/

the merger

parties

Shows that the media constructed

“winners” and “losers” around the

issues of division of ownership, top

management positions, locations

and staff reductions drawing on the

discursive practices of factualizing,

rationalizing and emotionalizing.

Ng & De Cock

(2002). Battle in

the boardroom:

a discursive

perspective.

Narrative analysis Examine how

storytelling can be

used by managers

in a conflicting

situation.

Single case

study

A hostile

takeover in

Singapore.



participant

observation,

interviews (2) and

archives.

The (new)

chairman of

the target.

Outlines competing narratives and

how these evolved during different

stages of a hostile takeover. In

particular the study shows how the

chairman of the target used

storytelling to carve out a powerful

position.

Vaara (2002). On

the Discursive

Construction of

Success/Failure

in Narratives of

Post-Merger

Integration

Narrative analysis Examine the

discursive

construction of

success and failures

in post-merger

integration.

Multiple

case studies

Eight mergers

and

acquisitions

between

Swedish and

Finnish

companies

between 1984-

1997.



interviews (126

interviewees, 144

interviews) and

archives.

The acquirer

and target.

Shows how four types of discourse

(rationalistic, cultural, role-bound

and individualistic) are used in the

construction of success and failures

in narratives. Illustrates how these

are used for (re)framing the

success/failure, overall justification

of one´s own actions and (re)

construction of responsibility.

Ailon-Souday & National identity How is national Single case The acquisition Qualitative acquirer The acquirer Shows how national identity was


June 3, 2012

34

Kunda (2003).

'The Local Selves

of Global

Workers: The

Social

Construction of

National Identity

in the Face of

Organizational

Globalization.

identity

constructed and

used by employees

in an acquisition of

a foreign company?

study,

ethnographi

c study

by an Israeli

high tech

company of a

US company in

1998.

company data from

participant

observations,

interviews (130

interviews), and

archives

used by members in their struggles

for local separateness (national

identity as boundary) and for global

status (national identity as

organizational merit). National

identity was thus used to create a

“we” and “them”.

Dackert at al.

(2003). Eliciting

and Analysing

Employees'

Expectations of a

Merger.

Eclectic: Various

within

organizational

culture

How does

employees perceive

their own, the

other and the

expected merged

organization,

before the merger?

Qualitative

and

quantitative

analysis.

The “merger”

between two

public service

organizations in

Sweden.

Qualitative and

quantitative merger

parties data from

questionnaires,

interviews (16),

repertory grid.

Archives ?

The two

merger

parties.

The employees saw their own

organizational culture (People-

centredness, decentralized control,

work load and efficiency) as

different from the one in the other

organization and perceived their

own organization more favourable.

The employees also expected one of

the organizations to be dominant.

Ford & Harding

(2003). Invoking

Satan or the

Ethics of the

Employment

Contract.

Eclectic: narrative

analysis and the

metaphor of the

organization as a

theatre

Exploring the

experience of

emotions in

mergers.

Single case

study.

A merger

between two

health care

organizations.

Qualitative merged

company data from

interviews (7

interviewees).

Archives ?

The merged

company.

Suggests that managers felt as if

their souls had been sold in the

merger with several examples of

situations in which managers

experienced negative emotions.

Vaara (2003).

Post-acquisition

Integration as

Sensemaking:

Glimpses of

Sensemaking The study examines

decision making in

post-merger

organizational

integration

Three case

studies

A Finnish

company´s

acquisitions of

three Swedish

companies


target data from

participant

observation,

interviews (39

The buyer

and the

acquired

companies

Identifies, as a contrast to

rationalistic views of integration

processes, four “irrational” features

which form impediments to

organizational integration: inherent


June 3, 2012

35

Ambiguity,

Confusion,

Hypocrisy, and

Politicization.

interviewees), and

archives

ambiguities; cultural confusion in

social interaction and

communication; organizational

hypocrisy and politicization.

Vaara et al.

(2003). The

International

Match:

Metaphors as

Vehicles of Social

Identity-Building

in Cross-Border.

Eclectic:

metaphors, social

identity and self-

categorization

theories

Examine social

identity building in

cross-border

mergers through

metaphors.

Single case

study

The cross-

border merger

between

Finnish Merita

and Swedish

Nordbanken

announced in

1997.

Qualitative merger

parties data through

participant

observation and

written materials

from seminars.

The merger

parties

Illustrates how metaphors

developed in a cultural exercise

between the merger parties reveal

cognitive, emotional and power

aspects in social identity building of

“Us” and “Them” and a common

future.

Corley(2004).

Defined by our

strategy or our

culture?

Hierarchical

differences in

perceptions of

organizational

identity and

change.

Organizational

identity

How and along

what lines can

multiple

organizational

identities exist?

Single case

study

A global, US

based

technology

service provider

being spun-off

from its parent

company

Qualitative spun-off

company data from

observations,

interviews (80) and

archives

The

divested/

spun-off

company

Identifies different identities along

hierarchical lines. Differences

between hierarchies were found in

perceptions of: the base for the

identities (strategic vs cultural);

identity discrepancies (external

image vs temporal); the basis for

identity change (language vs

meaning) and identity change

implementation (formal vs

emergent).

Corley & Gioia

(2004). Identity

Ambiguity and

Change in the

Wake of a

Corporate Spin-

off.

Organizational

identity

How does

organizational

identity change

during a spin-off?

Single case

study

A global, US

based

technology

service provider

being spun-off

from its parent

company

Qualitative spun-off

company data from

observations,

interviews (80) and

archives

The

divested/

spun-off

company

Identifies triggers of identity

ambiguity (social referent change,

temporal identity discrepancies,

construed external image

discrepancies), sensegiving

imperatives (change overload and

identity tensions) with leaders


June 3, 2012

36

responses to imperatives (refined

desired future image, increased

branding efforts, modeling behavior)

leading to a post-spin-off identity.

Empson (2004).

Organizational

identity change:

managerial

regulation and

member

identification in

an accounting

firm acquisition.

Organizational and

professional

identity

How does

organizational

identity change

following an

acquisition?

Single case

study

A global

accounting

firm’s

acquisition of a

UK mid-market

accounting

firm.


and target company

data from

observations,

interviews (98

interviews), and

archives

The acquirer

and target

company

Propose a framework for

organizational identity change

including organizational members´

self-concepts with linkage between

professional and organizational

identity, and managers´ aspirational

organizational image with

techniques which can be deployed

to support these.

Riad (2005). The

Power of

'Organizational

Culture' as a

Discursive

Formation in

Merger

Integration.

Discourse analysis

(Foucauldian

perspective of

discursive

formation)

A critical

examination of how

the knowledge of

“organizational

culture” has

acquired its

authority and

“truth” in merger

integration.

Single case

study

A merger in the

public sector in

New Zeeland

between three

organizations

Qualitative merger

parties data from

observations,

interviews (focus

groups and

individual), and

archives

The merger

parties

Argues that “organizational culture”

(OC) is a Foucaldian formation that

has become normative and forms

the discourse. The case illustrates

how the “truth” effects are

reproduced and resisted.

Ullrich et al.

(2005).

Continuity and

Change in

Mergers and

Acquisitions: A

Social Identity

Case Study of a

Social identity

approach (based

on self-

categorization

theory and social

identity theory)

How does “sense of

continuity” impact

organizational

identification

following a merger?

Single case

study

A merger

between two

German based

global

organizations.

Qualitative and

merger parties data

from interviews (16

interviewees) and

archives

The merger

parties

Added the concept of “projected

continuity” (perception of the road

map into the future from the

present) as an important factor for

employees “sense of continuity” and

possibility to identification with the

organization. The authors argue

that due to organizational changes


June 3, 2012

37

German

Industrial

Merger.

the “observable continuity” and

identification is often week after a

merger something which could be

mitigated by a strong “projected

continuity”.

Vaara et al

(2005). Language

and the Circuits

of Power in a

Merging

Multinational

Corporation.

Eclectic: various

power and

language

perspectives

Examine the power

effects of the

choice of language

policy (Swedish as

corporate

language).

Single case

study

The merger

between

Swedish

Nordbanken

and Finnish

Merita in 1997

in which

Swedish was

chosen as

corporate

language.

Qualitative merger

parties data from

participant

observation,

interviews (53), media

texts and archives

The merger

parties

Reveals for individuals how language

skills empowered and

disempowered, were associated

with professional skills and created

new social networks. The choice of

language also reificated historical

post-colonial structures of

domination and increased national

identification and construction of

superiority and inferiority.

Brown &

Humphreys

(2006).

Organizational

Identity and

Place: A

Discursive

Exploration of

Hegemony and

Resistance.

Eclectic:

Organizational

identity and critical

discourse analysis

How does

employee groups

understand their

organization´s

identity following a

merger?

Single case

study

Two merged

colleges in UK

Qualitative merger

parties data from

observations,

interviews (75

interviews), and

archives

The merger

parties

Shows how different groups use

“place” as a discursive resource in

creating and defending their version

of the identity of their group and

organization.

Vaara et al.

(2006). Pulp and

Paper Fiction: On

the Discursive

Eclectic:

legitimation,

critical discourse

analysis

Examine

legitimation

strategies used

when making sense

Single case

study

The merger

between

Swedish Stora

and Finnish

Qualitative media

data from articles

(189 articles)

The media/

the merger

parties

Outlines and analyzes legitimation

strategies used by the media being:

normalization, authorization,

rationalization, moralization and


June 3, 2012

38

Legitimation of

Global Industrial

Restructuring.

of a merger in the

media.

Enso in 1998. narrativization.

Maguire &

Phillips (2008).

Citibankers' at

Citigroup: A

Study of the Loss

of Institutional

Trust after a

Merger.

Eclectic:

institutional trust,

organizational

identity and

identification

processes

What identification

processes leads to

low levels of trust

following a merger?

Single case

study

The merger

between the US

companies

Citicorp and

Travelers.

Qualitative merger

parties data from

interviews (15

interviewees from

one of the merger

parties), and archives.

One of the

merger

parties.

Describes an initial ambiguity in the

new organizational identity with

actions experienced as

unpredictable undermining

institutional trust. When a new

organizational identity for the

merged organizations was formed a

group of employees did not identify

with the new identity and low levels

of trust in the new organization

followed.

Brannen &

Peterson (2009).

Merging without

alienating:

interventions

promoting cross-

cultural

organizational

integration and

their limitations.

Eclectic: various

literature on the

social side of cross-

border M&A

including work

alienation

To understand how

individuals are

impacted in cross-

border

acquisitions?

Single case

study.

Ethnographi

c study over

5 years.

An acquisition

of a US paper

converting

plant by a

Japanese

company.

Qualitative and

quantitative target

data from participant

observations

interviews,

questionnaires and

archives.

Acquired

company.

Found pockets of alienation (which

the authors developed measures to

operationalize) in the acquired

organization and showed examples

of activities reducing alienation like

arranging for employees to visit the

company in Japan and transferring

supervisors from Japan to US.

Clark (2010).

Transitional

Identity as a

Facilitator of

Organizational

Identity Change

Eclectic:

Organizational

identity change,

sensemaking and

sensegiving

To Identify and

describe the

processes by which

organizational

identity change.

Real-time,

longitudinal

single case

study

A merger

between two

formerly rival

healthcare

organizations.

Qualitative merger

parties data from

participant

observations

interviews (33) and

archives.

Merger

parties

Suggests a model of identity change

consisting of context of identity

destabilization, sources of identity

inertia (current identity,

sensemaking via image comparison,

local identification), enablers of


June 3, 2012

39

during a Merger. identity change (projected future

identity, sensegiving via image

management, collective

identification) and a transitional

identity (Newco). The authors argue

that the transitional identity with its

ambiguity was crucial in facilitating

the change of identity.

Teerikangas

(2010).

Dynamics of

Acquired Firm

Pre-Acquisition

Employee

Reactions.

Inductive theory

building

What factors

explain employee

reactions in the

target company?

Multiple

case study

Seven cross-

border

acquisitions by

Finnish

multinationals

from different

industry

sectors.


and target company


(166), e-mails, phone

calls and archives

Acquirer and

target

companies

Target management involvement

was found to be key to a positive

employee reaction. Factors found to

influence management involvement

was: static (organisational fit &

historical relationship, target

acquisition history & international

exposure) and dynamic

(communicated partner intentions &

partner behaviours, perceived need

for an acquisition). Dynamic factors

were found to have the strongest

impact of the two.

Vaara & Monin

(2010). A

Recursive

Perspective on

Discursive

Legitimation and

Organizational

Action in

Mergers and

Eclectic:

legitimation,

critical discourse

analysis,

sensemaking and

sensegiving

Explore

legitimation

processes in a

merger which

subsequently

failed.

Single case

study

The merger

between two

pharmaceutical

companies

announced in

2000 and

broken up in

2002.

Qualitative and

quantitative merger

parties data from

informal meetings,

interviews (20

interviews), media

articles (107) and

interviews with

journalists, and

The merger

parties

Describes how legitimation and

delegitimation are recursively linked

to organizational actions (merger

decision, mobilization for integration

and break-up decision); legitimation

strategies based on rationality,

authority and morality; and the

important role of media.


June 3, 2012

40

Acquisitions. archives

van Vuuren et al.

(2010). Speaking

of dominance,

status

differences, and

identification:

Making sense of

a merger.

Social identity and

sensemaking

To understand how

the perception of

social identity by

organizational

members change

during a merger.

Single case

study

A merger

between two

South African

Universities

that were

historically a

‘white’ and a

‘black’

institution.

Qualitative merger

parties data from a

focus group session

and interviews (31

interviews) .

Merger

parties

The study shows how social

identification, status differences and

dominance changed during the

merger. Employees from both

parties saw the other organization

as being the one dominating. The

employees shifted their focus from

being a member in an organization

towards an identity of profession.


June 3, 2012

41

Researched

phase


perspective


design

Research

context


of analysis

Main findings

Process

outcome

Wallis & Winterton

(2001). Industrial

Relations in Privatized

UK Mining: A

Contingency

Strategy?

Atheoretical Explore and explain

the variations in

patterns of

industrial relations

at different

collieries following

the sale of British

Coal.

Multiple

case study.

Four collieries

in UK following

the sale of

British Coal to

RJB Mining

(privatization).


interviews with RJB

management and

union representatives

and archives.

Industrial

relations

within RJB

Mining.

Variations are explained by

competing unions and whether the

UK government in the sale of the

colliery required management to

keep previously jointly negotiated

procedures and agreements.

Cheffins (2004).

Mergers and the

Evolution of Patterns

of Corporate

Ownership and

Control.

Historical analysis Explore mergers, its

determinants, and

effects on

corporate

ownership and

control.

Multiple

cases?

US in 1897-

1903 used as a

parallel to UK in

late 1950´s-

early 70´s.

Qualitative and

quantitative archival

data.

Corporate

ownership

and control

Conjectures that: mergers effect the

system of corporate ownership and

control; anti-competitive regulation

is a determinant of ownership and

control. Support from capital

markets, company law, managerial

skills (or lack thereof) , and

efficiency of corporate size are

other explanations that could play a

role.

Keller (2005). Union

Formation through

Merger: The Case of

Ver.di in Germany.

Eclectic: various

theories within

organization and

economics

What are the

consequences of

union mergers in

Germany?

Case study The merger

between five

German unions.

Qualitative and

quantitative merger

parties data from

non-participatory

observations,

interviews and

archives.

The merged

union.

The evidence of the performance

outcome is ambiguous with respect

to the possibility to retain existing

and attract new members and

improve membership services. The

study indicates that competition

between unions will be exacerbated

and that the position of the central


June 3, 2012

42

organization of German trade

unions will erode.

Higgins & Toms

(2006). Financial

institutions and

corporate strategy:

David Alliance and

the transformation of

British textiles,

c.1950-c.1990.

Eclectic: resource

based and

corporate

governance

perspectives?

Explore how the

outcome at the

corporate level, in

the British textile

industry, was

dependent on

corporate strategy

(centralization vs

decentralization)

and the market for

corporate control

(passive vs active)?

Multiple

cases

The

transformation

of British

textiles c.1950-

c.1990 and the

development of

three industrial

groups.

Qualitative and


data.

The textile

industry and

the

development

of three

industrial

groups.

The study suggests that a

centralizing strategy and passive

market for corporate control (MCC)

led to acquisition gains consumed

by managerial rents. A

decentralized market-led strategy

with secured financial resources

was shown to be more successful

and when the MCC activity was low

abnormal gains accrued to market-

making individuals.

Kim (2006).

Networks, Scale, and

Transnational

Corporations: The

Case of the South

Korean Seed Industry.

Geographic scale

and actor-networks

Understanding

global strategies

and activities of

TNCs (Trans-

National

Corporations)

Comparative

case study

Two TNCs

present in

South Korea.

Qualitative and

quantitative buyer

and competitor data

from interviews (6

interviewees) and

archives

Buyer and a

competitor

The cases indicate that interactions

among several different actors, and

socio-economic and cultural

practices and norms, are dynamic.

This leads to complex and

unpredictable economic outcomes

and reconfigurations of in networks.

Jones & Miskell

(2007). Acquisitions

and firm growth:

Creating Unilever's

ice cream and tea

business.

Eclectic: Resource

based and factors

influencing

integration of

acquisitions

Examine the role of

acquisitions on firm

growth.

Single case

story

Unilever´s

creation of

their ice-cream

and tea

businesses

(after the first

world war until

1990).

Qualitative and


data.

The acquiring

company.

Shows that complementary

acquisitions added value over the

long-term; local competence was

essential; successful integration was

based on agreed acquisitions and

slow pace because relative low

shareholder interests before the

1980s.


June 3, 2012

43

ANNEX 1

Sub-field and journal M&A articles of which

Qualitative

Accountancy

1 Journal of Accounting Research 5 0

2 Journal of Accounting & Economics 10 0

3 Accounting Review (The) 7 0

4 Accounting, Organizations and Society 1 1

5 Review of Accounting studies 5 0

Business history

6 Business history 3 3

Economics

7 Econometrica 2 0

8 Journal of Political Economy 3 0

9 American Economic Review (The) 8 0

10 Quarterly Journal of Economics 4 0

11 Review of economic Studies 2 0

12 Journal of Economic Literature 0 0

13 Journal of Econometrics 1 0

14 Journal of Monetary Economics 0 0

15 Journal of Economic Theory 3 0

16 Review of Economics and Statistics 6 0

17 International Economic Review 2 0

18 Journal of Economic Perspectives 4 0

19 Economic Journal 5 0

20 Journal of Environmental Economics and Management 0 0

21 Games and Economic Behavior 1 0

22 Journal of Risk and Uncertainty 0 0

23 Journal of the European Economic Association 2 0

Entrepreneurship and small business management

24 Journal of Business venturing 8 0

25 Entrepreneurship, Theory and Practice 4 0

Business ethics and Governance

Finance

26 Journal of Finance 56 0

27 Review of Financial Studies 25 0

28 Journal of Financial and Quantitative Analysis 15 0

29 Journal of Financial Economics 64 0

30 Journal of Money, Credit and banking 26 0

General Management31 Academy of Management review 2 0

32 Academy of Management Journal 19 3

33 Administrative Science quarterly 10 3

34 Journal of Management 21 1

35 Journal of Management Studies 17 8

36 Harvard Business Review 17 0

37 British Journal of Management 17 6

HR and employment studies

38 Human Resource management 1 1

39 Industrial relations: A Journal of Economy and Society 1 0

40 British Journal of Industrial relations 5 3

41 Work, Employment and Society 1 0

International Business and area studies

42 Journal of International Business Studies 33 3

Information management

43 MIS Quarterly 0 0

44 Information Systems Research 0 0

Innovation

45 Journal of Product Innovation Management 2 0

Management development and education


June 3, 2012

44

Marketing

46 Journal of Marketing 6 0

47 Journal of Marketing Research 4 0

48 Journal of Consumer research 0 0

49 Marketing Science 0 0

50 Journal of Retailing 2 0

Operations research and management science

51 Management Science 13 0

52 Operations research 0 0

53 Journal of the Royal Statistical Society Series B 0 0

54 Journal of the American Statistical Association 0 0

Operations technology and management

55 Journal of Operations Management 1 0

Organization studies

56 Organization science 21 3

57 Organization Studies 12 9

58 Leadership Quarterly 4 0

59 Human Relations 11 5

Psychology

60 Personnel Psychology 1 0

61 Organizational Behavior and Human Decision Processes 0 0

62 Psychological Bulletin 0 0

63 Psychological Review 0 0

64 Journal of Applied Psychology 0 0

65 Journal of Organizational Behavior 0 0

66 Annual Review of Psychology 0 0

67 Journal of Personality and Social Psychology 1 0

68 Journal of Experimental Social Psychology 0 0

69 Personality and Social Psychology Bulletin 4 0

70 Journal of Vocational Behavior 0 0

71 Quarterly Journal of Experimental Psychology 0 0

72 Psychological Science 0 0

73 Journal of Experimental Psychology Applied 0 0

74 Journal of Consumer Psychology 0 0

75 Journal of Occupational and Organizational Psychology 2 1

Public sector management

76 Journal of Public Administration: Research and Theory 0 0

77 Milbank Quarterly 1 0

78 Public Administration Review 1 0

Sector studies

79 Transportation Research Part B: Methodological 1 0

Social science

80 Journal of Economic Geography 2 0

81 Economic History Review 0 0

82 Economic Geography 1 1

83 American Journal of Sociology 1 0

84 American Sociological Review 1 0

85 Research Policy 20 0

86 Social Science and Medicine 2 1

87 Annual Review of Sociology 0 0

88 Environment and Planning A 3 2

89 Environment and Planning D: Society and Space 0 0

90 Sociology of Health and Illness 0 0

91 Risk Analysis: An International Journal 0 0

Strategic management

92 Strategic Management journal 58 1

Tourism and hospitality management

93 Annals of Tourism Research 0 0

94 TourIsm Management 0 0

TOTAL ABS LIST 4 AND 4* 591 55


June 3, 2012

45

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Documents

Mergers & acquisitions process research - A review€¦ · Mergers & acquisitions process research - A review Michael Grant, Lars Frimanson & Fredrik Nilsson Department of Business