Unbundling Acquisition Performance: How do they perform and how can this be measured?

Abstract

The aim of this chapter is to review and critique the literature on mergers and acquisitions (M&As) performance. To do so, the chapter conducts a thorough search in the top 13 US and European management journals and draws on recent reviews from related areas. Results suggest that management scholars have followed seven distinct approaches in measuring M&A performance, with short-term event window studies being the most widely used approach. Also, on average and irrespective of the approach used, studies have shown that acquisitions fail to deliver value for the acquiring firm. The chapter also discusses the strengths and limitations of each of these approaches to measuring M&A performance and concludes with a list of substantive future research priorities.

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