merger and acquisition

Merge Ahead: A Research Agenda to Increase Merger and Acquisition Success

Mitchell Lee Marks • Philip H. Mirvis

Published online: 30 April 2011

� Springer Science+Business Media, LLC 2011

Abstract Scholars have been conducting serious research

on the human, organizational, and cultural aspects of

mergers and acquisitions (M&A) for 30 years. Yet, over

this period, there have only been modest improvements in

the M&A success rate. In this article, we examine corpo-

rate combinations, describe how human factors contribute

to their failure or success, and identify key research

questions whose answers can help to improve the M&A

success rate in both financial and human terms. We propose

research questions for the key phases of a deal, including

buying a company and putting companies together. And,

reflecting an emerging trend among some frequent

acquirers to build an internal competence in M&A execu-

tion, we also propose research questions for how to

accelerate the process of learning from past combinations

to better manage future ones.

Keywords Merger � Acquisition � Combination � Integration � M&A � Transition � Culture clash � Transition teams � Cross-border

Scholars have been conducting serious research on the

human, organizational, and cultural aspects of mergers and

acquisitions (M&A) for 30 years.1 Yet, over this period,

there have only been modest improvements in the M&A

success rate (Schoenberg 2006). In this article, we examine

corporate combinations, describe how human factors con-

tribute to their failure or success, and identify key research

questions whose answers can help to improve the M&A

success rate in both financial and human terms. We use our

experience as both researchers and advisors in over 100

combinations-as well as our awareness of the scholarly

literature and the work of other practitioners-to highlight

the factors which matter most in eventual M&A success.

Mergers and...