research paper topics on mergers and acquisitions

174 Merger Essay Topic Ideas & Examples

🏆 best merger topic ideas & essay examples, 👍 good essay topics on merger, ⭐ simple & easy merger essay titles, 💡 interesting topics to write about merger, ✍️ merger essay topics for college.

Sony Ericsson Merger: Joint Venture and Acquisitions The merger had great impact in the market and the coming together of the companies changed the market share in the mobile market.
The Impact of Mergers on Consumers, Industry, and the Society The main difference between the two is that in the merger the company retains a shared interest in the corporation formed after merging.
Dell & EMC Corporation Merger and Acquisition The company decided to fuse because it needed to control part of the software industry and expand its business to occupy a significant position in the data storage market.
Corporate Merger Between Volkswagen and Porsche A brief description of the firms Volkswagen and Porsche and the automobile industry The automotive industry is feeling the pinch of the global economic recession.
Change Management Analysis of Daimler – Chrysler Merger The German workers felt that since this was a deemed German company, the members had to be elected from the workers union and the elected members could, in turn, sit on the board.
Emirates and Qantas Airlines Merger Analysis Therefore, this paper attempts to assess the operations of Emirates Airlines and its merger with Qantas Airline Company, and how the movement influenced the function of the corporation.
China National Building Material Company’s and ABC Supply’ Merger However, the success of the merger will be determined by the extent to which the management teams analyze and understand the United States and China’s cultures and values.
Competition & Consumer Behavior: Reebok-Adidas Merger It is evident from the case that the current situation of Rebook and Adidas has progressed especially in the face of the rising competition from rivals.
Acquisitions & Mergers Pros and Cons The involved companies in this case are regarded to be of the same size. Acquisition also leads to increased financial leverage- the power gained by a company when more financial assets are acquired of the […]
HR Case Study on the Merger Between Daimler-Benz and Chrysler The merger also offered a chance to further the strength of the companies in terms of developing new products and services which were very vital for an increase in profit margins.
Merck & Co Acquisition of Medco By using share values for the merged companies before and after the mergers, the researchers report that most of such mergers result in increased share value, implying that the wealth of the shareholder and the […]
Barclays and Lehman Brothers Merger’s Issues The other challenge is that the workers of the American Lehman were not quick to adapt to the quick changes that were being made in the organization.
H. J Heinz Company and Kraft Foods Merger Effective application of the SHRM will enable the firm to cope with some of the major causes of failure, which include culture shock and the employees’ resistance.
The Merger of Comcast and NBCU The type of merger formed between Comcast and NBCU Based on the market definition, it is apparent that the NBC Universal and Comcast merger combined the transactions of these two business entities.
Mergers and Acquisitions in the Automotive Industry In merging, the two companies aimed to create a company with a global presence and to bring the strengths that each company had to the global automobiles market.
Utah Symphony and Utah Opera: A Merger Bill Bailey might use the needs theory of motivation to support the merger by denoting the financial strength that the merger will have, recognizing the financial stability of opera and the flexibility that the business […]
Merger Between Citicorp and Travelers Group One reasons, as to why the Citicorp and travelers merger was considered important in the financial industry of the United States was because this merger would create “a financial supermarket hence increasing the economies of […]
The Adidas and Patagonia Merger Analysis Companies like Adidas and Patagonia can create a successful merger due to similarities in goals and human resources practices. A merger between Patagonia and Adidas could give them access to new markets and bring diversity […]
XYZ Airlines’ Mergers and Acquisitions Management The primary aim of this report is to analyze the reasons that are contributing to the challenges in managing the underperforming firms at XYZ airline.
Merger & Acquisition: Critical Success Factors The importance of mergers and acquisitions in the corporate world stems from their variable advantages, which include increased economies of scale, expansion of the economy of scope, increased revenues, increased market share, development of synergy, […]
Southern Bank and Northern Bank’s Operations: Merger Plan It will lead to the replacement of Southern Bank human resource management practices with Northern Bank practices. The Southern Bank IT system will be replaced with Northern Bank’s.
Burger King and Tim Hortons Corporations Merger First the retail sales at the restaurants of the chain, and second the franchise incomes earned due to the reputation of the Burger King brand, these revenues are based on the royalties occurring from the […]
The Alcatel – Lucent Merger During the renewed merger in 2006, various issues were negotiated that were missing in the collapsed deal of 2001. The two companies failed to agree on the strength of Alcatel in the merger.
Mergers, Acquisition, and International Strategies in McDonald and Carl’s Jr. Corporations Thus, the acquisition of Boston Market by McDonald’s Corporation expanded the market presence of the latter in Australia and Canada. The major challenge to its expansion is the competition from McDonald’s Corporation, which has the […]
McDonald’s Company Acquisitions and Mergers After evaluating the approaches that were exploited by McDonald’s Corporation to obtain Boston Market, its influence on the company, and its worldwide business-level and corporate-level stratagems, one is presented with an opportunity for better comprehension […]
Cadbury and Kraft Merger It is this approach that is used by the management of Kraft and Cadbury to evaluate how the organization performed strategically. A table representing some of the BSC parameters that are used by Cadbury and […]
Capability: Business Model Innovation in Mergers It is an architecture of deliverables that links the business to the technology system and provides the basis for enterprise evolution.
Understanding and Addressing the Reactions of Peripheral Employees to Mergers The findings presented in the paper contribute to the sensemaking studies by determining the frameworks in which open and honest communication between the top and middle managers and peripheral employees can be established.
Impacts of Mergers on Employees The new management identifies the need for renewed departmentalization of the company owing to the increased staff and possible change in business practices within the organization.
Discussion: Merger and Acquisition The acquisition is a full obtainment, which eliminates companies’ policies and autonomy; the power goes to the company that made an acquisition. If to oppose merging to the acquisition, a merger is a more careful […]
Merger and Acquisition Communication In other words, mergers and acquisition inevitably affect employees, and their impact started to attract the particular attention of researchers and managers for efficient response.
Union UK Ltd.’s Merger With HK Carz At the end of the paper, a conclusion is offered to summarize the information and discuss all questions relevant to the case.
The Takeovers, Mergers, and Acquisitions Articles The researchers theorized a positive relationship between the three properties and the amount of premium paid for acquisitions. This paper provides a great analysis of the association between premiums paid for acquisitions and the characteristics […]
Ecolab: Culture Merger Analysis The fictitious company is FictComp LLC, which was established in 2010 by two Harvard students, and it manufactures water cleaning devices.
Mergers & Acquisitions for Society and Governance The importance of the article is that it will give insight into the effect of acquisitions and mergers on the performance of the environment, society, and governance.
Justice Department Seeks to Enjoin Merger Between WorldCom and Sprint Corporation In the case of WorldCom and Sprint, both companies thrived in the competition with AT&T and with each other. The advantages of the first-tier market include faster first-hand internet connections to the customers and higher […]
EU Law: Mergers and Acquisitions Need Further Reform The provision of state aid to EU corporations is defined by article 107 of the Treaty on the Functioning of the European Union.
The Arizona Children Association and CiteHealth: The Merger Project CiteHealth is a popular health provider whose vast network is present in every state and can help it achieve this feat effortlessly.
Utah Symphony and Utah Opera Merger Proposal Clan organizations place more focus on flexibility rather than structure. They are driven by a flexible vision and have no room for strict procedures.
Several Mergers of Large Firms Within Oligopolies Additionally, the combination of the two firms offers the best platform for the achievement of both company’s strategic initiatives through the creation of an efficient system for manufacturing, innovation, marketing, and sales of the products […]
International Business Law: Mergers and Acquisitions These types of mergers and acquisitions are becoming a common feature at the global scene especially due to globalization, extensive international financial reforms, innovation and development in the information technology industry, and other developments that […]
Merger and Acquisition: Starbucks and Peets Coffee It is important to note that the quality of coffee from farmers in world’s coffee growing countries determines the quality of coffee that Peet’s and other market players like Starbucks produces in the long run […]
International Airlines Group Rationale for Proposing Mergers Deutsche Lufthansa airline Group is one of the world’s groups involved in the provision of airline services. The acquisitions of Deutsche Lufthansa AG and International Airlines Group are therefore aimed at creating a new wave […]
The Kraft – Cadbury Takeover and the Glencore-Xstrata Merger Kraft’s acquisition of Cadbury caused an increase in share value for the latter company’s shareholders. The plan was advantageous to Kraft in the confectionery world.
Cultural Strategies: Causes of Failure in Mergers An effective combination of competencies from the merging corporations leads to the success of the merger. Customer focus is critical to the success of a merger.
The Merger Between Alcatel SA and Lucent Technologies Frances’s Alcatel was the larger of the two companies and had to lead the way. Another reason is to build confidence in the staffs of the target company.
Key Financial Drivers That May Cause Health Care Organizations to Merge The best criteria to use would be to analyze the financial performance of the individual firms before the merger, and the new firm after the merger.
Hospital Merger: Situation Analysis Therefore it becomes the responsibility of the management to lead the business successfully through the process. The merger between the two hospitals means that the managers will have to make a number of adjustments top […]
Mergers and Acquisitions in the Current Market Economies In the light of the population of the study, random sampling is the choice for obtaining the sample. Participants in the study will be varied according to the period of acquisitions.
Merger Bids by Kraft and Changes in Price on Key Dates The point is that the bid is about 9 % higher than the previously established by Kraft, which is considered as a kind of a victory of Cadbury shareholders so that Kraft investors appeared to […]
The Aspects of Culture During Mergers of the Firms It is seen that the major aspect of culture during mergers or takeovers is that both the firms in question lose their individual culture characteristics, and are blended into one integrated, composite whole.
A Behavioral Finance Perspective on Corporate Mergers and Takeovers Corporate America has been called to task for losing sight of the proper goals of the business: generating economic returns, obtaining the resources and setting strategy for competitiveness and long-run growth, briskly fending off competition […]
Mergers and Acquisitions in the Cellular Industry Voting restrictions in articles of association of the Mannesmann also deterred voting in excess of 5% which the German rules also adopted whenever decisions of merges, consolidations and spin-offs were to be made. Orange was […]
Airline Mergers and the Case Between BMI and Lufthansa This can be the cause of a rough start and can be the cause of a small rift that will prove to be difficult to deal with at the end.
“A Merger in the Milk Industry” by Yaffe-Bellany Consequently, the development of a co-op will help to consolidate the community of farmers and build the comparative advantage that larger corporations will not be able to trump. Thus, the interests and needs of farmers […]
Leadership Theories & Styles During Company Merger The company’s leaders will have to apply a new style of task performance that is suitable for both teams, and thus play the role of a pacesetting leadership.
Mergers & Acquisitions: Mexichem and Dutch Peer For instance, when a car manufacturing company decides to sell its investments and production rights to a fuel exporting company this is called acquisition. This proves the power of acquiring and merging with other companies […]
Southwest Airlines and AirTran Airways Merger Analysis In this light, the human resource factor of the company has played a significant role in the enhancement of efficiencies resulting in the need for expansion to widen the scope of operations and success.
Market Exit Strategies: IPOs and M&A In the last twenty years the researchers of management and finance have arrived to an immense perception with regard to the function of venture capitalists in the formation of new organizations, the formation and control […]
Merger and Acquistion: Terms Definition The kind of merger that existed between Interclean and EnviroTech was a Horizontal merger because Interclean Company and EnviroTech were two separate companies which offered the same products and served the same market.
Case of Westpac Bank & St. George Bank Merger The merger of the Westpac bank that is the member of the “Big Four” in Australia and the simple regional bank St.
Microsoft-Yahoo Merger Review The only positive impact would be as a result of competition that their merger would give to Google that would increase the value of their shares.
Merger Between InterClean and Environ Tech: Memo This is due to the fact that the employees will demand a comprehensive knowledge of the direction that the organization is taking.
International Mergers and Acquisitions: Highs & Lows Market condition indicate that BHP Billiton’s decision to back out of the take over of Rio Tinto was a good decision as if it had followed through the company would have to sell some parts […]
The Inbev – Anheuser Busch Merger: A Study in US Political and Business Practices In the backdrop of the strict federal and state legislation for controlling the manufacture, sale, and distribution of beer in the US markets, the company Inbev needed to tailor its business strategy so that its […]
Mergers & Acquisitions Effects in Business Ventures Merger combining two companies as one and Acquisition the takeover of one company by another has been one of the major vehicles in the transformation of a key set of economic activities that stand at […]
Change Management in Delta-Northwest Merger Pilot unions from both airlines are proving to be the harshest critics of the merger, meaning that respective management should do an extra job of convincing the pilots to embark on supporting the merger.
Nokia and Canon: Company Mergers Review Although the form selected to unite two entities is extremely important to both parties of the transaction, companies are not primarily concerned here with tax, legal, and accounting considerations that are involved in a decision […]
Vodafone & Mannesmann and Amazon & Netflix Mergers Analysis Specifically, the concept of a merger will be defined, followed by an example of a successful merger performed in the global economy recently.
Chicago Mercantile Exchange and Board of Trade Merger In the year 2007, it merged with Chicago Mercantile Exchange and stopped trading as an independent entity On July 12, 2007, Chicago Mercantile exchange bought and merged with the Chicago board of trade to form […]
Managing Organizational Change: IPIC and Mubadala Merger The entire structure of the company had to be reinvented to encompass new employees, transform the decision-making apparatus, and enhance the capacity of the organization to handle larger amounts of finances necessary to operate in […]
Mergers and Acquisitions in the Oil and Gas Industry The objective of this study is to investigate the changing trends and compare0 mergers and acquisitions in the oil and gas industry over the past decades.
Mergers, Acquisitions, and Cultural Dilemmas The incompatibility of business approaches, substantial differences between American and Japanese mentalities, and wrong actions of the protagonist as a leader are directly related to the theme of the paper.
Holiday Seekers Travel Agency and Small World Travel Agency: Addressing Merger Needs This report discusses the impact of the merger and creation of the new Broaden Your Horizons company, including leadership, culture, communication, and sustainability issues to ensure that change will be implemented successfully.
Merger & Acquisition Effects in the European Union The main purpose of this chapter is therefore to explain the background of the study, the research aim, the research objectives, and the structure of the dissertation.
Al Razi and Ibn Sina Hospitals’ Merger Advice The purpose of this report is to highlight the best practices that will facilitate the merger between Al Razi Hospital and Ibn Sina Hospital.
Merger and Its Impact on Employee Compensation The head of the benefits team stated that it would take the firm more time to create a new benefits plan than merging the benefits plan of both the companies.
United Airlines and US Airways Merger Problems In the case study, the Department of Justice failed to approve the merger between United Airlines and the US airways on grounds that it would reduce competition and affect service delivery.
Utah Symphony and Orchestra Merger and Communication In the proposed merger between Utah Symphony and Utah Opera, Utah Orchestra’s director, Anne Ewers was appointed to oversee the merge of two companies.
Kimberley-Clark and Scott Paper Companies’ Merger The decision made by Kimberley-Clark to merge with Scott Paper has introduced a major problem in the company because it is difficult to manage the two companies effectively.
Information Technology in Mergers and Acquisitions Furthermore, the creation of the configuration management database and assert management tool may be helpful to renew the IT work as soon as possible after the merger and help track the elements put into the […]
The Dimension of Masculinity: Upjohn & Pharmacia Merger The smaller index of the mentioned dimension means that the culture is characterized by less significant differences between the sexes and a higher value of the relationships.
Mergers and Acquisitions: Cultural Concerns Despite falling within the comedy genre, the film reinforces the general perception of the Japanese and Americans in the workplace. The merger made the German work culture dominant and resulted in a negative plunge in […]
Mergers and Sustainability in Indian Aviation Industry For instance, in the case of the Benz and Chrysler merger, both firms benefited from the expanded market in luxury vehicles and improved efficiency in the cost of production.
Agthia Group’s Changes After Merger Consequently, the primary goal of the paper is to conduct the analysis of modifications in the organizational chart before and after the acquisition, describe the departments in charge of the takeover, and introduce the reporting […]
Sprint & T-Mobile Merger, Leadership and Decision-Making The questions and their responses are highlighted below: In the case of Masayoshi, it is important to take into consideration the quality of the decision made. The involvement of the team in the decision-making process […]
Travel Group Companies Merger: Main Aspects and Analysis When it comes to the organizational structure of the company that is discussed in the case, it is extremely important to analyze it with reference to the key concepts studied within the framework of systems […]
The Influence of HR on Mergers and Acquisitions One of the reasons I agree with the premise is the fact that it is the responsibility of HR to scout for potential companies to take over or to merge.
General Motors and Elio Motors: M&A Strategies The purpose of this paper is to analyze two companies selected from one industry and evaluate their merger and acquisition strategy, the impact of five forces of competition, and corporate governance mechanisms based on the […]
Meetings in Mergers and Acquisitions It is for this reason that meetings between both teams become a crucial element in the process because what eventually matters is what is in the hearts and minds of the people and the culture […]
Caracal Light Ammunition’s Merger Preparation In this case, the acquisition’s primary goal is to enhance the flow of the processes within the organization, as the ownership of Expert Future Cargo will assist in the reduction of costs and improvement of […]
Sprint and Soft Bank Merger and Its Future The company wants to roll out the LTE services in Japan and the acquisition of the Sprint Corporation is a good starting point.
Holiday Seekers and Small World Agencies Merger The remaining administrators will have to adapt to the new conditions, learn the peculiarities of the new business, and provide guidance for the employees of the new company.
“The Q-Theory of Mergers” by Jovanovic & Rousseau In their article, the authors argue that the Q-theory can be linked to the purchasing/merging motives of the firms. The author’s theory describes 4 decades of mergers from the prospect of merger waves but does […]
US Healthcare Institutions Merger and Nursing The contribution of the project to the nursing profession is in accentuating the necessity of developing preceptorship programs in healthcare organizations in order to guarantee the continuous education of nurses and the improvement of their […]
Tesla Motors’ and Volvo Cars’ Companies Merger It dwells on the history of the success of the company, explains the challenges that Tesla faces both internally and externally, and describes the role of organisational culture and leadership in its success.
Synergon Capital and Beauchamp Companies Merger However, after the acquisition of Beauchamp, a British financial-services company, the situation is challenging. In case there is a shortage of time, I would choose to concentrate on the recent information about the company and […]
Mergers and Acquisitions’ Effect on Shareholders For example, there have been cases of mergers and acquisition in the European market that has characterized lack of activity across the borders of Europe and domestically following the effect of the recession experienced between […]
MRA Associates Inc. and Xecodynamics Merger The constraints have been limiting the scope of the company in terms of service provision since the available resources have not been able to ensure the holistic satisfaction of its customer needs.
Mergers: Cisco Systems Incorporation and Bay Networks The findings from the study were interpreted to ensure that entrepreneurs understand the importance of addressing cultural differences in the process of forming mergers and acquisitions.
Al Bawadi Islamic Bank and Al Shurooq Bank Merge Customers of the two banks and the employees will be brought to the new entity hence they should feel some sense of belonging in the new name that is developed.
Detroit Free Press and Detroit Daily News’ Merger The forecasts for the merged firms’ profits are the use of financial resources to implement the latest technologies, develop a new structure of papers, and provide new creative ideas.
Business Mergers: Significance and Impacts This has included mergers and acquisition of businesses as opposed to starting new ventures The purpose of the study will be to investigate the significance and impact of the merger between two firms that are […]
Mergers and Acquisitions Laws in the UAE The main laws that regulate the formation of M&A are the Competition Law of 2012 and the Commercial Companies Law of 1984, which was amended in 1988.
Automotive Industry: Mergers and Acquisition This paper seeks to analyze mergers in the automotive industries with special attention to the factors that led to the mergers and the economic benefits that resulted from them.
BRL Hardy Company’s Post-Merger Success A number of issues are associated with the success of the company after the merger. The combination of the two organizational structures was one of the factors behind the success of the new company.
Mergers and Acquisitions Implementation Plan Wang and Moini note that researchers reported different data on divestment, but it is clear that from one-third to a half of the companies were divested after M&A.
Caracal Light Ammunition’s Merger and Acquisition This will decrease the costs of logistics and will ensure that the organization will provide its products to the customers promptly.
Mergers & Acquisitions. Synergy Valuation Models Nonetheless, it is important to take them into account due to the essentiality of the maintenance of the efficiency of the business processes and the lack of knowledge of the synergies applications in the context […]
American and British Universities of Al Ain Merger The merging of the two universities can occur through the determination of the leaders who realise the possible advantages of a merger.
Mergers and Acquisitions: Delta Air Lines and Great Lakes Airlines It is possible to say that this company has long tried to increase its share in different markets and become the leading airline company in the United States and in the world.
Vertical Integration, Acquisition or Merger Vertical integration involves the amalgamation of the production chain to accommodate the different products that the company deals in line with the market-specific demands.
Project Team Involvement in a Merger In this case, the report discusses the use of project team in a merger between Hewlett-Packard and Compaq companies in the computer industry. The integration of both management and cultures was used as the strategy […]
Mergers, Acquisitions, and Downsizing This paper will highlight the differences between mergers, acquisitions, and downsizing and extrapolate the circumstances that can lead a company to adopt any of the three measures. The merging of companies in a horizontal arrangement […]
Merger, Acquisition, and International Strategies of McDonalds McDonalds took a step of changing the value of its products and modifying their features rather than increasing the number of restaurants globally. This strategy requires a creative method in order to control the manufacturing […]
Merger of Air France and KLM The merger of Air France and KLM would lead to significant changes in the market. The merger of Air France and KLM would lead to significant changes in the European airline industry.
Mergers and Acquisitions of Chrysler, an American Entity and Daimler-Benz However, the merger failed to meet the expectation of the managers and owners. This period should come prior to the signing of a comprehensive merger and acquisition deal.
Management Issues in Mergers: Bancolombia Company The success of this strategy for the case of the merger between Conavi, Bancolumbia, and Corfinsara was realised through communication to shareholders about its value in enhancing the success of the company.
Merger Between Utah Opera and Utah Symphony Recommended steps prior to the Merger Before going into the merger, the two leaders should have a talk on their experiences and undergo some workshop experience in which one reveals to the other the secret […]
Cross-Border Mergers & Acquisitions in the Pharmaceutical Industry In reference to most mergers and acquisition in pharmaceutical industries in the United States of America, Kang &Johansson observes that possession of recognized product in some pharmaceutical markets, well renowned market system and the market […]
The American Airlines and US Airways Merger However, the practice has presented opportunities and benefits to both the firms and the airline industry. Consumers of the two airlines are expected to be part of the larger clients’ base in the new firm.
Merger Between Daimler-Benz and Chrysler Prior to the merger, the management of companies should pay close attention to the competitive positions of each other and the trends that emerged in a certain market.
Strategic Analysis of Merger: Skype and Microsoft Increasing the users of Skype to one billion daily was one of the strategic rationales of Microsoft when it acquired Skype.
Merger Negotiations Between Boeing and Airbus Company The committee members and negotiators should ensure that the negotiation process yields the required results through identification and addressing the fundamental goals on the onset of the process in order to highlight the key issues […]
Implications of the Austar-Foxtel Merger Over the years, the company has been making milestones in the industry that includes, among others, the delivery of up to 20 channels over Telstra’s Hybrid Fibre Coaxial network, the acquisition of Galaxy satellite television […]
Negotiations: Addressing the Merger Issue Key to the process of conflict resolution is the use of negotiation tactics and strategies. A goal is defined as a known or presumed commercial or personal interest of all or some of the parties […]
Merger of Western Hospital and Academic Hospital In the case of Western Hospital and Academic Hospital, the laboratory services had their costs as; direct incremental costs in the form of labour and supplies costs, the cost was charged at Academic Hospital and […]
Merger: Managing the Transition Change in an organization proves to be necessary due to the technology advances and it may be of use to the organization; however, change is not always welcomed with open arms especially by employees, as […]
AT&T & BellSouth: Expansion and Merger The basic factors to determine who is to join and not to join the market are determined by the few players with an intention to avoid fair competition or allow natural price setting in the […]
Bank Mergers and Cost of Capital Knowledge pertaining to the firm’s culture and systems is essential in determining whether structures of the acquired firm would match that of the acquiring firm.
Microsoft Merger Considerations The initial aim of any business is to concentrate on a business growth and expansion strategy in order to maximize business profits.
Southwest Airlines-Airtran Merger However, considering Southwest Airlines acquired all the shares of Airtran and a complete re-branding of Airtran is part of the agreement, it is fair to conclude that the transaction was an acquisition.
Ethnicity and Self-Representation in Social Media: When Cultures Merge Analyzing the ways in which and the means with the help of which people manifest their ethnicities in the social media, one can comment on the tendencies in the intercultural communication and the changes which […]
Air France-KLM Merger and Firm Rivalry Increase in competition of Europe airlines and the harsh financial position of the KLM airline led to this merger. Due to the acquired position of dominance in the industry and bargaining power during the merger, […]
The Factors Affecting Mergers and Acquisitions In the process of implementing M&A, managers assess the key cultural differences that exist in the merging/aquiring firm. From the analysis, it is evident that there are a number of factors which motivates firms to […]
Merger of the US Airways and American Airlines In addition, the critics of the merger argue that the amalgamation would hinder the prevention of the America Airlines Group Inc.’s anticompetitive consequences. On the contrary, the proponents of the merger argued that the amalgamation […]
Mergers, Acquisition and International Strategies This approach has shown sensitivity to the needs of consumers, leading to the phenomenal growth of the company since its inception in 1962, and forcing the company to spread to foreign markers.
BP in Russia: Mergers and Acquisitions Considerations Development of a merger plan- To increase the rate of success in mergers and acquisition, it is important for the firms involved to develop a comprehensive merger plan.
Daimler-Chrysler Merger: Leadership Issue They failed to motivate employees in one organization while the culture clash resulted in the decline of one of the organizations.
Global Mega-Mergers and Failure Risk Reduction
Mergers and Acquisitions Effect on Organizational Performance
Role of Mergers and Acquisitions in Achieving a Corporate Strategy – InBev
Time Warner Competitive Position Before the Merger
Recommendations for Organisational Goals for Mergers
Wachovia-Wells Fargo Merger
Wachovia-Wells Fargo Merger: Organizational Communication
Structural Issues That Stem From the Merger of Two Organisations
American Airline Merger With U.S. Airways
Impacts of Mergers of Large Firms Within Oligopolies
OFT Accepts Distribution Business Sale in Heating Oils’ Merger
The External Environments Effected in the Planned Merger Between the American Airlines & Us Airways
Merger, Acquisition, and International Strategies
The Mergers of Companies
Impacts of Different Corporate Culture in the Merger of EBMC and SR
Mergers and Acquisitions in the United States
Monopolies Proposed Mergers
Mergers & Acquisitions in the Telecommunication Industry
Franchising Essay Topics
Globalization Essay Topics
World Trade Organization Questions
Contract Law Research Ideas
Negotiation Questions
Cross-Cultural Management Research Topics
Public-Private Partnerships Questions
Intercultural Communication Questions
Chicago (A-D)
Chicago (N-B)

IvyPanda. (2024, March 2). 174 Merger Essay Topic Ideas & Examples. https://ivypanda.com/essays/topic/merger-essay-topics/

"174 Merger Essay Topic Ideas & Examples." IvyPanda , 2 Mar. 2024, ivypanda.com/essays/topic/merger-essay-topics/.

IvyPanda . (2024) '174 Merger Essay Topic Ideas & Examples'. 2 March.

IvyPanda . 2024. "174 Merger Essay Topic Ideas & Examples." March 2, 2024. https://ivypanda.com/essays/topic/merger-essay-topics/.

1. IvyPanda . "174 Merger Essay Topic Ideas & Examples." March 2, 2024. https://ivypanda.com/essays/topic/merger-essay-topics/.

Bibliography

IvyPanda . "174 Merger Essay Topic Ideas & Examples." March 2, 2024. https://ivypanda.com/essays/topic/merger-essay-topics/.

Presentations made painless

Get Premium

130 Merger Essay Topic Ideas & Examples

Inside This Article

Mergers and acquisitions are common occurrences in the business world, with companies joining forces to create stronger, more competitive entities. If you are studying business or finance, chances are you will encounter merger essay topics in your coursework. To help you brainstorm ideas for your next essay, here are 130 merger essay topic ideas and examples to consider:

The impact of mergers on market competition
How cultural differences can affect the success of a merger
The role of government regulations in mergers and acquisitions
The reasons behind failed mergers and acquisitions
The effects of mergers on employee morale and productivity
The benefits of horizontal mergers for companies
The challenges of integrating two different corporate cultures post-merger
The impact of mergers on shareholder value
The role of due diligence in successful mergers and acquisitions
The impact of mergers on consumer choice and pricing
The effects of mergers on industry concentration
The role of synergy in driving successful mergers
The impact of mergers on innovation and R&D
The benefits of vertical mergers for companies
The impact of mergers on job creation and job loss
The challenges of managing a merger in a global marketplace
The impact of mergers on corporate governance
The role of investment banks in facilitating mergers and acquisitions
The effects of mergers on industry consolidation
The impact of mergers on corporate social responsibility
The benefits of mergers for small and medium-sized enterprises
The role of strategic planning in successful mergers and acquisitions
The effects of mergers on industry competition
The impact of mergers on consumer welfare
The challenges of integrating IT systems post-merger
The benefits of mergers for shareholders
The impact of mergers on company profitability
The role of leadership in driving successful mergers
The effects of mergers on market share
The impact of mergers on industry innovation
The benefits of mergers for employees
The challenges of managing a merger in a regulated industry
The effects of mergers on industry pricing
The impact of mergers on company culture
The role of communication in successful mergers and acquisitions
The benefits of mergers for customers
The impact of mergers on industry efficiency
The challenges of managing a cross-border merger
The effects of mergers on industry profitability
The impact of mergers on brand reputation
The benefits of mergers for suppliers
The role of negotiation in successful mergers and acquisitions
The effects of mergers on industry growth
The impact of mergers on company ethics
The challenges of managing a merger in a fast-paced industry
The benefits of mergers for investors
The impact of mergers on industry regulation
The role of innovation in driving successful mergers and acquisitions
The effects of mergers on industry employment
The impact of mergers on company sustainability
The benefits of mergers for local communities
The challenges of managing a merger in a volatile market
The effects of mergers on industry globalization
The impact of mergers on company reputation
The role of risk management in successful mergers and acquisitions
The benefits of mergers for the economy
The impact of mergers on industry diversity
The challenges of managing a merger in a recession
The effects of mergers on industry supply chains
The impact of mergers on company branding
The benefits of mergers for the environment
The role of change management in successful mergers and acquisitions
The effects of mergers on industry sustainability
The impact of mergers on company innovation
The benefits of mergers for corporate governance
The challenges of managing a merger in a competitive market
The effects of mergers on industry risk
The impact of mergers on company leadership
The role of stakeholder engagement in successful mergers and acquisitions
The benefits of mergers for industry partnerships
The impact of mergers on company diversity
The challenges of managing a merger in a changing regulatory environment
The effects of mergers on industry collaboration
The impact of mergers on company sustainability practices
The benefits of mergers for industry standards
The role of talent management in successful mergers and acquisitions
The effects of mergers on industry research and development
The impact of mergers on company financial stability
The benefits of mergers for industry competitiveness
The challenges of managing a merger in a global supply chain
The effects of mergers on industry investment
The impact of mergers on company risk management
The role of corporate social responsibility in successful mergers and acquisitions
The benefits of mergers for industry growth
The impact of mergers on company branding strategies
The challenges of managing a merger in a post-pandemic world
The effects of mergers on industry digital transformation
The impact of mergers on company employee engagement
The benefits of mergers for industry resilience
The role of corporate governance in successful mergers and acquisitions
The effects of mergers on industry technological innovation
The impact of mergers on company customer loyalty
The benefits of mergers for industry sustainability practices
The challenges of managing a merger in a post-Brexit environment
The effects of mergers on industry supply chain resilience
The impact of mergers on company reputation management
The benefits of mergers for industry talent retention
The role of industry partnerships in successful mergers and acquisitions
The effects of mergers on industry market segmentation
The impact of mergers on company digital marketing strategies
The benefits of mergers for industry regulatory compliance
The challenges of managing a merger in a post-COVID-19 world
The effects of mergers on industry customer experience
The impact of mergers on company corporate citizenship
The benefits of mergers for industry product development
The role of industry standards in successful mergers and acquisitions
The effects of mergers on industry distribution channels
The impact of mergers on company employee training and development
The benefits of mergers for industry customer satisfaction
The challenges of managing a merger in a post-pandemic economy
The effects of mergers on industry market share
The impact of mergers on company crisis management
The benefits of mergers for industry technology adoption
The role of industry competitiveness in successful mergers and acquisitions
The effects of mergers on industry brand differentiation
The impact of mergers on company product innovation
The benefits of mergers for industry market positioning
The challenges of managing a merger in a post-globalization world
The effects of mergers on industry customer retention
The impact of mergers on company employee satisfaction
The benefits of mergers for industry corporate citizenship
The effects of mergers on industry distribution networks
The impact of mergers on company brand loyalty
The benefits of mergers for industry talent acquisition
The challenges of managing a merger in a post-Brexit economy
The effects of mergers on industry customer loyalty programs
The impact of mergers on company social media marketing strategies
The benefits of mergers for industry brand positioning
The role of industry sustainability practices in successful mergers and acquisitions

These are just a few examples of the many merger essay topics you could explore in your academic writing. Whether you are interested in the financial, strategic, or cultural aspects of mergers and acquisitions, there is no shortage of interesting topics to explore. So, pick a topic that interests you and start writing your next merger essay today!

Want to research companies faster?

Instantly access industry insights

Let PitchGrade do this for me

Leverage powerful AI research capabilities

We will create your text and designs for you. Sit back and relax while we do the work.

Explore More Content

Do Mergers and Acquisitions Improve Efficiency? Evidence from Power Plants

Using rich data on hourly physical productivity and thousands of ownership changes from US power plants, we study the effects of acquisitions on efficiency and underlying mechanisms. We find a 2% average increase in efficiency for acquired plants, beginning five months after acquisitions. Efficiency gains rise to 5% under direct ownership changes, with no significant change when only parent ownership changes. Investigating the mechanisms, three-quarters of the efficiency gain is attributed to increased productive efficiency, while the rest comes from dynamic efficiency through changes in production allocation. Our evidence suggests that high-productivity firms buy underperforming assets from low-productivity firms and make them as productive as their existing assets through operational improvements. Finally, acquired plants improve their performance beyond efficiency by increasing output and reducing outages.

We thank Seabron Adamson, Nikhil Agarwal, Charles Angelucci, Vivek Bhattacharya, Severin Borenstein, David P. Byrne, Steve Cicala, Lucas Davis, Natalia Fabra, Silke Forbes, Bob Gibbons, Ali Hortaçsu, Paul Joskow, Chris Knittel, Charlie Kolstad, Jacob LaRiviere, Alex Mackay, Nathan Miller, Ariel Pakes, Mathias Reynaert, Dennis Rickert, Nancy Rose, Richard Schmalensee, Chad Syverson, Mike Whinston, Frank Wolak, Catherine Wolfram, Ali Yurukoglu, and various seminar participants for helpful comments. Anna Simmons, Michel Gutmann, David Scolari, and Sam Pomerantz provided excellent research assistance. We thank Matt Barmack, Sang Ha Gang, Charlie Gates, Robert Kasle, Peter Rider, and Jon Sepich for insightful discussions on plant operations and acquisitions in the power generation industry. All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

MARC RIS BibTeΧ

Download Citation Data

data appendix

More from NBER

In addition to working papers , the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter , the NBER Digest , the Bulletin on Retirement and Disability , the Bulletin on Health , and the Bulletin on Entrepreneurship — as well as online conference reports , video lectures , and interviews .

2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic" cover slide

SUGGESTED TOPICS
The Magazine
Newsletters
Managing Yourself
Managing Teams
Work-life Balance
The Big Idea
Data & Visuals
Reading Lists
Case Selections
HBR Learning
Topic Feeds
Account Settings
Email Preferences

A Better Approach to Mergers and Acquisitions

research paper topics on mergers and acquisitions

Far more mergers succeed today than in the past. Here’s how to post a win.

But today those odds have inverted. According to new research by Bain, over the past 20 years firms have done more than 660,000 acquisitions, worth a total of $56 trillion, with deals reaching a peak in 2021. And close to 70% of them have succeeded. Even among the roughly 30% that were less successful, many of the deals still created some value.

What has changed? This article presents four explanations for the turnabout.

Twenty years ago, consultants at Bain & Company published a book that explored a dispiriting reality: Although companies spent billions of dollars a year pursuing deals, 70% of mergers and acquisitions wound up as failures. The book, Mastering the Merger , was released in the wake of a series of corporate marriages that ended badly, including AOL and Time Warner, Daimler and Chrysler, and Citicorp and Travelers. This wasn’t a new phenomenon. Academic studies dating back to the 1970s had concluded that most acquisitions don’t play out the way the investment bankers promise. Even among deals that appeared profitable from investors’ perspective, Bain’s surveys of executives showed that many fell short of the internal projections made to justify the purchase.

93 Merger Essay Topics

🏆 best essay topics on merger, ✍️ merger essay topics for college.

👍 Good Merger Research Topics & Essay Examples

🎓 Most Interesting Merger Research Titles

💡 simple merger essay ideas, ❓ research questions on mergers and acquisitions.

Aspects of Marriott’s Merger With Starwood Hotels
Advantages and Disadvantages of a Merger
Banking Merger, Its Benefits and Consequences
Corporate Mergers and Acquisitions
Apple Inc.’s Possibility of Merger and Acquisition
American Airlines’ and US Airways Merger
Mergers and Acquisitions in Business
Vipshop Holdings Limited: Merger and Acquisition Vipshop Holdings Limited is a Chinese online retailing company specialized in selling popular brands’ clothes, goods, and apparel.
Mergers and Acquisitions in the Banking Sector This paper discusses mergers in the banking sector, reasons for a wave of mergers between banks, and difficulties that acquiring banks may face in the future.
Concepts of Mergers and Acquisitions Several new terminologies associated with global business have been seen to crop up. Mergers and acquisitions are such new terms that have gained much dominance in the last years.
Mergers and Acquisitions in the Health-Care Industry Mergers and Acquisitions are becoming a common trend within the corporate arena and the same may be said of the health industry.
The Role of Mergers and Acquisitions for the Financial Performance of Banco Santander This study examines the impact of mergers and acquisitions on the performance of Santander Group of banks between 2002 and 2010.
Mergers and Acquisitions: Time Warner Example Mergers and acquisition is a corporate strategy commonly used to increase the capabilities of different companies in the market.
International Merger and Acquisition The success or failure of any merger depends on human resource management of the merging companies.HRM have significant impacts on international mergers.
How Affected Market by the Merger Electric and Honeywell Merger In fact, both of the companies operated in several markets but their merger would affect significantly the aviation industry in particular.
Business Mergers’ Effects on Employee Loyalty The emphasis on intercultural communication and collaboration is justified by the recent increase in the levels of diversity observed in the business setting.
Tech Systems Inc.’s Failing Merger This mini-case analyzes the current state of affairs at Tech Systems Inc. The company has just undergone a merger, but pertinent issues have begun to emerge.
Long-Term Investment Decisions and the Role of Government During a Merger Many times, companies look to increase growth, increase efficiency, and extract very real profit during a period of irrational exuberance.
Google and AbbVie Merger-Related Issues Recent reports indicate that Google would be merging with AbbVie. Given Google’s environment, especially management, conflicts might indeed arise.
Utah Symphony and Opera’s Merger and Motivation The number of non-salaried occasional workers that deal with the Utah Opera Organization is sufficient for employees to get worried.
Managerial Economics: Mergers and Acquisitions This paper discusses the questions of mergers in the banking industry and other issues related to managerial economics by using Samuelson and Marks book.
GlaxoSmithKline and Novartis Companies’ Merger In March 2015, GlaxoSmithKline plc, UK, and Novartis AG, Switzerland completed a deal that saw drug firm GlaxoSmithKline Pharmaceuticals acquire Novartis’ vaccine business.
Royal Dutch — Shell Group Merger in Nigeria The paper analyzes the challenges facing the merger of the Royal Dutch Petroleum Company and Shell Transport and Trading, and recommends how they should be confronted.
Eastern Bank and First Bank & Trust Company Merger The Eastern Bank Corporation and the First Bank & Trust Company have different human resources policies. For the merger, a general HR management strategy should be developed.
EU Regulations of Merger between EU and Chinese Companies While examining mergers and acquisitions, European regulators pay close attention to the risk of dominance. Much attention is paid to restrictive practices and monopolistic behavior.
Baker Hughes and Halliburton Companies: Mergers and Acquisition This paper explores strategies used to merge Baker Hughes with Halliburton. It also evaluates potential mergers and acquisition that can increase shareholders value.
United States Banking Merger Relevance In the banking sector, mergers and takeovers have become very common. In this paper, the researcher will look at the relevance of banking mergers in the modern market.
Bank Merger Activity: The Antitrust Perspective
Investor Protection and the Value Effects of Bank Merger Announcements in Europe and the US
Big Fish Eat Small Fish: On Merger in Stackelberg Markets
Financially Assessing the Merger Between AOL and Time Warner
Chrysler Corporation and Daimler Benz Merger
Evaluating Administrative Efficiency Change in the Post-Merger Period
DEC Compaq Merger and Information Technology Integration
Leadership and Change Management in the Merger of Hewlett-Packard
Boston Scientific and Guidant Merger and Its Legal Implications
Creating Shareholder Value for Merger and Acquisitions
Has the Compulsory School Merger Program Reduced the Welfare of Rural Residents in China
Collaboration, Alliance, and Merger Among Higher Education Institutions
Disney’s Merger With Marvel Comics: Will Marvel Suffer From This Merge
Global Merger and Acquisition (M&A) Activity: 1992–2011
British Columbia’s Customer Protection and Bank Merger
Innovation and Social Desirability of Merger
Downstream Merger With Oligopolistic Input Suppliers
Calculating Net Present Value and Assessing a Merger
Managerial Incentives, Merger Premiums, and Bank Acquisitions
How Accounting Fraud Has Changed Merger Valuation
Acquirer-Target Social Ties and Merger Outcomes
Improving the Merger Control Process in Ireland
Bank Merger Policy and the New CRA Data
Innovation and Merger Decisions in the Pharmaceutical Industry
Endogenous Mergers and Size Asymmetry of Merger Participants
Horizontal Alliances and the Merger Paradox
Downstream Merger With Upstream Market Power
Endogenous Availability, Cartels, and Merger in an Equilibrium Price Dispersion
Efficiency Defense and Administrative Fuzziness in Merger Regulation
Hypothetical Merger: Hartford Company and Yahoo.com
Import Tariff, Intellectual Property Right Protection, and Foreign Merger
Horizontal Mergers and Merger Waves in a Location Model
Business Merger Between Lenovo and Motorola Mobility
Eliciting Information From Interested Parties in Merger Control
Bilateral Monopolies and Incentives for Merger
International Trade and the Incentive for Merger
Evaluating the German Bank Merger Wave
Managerial Motives and Merger Financing
Innovation, Merger Policy, and Technology Transfer
Differentiation and Cost Asymmetry: Solving the Merger Paradox
Are Larger Merger Synergies Bad News for Consumers?
Does Environmental Regulation Create Merger Incentives?
What Motivates Merger and Acquisition Activities in the Upstream Oil & Gas Sectors in the U.S.?
Are Mega-Mergers Anticompetitive?
Can Financial Media Sentiment Predict Merger and Acquisition Performance?
Why Are Mergers Good for the Economy?
Does Merger Simulation Work?
What Are the Reasons for Failure of Merger and Acquisition?
How Does Crosslisting Affect Merger and Acquisition Activity?
Who Benefits From the Merger?
What Explains Lenovo’s Success Prior to the Acquisition?
Does the Merger Paradox Exist Even Without Any Regulations?
How Does the Merger Impact Employee Morale and Corporate Culture?
What Are the Goals That Drive Cross-Border Acquisitions?
Should Management Consultants Charge Clients on a Contingency Basis for Merger and Acquisition Work?
What Makes a Merger Unsuccessful?
How Effective Are Remedies in Merger Cases?
What Drives and Crushes Mergers and Acquisitions?
Does Nike’s Acquisition of Converse Strengthen Nike’s Position?
Why Do Newly Listed Firms Become Acquisition Targets?
How Do Merger Models Incorporate Managerial Accounting?
What Drives Merger Decision-Making Behavior?
Does the Organizational Form of the Target Influence Market Reaction to Acquisition Announcements?
How Do Company Stocks Move During an Acquisition?
What Is the Purpose of an Acquisition Strategy?

Cite this post

Chicago (N-B)
Chicago (A-D)

StudyCorgi. (2022, June 5). 93 Merger Essay Topics. https://studycorgi.com/ideas/merger-essay-topics/

"93 Merger Essay Topics." StudyCorgi , 5 June 2022, studycorgi.com/ideas/merger-essay-topics/.

StudyCorgi . (2022) '93 Merger Essay Topics'. 5 June.

1. StudyCorgi . "93 Merger Essay Topics." June 5, 2022. https://studycorgi.com/ideas/merger-essay-topics/.

Bibliography

StudyCorgi . "93 Merger Essay Topics." June 5, 2022. https://studycorgi.com/ideas/merger-essay-topics/.

StudyCorgi . 2022. "93 Merger Essay Topics." June 5, 2022. https://studycorgi.com/ideas/merger-essay-topics/.

These essay examples and topics on Merger were carefully selected by the StudyCorgi editorial team. They meet our highest standards in terms of grammar, punctuation, style, and fact accuracy. Please ensure you properly reference the materials if you’re using them to write your assignment.

This essay topic collection was updated on June 24, 2024 .

Bibliography
More Referencing guides Blog Automated transliteration Relevant bibliographies by topics
Automated transliteration
Relevant bibliographies by topics
Referencing guides

ORIGINAL RESEARCH article

Research on the impact of technology mergers and acquisitions on corporate performance: an empirical analysis based on china’s pharmaceutical industry.

1 School of Business Administration, Shenyang Pharmaceutical University, Shenyang, China
2 Drug Regulatory Research Base of NMPA, Research Institute of Drug Regulatory Science, Shenyang Pharmaceutical University, Shenyang, China

There is intense competition among pharmaceutical companies with the rapid growth of the global pharmaceutical industry. In recent years, China has continuously increased the reform of the medical system. Technology mergers and acquisitions (M&A) in China’s pharmaceutical industry have emerged in this complex policy and economic background. This paper conducts an empirical study from the dual perspectives of financial performance and innovation performance, based on unbalanced panel data of Chinese listed pharmaceutical firms from 2012 to 2022. The impact of technology M&A on firm performance is analyzed in terms of the heterogeneity of firm characteristics. Meanwhile, the relationship between R&D investment in technology M&A and firm performance is examined. The results show that technology M&A can promote the performance of pharmaceutical companies, and R&D investment has a mediating effect on the impact of technology M&A on corporate performance. Based on the above findings, this study enriches the relevant literature on technology M&A in the pharmaceutical industry, provides warnings and suggestions for pharmaceutical companies to improve corporate performance through technology M&A, and provides reference materials for future policy formulation.

1 Introduction

Competition among enterprises is intensifying in the context of global economic integration ( 1 ). Governments have intensified their scientific and technological innovation backing to gain a competitive edge. It is an important indicator that the innovation capacity of pharmaceutical companies can measure a country’s strength in science and technology innovation ( 2 ). The pharmaceutical market has opportunities and challenges when China is economically transforming and upgrading ( 3 ). Pharmaceutical companies can improve their innovation performance in two ways: internal research and development (R&D) and external mergers and acquisitions (M&A). It is relatively slow to depend on internal R&D to enhance technology because of limitations in technical resources and research and development professionals ( 4 ). Therefore, there is a growing tendency among pharmaceutical companies to pursue advanced pharmaceutical development technologies to acquire specialized technological resources from external sources and to use technology mergers and acquisitions to achieve leapfrog innovation ( 5 ).

In recent years, China has been increasing its efforts to reform the pharmaceutical system and to develop technological innovations in pharmaceutical enterprises ( 6 ). There have been mergers and acquisitions of companies in the pharmaceutical industry in China’s complex policy and economic background. It is increasingly recognized among pharmaceutical companies that they can gain access to advanced technologies and products by engaging in technological mergers and acquisitions, which allows them to establish an advantageous market position ( 7 ). However, China’s pharmaceutical industry is relatively dispersed regarding industrial structure. Although the number of pharmaceutical enterprises is large, the scale is generally small, and the innovation ability is relatively weak. There is an apparent gap between Chinese pharmaceutical companies and large multinational pharmaceutical companies in developed countries regarding research and development capabilities, innovation capabilities, financial strength, etc. ( 8 ). China has implemented many measures to promote and facilitate the technological advancement of pharmaceutical companies in recent years. As an illustration, the government will offer tax advantages, financial assistance, and other policy measures to stimulate firms to enhance their investment in research and development. These policies create a favorable external environment and conditions for Chinese pharmaceutical businesses to engage in technology mergers and acquisitions, making such mergers and acquisitions an essential means to boost the development of the pharmaceutical industry.

The earliest concept of technology mergers and acquisitions (M&A) is Williamson’s 1975 proposal that technology M&A is a mergers and acquisitions activity with the primary goal of acquiring the target’s technological resources ( 9 ). Technology M&A is a highly effective technique for companies to quickly get innovative resources and strengthen their ability to innovate technologically in response to changes in their business models ( 10 ). Mergers and acquisitions among enterprises originated in the United States and have since expanded worldwide ( 11 ). Scholars from various countries have researched technology mergers and acquisitions, with the most influential researchers appearing in Sweden and the United States. Jacobsson and Granstrand revealed in 1983 and 1984, respectively, that small firms in technology M&As have seller characteristics in deal offers in the M&A market due to their advanced technology patents. Granstrand ( 12 ) discussed the role of technology M&A in the mergers and acquisitions process using the “theory of technology-based enterprises.” Wang and Han ( 13 ) examined how the absorptive capacity of American companies might influence technological innovation as a moderator. Enterprises’ absorptive capacity enables them to incorporate and utilize external technological information as internal knowledge effectively. It is a relatively late research on technology mergers and acquisitions in China. Wu et al. ( 14 ) examined the developmental trajectory of China’s firms’ technological prowess, as demonstrated through their adoption of new technologies, expansion of production capacity, and ability to innovate. The primary purpose of leading companies engaging in M&A is to address their deficiencies in specific areas, enhance the diversified growth of their technology research and development, and lay the foundation for comprehensive technological innovation in the future. Based on existing research on technology M&A, one view is that technology mergers and acquisitions can efficiently address R&D disadvantages and enhance the knowledge capacities of acquiring organizations ( 15 ). Simultaneously, technology M&A provides exit channels other than IPOs for the founders of target firms, thus reducing their entrepreneurial risk ( 16 ). This initiative aims to incentivize target firms to enhance their investment in research and development and intensify their efforts in technological knowledge innovation ( 7 ). Furthermore, Ghosh et al. ( 8 ) propose that technology M&A offers a faster way to obtain external technological resources than internal research and development. It is an effective way for enterprises to master the technical knowledge of the target enterprise and absorb high-tech talents. Another view is that technology M&A may hinder the improvement of internal research and development capabilities if firms rely too much on external technological resources. The enterprise’s intangible resources are not effectively accumulated, and the absorption of external knowledge resources will be negatively affected ( 17 ). Szucs ( 18 ) argues it will diminish the enterprise’s ability to innovate independently if the primary objective of technological mergers and acquisitions is to evade market competition rather than efficiently incorporate and utilize the acquired technology.

To sum up, the extant literature on technological M&A and enterprise performance lacks consensus and is confined to a singular perspective. Only a few numbers of researchers have empirically investigated technological M&A in the pharmaceutical industry. Different firms are affected differently by undertaking technology M&As. It is essential to consider the diversity of innovation subjects, whose characteristics such as property rights, size, and geographical location should also not be ignored. Therefore, it is important to further investigate the effect of technology M&A on firm performance and understand the mechanisms by which technology M&A enhances firm performance. This paper empirically analyses the impact of technology M&A on firm performance using a fixed-effects approach based on unbalanced panel data of listed pharmaceutical firms in China from 2012 to 2022. In addition, it comprehensively examines the diversity among enterprises with varying ownership characteristics, sizes, and geographic locations. It then further analyses the role of R&D investment as a mediator between technology M&A and firm performance. It offers rich materials for China’s pharmaceutical industry to launch technology M&As, aiding firms in gaining a deeper understanding of technological expansion through M&A to enhance their innovation capabilities. Furthermore, this article analyzes the outcomes of the present government’s strategy to encourage technological advancement in China and offers pertinent information for future policy development using the most recent sample data.

Compared with the existing results, this research offers possible contributions as follows: Firstly, it is the inaugural empirical study that examines financial performance and innovation performance from a dual perspective. The extensive literature on company performance mostly concentrates on individual performance indicators. This paper integrates the two variables into a single variable for research and analysis to systematically evaluate the influence of technological mergers and acquisitions on the performance of pharmaceutical manufacturing companies. It complements the limited theory and empirical evidence available in this field. Secondly, this paper explores the relationship between technology M&A and firm performance and frames the study of R&D inputs to explore its mechanism as a mediating variable. Existing literature has conducted a great deal of research and studies from the perspective of the respective impact of R&D inputs and technology M&A on firm performance, and some scholars have made several studies from the relevant aspects of individual firms. This paper will provide R&D inputs into the study of technology M&A and its impact on company performance, enriching the relevant literature. Thirdly, there are fewer studies on technology M&A in China’s pharmaceutical companies. This paper specifically studies the impact of technology M&A on firm performance in the pharmaceutical industry with Chinese characteristics (heterogeneity) to provide a realistic reference for the current innovation practice of pharmaceutical enterprises.

The rest of the paper is organized as follows. In the “Literature Review and Research Hypotheses” section, this paper reviews the previous literature and puts forward the hypotheses of this paper. The “Research Design” section provides data sources, variable selection, and model setup. The “Empirical Analysis” and “Heterogeneity Analysis” sections discuss the results. Finally, “Conclusions and Recommendations, Shortcomings and Prospects” is given.

2 Literature review and research hypothesis

2.1 technology mergers and acquisitions and firm performance.

With the growing requirement for enterprise innovation, obtaining external technical resources has become a major incentive for companies to combine and acquire. In theory, the mechanism by which companies rely on acquisitions to enhance innovation output is mainly reflected in two aspects. One is the selection mechanism; it is more efficient for companies with poor innovation capabilities to acquire innovation by acquiring companies with substantial expertise or ready-made patents than a direct investment in independent innovation ( 19 ). Cassiman et al. ( 20 ) argues that the principal merger party will purposefully select target firms that possess their missing technological knowledge so that they can update their existing knowledge after the technology acquisition. The study conducted by Chen ( 21 ) shows that there is a very important role in the development of new ideas and the existing knowledge base of firms in enhancing innovation core competitiveness after M&A. The second is synergy; it will be enlarged to cover the knowledge stock of the leading merging company after a technology M&A. It is beneficial for enterprises with a deep stock of knowledge to absorb external technological resources, which enhances their innovation capacity and increases the firm’s innovation output ( 22 ). Zhang et al. ( 23 ) showed that technology M&A can avoid the knowledge cocoon trap and innovation path dependence generated by long-term independent research and development, which can rapidly update and expand the existing knowledge stock of enterprises. Enterprises have complementary technological resources to enhance innovation power because of the synergistic effect.

Technology mergers and acquisitions are an effective strategy for enterprises to acquire innovative resources and enhance corporate performance rapidly. According to Zhao ( 24 ), an analysis of M&A cases across various industries in the United States between 1984 and 1997 revealed that M&A transactions driven by the goal of technology innovation are a common phenomenon. It is through technology M&As that companies, especially those with a weak innovation capacity before the M&A, will increase the number of patents obtained. Entezarkheir and Moshiri ( 25 ) argues that M&A significantly positively affects corporate innovation, and heterogeneity will exist across industries. Chinese scholars have shown that technology mergers and acquisitions clearly influence firms’ innovation performance ( 26 ). Qu ( 27 ) analyzed the intrinsic link between a company’s technology M&A and innovation performance and found that complementary and substitutive technology M&As significantly boost the firm’s innovation performance. Also, the study conducted by Yang and Zhou ( 28 ) demonstrated that the impact of technical innovation resulting from technology M&As becomes more evident when the acquired firm experiences significant growth. Wu et al. ( 29 ) investigated the effect of knowledge integration on firms’ innovation performance based on different technology M&A modes. Enterprises will change their knowledge base regarding width and depth when they carry out two modes of technology M&A. Therefore, the performance of innovation in enterprises will yield varying outcomes.

Additionally, Nesta and Saviotti ( 30 ) conducted an empirical study on the pharmaceutical industry and concluded that the higher the acquired firm’s technological R&D base, the more effective it is in improving the R&D capability of the primary acquiring firm after the merger. Also, it is more conducive for firms with a solid long-term technological R&D base to enhance post-merger innovation performance. Lin and Jang ( 31 ) examined merger and acquisition data from the United States pharmaceutical industry and argued that complementarities between firms can improve technological development and innovation. Firms should find companies in the same industry as theirs that match their size and technology for strategic integration. Hao and Ren ( 32 ) studied the evolution of issues related to technology M&A in high-tech enterprises. They proposed that the impact of technology M&A on the technological integration of enterprises varies depending on the industry. Technology M&A particularly promotes R&D in the pharmaceutical industry and suggests relevant countermeasures for enterprises and authorities. Yu and Wang ( 33 ) used a double-difference method to compare the innovation performance of technology M&As between firms that executed M&As and firms that did not perform M&As throughout different policy stages. The study results showed that firms engaging in technology M&As could improve their innovation performance in the short run before implementing the policy. Still, the innovation effect was negative in the long run. After implementing the policy, firms that engage in technology M&As show adverse innovation effects in the short term. The study results provide a realistic reference for the future decision-making of enterprises and the establishment of national policies.

Based on the combination of the above theories and literature, this paper proposes the following research hypotheses:

H1 : Technology mergers and acquisitions positively affect firm performance.

2.2 The mediating role of R&D investment

There are two basic approaches to innovation for enterprises: closed innovation and open innovation. Closed innovation is mainly based on internal R&D, and R&D investment is the core bloodline of firms’ innovation activities ( 22 ), and firm performance is closely related. It can enhance the enterprise’s independent R&D capability, which starts from within the enterprise to invest enterprise resources in R&D activities. Enterprises can master the core technology and form their core competitiveness through independent R&D to occupy a favorable position in the market ( 34 ). One of the most important avenues for open innovation is technology M&A, which allows for rapid access to external technological resources and core knowledge capabilities and improves the firm’s innovation ability ( 35 ). Compared with the long time, high risk, and high investment required for independent R&D, technology M&A can more rapidly acquire the technological knowledge the target firm holds ( 4 ). Firms relying solely on internal R&D to realize innovation can increase riskiness in the context of the increasing speed of innovation iteration ( 36 ). There is a growing realization in enterprises that innovation does not only come from within the enterprise; external resource integration is also an essential part ( 37 ).

Williamson’s Transaction cost theory (9) states that external technological resource acquisition replaces internal R&D skills. Companies experience transaction costs when they acquire external technology resources, which impact the incorporation of these resources within the company. Cohen and Levinthal ( 6 ) contend that the firm’s internal R&D capacity plays a significant role in assimilating and innovating external resources. However, it will negatively impact the company’s performance due to an excessive dependence on external technology resources and a lack of logical incorporation of externally acquired technological resources. Hitt et al. ( 38 ) and Jensen ( 39 ) propose that the reduction in R&D spending by innovative companies following mergers and acquisitions diminishes their level of R&D intensity. Firms interrupt their existing development plans to use the target company’s resources better and spend a lot of time on strategic adjustments at the managerial level, slowing down technological innovation in the company. It has also been argued that inadequate integration measures are not taken after a merger or acquisition, or if there is inertia in autonomous innovation due to technology purchase, this can negatively impact a firm’s innovation performance ( 40 ). In addition, Wang and Ma ( 36 ) discovered that the R&D expenditure of the dominant party involved in a merger and acquisition has a moderating effect on the process using a multiple regression model. This moderation promotes the combination of resources and collaborative innovation. Gandal and Scotchmer ( 41 ) highlighted that corporate governance issues influence the optimal selection of R&D investment by decision-makers, which subsequently impacts the efficiency of using external technological resources.

In summary, this paper argues that after technology mergers and acquisitions, adequate integration measures are taken on acquired technological resources by increasing R&D investment, which leads to a growth trend in firm performance. Based on this analysis, this paper proposes the hypothesis:

H2 : R&D investment mediates the effect of technology mergers and acquisitions on firms’ innovation performance.

3 Materials and methods

3.1 sample selection and data source.

This paper selects the information on M&A events of Chinese A-share listed pharmaceutical companies from 2012 to 2022 as the research sample. Based on data availability and accuracy, this paper excludes ST and *ST, PT, and companies with missing relevant data. For multiple M&A events of the same company in the same year, the first M&A event in a year is selected. Finally, 1,418 unbalanced panel observations for 145 firms that meet the requirements are obtained. To eliminate the impact of outliers on the study, this paper uses Stata16.0 software to perform bilateral shrinkage of the relevant variables. The financial data of listed companies are mainly obtained from the China Stock Market and Accounting Research Database (CSMAR, https://data.csmar.com/ ) and Juchao Information Network 1 to find the annual reports of enterprises. Patent data comes from the China Research Data Service Platform (CNRDS, https://www.cnrds.com/ ).

3.2 Variable selection and definition

3.2.1 explained variable.

The paper studies the effects of technology mergers and acquisitions on enterprise performance by thoroughly analyzing innovation and financial performance variables. It refers to the study by Gu and Xie ( 42 ) which selects return on assets (ROA) as the metric to evaluate corporate financial performance. Patents are highly effective in measuring innovation performance, as they provide significant exclusivity and can explain the rise in performance output resulting from technological innovation. A greater quantity of patent applications typically signifies a higher degree of innovation performance exhibited by a company. Experts commonly assert that the quantity of patent applications provides a more accurate indication of the extent of innovation compared to the number of grants. This is due to the fact that patent approvals necessitate evaluation and payment of yearly fees, leading to greater unpredictability and volatility. Thus, this study uses the total number of patent applications increased by one as the logarithm of the innovation performance indicator for measurement.

3.2.2 Explanatory variables

Technology mergers and acquisitions (Tma) is a dummy variable, assigned a value of 1 if a technology merger or acquisition occurs in an enterprise. Otherwise, it is assigned a value of 0. Technology mergers and acquisitions provide a direct means of accessing the technological resources of the target firm and achieving the substitution and complementation of production technology. This paper defines technology M&A according to Ahuja and Katila ( 43 ). Technology M&A refers to M&A events involving listed businesses that meet one of the following three criteria: (i) the announcement of the M&A by the businesses listed clearly states that the goal of the M&A is to get technology. (ii) The target company possesses patented technology within 5 years prior to the date of the M&A announcement. (iii) The listed companies are classified as high-tech enterprises. This study utilizes the CSMAR database to extract the 2012–2022 M&A information table of listed businesses. We next manually examine the relevant papers to ascertain if the M&A events fall under the category of technological M&A. After applying the aforementioned criteria, we obtained a total of 293 samples of M&A events that satisfy the specified conditions.

3.2.3 Mediating variable

Research and development (RD) investment. To measure R&D investment, the empirical practice of Guo ( 44 ) measures the R&D intensity of enterprises by the proportion of R&D expenditure to operating revenue.

3.2.4 Control variable

The magnitude of a company’s assets directly impacts its capacity to effectively incorporate post-merger technology. Information asymmetry can create market flaws that lead to financing limits for organizations. Companies with large levels of debt typically incur more risks, which in turn restrict their involvement in technological mergers and acquisitions. Companies that experience higher rates of growth in their operating revenue typically possess stronger skills for achieving growth. They are more likely to be preferred by the capital market in mergers and acquisitions. In this paper, we cite the works of Hui et al. ( 45 ), Wang and Huang ( 46 ), and Hong ( 47 ) to regulate the variables of firm size, asset-liability ratio, financing constraints, operating income growth rate, and total asset turnover. This is done to enhance the scientific rigor and dependability of the study by managing other potential confounding factors. See Table 1 for specific measurements.

Table 1 . Variables and their definitions.

3.3 Model construction

3.3.1 fixed effects model.

To test the impact of technology mergers and acquisitions on corporate performance, this paper refers to the research of Hou ( 48 ). It combines theoretical analyses and the design of research indicators to construct the following econometric model:

Where i denotes individual firms, t denotes the year, and Y it s dependent variables are financial performance (Roa) and innovation performance (Invia). The independent variables are technology mergers and acquisitions (Tma) and all other possible control variables (controls), respectively. firmi and year t denote individual and time-fixed effects, respectively, and ε i , t is a random error term. Considering that the individual perspective of pharmaceutical enterprises is not affected by time (enterprise ownership, high-tech enterprise qualification) and the time perspective is not affected by individual changes in the enterprise (industrial structure, GDP growth, years of education of the provincial population, and the macroeconomic environment), and thus the empirical design includes the enterprise individual fixed effects and the year fixed effects, the constructed model (1) is a bidirectional fixed effects model.

3.3.2 Mediating effect model

To explore the relationship between technology mergers and acquisitions, R&D investment, and enterprise performance, according to the three-step mediating effect model proposed by Wen et al. ( 49 ), this paper adds the mediating variable R&D investment (Rd) based on the above-fixed effect model (1), and constructs the model as follows:

In Equation (2) , RD it is the mediating variable R&D input, and the rest of the symbols have the same meaning as in Equation (1) above Equation (3) , is based on Eq. (1) , with the addition of the variable of R&D investment, which is used to test the effect of technology mergers and acquisitions and R&D investment on corporate performance.

4 Empirical analyses

4.1 descriptive statistics analysis.

The descriptive statistics of each variable are shown in Table 2 . It can be seen that the return on assets (Roa) of enterprises ranges from −0.154 to 0.226, with an average value of 0.061, indicating that the financial status of enterprises varies greatly. The number of invention patent applications (Invia) ranges from 0 to 1.857, with an average of 0.893, indicating some variation in firms’ innovation performance and that most pharmaceutical firms have low innovation performance. For the explanatory variables, the mean value of Technology Mergers and Acquisitions (Tma) is 0.207, and the variance is 0.405. The range of Research and Development (RD) is 0.32 ~ 23.06, and the variance is 3.892, which is a significant difference, indicating a great difference in Research and Development (RD) among enterprises. There is a great fluctuation in R&D investment in each company and each year. The maximum value of the capital debt ratio (Lev) is 0.815, and the minimum value is 0.042, indicating that the debt capacity of listed companies is not uniform. The minimum value of enterprise growth (Gro) is -0.46, and the maximum value is 1.162, indicating that listed companies’ development ability and growth opportunities in China’s pharmaceutical manufacturing industry vary more significantly. The value of financing constraint (SA) ranges from -4.747 to-3.233, and the larger the value of SA, the larger the financing constraint. The average value of financing constraint is-3.887, which shows that enterprises generally face the dilemma of financing constraint.

Table 2 . Descriptive statistics.

4.2 Correlation analysis

The results of the Pearson correlation analysis between the variables are shown in Table 3 . It can be seen that the correlation coefficient between technology mergers and acquisitions (Tma) and enterprise financial performance (Roa) is 0.351, and the coefficient with innovation performance (Invia) is 0.336; there is a significant positive correlation. This indicates that with the increase in technology mergers and acquisitions, enterprise performance will also improve, which initially verifies H1. Research and development investment (RD) also has a significant positive correlation with enterprise performance (Roa) and innovation performance (Invia), which initially verifies H2. The study results show that the variance inflation factor VI F value is less than 10, and the absolute value of correlation coefficients between the rest of the variables is less than 0.8, indicating that the variables passed the multiple covariance test.

Table 3 . Correlation analysis.

4.3 Benchmark regression results

A fixed effects model is used to test the impact of technology mergers and acquisitions on pharmaceutical firms’ performance, and the regression results of model (1) are shown in Table 4 . Column (1)–Column (4) regressions are all controlled for individual and time effects. Columns (1) and (2) are the effects of technology mergers and acquisitions on the financial performance of enterprises. In column (1), the regression coefficient of technology mergers and acquisitions (Tma) on Roa is 0.0552, which is significant at the 1% statistical level. In column (2), after adding control variables, the coefficient is 0.0149 and still significant at the 1% level, which means that technology mergers and acquisitions can significantly contribute to the enhancement of the financial performance of pharmaceutical enterprises. This implies that technology mergers and acquisitions can significantly promote the financial performance of pharmaceutical companies. Columns (3) and (4) show the effect of technology M&A on innovation performance. Column (3) does not include control variables, and column (4) adds control variables. The regression coefficients of technology M&A are 0.3885 and 0.0881, respectively, which are significant at the 1 percent confidence level, indicating that technology M&A can also enhance the innovation performance of pharmaceutical enterprises; this validates H1. Based on theoretical analysis, enterprises that acquire technology resources for M&As pay more attention to integrating technology and knowledge to quickly absorb the acquired enterprise’s technical knowledge. It can better enhance corporate performance by expanding the scale of their basic knowledge. In addition, by comparing the regression findings in columns (2) and (4), it is evident that technology M&A has a more pronounced impact on pharmaceutical firms’ innovation performance than its effect on financial performance. It could be because technology mergers and acquisitions may prompt firms to adjust their patent policies. Companies can evaluate and modify their patent portfolios based on market demand and technological advancements throughout the merger and acquisition process. As a result, companies may choose to augment their patent applications to align with the changing market conditions and competitive forces.

Table 4 . Benchmark regression results.

4.4 Mediating effects of R&D inputs

Table 5 shows the regression results of research and development investment (RD) as a mediating variable. According to the three-step method of mediating effect, columns (1) and (4) are the results of the benchmark regression of Tma on firm performance, consistent with the above results. Column (2) shows the effect of technology mergers and acquisitions on RD, and the regression coefficient of RD is 1.134 and is significantly positive at the 1% level. It indicates that technology mergers and acquisitions positively impact enterprise R&D investment, and enterprise R&D investment is significantly improved after the enterprise carries out technology mergers and acquisitions. Firms obtain new R&D capabilities and technological knowledge through technology mergers and acquisitions. To fully use these new R&D capabilities, firms increase their R&D investment to develop more innovative products and technologies. Columns (3) and (5) show the effects of technology M&A on firms’ financial performance and innovation performance after adding the mediating variable of RD, respectively. The coefficients of Tma on Roa are 0.00999, which is significantly positive at a 10% statistical level, respectively. The coefficient of Tma on Invia is 0.0673, which is significantly positive at a 5% statistical level. This indicates that R&D investment mediates the effect of technology mergers and acquisitions on enterprise performance, thus verifying the above H2. After a technological merger and acquisition, boosting R&D investment can expedite the company’s integration and assimilation of external technology resources and core knowledge skills. Enterprises can enhance their level of technological innovation by bolstering internal research and development efforts and aggressively leveraging them. Simultaneously, the surge in research and development spending resulting from technological M&A aids firms in effectively adapting to shifts in market demand, thereby enhancing their performance.

Table 5 . Regression results mediated by R&D investment.

In addition, the model passed the Sobel test and Bootstrap test (drawing self-help samples 1,000 times), and the test results are shown in Table 6 . When the explanatory variable is Roa, the direct effect coefficient is 0.009992, and the indirect effect coefficient is 0.00492, which is significantly positive at 1%. When the explanatory variable is Invia, the direct effect coefficient is 0.06782, and the indirect effect coefficient is 0.20802, both of which are significant at 1%. It indicates that research and development investment (RD) as a mediating variable promotes the positive effect of technology mergers and acquisitions on firms’ financial performance, further validating H2.

Table 6 . Mediating effect model Sobel and Bootstrap test.

4.5 Robustness tests

4.5.1 replacement of variable indicators.

Referring to the study of Wang and Huang ( 46 ), this paper replaces the dummy variable of whether the explanatory variable is mergers and acquisitions (Tma) with the ratio of the sum of the amount of all technology merger and acquisition deals initiated by listed companies in the year to the total assets (Ta) to conduct the regression again, and the results are shown in columns (1) and (2) of Table 7 . The coefficient of Roa is 0.1517, the coefficient of Invia is 0.2078, and the regression coefficients of firm performance are all significantly positive at the 1% level. This indicates that technology mergers and acquisitions positively impact firm performance, and the regression results are consistent with the benchmark regression results. The explanatory variable return on assets (Roa) is replaced by return on equity (Roe), and the regression results are shown in column (3) of Table 7 . The coefficient of Roe is 0.0159, which is significantly positive at the 10 percent level. The regression results are consistent with those of the benchmark regression results, which indicates that this paper’s conclusion on the promotional effect of technology mergers and acquisitions on corporate performance is robust.

Table 7 . Robustness test.

4.5.2 Reconstructing the sample

Referring to the empirical research method of Li and Yang ( 50 ), this paper transforms the unbalanced panel data into balanced panel data for regression to ensure sample integrity. The regression results are shown in columns (4) and (5) of Table 7 . The coefficient of Roa is 0.0244, the coefficient of Invia is 0.3121, and the coefficient of technology M&A on firm performance is still significantly positive and significant at the 1% level, indicating that the benchmark regression results are robust and reliable.

4.5.3 Replacement of measurement model

To avoid the influence of problems such as autocorrelation and heteroskedasticity, this paper refers to the study of Zhang et al. ( 51 ), adjusts the heteroskedasticity and clustering of the standard errors, and shows the results in Table 7 . From the regression results in Columns (6) and (7), it can be seen that, after the adjustments to the standard errors, the promotional effect of technology M&As on firm performance is still significant, which once again verifies the robustness of the conclusions of the paper’s study.

4.6 Endogeneity test

The endogeneity problem is usually a 3-pronged problem of omitted variables, bi-directional causality, and measurement error in the variables. To eliminate the possibility of endogeneity problems, this paper adopts instrumental variables and the dynamic panel system generalized moment estimation (SYS-GMM) method for testing. This paper refers to the study of Li et al. ( 52 ) and adopts the explanatory variables (Tma) lagged term (L.Tma) as an instrumental variable, which can keep the obvious correlation between it and the explanatory variables, and also avoid the problem of weak instrumental variables. In addition, the current period’s disturbance terms cannot affect these lagged indicators. Therefore, the instrumental variables are selected to lag the lagged terms of the explanatory variables, which can satisfy the constraints of correlation and homogeneity.

Table 8 shows the results of the instrumental variable test. After controlling for possible endogeneity issues by choosing this instrumental variable, the Roa and Invia coefficients are still positive, the level of significance remains unchanged, and technological M&A still present significant positive incentives for firm performance. The results of this test once again maintain the findings of the previous study, indicating that the results are robust and credible.

Table 8 . Endogeneity test (instrumental variable approach).

In addition, this paper incorporates the lagged one-period of the explanatory variables into the regression model to further address possible endogeneity issues through the SYS-GMM approach. In the SYS-GMM estimation, we consider the lagged one period of the explanatory variables and technology mergers and acquisitions as endogenous variables and use the lagged terms of the explanatory variables as instrumental variables. Roodman ( 53 ) emphasizes that the HansenTest is more robust than the SarganTest regarding heteroskedasticity problems in the model. Hence, this paper reports the results of the HansenTest. The results of the endogeneity test are shown in Table 9 , where we find that the regression coefficients of the explanatory variables return on total assets (Roa) lagged one period is 0.1442, which is significantly positive at the 10% level. The coefficient of the number of invention patent applications (Invia) is 0.2269, which is significantly positive at the 5% level. This indicates that there is an inertia in the firms’ technology M&A decisions and that the outcome of the decision in the previous period significantly affects the technology M&A decisions in the next period. The regression coefficients of the explanatory variable technology mergers and acquisitions (Tma) are 0.0315 and 0.3621, respectively, which are still significantly positive at the 1 percent confidence level. To enhance the reliability of the SYS-GMM estimation results, the rationality of the model setup and the validity of the instrumental variable selection are examined in this paper, respectively. Among them, the test results of AR(2) for second-order serial correlation show that the original hypothesis cannot be rejected, indicating that there is no second-order serial correlation in the residual terms of the dynamic panel. Also, the results of the HansenTest for the test of whether there is over-identification of instrumental variables indicate that the instrumental variables used in the model are appropriate.

Table 9 . Endogeneity test (SYS-GMM).

5 Heterogeneity analysis

5.1 heterogeneity in the nature of corporate equity.

Organizational structures and management styles may vary between firms due to equity variances. This paper examines the nature of equity based on information from the actual controller of listed companies in the Cathay Pacific database. The sample is divided into state-owned enterprises and non-state-owned enterprises, including private, foreign, and other types of enterprises. The data is then analyzed using a fixed effects model for regression to determine the difference in the impact of technology mergers and acquisitions on enterprise performance.

Table 10 shows the results of the equity heterogeneity test. Overall, for both state-owned and non-state-owned enterprises, technology mergers and acquisitions significantly impact enterprise performance, which verifies the robustness of the benchmark regression results. Specifically, compared to state-owned firms, technological M&As have a higher positive impact on the performance of non-state-owned enterprises. According to the theoretical study, this could be because state-owned firms have a more comprehensive range of reasons for engaging in technological mergers and acquisitions, and they prioritize objectives other than innovation performance. Non-state-owned enterprises typically encounter heightened market competition and prioritize assimilating technology and knowledge following technology mergers and acquisitions. It enables the enterprises to swiftly incorporate the acquired company’s technological expertise, enhancing benefits. In addition, non-state-owned firms exhibit greater adaptability and prowess in innovation than state-owned counterparts. State-owned firms could face additional legislative limitations and regulations, which could impede their ability to innovate. Technology M&As can offer non-state-owned companies access to fresh technology and expertise, enabling them to enhance efficiency, save expenses, and innovate new products.

Table 10 . Equity heterogeneity regression results.

5.2 Firm size heterogeneity

The size of a firm is a crucial aspect that affects how technology mergers and acquisitions impact the performance of the firm. This paper categorizes the enterprise’s total assets at the end of the period into two groups: the first group includes large-scale enterprises with total assets in the first three quartiles of the size distribution, while the second group includes small and medium-sized enterprises with the remaining total assets.

Table 11 shows the regression outcomes for various company sizes, indicating that technological M&As have a substantial impact on the performance of both large-scale and small-and medium-sized pharmaceutical companies. Specifically, technology M&As have a more significant impact on enhancing innovation performance in small and medium-sized companies than in large-scale organizations. This is because small-scale enterprises typically possess a more uniform business plan, product assortment, and a very uncomplicated management structure. They can respond and take action with incredible speed and adaptability when confronted with technology mergers and acquisitions. Furthermore, they are eager to capitalize on the opportunity presented by technology M&As to enhance technological innovation. However, the inflexibility inherent in the hierarchical structure of large-scale corporations, as opposed to small-scale enterprises, diminishes the motivation for technical innovation. In addition, large corporations own more advanced infrastructure, typically have more sophisticated innovation frameworks, and may require less emphasis on innovation. Technology mergers and acquisitions are more effective in fostering the growth of large-scale enterprises in terms of financial performance. Based on the theoretical analysis, this may be attributed to variations in the knowledge resources, the ability to integrate and absorb new information, and the capability to finance research and development among firms of varying sizes. Technology M&As frequently necessitate a significant financial commitment to support ongoing research and development spending and the integration of resources. Major corporations consistently secure additional research and development funding following a technology merger and acquisition, whereas smaller companies may encounter financial limitations shortly after completing a technology merger and acquisition. Small-sized enterprises may lack the financial resources to cover the increased expenses of mergers and acquisitions and the consequent investment in research and development. Furthermore, small-scale firms often have limited research and development capabilities and struggle to effectively integrate resources, which contrasts with the more robust capabilities of large-scale enterprises. This disparity can result in inadequate technical integration and innovation following a merger or acquisition, ultimately impacting the financial performance of the enterprises.

Table 11 . Regression results of size heterogeneity.

5.3 Regional heterogeneity

The geographical distribution of pharmaceutical firms in China is divided into several regions. Therefore, we categorize the listed pharmaceutical companies in our sample into three groups: East, Central, and West. The sample consists of 648 pharmaceutical enterprises in the East area, 279 in the Central region, and 208 in the West region. Subsequently, we assess the influence of technological mergers and acquisitions on the corporate performance of pharmaceutical firms in these three geographical areas.

Table 12 shows the outcomes of the examination of regional heterogeneity. The regression analysis indicates that technological M&As have a substantial impact on the performance of pharmaceutical companies in the central, eastern, and western areas. More precisely, the impact of technological M&As on the performance of companies is more noticeable in the eastern region than in the central and western areas. The reason for this could be attributed to the fact that the east part of China is primarily located along the coastline, characterized by a flat topography, efficient transportation infrastructure, and the presence of numerous prominent domestic pharmaceutical companies. Consequently, this region has become a magnet for drawing many highly skilled professionals ( 54 ). Pharmaceutical businesses in the eastern area are increasing their collaboration and engagement with major multinational pharmaceutical corporations, displaying greater agility in responding to industry dynamics and adopting a more proactive strategy toward mergers and acquisitions. Relatively speaking, China’s central and western areas began to engage with the international community later, and their infrastructure development is comparatively less advanced. The natural environmental conditions in this area are subpar, and its economic progress is sluggish, characterized by a scarcity of technology, skilled individuals, and financial resources. In addition, according to the theoretical aspect of the preceding analysis, the central and western regions exhibit a generally low level of technology, resulting in limited capacity for digestion and absorption and a comparatively poor technological knowledge base. Consequently, it is difficult to bring about major technological breakthroughs for remote regions because they may struggle to completely comprehend and integrate the company’s technological advancements following the merger and acquisition.

Table 12 . Geographical heterogeneity regression results.

6 Conclusion and recommendations

6.1 conclusion.

The macro background of China’s economic structural transformation requires enterprises to have more robust technological innovation capabilities. Technology mergers and acquisitions (M&A) are ineffective strategies to occupy a favorable market position. This paper empirically analyses the impact of technology mergers and acquisitions (M&A) on enterprise performance with the sample data of Chinese pharmaceutical-listed enterprises from 2012 to 2022. The conclusions are as follows: (i) Benchmark regression results show that technology mergers and acquisitions (M&A) have a significant positive impact on the performance of pharmaceutical enterprises. (ii) Based on the mediation effect model, it is found that there is a mediation effect of R&D investment in the impact of technology M&As on enterprise performance. (iii) Through subgroup regression, the effect of technology M&A on pharmaceutical firm performance is heterogeneous regarding the nature of equity, firm size, and geographic region. Regarding different equity natures, technology M&A has a more vital role in promoting the performance of non-state-owned enterprises than state-owned enterprises. Regarding firm size, technology M&As have a more substantial effect on the innovation performance of small and medium-sized enterprises than large firms and a stronger effect on the financial performance of large firms than small and medium-sized enterprises. Regarding different regions, technology M&As are more effective in promoting the performance of pharmaceutical enterprises in the eastern region.

6.2 Recommendations

Based on the above theoretical and empirical results, combined with the status quo of technology M&A activities and R&D investment of China’s listed pharmaceutical companies, this paper proposes suggestions from both the government and enterprise levels.

At the governmental level, it is imperative for the government to enhance the focus on technology M&As to foster enterprise innovation. Additionally, the government should provide guidance and incentives to pharmaceutical companies to improve their performance using technology M&A. Acknowledging the diversity of technology M&As in enhancing innovation performance across organizations with varying ownership structures, sizes, and geographical locations is essential. When implementing the policy, it is crucial to prioritize efficiency and balance to expedite achieving the goal of supporting technological innovation and enterprise development. It will ensure that technology mergers and acquisitions activities provide the most favorable outcomes. Specifically, the government should consider the different behavior of enterprises with different property rights in the face of technology mergers and acquisitions. The government should provide state-owned firms a permissive environment for technology mergers and acquisitions. It is recommended that the current obstacles preventing state-owned firms from participating in technology M&A be removed by streamlining the administrative license and approval processes. Enterprise innovation necessitates substantial cash; the government can implement policies such as providing financial subsidies and tax incentives. It can alleviate the difficulties encountered by enterprises in the process of technology mergers and acquisitions by strengthening the government’s financial support. Secondly, in the face of the differences between pharmaceutical production enterprises of different sizes. The Government should provide guidance and support to foster the growth of innovative and competitive small and medium-sized firms in the industry. It will modify its policy’s flexibility to enhance the diverse market demand by setting aside a specific market share for qualified businesses. The Government also stimulates large-scale enterprises to merge and acquire overseas high-tech enterprises and integrate domestic resources by establishing special funds and technical support measures to promote competitiveness and innovation in the pharmaceutical market. Finally, the government should fully consider the actual differences in the situation of pharmaceutical production enterprises in the eastern, central, and western regions. It should strengthen support for the M&A and innovation system in those areas and facilitate technical mergers and acquisitions by bringing in talent and bolstering infrastructure to boost innovation in the central and western regions. Simultaneously, the government should establish a cross-regional collaboration platform for enterprises in the eastern, central, and western areas to facilitate the sharing of resources and foster collaborative innovation. This platform encourages the involvement of enterprises from the central and western regions in merger and acquisition activities to enhance their capability and success rate in M&A endeavors.

At the company level, it is crucial for companies to recognize the significance of innovation to differentiate themselves in the competitive market. Technology M&A and investment in R&D are successful strategies for organizations to obtain innovative resources and improve their ability to innovate technologically in response to changes in their business models. State-owned enterprises should leverage their resources and fully capitalize on their strengths. They should demonstrate the bravery to expand internationally and actively engage in mergers and acquisitions to foster innovation. In addition, enterprises must comprehend cutting-edge market trends, consistently acquire and assimilate sophisticated technological expertise, and augment their consciousness of innovation and research and development capabilities. Non-state-owned enterprises must align with national strategies, persist in exploring and innovating, and enhance their investment in research and development. They should focus on innovation and quality and offer a wide range of items to cater to consumers’ diverse needs to gain a competitive edge in the market. It will help them avoid competing with similar products. Large enterprises should leverage their extensive technological expertise and consistently innovate by building upon their existing technology to improve the level of R&D and enhance the core competitiveness of firms in the industry. Small and medium-sized enterprises should evaluate their capacity for growth and determine if they can obtain external technological resources by engaging in technology mergers and acquisitions. It is essential to thoroughly assess the potential risks and advantages of technology M&As and develop a comprehensive M&A strategy that effectively incorporates technology and accelerates technology upgrading smoothly. Also, enhancing the accumulation of financial resources and human capital is imperative. They should exercise stringent control over the allocation of research and development funding, attract exceptionally skilled individuals to increase the scope of corporate knowledge, and strengthen the fundamental competitiveness of firms. In addition, it is crucial to be mindful of market trends and fully comprehend the cutting-edge advancements within the sector. Pharmaceutical enterprises in the central and western regions should enhance their collaboration with external firms that possess robust research and development capabilities, as well as universities and research institutes. By combining industry, academia, and research, they can enhance the existing technology level, breaking through the bottleneck and improving the success rate of technology M&A. At the same time, enterprises should consider improving the welfare treatment of talents and strengthening the training of talents to ensure the long-term development of enterprises.

7 Shortcomings and prospects

This study still has many shortcomings, which may also be worth further exploration. First, this paper only studied the pharmaceutical manufacturing industry in China. Although pharmaceutical manufacturing enterprises are typical representatives of the real economy and high-tech economy, the research object is still limited and can expand the scope of the study to other industries in other countries in the future. Second, due to the availability of data, this paper only considered listed pharmaceutical enterprises, and the phenomenon of technological mergers and acquisitions also exists in non-listed pharmaceutical enterprises. Future research can turn to unlisted companies to fully understand the relationship between technology M&A and firm performance. Third, this paper only analyzes the correlation from the relationship between technology M&A, R&D investment, and firm performance, but in practice, there may be other unobserved factors (such as market competition, managerial decision-making, etc.) affecting firm performance, so it is necessary to explore the correlation analysis more deeply in the future.

Data availability statement

The datasets presented in this study can be found in online repositories. The names of the repository/repositories and accession number(s) can be found in the article/supplementary material.

Author contributions

JY: Conceptualization, Data curation, Formal analysis, Investigation, Methodology, Project administration, Validation, Writing – original draft. JL: Methodology, Validation, Writing – review & editing. SW: Supervision, Writing – review & editing. YC: Supervision, Writing – review & editing.

The author(s) declare that financial support was received for the research, authorship, and/or publication of this article. This study was supported by the Liaoning Provincial Department of Education’s 2024 Innovative Development Project for Scientific Research, the Liaoning Provincial Social Science Planning Fund Project (Approval No. L23BGL006), and the Philosophy and Social Science Research Base Project of Shenyang City Social Science Federation (Approval No. SYSK2024-JD-24).

Conflict of interest

The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

Publisher’s note

All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article, or claim that may be made by its manufacturer, is not guaranteed or endorsed by the publisher.

1. ^ http://www.cninfo.com/

1. Jaewon, J . Multinational firms and economic integration: the role of global uncertainty. Sustain For . (2023) 15:2801–1. doi: 10.3390/SU15032801

Crossref Full Text | Google Scholar

2. Shantala, S, and Jongwook, K. Best foot forward? The importance of contractual governance mechanisms for innovation from alliances. Technovation . (2023) 127:102828. doi: 10.1016/J.TECHNOVATION.2023.102828

3. Graafland, J . Competition in technology and innovation, motivation crowding, and environmental policy. Corp Soc Responsib Environ Manag . (2020) 27:137–45. doi: 10.1002/csr.1779

4. Fenglian, W, Zongming, Z, and Hua, Z. Independent Research and Development or technology mergers and acquisitions? Decision mechanisms of Research and Development strategies in a two-stage game. Discret Dyn Nat Soc . (2021) 2021:1–9. doi: 10.1155/2021/7300128

5. Sears, J, and Hoetker, G. Technological overlap, technological capabilities, and resource recombination in technological acquisitions. Strateg Manag J . (2014) 35:48–67. doi: 10.1002/smj.2083

6. Marianthi, P, and Konstantinos, T. Healthcare reform in China: challenges and opportunities. Current medical research and opinion. (2018) 34:821–823.

Google Scholar

7. Lee, JY, Shin, K, and Kim, E. The Influence of a Firm’s Capability and Dyadic Relationship of the Knowledge Base on Ambidextrous Innovation in Biopharmaceutical M&As.Sustainability . (2019) 11:4920–4920. doi: 10.3390/su111849

8. Aigner, D, Lovell, CAK, and Schmidt, P. Formulation and estimation of stochastic frontier production function models. J Econ . (1977) 6:21–37. doi: 10.1016/0304-4076(77)90052-5

9. Williamson, O . The economic institutions of capitalism: firms, markets, relational contracting [M] . New York: The Free Press (1985).

10. Higgins, MJ, and Rodriguez, D. The outsourcing of R&D through acquisitions in the pharmaceutical industry. J Financ Econ . (2006) 80:351–83. doi: 10.1016/j.jfineco.2005.04.004

11. Chang, C . Big changes in North America rankings driven by M&A. Focus Catal . (2018) 2018:2. doi: 10.1016/j.focat.2018.11.062

12. Granstrand, O . The economics and management of technology trade: towards a pro-licensing era? Int J Technol Manag . (2004) 27:209–40. doi: 10.1504/IJTM.2004.003953

13. Wang, CF, and Han, Y. Linking properties of knowledge with innovation performance: the moderate role of absorptive capacity. J Knowl Manag . (2011) 15:802–19. doi: 10.1108/13673271111174339

14. Wu, GS, Wang, Y, and Xie, W. Technological growth and management of enterprises in China. Res Dev Manag . (2002) 5:34–40. doi: 10.13581/j.cnki.rdm.2002.05.008

15. Graebner, ME, and Roundy, PT. Success and failure in technology acquisitions: lessons for buyers and sellers. Acad Manag Perspect . (2010) 24:73–92. available at: https://www.jstor.org/stable/29764975

16. Graebner, ME, and Eisenhardt, KM. The Seller's side of the story: acquisition as courtship and governance as syndicate in entrepreneurial firms. Adm Sci Q . (2004) 49:366–403. doi: 10.2307/4131440

17. Guo, S, and Cai, S. Several major issues in the feasibility study of mergers and acquisitions. Technical Economy . (2004) 12:45–47.

18. Szucs, F . M&A and R&D: asymmetric effects on acquirers and targets? Res Policy . (2014) 43:1264–73. doi: 10.1016/j.respol.2014.03.007

19. Aghion, P, and Tirole, J. Formal and real authority in organizations. J Polit Econ . (1997) 105:1–29. doi: 10.1086/262063

20. Cassiman, B, Colombo, MG, Garrone, P, and Veugelers, R. The impact of M&A on the R&D process: an empirical analysis of the role of technological-and market – relatedness. Res Policy . (2005) 34:195–220. doi: 10.1016/j.respol.2005.01.002

21. Chen, FQ, Ge, YH, and Liu, HQ. Overseas M&A integration and industrial innovation: a study based on internal and external knowledge network reconfiguration. Technology Analysis & Strategic Management . (2023) 35:573–585.

22. Rhodes-Kropf, M, and Robinson, TD. The Market for Mergers and the Boundaries of the Firm The Journal of Finance . (2008) 63:1169–1211. doi: 10.1177/21582440231199560

23. Zhang, XY, Liu, YY, Rodan,, et al. The impact of innovation capability on the performance of listed companies in mergers and acquisitions. Fin Resh . (2017) 3:159–75.

24. Zhao, X . Technological innovation and acquisitions. Manag Sci . (2009) 55:1170–83. doi: 10.1287/mnsc.1090.1018

25. Entezarkheir, M, and Moshiri, S. Is innovation a factor in merger decisions? Evidence from a panel of US firms. Empir Econ . (2019) 57:1783–809. doi: 10.1007/s00181-018-1515-7

26. Han, BS . Technology mergers and acquisitions and innovation:Literature review and research outlook. Economic Management . (2017) 39:195–208. doi: 10.19616/j.cnki.bmj.2017.09.013

27. Qu, J . Research on the relationship between corporate technology mergers and acquisitions and innovation performance--an analysis of the moderating role based on strategic matching and technology gap. Sci Manag Res . (2019) 37:122–6. doi: 10.19445/j.cnki.15-1103/g3.2019.02.027

28. Yang, Q, and Zhou, SN. Can technology mergers and acquisitions bring technological innovation effect – the perspective of growth potential of acquiring companies. Sci Technol Prog Counter . (2019) 36:100–8. doi: 10.6049/kjjbydc.Q201908468

29. Wu, J, Liu, SS, Yongxiang, S, et al. The impact of knowledge base and knowledge integration on corporate innovation performance under different technology M&A modes. China Sci Technol Forum . (2020) 6:94–102. doi: 10.13580/j.cnki.fstc.2020.06.017

30. Nesta, L, and Saviotti, PP. Coherence of the Knowledge Base and the Firm's innovative performance: evidence from the U.S. pharmaceutical industry. J Ind Econ . (2005) 53:123–42. doi: 10.1111/j.0022-1821.2005.00248.x

31. Lin, CH, and Jang, SL. The impact of M&A on company innovation: evidence from the US medical device industry. Scientometrics . (2010) 84:119–31. doi: 10.1007/s11192-009-0096-9

32. Hao, QM, and Ren, HH. Research on innovation evolution performance of technology mergers and acquisitions and R&D. Sci Technol Prog Counter . (2015) 32:63–8. doi: 10.6049/kjjbydc.2015010665

33. Yu, H, and Wang, XY. The impact of technology mergers and acquisitions on corporate innovation capability – an empirical study from pharmaceutical companies. Ind Technol Econ . (2021) 40:25–34. doi: 10.3969/j.issn.1004-910X.2021.12.003

34. Lee, YG, Park, K, Kim, HJ, and Cho, SH. Creating portfolios of firm-specific energy R&D investment under market uncertainty. Energy Environ . (2023) 34:1548–63. doi: 10.1177/0958305X221092401

35. Bena, J, and Li, K. Corporate innovations and mergers and acquisitions. J Financ . (2014) 69:1923–60. doi: 10.1111/jofi.12059

36. López-Navarro, I, Rey-Rocha, J, and González-Bravo, IM. Risk Perception and Relational Capital Strategies in Corporate Research and Development. Revista Espanola de Documentacion Cientifica . (2023) 46:1–21.

37. Rögnvaldur, S, Marina, C, and Olaf, TF. The influence of performance feedback and top management team orientation on decisions about R&D in technology-based firms. Technovation . (2022) 113. doi: 10.1016/J.TECHNOVATION.2021.102420

38. Hitt, MA, Hoskisson, RE, Johnson, RA, and Moesel, DD. The market for corporate control and firm innovation. Acad Manag J . (1996) 39:1084–119. doi: 10.2307/256993

39. Jensen, MC . Takeovers: their causes and consequences. J Econ Perspect . (1988) 2:21–48. doi: 10.1257/jep.2.1.21

40. Salunke, S, Weerawardena, J, and McColl-Kennedy, RJ. The central role of knowledge integration capability in service innovation-based competitive strategy. Ind Mark Manag . (2018) 76:144–56. doi: 10.1016/j.indmarman.2018.07.004

41. Gandal, N, and Scotchmer, S. Coordinating research through research joint ventures. J Public Econ . (1993) 51:173–93. doi: 10.1016/0047-2727(93)90083-6

42. Gu, HF, and Xie, SX. Has internet finance affected liquidity creation in commercial banks? Finan Theory Pract . (2021) 42:10–8. doi: 10.16339/j.cnki.hdxbcjb.2021.06.002

43. Ahuja, G, and Katila, R. Technological acquisitions and the innovation performance of acquiring firms: a longitudinal study. Strateg Manag J . (2001) 22:197–220. doi: 10.1002/smj.157

44. Guo, Y . Signaling mechanism of government innovation subsidies and corporate innovation. China Indust Econ . (2018) 9:98–116. doi: 10.19581/j.cnki.ciejournal.2018.09.016

45. Hui, S, Youyu, L, and Renmiao, Y. Technology M&A and enterprise innovation performance–knowledge-based mediation effect. Tech Anal Strat Manag . (2024) 36:365–77. doi: 10.1080/09537325.2022.2033720

46. Wang, CP, and Huang, ZH. Environmental regulation, financing environment and corporate technology mergers and acquisitions. J Sun Yat Sen Univ . (2022) 62:167–79. doi: 10.13471/j.cnki.jsysusse.2022.05.017

47. Hong, BH . (2022) Merger and acquisition types, financing constraints and Firms’ innovation investment. [master’s thesis]. [Shanghai] Shanghai Univ . doi: 10.27296/d.cnki.gshcu.2022.000710

48. Hou, SF . Tax incentives, innovation subsidies and technological innovation of cultural enterprises. J Shenzhen Univ . (2022) 39:51–62.

49. Wen, Z, Fang, J, Xie, J, and Ouyang, J. A methodological study of domestic mediation effects. Adv Psychol Sci . (2022) 30:1692–702. doi: 10.3724/SP.J.1042.2022.01692

50. Li, XJ, and Yang, Y. Industry heterogeneity, tax incentives and independent innovation-an empirical study of A-share listed companies in China's strategic emerging industries. Sci Technol Prog Counter . (2019) 36:60–8. doi: 10.6049/kjjbybc.LC201808760

51. Caiping, W, Jiahao, Z, Fei, J, and Zhihong, H. Has the establishment of chief technology officer improved the innovation performance of corporate technology mergers and acquisitions. Sci Technol Prog Counter :1–11. doi: 10.6049/kjjbydc.2023040324

52. Li, SM, Wang, CP, and Huang, ZH. Industrial agglomeration, technology mergers and acquisitions and knowledge spillovers. Econ Theory Econ Manag . (2022) 42:33–46.

53. Roodman, D . HowtoDoXtabond2:an introduction to difference and system Gmm in Stata. Stata J . (2009) 9:86–136. doi: 10.1177/1536867X0900900106

54. Gu, J . Determinants of biopharmaceutical R&D expenditures in China: the impact of spatiotemporal context. Scientometrics . (2021) 126:6659–80. doi: 10.1007/S11192-021-04058-Y

PubMed Abstract | Crossref Full Text | Google Scholar

Keywords: technology M&A, corporate performance, R&D, pharmaceutical industry, mediating effects

Citation: Yang J, Li J, Wang S and Chen Y (2024) Research on the impact of technology mergers and acquisitions on corporate performance: an empirical analysis based on China’s pharmaceutical industry. Front. Public Health . 12:1419305. doi: 10.3389/fpubh.2024.1419305

Received: 18 April 2024; Accepted: 19 July 2024; Published: 09 August 2024.

Reviewed by:

Copyright © 2024 Yang, Li, Wang and Chen. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) . The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

*Correspondence: Su Wang, [email protected] ; Yuwen Chen, [email protected]

Disclaimer: All claims expressed in this article are solely those of the authors and do not necessarily represent those of their affiliated organizations, or those of the publisher, the editors and the reviewers. Any product that may be evaluated in this article or claim that may be made by its manufacturer is not guaranteed or endorsed by the publisher.

More From Forbes

The strategic role of market research in mergers and acquisitions.

Share to Facebook
Share to Twitter
Share to Linkedin

Amaan Kazi is the CEO of Verified Market Research , a global market research & consulting firm focused on niche & emerging markets.

What’s the one thing you do before making a big purchase? Before buying a house, a car or even a pricey gadget? You research. You watch videos, read articles, scroll through reviews, speak with friends and family.

That’s what we do as consumers to dodge the regret of a bad decision—a decision that could set us back years. Ever wonder what businesses do in similar high-stakes situations like mergers and acquisitions (M&A)? The answer is the same: Market research.

Just like you don’t buy a car without checking under the hood, businesses leverage market research to extrapolate insights that go beyond ticking boxes. Especially when it comes to mergers and acquisitions, this research can uncover crucial information.

1. Identifying Prospects

A filmmaker selects locations that enhance the storytelling of their film; they consider each location's unique characteristics, accessibility and how well it fits into the film’s narrative and aesthetic needs. Similarly, as a business, the first step in a successful merger/acquisition deal is identifying the right companies that not only complement strengths but also offset weaknesses, noting unique assets that have a strategic fit to your capabilities.

Case in point: When Amazon bought Whole Foods , it wasn’t just buying a company. Amazon acquired an established grocery chain with an affluent, health-conscious customer base and strong urban and suburban presence. Detailed market research highlighted Whole Foods’ alignment with trends in organic products, supply chain synergies and potential for technological integration.

This strategic fit, combined with Amazon’s technological prowess, enabled them to enhance customer experiences, optimize operations and effectively compete in the grocery sector, ultimately reinventing grocery logistics.

Here's the essential check-list to determine your potential acquisition targets:

• Customer demographics and behaviors

• Market position and brand reputation

• Financial health and performance

• Operational efficiency and supply chain/distribution

• Technological capabilities

• Human capital and corporate culture

• Regulatory and compliance status

2. Matching Interests

Take the process of choosing a life partner in marriage, for example. Besides the initial attraction, a deeper evaluation of compatibility in values, life goals and personalities plays a key role in deciding a fit. Both parties look for a partnership that will bring mutual benefits, support growth and enhance each other’s lives.

This is similar to how companies assess cultural fit, leadership vision and business model compatibility in potential mergers or acquisitions.

We can learn from history: The Daimler-Benz and Chrysler merger of 1998 promised a global auto empire. Instead, clashing German-American corporate cultures created a roadmap to disaster. A deeper dive into their cultural compatibilities might have shown red flags early on.

Here's how to leverage market research to hopefully avoid this kind of disaster:

• Make human capital and corporate culture assessments. Conduct employee surveys and interviews to gather insights into the corporate cultures of both companies.

• Identify synergies and gaps. Use focus groups to explore cultural similarities and differences, fostering open dialogue and understanding.

• Develop a cultural integration plan. Organize joint cultural workshops to create a detailed plan for integrating teams and aligning corporate values.

• Monitor and adjust your integration plan: Establish feedback mechanisms such as surveys and focus groups to continuously monitor your integration process and make necessary adjustments.

3. Foresight

Knowing the weather ahead can make or break your road trip. Before setting out, you don't only check the weather for the day you leave, but for every leg of your journey, adjusting your route to avoid potential storms and capitalize on clear skies.

Similarly, in the world of mergers and acquisitions, foresight is the ability to understand not only how a potential acquisition fits with your current operations but also how it will synergize and evolve within your industry's future landscape.

One illustrative example: Microsoft’s acquisition of LinkedIn was a game-changer and strategic masterstroke. They didn’t just see LinkedIn as a professional network; they recognized the platform’s potential as a pivotal element in the future of work. Beyond adding a new asset, it strategically positioned Microsoft at the forefront of professional networking, enhancing its existing suite of productivity tools in a digital-first professional environment.

Here are some methods to predict acquisition fit and avoid common pitfalls:

• Scenario planning. Anticipate performance under future conditions.

• SWOT analysis. Understand strengths, weaknesses, opportunities and threats.

• Technology assessment. Align with future tech trends.

• Market trend analysis. Position your company in the future market.

• Competitive analysis. Assess market positioning relative to competitors.

• PESTLE analysis. PESTLE stands for political, economic, sociological, technological, legal and environmental. This type of analysis can help you evaluate macro-environmental factors impacting operations.

By addressing these points, companies can leverage foresight in their M&A strategies, helping to ensure successful integration and long-term synergy.

How Research Can Lead To An M&A

A few years ago, a client of ours sought insights on a niche market they planned on expanding into. The research report we delivered not only provided them with a comprehensive analysis of key segments of the market but also highlighted underexploited synergies with a competitor.

Fast forward a couple of months, the two companies, initially competitive in nature, gradually shifted toward collaborative opportunities that capitalized on both their strengths while also covering for each other’s weaknesses. Eventually, this led to both parties realizing the mutual benefit of a merger, especially since they both aligned on their vision of the industry.

Closing Notes

Market research defines and then empowers a well-thought-out strategy. It helps dodge bullets, seize opportunities and make informed decisions. More specifically, it also helps you understand cultural insights, make better decisions, boost confidence, avoid risk, spot opportunities and integrate with others more smoothly.

In conclusion, just as you wouldn’t shop blindly for a significant investment, in business, you don’t dive into mergers and acquisitions without homework. Market research is that homework.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Editorial Standards
Reprints & Permissions

Career Services
USC Law Library

About USC Gould
Mission Statement
Message from the Dean
History of USC Gould
Board of Councilors
Jurist-in-Residence Program
Social Media
Consumer Information (ABA Required Disclosures)
Contact USC Gould School of Law

Academic Calendar
LLM Programs
Legal Master’s Programs
Certificates
Undergraduate Programs
Bar Admissions
Concentrations
Corporate & Custom Education
Course Descriptions
Experiential Learning and Externships
Progressive Degree Programs

Faculty & Research

Faculty and Lecturer Directory
Research and Scholarship
Faculty in the News
Distinctions and Awards
Centers and Initiatives
Workshops and Conferences

Alumni Association
Alumni Events
USC Gould Alumni Class Notes
USC Law Magazine
Contact USC Gould Alumni Relations

Student Life Office
Student Life and Organizations
Commencement
Academic Services and Honors Programs
Student Wellbeing
Diversity, Equity, Inclusion and Belonging
Law School Resources
USC Resources
Business Law & Economics
Constitutional Law
New Building Initiative
Law Leadership Society
How to Give to USC Gould
Gift Planning
BS Legal Studies

Explore by Interest

Legal Master’s Programs

Quick Links

Graduate & International Programs
Giving to Gould
How to Give

“The Mostly Mythical Cases of Killer Acquisitions and Kill Zones,” in A Look at the Treatment of Abusive Mergers in Europe, Concurrences On-Topic .

USC Gould School of Law 699 Exposition Boulevard Los Angeles, California 90089-0071 213-740-7331

USC Gould School of Law

699 Exposition Boulevard

Los Angeles, California 90089-0071

Academic Programs
Acceptances
Articles and Book Chapters
Awards and Honors
Book Chapters
Book Reviews
Business Law and Economics
Center for Dispute Resolution
Center for Law and Philosophy
Center for Law and Social Science
Center for Law History and Culture
Center for Transnational Law and Business
Centers and Institutes
Continuing Legal Education
Contribution to Amicus Briefs
Contributions to Books
Criminal Justice
Degree Programs
Dispute Resolution
Election Law
Experiential Learning
Externships
Graduate & International Programs
Hidden Articles
Housing Law and Policy Clinic
Immigration Clinic
Immigration Law
Initiative and Referendum Institute
Institute for Corporate Counsel
Institute on Entertainment Law and Business
Intellectual Property and Technology Law Clinic
Intellectual Property Institute
International Human Rights Clinic
International Law
Jurist in Residence
Legal History
Legal Theory and Jurisprudence
LLM On Campus
Media Advisories
Media, Entertainment and Technology Law
Mediation Clinic
MSL On Campus
Other Publications
Other Works
Planned Giving
Post-Conviction Justice Project
Practitioner Guides
Presentations / Lectures / Workshops
Public Interest Law
Publications
Publications and Shorter Works
Publications in Books
Publications in Law Reviews
Publications in Peer-reviewed Journals
Real Estate Law and Business Forum
Redefined Blog
Research & Scholarship
Saks Institute for Mental Health Law, Policy, and Ethics
Scholarly Publications
Short Pieces
Small Business Clinic
Tax Institute
Trust and Estate Conference
Uncategorized
Undergraduate Law
Working Papers
Works in Progress

For the Media
Make a Gift
Emergency Information

Privacy Policy
Notice of Non-Discrimination
Digital Accessibility
Contact Webmaster

Do Home Country Pro-Market Reforms Affect Mergers and Acquisitions in Emerging Economies? Bringing Institutions into M&A Research

41 Pages Posted: 12 Aug 2024

Alexandre T N Batista

Federal University of Minas Gerais (UFMG) - Accounting and Controllership Graduate and Research Center; State University of Montes Claros

Poueri do Carmo Mário

Centro Universitário UNA; Federal University of Minas Gerais (UFMG)

Date Written: July 28, 2024

We have conducted an analysis on how home country pro-market reforms may affect the propensity for M&A of acquiring firms in emerging economies. We believe that the reforms significantly drive the M&A initiative by reducing the institutional complexity of countries. Based on the New Institutional Economics, we have argued that these reforms fill market failures and reduce transaction costs, thereby increasing the marginal benefit of choosing M&A as a growth strategy. To estimate the effects of these reforms, we have employed binary response regression models (Logit) together with a sample of 76,654 firm-year observations from 6,117 publicly traded firms in nine different countries, from 2002 to 2021. We have documented an increase in the propensity for M&A after a country implements pro-market institutional reforms. The results showed that acquiring firms in emerging markets increased their probability of acquisition in response to pro-market reforms. Furthermore, our results were robust across different specifications and corrections for endogeneity. This study contributes to theory and practice by bridging institutional theory with M&A research and discussing firms' specific responses to institutional changes.

Keywords: M&A activity, Economic Freedom, Transaction Costs, Institutional Voids

JEL Classification: G30, G38, M21

Suggested Citation: Suggested Citation

Alexandre Teixeira Norberto Batista (Contact Author)

Federal university of minas gerais (ufmg) - accounting and controllership graduate and research center ( email ).

Ave. Antonio Carlos, 6627 Belo Horizonte, Minas Gerais 31270-901 Brazil

State University of Montes Claros ( email )

Centro universitário una ( email ).

Master in Administration Belo Horizonte, Minas Gerais Brazil +5531993245252 (Phone)

HOME PAGE: http://egpacc.wixsite.com/gpacc

Federal University of Minas Gerais (UFMG) ( email )

Av. Antonio Carlos, 6627 Belo Horizonte, Minas Gerais 31270-901 Brazil

Do you have a job opening that you would like to promote on SSRN?

Paper statistics, related ejournals, corporate finance: governance, corporate control & organization ejournal.

Subscribe to this fee journal for more curated articles on this topic

Emerging Markets: Finance eJournal

Corporate governance & finance ejournal, corporate governance: acquisitions, mergers, contests for control, & activism ejournal, econometric modeling: corporate finance & governance ejournal, emerging markets: theory & practice ejournal.

More Blog Popular
Who's Who Legal
Instruct Counsel
My newsfeed
Save & file
View original
Follow Please login to follow content.

add to folder:

My saved (default)

Register now for your free, tailored, daily legal newsfeed service.

Find out more about Lexology or get in touch by visiting our About page.

Update on Australian merger reform: draft legislation published for consultation

Since our last update , Treasury has published its exposure draft of the proposed new laws ( Draft Legislation ) to amend the Competition and Consumer Act 2010 (Cth) ( CCA ). The proposed changes are subject to public consultation until 13 August 2024. Assuming the Draft Legislation is passed by Parliament, the amendments will come into effect from 1 January 2026.

Most of the proposed changes are consistent with Treasury’s previously published Merger Reform Paper . However, certain changes are new, including factors to be considered in the substantial lessening of competition test and the level of control the ACCC has over the timeline for merger review.

The potential expansion of the substantial lessening of competition test could not only broaden the scope of mergers that can be challenged but could also impact other provisions subject to the substantial lessening of competition test.

In addition, the much-awaited notification thresholds and fees are not contained in the Draft Legislation. They will instead be subject to separate regulations and determinations by the minister. Given this, the extent of the impact of the proposed amendments – particularly in the case of mid-market and smaller acquisitions – is difficult to determine at this point.

We summarise key elements of the Draft Legislation and expand on some of the issues you need to be aware of.

Key elements of the Draft Legislation

Mandatory notification with suspensory effect . As expected, notification will be mandatory for certain transactions. Where a transaction is required to be notified to the ACCC, parties will be restricted from completing the transaction until the ACCC makes a determination (or the time for making a determination expires). Non-compliance may result in penalties, a divestiture order or the transaction being void.
Thresholds and fees not published . The thresholds that will trigger notification and the fees payable are not contained in the Draft Legislation but will be the subject of separate regulations to be published later this year.
Public register . The ACCC will maintain a public register of notified acquisitions. The information to be contained in the register will be determined later.
Substantially lessening competition test . The test of ‘substantially lessening competition’ will remain in place but will now specifically consider whether the transaction will create, strengthen or entrench a substantial degree of power in a particular market or any market. Importantly, the changes to the definition of the test will not only impact merger reviews but also other anti-competitive practices under the CCA, including misuse of market power and exclusive dealing.
Timelines for ACCC review . There are detailed timelines for the ACCC to provide its determination (the shortest one available for an approval of a transaction being 15 business days). If the ACCC does not make a determination within the prescribed period, the parties may proceed to completion of the transaction.
Review and enforcement . The ACCC’s determinations are generally reviewable (on application by a notifying party that has a sufficient interest), by the ACCC itself (internal review) or by the Australian Competition Tribunal, which can affirm, vary, set aside and remit or remake the original decision. Enforcement actions need to be ordered by the Federal Court.

What transactions will need to be notified?

Thresholds yet to be determined

Acquisitions of shares or assets will need to be notified if they exceed a certain threshold. The thresholds will be determined in regulations and by the minister, and are likely to be linked to the transaction value, but may also include other factors, such as the classes of the parties, assets, the nature of any relevant markets or the parties’ turnover.

Despite some media speculation, Treasury has not officially provided an indication of the thresholds. Consultation will take place later this year and Treasury encourages submissions as to suggested values.

Voluntary notifications will be possible under the proposed amendments.

Exemptions and the ‘control’ criterion

The Draft Legislation provides – among other things – for exemptions to notification where the acquisition does not result in control of the target or in the case of internal restructures and reorganisations.

‘Control’ is presumed where the acquirer has 20% voting power in the target, unless the parties are able to prove there is, in fact, no control. The effect of the control test seems to be that acquisition of minority shareholdings above 20% voting power will fall into the new regime. However, whether a notification will be triggered based on the percentage alone or whether the future thresholds need to be met in addition to the acquisition of control remains to be seen.

Creeping and multiple acquisitions

As anticipated, the Draft Legislation provides that a current acquisition is taken to meet the substantial lessening of competition test, if, taken together with previous acquisitions, those transactions would in combination (likely) substantially lessen competition in any market.

Previous acquisitions will be taken into account where they:

completed during the three years prior to the current acquisition;
contained any party to the current acquisition or any of its related bodies corporate; and
involved the same ‘industry’.

The intent of these amendments is to capture roll-up transactions and will likely have a significant effect on private equity sponsors. In addition, the current drafting may leave parties unclear as to what previous transactions will be taken into account since the term ‘industry’ is not defined in the CCA or the Draft Legislation.

Finally, the Draft Legislation provides for multiple acquisitions to be notified together where those acquisitions form part of a single transaction and the parties all form part of that transaction.

What is the relevant test going to be?

Substantially lessening competition

The Draft Legislation provides that the ACCC is to approve a notified acquisition unless it reasonably believes the acquisition would have the (likely) effect of substantially lessening competition ( SLC ) in any market.

However, the Draft Legislation also proposes to amend section 4G of the CCA to include the creation, strengthening and entrenching of a substantial degree of market power (even if occurring in a different market) as factors to be considered when determining if there has been a ‘lessening of competition’. This amendment, together with Treasury’s explanatory memorandum accompanying the Draft Legislation, suggests a shift in focusing the test on market power of the parties. Taken together with the new merger factors (see below), it is arguable the SLC test will be shifting, if not broadened.

Further, as the SLC test applies to various anti-competitive practices such as misuse of market power and exclusive dealing, the changes will also broaden the scope of these provisions.

Replacement of current ‘merger factors’

With the repeal of the current sections 50 and 51 of the CCA, the so-called ‘merger factors’, which served as a guideline for circumstances to be considered when assessing SLC, will also be repealed and replaced with a new list, as outlined in the table below. This underscores Treasury’s emphasis on an analysis of market power and the current and prospective relationship of the parties.






	(



	(

How long will it take to reach a determination?

The Draft Legislation provides for a two-phase review process which can be summarised as follows:


Timeline in business days		30	90 (120 total)	50 (170 total)	Up to 90 (up to 230 total)
	Discussions with the ACCC optional.	Fast track approving decision possible within 15 business days.	Phase 2 commenced if competition concerns result out of Phase 1 review. ACCC required to publish Notice of Competition Concerns after 25 business days.	Application may be made by parties after ACCC’s determination.	Application may be made by parties after ACCC’s determination.

The timeline only starts from when the ACCC is satisfied it has all necessary information and considers the application to be complete. Further, the timeframes can be extended when the ACCC requests additional information. Whether the indicated timelines will prove to be the norm or the exception remains to be seen.

If there is a material change in a proposed transaction, such changes need to be notified to the ACCC. In that case, the ACCC is not bound by the timeline set out above but is held to provide a determination within a ‘reasonable’ time frame.

What are the consequences if the new rules are not complied with?

The Commission may apply to the Federal Court, which has the power to make various orders (depending on the type of breach), including:

forcing the parties to notify the acquisition;
imposing civil penalties (of up to 1,000 penalty units, currently being $313,000);
ordering divestures;
finding the transaction to be void; and
ordering injunctions to prevent the acquisition from proceeding.

It’s important to note ACCC has access to remedies not only in cases where a party fails to notify as required but also when parties provide false or misleading information to the regulator.

Filed under

Competition & Antitrust
Hall & Wilcox
Private equity

Organisations

Australian Competition and Consumer Commission
Competition and Consumer Act 2010 (Australia)

Professional development

Corporate Finance Uncovered - Refresh Your Knowledge - Learn Live

Related practical resources PRO

Checklist Checklist: Conducting an antitrust audit (USA) Recently updated
Checklist Checklist: Antitrust compliance (USA) Recently updated
How-to guide How-to guide: How to build a culture of antitrust law compliance (USA) Recently updated

Related research hubs

Cookies on GOV.UK

We use some essential cookies to make this website work.

We’d like to set additional cookies to understand how you use GOV.UK, remember your settings and improve government services.

We also use cookies set by other sites to help us deliver content from their services.

You have accepted additional cookies. You can change your cookie settings at any time.

You have rejected additional cookies. You can change your cookie settings at any time.

Competition and Markets Authority cases and projects

Synopsys / Ansys merger inquiry

The CMA is investigating the anticipated acquisition by Synopsys, Inc. of ANSYS, Inc.

Statutory timetable


TBC	Deadline for phase 1 decision (*)
TBC	Launch of merger inquiry (**)
12 August 2024 to TBC	Invitation to comment

(*) This date is the current statutory deadline by when the decision will be announced. If any change occurs, the information is refreshed as soon as practicable. However, the CMA cannot guarantee that the decision will be announced on or before this current deadline, as the deadline of a given case may change during the merger assessment process due to different reasons.

(**) The CMA has decided to investigate this transaction and is inviting comments from any interested party. This case page will be updated when the CMA formally commences its phase 1 investigation.

Invitation to comment: close date TBC

12 August 2024: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA is issuing this ‘invitation to comment’ to allow interested parties to submit to the CMA any initial views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Written representations about any competition issues should be provided by the deadline set out above.

Please send written representations about any competition or public interest to [email protected]

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy Notice

Updates to this page

Is this page useful.

Yes this page is useful
No this page is not useful

Help us improve GOV.UK

Don’t include personal or financial information like your National Insurance number or credit card details.

To help us improve GOV.UK, we’d like to know more about your visit today. Please fill in this survey (opens in a new tab) .

IMAGES

(PDF) The Impact of Mergers and Acquisitions on People at Work
(PDF) Mergers and Acquisitions: A Conceptual Review
Mergers, Acquisitions and Strategic Alliances Essay
Research Handbook on Mergers and Acquisitions
(PDF) Mergers and Acquisitions: A Complete and Updated Overview
(4) Mergers and Acquisitions

COMMENTS

Mergers & Acquisitions: Articles, Research, & Case Studies on Mergers
This paper uses a large sample of United States mergers between 1998 and 2010 to study how political connections help firms obtain favorable antitrust regulatory outcomes for mergers. Given that antitrust regulators are subject to congressional oversight, the authors predict and find evidence that outcomes systematically favor firms that are ...
(PDF) Mergers and Acquisitions: A Research Overview
Mergers and Acquisitions. The process of identifying and evaluating a tar get ﬁ rm, completing a deal. after its negotiation and announcement, and then integrating a target ﬁ rm after. legal ...
174 Merger Essay Topic Ideas & Examples
Looking for a good essay, research or speech topic on Merger? Check our list of 174 interesting Merger title ideas to write about! IvyPanda® Free Essays. Clear. Free Essays; Study Hub. ... These types of mergers and acquisitions are becoming a common feature at the global scene especially due to globalization, extensive international financial ...
130 Merger Essay Topic Ideas & Examples
To help you brainstorm ideas for your next essay, here are 130 merger essay topic ideas and examples to consider: The impact of mergers on market competition; How cultural differences can affect the success of a merger; The role of government regulations in mergers and acquisitions; The reasons behind failed mergers and acquisitions
21082 PDFs
Oct 2023. Ridwan Effendi. Zaenal Abidinᵃ. The development of Mergers and Acquisitions is a form of corporate growth strategy to access new products and markets and is considered a fast way. PT ...
What Mergers and Acquisitions Research is about
PDF | On Jan 1, 2020, Marc Eulerich and others published What Mergers and Acquisitions Research is about - Theories, Topics, and the Scientific Community | Find, read and cite all the research ...
The Evidence on Mergers and Acquisitions: A Historical and Modern
The literature on mergers and acquisitions is extensive. Our representative sample of current research provides insights into the many questions currently being investigated about M&A and also provides guidance on topics for future research. Many of the articles would fit into more than one of the categories we have identified.
Do Mergers and Acquisitions Improve Efficiency? Evidence from Power
Using rich data on hourly physical productivity and thousands of ownership changes from US power plants, we study the effects of acquisitions on efficiency and underlying mechanisms. We find a 2% average increase in efficiency for acquired plants, beginning five months after acquisitions. Efficiency gains rise to 5% under direct ownership ...
PDF Mergers and Acquisitions
The term "merger" is often used strategically by acquirers to alleviate fears and send out a message of friendly combination to employees. In terms of transaction numbers, the majority of M&A transactions are acquisitions, whereas mega-merger deals gain media attention owing to transaction size.
Mergers and acquisitions research in finance and accounting: Past
This study presents an analysis of publication patterns and major themes in research on mergers and acquisitions in finance and accounting. We find that takeovers as mechanisms of governance, drivers of mergers, mechanisms of mergers, bank mergers, cross-border mergers, shareholder wealth effects of mergers and related events, and the role of financial experts and ownership structure form ...
Mergers and acquisitions
Mergers and acquisitions Magazine Article. Malcolm S. Salter. Wolf A. Weinhold. During the past 25 years an increasing proportion of U.S. companies have seen wisdom in pursuing a strategy of ...
PDF Essays on Mergers and Acquisitions
Essays on Mergers and Acquisitions by Di Li Chair: Amy K. Dittmar This dissertation examines two important issues of mergers and acquisitions. The ﬁrst chapter structurally estimates acquiring managers' private beneﬁts in takeovers. It shows that acquiring managers overvalue targets by 63% of target capitalization. As a result,
PDF THREE ESSAYS ON MERGERS AND ACQUISITIONS
This thesis consists of three independent essays on merger and acquisition (M&A) in the U.S. capital market. The first essay explores how the social tie with the acquirer's investment bank advisor influences the acquisition performance of the acquirer and the target. The second essay reconciles the behavioral theory and the rational theory of
Mergers and Acquisitions Research
Abstract. Mergers and acquisitions (M&A) remain a popular vehicle for organizational development to ensure future competitiveness. However, despite the extensive body of research in recent decades, significant gaps can be observed between the understanding of the phenomenon M&A in the literature and the importance of M&A activities in practice.
Merger & Acquisitions (M&As) as an important strategic vehicle in
This paper uses news sentiment and topics to discuss the challenges and opportunities of predicting mergers and acquisition (M&A) targets. ... Merger and acquisition research in the Asia-Pacific region: A review of the evidence and future directions. Research in International Business and Finance, Volume 50, 2019, pp. 267-278.
A Better Approach to Mergers and Acquisitions
But today those odds have inverted. According to new research by Bain, over the past 20 years firms have done more than 660,000 acquisitions, worth a total of $56 trillion, with deals reaching a ...
PDF Employee Perspective on Mergers and Acquisitions (M&As): A State-of-the
RUNNING HEADER: EMPLOYEE PERSPECTIVE ON MERGERS AND ACQUISITIONS . ABSTRACT: This chapter presents a review of the state-of-the-art in the employee perspective on mergers and acquisitions (M&As). Our aim is to enhance the understanding of the role of employees in M&As. The chapter contributes by presenting a synthesis of how the employee
The Mergers and Acquisitions Review, United States
Abstract. The year 2021 was a remarkable one on many levels for M&A and the transactional market more broadly. Building on the strong market that began in the middle of 2020 following a sharp, but short, pandemic-driven downturn, 2021 witnessed shattered records across every dimension, including: M&A volume and number of transactions, in the United States and globally; private equity ...
Merger & Acquisitions (M&As) as an important strategic vehicle in
Mergers and acquisitions (M&A) are not a new topic in international business; however, M&A research have been growing steadily over the past several decades. In general, nowadays, firms initiate M&A to choose an appropriate merger partner to assist them to meet their strategic and financial objectives.
93 Merger Essay Topics & Research Titles at StudyCorgi
In this paper, the researcher will look at the relevance of banking mergers in the modern market. American Airlines' and US Airways Merger. The merger between American Airlines and US Airways was attributed to various reasons, particularly countering intense competition and increase capabilities in several fronts.
Dissertations / Theses: 'Mergers and acquisitions'
Consult the top 50 dissertations / theses for your research on the topic 'Mergers and acquisitions.'. Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago ...
Mergers and Acquisitions: A Quantitative Approach to Human ...
Abstract. Human resourcing is a necessary component in executing M&A deals to enable the anticipated growths. The purpose of this research was to gather data of previously completed M&A deals at a business to examine if a correlation exists between the available M&A deal data and the number of human resources hired for integration.
(PDF) Impact of mergers and acquisitions on companies' financial
PDF | On Jun 1, 2020, Alex Borodin and others published Impact of mergers and acquisitions on companies' financial performance | Find, read and cite all the research you need on ResearchGate
Frontiers
Technology mergers and acquisitions (M&A) are ineffective strategies to occupy a favorable market position. This paper empirically analyses the impact of technology mergers and acquisitions (M&A) on enterprise performance with the sample data of Chinese pharmaceutical-listed enterprises from 2012 to 2022.
PDF A Study on Mergers and Acquisition of Banks and a Case Study on SBI and
Abstract: This research paper looks at Mergers and Acquisitions (M&A's) that have happened in Indian banking sector to understand the resulting synergies and the long term implications of the merger. The paper also analyses emerging trends and recommends steps that banks should consider for future. The paper reviews the trends in M&A's in ...
The Strategic Role Of Market Research In Mergers And Acquisitions
Similarly, in the world of mergers and acquisitions, foresight is the ability to understand not only how a potential acquisition fits with your current operations but also how it will synergize ...
"The Mostly Mythical Cases of Killer Acquisitions and Kill Zones," in A
USC Gould School of Law 699 Exposition Boulevard Los Angeles, California 90089-0071 213-740-7331
Do Home Country Pro-Market Reforms Affect Mergers and Acquisitions in
Subscribe to this fee journal for more curated articles on this topic FOLLOWERS. 3,215. PAPERS. 34,965. Emerging Markets: Finance eJournal. Follow. Emerging Markets: Finance eJournal ... Acquisitions, Mergers, Contests for Control, & Activism eJournal ... Research Paper Series; Conference Papers; Partners in Publishing; Jobs & Announcements ...
Update on Australian merger reform: draft legislation ...
Current merger factors under s 50(3) CCA: Future relevant matters under s 51ABX(3) the actual and potential level of import competition in the market.
Synopsys / Ansys merger inquiry
Research and statistics. Reports, analysis and official statistics. Policy papers and consultations. Consultations and strategy. Transparency. Data, Freedom of Information releases and corporate ...