By Thomas Straub, Prof. Dr. Dr. José-Carlos Jarillo
Utilizing 4 statistical equipment, Thomas Straub indicates that M&A functionality is a multi-dimensional functionality of: strategic common sense, organizational habit, and monetary elements.
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Extra resources for Reasons for frequent failure in Mergers and Acquisitions
His further assertion that the methods in use have possibly not been sufficient to uncover profits is consistent with Jensen’s (1986) argument of the complexity of quantifying profits for M&A bidder companies. As a concluding explanation for M&As’ permanence despite the lack of profits for the bidders, Lubatkin (1983) suggests that just specific types of M&A strategies might profit the buying company’s shareholders. Besides these arguments, Roll (1986), while agreeing with the efficient market hypothesis, claims that the empiric work that evaluates the target and bidding companies’ collective value after an M&A is unconvincing.
Various researchers offer numerous explanations for the diverse results pertaining to relatedness (Haspeslagh and Farquhar 1987(a); Seth 1990, and Kim 1989). Some of the research, for instance, centers on acquirer profits instead of the total profits to both targets and bidders, which confuses the issue of M&As’ wealth creation through appropriation by the acquirer. The method used to investigate the results of relatedness contributes to the confusion, with bias being frequently demonstrated during the measurement and sampling.
In addition, a change of ownership and management could streamline a firm’s managerial overheads (Scherer and Ross 1990). Despite the fact that, theoretically, this could also be obtained through change in management styles, it is usually a lot easier and more beneficial to alter the management itself. 19 The market for corporate control can be defined as "a market in which alternative managerial teams compete for the rights to manage corporate resources" (Jensen and Ruback 1983, 6). Contrary to M&As being undertaken to achieve managerial synergies as mentioned above, this concept concentrates on a firm’s market valuation and the optimal utilization of its assets.