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Mergers and acquisitions (M&As) are important strategic actions undertaken by firms to access resources and markets. However, firms face substantial challenges in M&As during deal completion. While prior literature reviews synthesize the studies on the post-merger consequences of M&As, the literature on deal completion is largely fragmented. In this paper, the authors synthesize prior literature on deal completion into the antecedents and consequences framework and map various studies across the international business and management, finance and accounting literature at the macro-, meso- and micro-levels.

The authors adopt a content analysis-based methodology to conduct the review. First, the authors identify existing literature on deal completion based on keyword searches. Next, the authors propose a framework that integrates the extant literature from a multi-theoretic perspective across four broad themes: concepts, antecedents, implications and moderators. In this study, the authors consider not only empirical but also conceptual papers to strengthen the theoretical foundations of M&A literature. Finally, after synthesizing various studies, the authors highlight a future research agenda on deal completion.

Based on the review, this study provides important avenues for future research on M&A deal completion.

This study theoretically integrates multi-disciplinary and multi-country research on acquisition completion.

Drawing on organizational design theory and organizational learning theory, this paper aims to examine component technology (CT) and the interaction between CT and experiential learning (EL) effects on the degree of integration (DI) of cross-border technological acquisitions.

Using a sample of 267 firms consisting of 229 acquirer firms who started cross-border technological acquisitions from developed economies and 38 acquirer firms who initiated cross-border technological acquisitions from emerging economies over the period of 1993–2016, this study adopts a value chain framework to measure the acquirers’ acquisition integration degree for the investigation of the effects of CT and the interaction between CT and EL.

First, this paper finds CT in cross-border technological acquisitions exerting a positive influence on the acquirer firm’s likelihood of the DI implementation, in line with the organizational design theory. Second, in view of organizational learning theory, this study finds EL and the combined effect of CT and EL to have an inverse influence on the DI.

The results imply that the moderating role of EL significantly optimizes decision choices for an acquirer firm for integration implementation strategies in the form of DI, such as full integration (structural integration), partial integration and no integration (structural separation), which appears to be crucial for cross-border technological acquisitions.

This study contributed to international business strategies by shedding light on the importance of the DI for an acquirer firm that undertakes a cross-border technological acquisition with a CT target firm. This study explains why structural integration might be necessary in cross-border technological acquisitions regardless of the costs of disruption it imposes, as well as the contexts in which it becomes less important or unnecessary. The study disclosed that the increase in the likelihood of DI because of CT depends on the EL of the acquisition company in the host country environment and fluctuates with the prior acquisition knowledge and EL of the host country. Combining two cross-border technological acquisition’s literature streams, such as CT and EL, this study enlightens the importance of organizational learning theory and theory of organization design strategic direction making on acquisition integration implementation strategies.

Sustainability has become an integral part of the real estate industry, alongside advancing globalization and demographic development. Due to real estate's influence on greenhouse gas emissions throughout its life cycle, both the regulatory and legal requirements concerning the sustainability of real estate are growing and, as a result of social responsibility, the interest of tenants and investors in sustainable real estate. However, criteria for measuring the ecological sustainability of a real estate investment in the purchase process in order to reduce the risk of including “stranded assets” in the portfolio are missing. This paper aims to address the need to integrate the issue of carbon stranding into existing sustainability rating tools.

Existing tools are examined based on defined criteria to determine whether they are suitable for purchasing a property before suitable tools for purchase are compared. Strengths and weaknesses are identified, which are to be remedied with the scoring tool. Taxonomy regulation is integrated into the existing valuation basis as a legal regulation.

The result is a scoring tool that enables real estate companies to measure and evaluate the ecological sustainability performance of a property during the acquisition process, taking into account the three aspects of sustainability and considering them when determining an appropriate purchase price in line with market conditions. Moreover, the developed tool helps to minimize the risk of acquiring a stranding asset.

The environmental, social and governance (ESG) framework employed in this study does not incorporate governance considerations. While the analysis extensively evaluates the building's environmental and social aspects, it does not extend to examining the governance practices of the companies involved. Thus, the assessment is confined solely to the physical attributes of the property without accounting for broader corporate governance factors.

The developed scoring tool represents a valuable tool for the real estate industry, offering insights into sustainability performance during property acquisitions and providing a structured framework for decision-making. By addressing both certification and taxonomy regulation requirements, the tool contributes to the industry's evolution toward more sustainable and environmentally responsible real estate practices.

In response to the growing importance of sustainability in the real estate industry, this paper introduces a novel scoring tool for evaluating the sustainability of real estate investments during the acquisition process.

This study aims to address a significant gap in the literature by exploring the individual nature and microfoundation perspective of cultural friction during the integration phase following cross-border mergers and acquisitions (CBMAs). It focuses on the role of face, a pivotal facet of interactions within Asian organizations, elucidating its importance in post-M&A integration outcomes.

Using a conceptual approach, this study draws on three bodies of literature, namely, cultural friction, microfoundations and face concerns. It reconsiders cultural friction as a microfounded construct and introduces face concerns as a pivotal element to understanding the challenges faced by managers at the forefront of CBMAs involving Asian companies. The conceptual approach is illustrated with examples for the world of practice.

This research makes two significant contributions to the fields of CBMAs and cultural friction. First, it demonstrates the relevance of the concept of cultural friction at the individual level, shedding light on the complex post-CBMA integration process. Second, this study demonstrates the critical role of face concerns in the sociocultural integration following CBMAs. This is underexplored in extant literature.

The crucial role of face is well known to those working in Asia. Yet academic inquiry remains underdeveloped on this issue for CBMAs. The friction derived from face concerns provides additional insights into the nature of the cultural challenges confronting managers during sociocultural integration and elucidates the micro-mechanisms influencing individuals’ responses to cultural friction. This research responds to calls to examine the human side of M&As uncovering previously neglected issues within intercultural managerial encounters.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Increasing competition in product and capital markets has put tremendous pressure on managers to become more cost competitive. To address their firms' uncompetitive cost structures, managers may have to consider dramatic restructuring of their businesses. During 2014–2017, Tata Steel Ltd (TSL) UK considered a series of divestitures and a merger plan to nurse the company back to health. The case considers the economics of the restructuring plan. The case is designed to help students analyze a corporate downsizing program undertaken by a large Indian company in the UK and to highlight the dynamic role of the CFO and governance issues in family firms. It introduces students to issues surrounding a typical restructuring and provides students a platform to practice the estimation of value creation in a restructuring exercise. While some cases on corporate restructuring in the context of developed economies are available, there are very few cases written in an emerging market context. This case bridges that gap. TSL presents a unique opportunity to study corporate restructuring necessitated by a failed cross-border acquisition. It illustrates the potential for value loss in large, cross-border acquisitions. It shows how managerial hubris can prompt family firm owners to overbid in acquisitions and create legacy hot spots. In addition, the case can be used to discuss the causes of governance failures such as weak institutional monitoring and poor legal enforcement in emerging markets that could potentially harm minority shareholders.

The case was developed from secondary sources and interviews with a security analyst. The secondary sources include company annual reports, news reports, analyst reports, industry reports, company websites, stock exchange websites and databases such as Bloomberg and CMIE Prowess.

Organizational resilience, defined by a firm’s speed in reaching a dynamic equilibrium after a shock and after the shocks are absorbed, and crisis management are critical in a global crisis. The concept of resilience is increasingly used in the economic press; nevertheless, few studies demonstrate empirically how firms became resilient and the lessons to be learned from it. Traditionally, the concept of resilience is approached as resistance in the face of a crisis. The authors go further by showing three-loop learning, which is part of a logic of innovation and regeneration. This study aims to examine how a business can regenerate itself by effectively managing the external threats and disruptions caused by a crisis. Also, this study deepens knowledge on learning process. The double-loop learning process is known in the literature as enabling firms to learn from unexpected events and react accordingly. The findings point out a third loop implying the co-invention of a new business model and a collective mindfulness of changes made.

Using longitudinal data, the authors investigate how the global crisis affects merger negotiations between two companies. This study analyzes the period of dialogue (negotiation) between the two entities with a view to carrying out a merger and then their withdrawal from the project during the pandemic, reshuffling the cards for each company. The negotiation period is not normally disclosed because of its highly confidential and strategic nature and it is therefore difficult for researchers to access merger operations at the negotiation stage. From this viewpoint, this case study was chosen because of the availability of generally inaccessible documentation.

This in-depth case study provides new insights on organizational resilience and the recovery capacity of a firm. The results underline four main triggers that a firm should develop in facing a major crisis: skills; credits; previous and historical relationships; and corporate culture. Recovery capacity depends on reactivity, flexibility, learning and regeneration. Finally, this study points out a three-loop learning experience that can be understood as a learning process in two steps to generate lasting and adaptive changes.

The limitations are those concerning a single case study.

This study highlights the ability to deal with unexpected events. First, this work identifies concrete items that can be perceived by managers as elements enabling a firm to develop resilience. Second, the results show main elements enabling this capacity as reactivity – both companies react quickly and effectively to disturbances to limit the impact on their performance; or flexibility – firms adapt their business model to deal with disruptions. Third, this work underlines a learning capacity process in three steps to recover capacity. This process stimulates creativity and innovation by the teams and stakeholders by placing them at the heart of the change.

This case provides a vivid illustration of firms’ adaptation to a rapidly evolving context because of a global crisis. Theoretical concepts and empirical findings from the literature are combined to present a single consistent picture.

The reason for concern is the rapid decline in loans to small enterprises which is critical to their performance, compared to large businesses following the periods of banking reformations in Nigeria. Thus, the purpose of this paper is to investigate the influence of risk perception on bank lending behaviour to small enterprises. It also investigates the impact of government intervention, consolidation and recapitalization on the relationship between risk perception and bank lending behaviour to small enterprise.

This study empirically analysed (ordinary least square) secondary data obtained from the Central Bank of Nigeria Statistical Bulletins, Annual Statement of Accounts covering the period 1992–2020.

The results show that the absence of government interventions and the presence of banking reformations have statistically negative significant effect on bank lending to small enterprises. The findings challenge the argument that generally assumes risk aversion of banks towards small enterprise lending because of small enterprise’s inability to prove their credit worthiness and consequently constraining access to finance to the sector. Instead, the results and analysis from this study found theoretical support for the variation of bank behaviour in lending to small enterprises depending on the status of wealth of the financial system.

A key lesson from this study for government concerned about promoting performance of the small enterprise sector is that regulating and enforcing lending requirements on access to debt financing of the sector is necessary if constraints in access debt finance is to be eliminated. Second, while strategies such as bank consolidation, recapitalization may help strengthen and make financially robust the banking system; it places the banks in a gain position where losses looms to them than gain.

This study challenges the argument that generally assumes risk aversion of banks towards small enterprise lending as a result of inability to prove their credit worthiness and consequently constraining access to finance to the sector. Instead, the results and analysis from this study reveal a variation in lending to small enterprises and suggests that the position of the bank in relation to a reference point influences how risk is perceived by the bank and thus impacts on their risk decision-making behaviour.

Emerging market multinational companies have been vigorous in pursuing inorganic growth through cross-border acquisitions (CBAs). The fundamental studies till now have portrayed that rapid internationalization through CBAs tends to create value for these emerging market firms (EMFs) in the short term. However, there is an ambiguity about whether these firms endure better performance in the long term. The purpose of this study is to assess the long-term (ex-post) financial and operating performance of EMFs involved in overseas acquisitions before the COVID-19 pandemic hit the world economy.

CBAs completed by Indian and Chinese companies constitute the sample of the study. The performance has been analysed during the pre-COVID period spanning 17 years from 2001 to 2017. A comprehensive set of 14 financial ratios has been used to represent change (improvement/decline) in enterprises’ post-acquisition operating performance; these ratios have been divided into four broad groups: profitability, efficiency, solvency and liquidity ratios.

The performance of Indian companies has deteriorated significantly after the acquisition. However, there has been no change (deterioration/improvement), subsequent to CBAs, in the profitability of Chinese firms.

The findings of the study support that firms from emerging economies exploit CBAs as a “springboard” to obtain strategic assets including intangible resources and brands rather than to achieve synergies through economies of scale and scope. Apparently, outbound acquisitions by emerging economy firms are not driven by cost-reduction or revenue-generation activities.

None of the studies, to the best knowledge of the authors, has carried out performance analysis using a comprehensive set of financial ratios. The comparative study of two emerging economies is another valuable addition to the existing literature. The study holds the potential to serve as the benchmark to assess the performance of CBAs executed after COVID-19.

Technology acquisition is a common phenomenon of acquiring external knowledge, but we have a limited understanding of conditions in which the acquirer integrates the target or not. On one hand, the acquirer may have a policy to integrate the target to benefit from its prior knowledge. On the other hand, the target may face challenges in continuing its knowledge creation and the acquirer may want to provide it autonomy to not disrupt it. This paper aims to identify conditions in which targets tend to be less integrated after acquisitions, allowing them to maintain more autonomy and contribute more to knowledge creation.

We test our arguments in the empirical setting of the global biopharmaceutical industry using a difference-in-difference approach on a longitudinal dataset of matched patents. We examine self-cites received by patents belonging to acquirers and the targets before and after the acquisitions.

We find that, on average, the targets’ prior patents do not receive more self-cites after the acquisition. We conclude that this is because their R&D activities are disrupted, suggesting a higher level of post-acquisition integration. However, more nuanced findings reveal that it may not be the case all the time. When the target has more research experience, is international or is specialized in complementary technologies, prior patents of targets continue to receive more self-cites after the acquisition. It indicates that the targets in such conditions continue knowledge creation, suggesting a lower level of post-acquisition integration.

Our findings contribute to post-acquisition integration research. While post-acquisition integration downside is common, we present conditions in which such a downside may be less likely. We highlight that the context of an acquisition may be an important determinant of the extent of integration of the target. Moreover, we supplement the integration research (cultural, structural and human resource and leadership perspectives of integration) by adding a knowledge-based perspective to it. Such dynamics have important implications for acquirers and targets in deriving value from the acquisition.

To explore value vs worth in the context of compulsory acquisition.

Analysis of statutory environment within the context of valuation theory.

Value and worth could be reconciled by redefining special value in Act.

Public policy amendment.

Public policy amendment.

Facilitate just compensation.

Topical issue in New South Wales, where massive compulsory acquisition programme underway to facilitate infrastructure development.