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The purpose of this paper is to examine the effects of the post-merger integration duration on acquiring firms’ leverage behavior before and after a merger, using a dynamic model in which full merger benefits cannot be consumed at the instant of a merger, but rather after a pre-specified post-merger integration period.

This paper presents a dynamic model and empirical tests that describe the impact of the post-merger integration period on the capital structure dynamics of the acquiring and target firms before a merger and during the post-merger integration period. By incorporating costs associated with the post-merger integration period, the model can provide new implications for the leverage behavior around the merger.

The model generates new implications related to acquiring firms’ leverage dynamics along with method of payment choice. Specifically, the model indicates that the post-merger integration duration is negatively associated with the market leverage of newly-merged firms at the time of merger completion and during the integration period. Further, acquirer managers are more likely to use equity to finance a merger when the integration duration is likely to be lengthy.

This is the first model in the literature that assumes that both the acquiring and the target firms can change their capital structure overtime, which allows us to analyze both the financing structure and the merger timing. Previous empirical studies also ignore the integration period in the analysis of the method of payment choice and leverage behavior around mergers. In the tests reported in this paper, the authors control for the factors mentioned above and demonstrate that the expected integration duration is not subsumed by those variables implying that it has its own power in explaining the choice of leverage and merger financing method.

The purpose of this paper is to examine the effects of the post-merger integration duration on acquiring firms’ leverage behavior before and after a merger, using a dynamic model in which full merger benefits cannot be consumed at the instant of a merger, but rather after a pre-specified post-merger integration period.

This paper presents a dynamic model and empirical tests that describe the impact of the post-merger integration period on the capital structure dynamics of the acquiring and target firms prior to a merger and during the post-merger integration period. By incorporating costs associated with the post-merger integration period, the model can provide new implications for the leverage behavior around the merger.

Empirical tests support the model implications by showing that the longer the expected post-merger integration process, the less likely the acquirer will structure the financing of the combined firm in a manner that increases firm leverage. Since integration takes time to complete, an acquirer tends to retain financial flexibility during the integration process by assuming lower levels of debt when determining the capital structure of the merged entity.

The model generates new implications related to acquiring firms’ leverage dynamics along with the method of payment choice. The analysis of the duration of the post-merger integration period extends both the theoretical and empirical literature that tacitly assumes that the merger-related synergy is realized immediately at the merger date. This is the first model in the literature that assumes that both the acquiring and the target firms can change their capital structure overtime, which allows us to analyze both the financing structure and the merger timing. Previous empirical studies also ignore the integration period in the analysis of the method of payment choice and leverage behavior around mergers. The model in this paper can be extended along a number of dimensions.

This study aims to develop a new integrated decision-making framework specifically designed to address complexity and uncertainty for project portfolio management. It particularly focuses on managing portfolios in a post-merger context. The paper portrays a normative and prescriptive approach to effectively creating a well-balanced project portfolio in a post-merger scenario.

This study introduces hyper-project portfolio frame as a prospective methodology for evaluating post-merger portfolios. The proposed method especially addresses the challenges associated with integration following a merger.

Hyper-project portfolio frame provides fundamental leaps in post-merger project portfolios. The frame gives opportunities to check consistency with policy, organizational scalability, flexibility and product diversity. It also underpins achieving the strategic objectives of mergers and acquisitions (M&As).

The literature synthesis is approached from an interpretative standpoint. The research incorporates discussions and comparative studies from the relevant literature and introduces a novel approach. Additionally, new descriptive studies can expand the proposed process-oriented decision-making. Moreover, this research does not consider hostile takeovers.

Nested in content and process-oriented fashion, the frame provides suitable prequalification analysis for portfolios in a post-merger under the concepts of complexity, uncertainty, risk and value.

This study aims to confirm earlier findings that differences between merger and acquisition (M&A) participant firms are a hurdle for successful mergers and shows that merger outcomes can also be affected by the post-merger integration duration (PMID).

Experimental research on distinct cultures developed within experimental pre-merger subject groups is used to compare pre- and post-integration performances.

This study finds that firm distance (i.e. inherent differences between pre-merger firms) negatively influences merger success; no significant relationship between firm distance and PMID exists and PMID is positively related to merger success. Specifically, a slower integration minimizes conflicts between merger partners, enhances trust-building and reduces the disruption of existing resources and processes in both firms, which may benefit M&As. By contrast, a fast integration that shortens the overall integration process may discourage the combined entity from recognizing the intended synergy quickly.

The new finding that PMID can affect merger outcomes invites empirical validation. This study presents experimental evidence that prolonged, well-structured post-merger integration may compensate for the negative time-variant issues associated with PMID.

Organizational support for collaborative learning between professional members should be a strategic consideration for firms so that acquiring business capabilities can be more natural and cost-efficient than building internal capabilities despite possibly slowing down the integration process. Encouraging a transfer of technical and client knowledge between the combined members can create value and understand differences in both the form and content of each firm’s knowledge base and the pre-existing mechanisms for sharing knowledge. It may lower the level of resistance in knowledge transfer.

While M&As may better facilitate the cost-effective expansion of business offerings than building capabilities internally, they can require considerable time, preventing many firms from realizing their intended outcomes. Nevertheless, less attention has been focused on PMID and its influence on M&As. This study is the first to use experimental research to examine the effects of PMID on merger success.

China's emerging multinationals (CEMs) have gained attention for their increasing activities in mergers and acquisitions (M&As) within the global arena. Harnessing previous studies about the significance of their cultural baggage and an underlying strategic intent in reverse technology transfer through cross‐border M&As, the purpose of this paper is to explore the dynamics of CEMs in their process of cross‐border M&As through the perspectives of intellectual capital.

Building on an interdisciplinary literature review, a theoretical framework is devised to exemplify such dynamics within a CEM during the course of reverse technology transfer and swift transformation into a global enterprise for technological innovation through M&As. A longitudinal case study is adopted to examine how two technology‐based CEMs continue to modify and reconfigure their respective committed intellectual capital resources while undergoing cross‐border M&A transactions.

The study suggests the relevance of a conceptual framework and unveils a causal development of dynamic capabilities that is evidenced by resource reconfiguration and post‐merger performance. It further reveals a reinforced dynamic capability development process that would enhance reverse technology transfer for domestic rather than overseas market development while pursuing equilibrium of knowledge.

This is an original paper that explores the cultural dynamics of CEMs and what influences their intellectual capital development during their cross‐border M&As. This paper articulates that CEMs need to create their own unique intellectual capital that contributes constructively to their international operations throughout their post‐merger integrations.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

This chapter explains how HR executives can leverage social network understanding in order to facilitate post-merger integration. We describe two social network mechanisms (brokerage and contagion) and explain their effect on organizational functioning. We then present a framework incorporating interventions in three core areas of HR involvement in mergers and map those interventions on the timeline of the merger so as to provide a roadmap for developing and implementing interventions based on social network insight. We argue that an understanding of social networks and the proposed interventions would allow HR executives to better monitor and steer post-merger integration.

Mergers and acquisitions (M&As) have drawn the attention of researchers for several decades. Many studies have investigated the factors apparently influencing the success of an M&A deal, leading to an extensive, yet extremely fragmented body of knowledge. Although the logical quest for integration has been expressed by several authors, in most cases investigations focus only on details of M&As. The aim of this paper is to offer a different way of synthesis that allows testing well‐established theories of post‐merger integration processes.

With the help of a literature‐based system dynamics (SD) model, the paper opens up a new perspective on the organizational processes occurring during post‐merger integration. Particular emphasis is put on the investigation of capability transfer, the change of corporate culture, and the employees' perception of the integration process.

The model‐based analysis delivers explanations for the contradicting results of many empirical studies, based on the structural integration of a broad body of knowledge and the analysis of simulation runs. The paper suggests that SD models may be used as a means to achieve a more consistent conceptual integration than usual “theoretical frameworks” can provide.

Since the model is primarily based on theoretical ideas, an empirical validation of results seems most critical. Additionally, the linkage to organizational performance measures may need additional modelling effort.

The paper demonstrates the various interrelationships between organizational capabilities, culture, and employee commitment of two merging companies.

The paper is one of the few that strives for an integrated perspective on post‐merger phenomena.

Mergers have become an influential part of public hospital development, and the successful implementation of such mergers requires skillful management. Recent studies have pointed to the impact of the distribution of leadership tasks amongst employees for implementing planned radical changes, yet this lacks examination with regard to hospital mergers. The purpose of this paper is to investigate the emergence of distributed leadership and this leadership’s influence on the implementation of a hospital merger.

The emergence of distributed leadership is examined through a qualitative case study of two Danish hospital units in the context of a large hospital merger. The data consist of 21 interviews and documents collected over a three-year period.

The findings suggest dynamics of widened and restricted distributed leadership being influenced by and influencing the merger at hospital and local-unit levels, respectively. Importantly, the perceived purpose of widened and restricted distributed leadership mediated the actual effects of widened and restricted distributed leadership on the implementation of a merger. Moreover, the findings show that mergers on both the hospital and local level lead to variations in top-down and bottom-up distributed leadership across pre-merger organizational boundaries.

Perceived purposeful widening and restriction of distributed leadership at various hospital levels enables merger integration and collaboration across organizational boundaries and hierarchies.

The paper addresses the need to understand the complex dynamics of widened and restricted leadership distribution in a merger context.

The purpose of this chapter is to reflect the impact of mergers and acquisitions processes on performance of Islamic banking industry in the United Kingdom through studying within.

The present research uses explanatory approach in order to examine the research problems, methodology used in the research is quantitative methods through calculating the long-term share prices performance of the UK Islamic banks’ sample. First, the researchers use the control Islamic bank in the event-time approach. The researchers calculate annual abnormal returns using the buy-and-hold abnormal return (BHAR) method over a period of five years, counting from the quarter of a year when the transaction is said to be effective.

The research findings found that there are significant differences in the Islamic mergers and acquisitions post-long-run performance of the UK Islamic banks to the control the crises that face the United Kingdom from 2007 to 2010. However, the acquiring Islamic bank in high-tech industries had a negative effect on their long-term performance.

The present research has been applied for the Islamic banking industry in the United Kingdom after the Western Europe industry from 2007 to 2010.

The main implementations of the present research is valuing UK banks carried out the Islamic mergers and acquisitions of a broad range of management disciplines encompassing the financial, strategic, behavioral, operational, and cross-cultural aspects of this challenging and high-risk activity.

The Islamic mergers and acquisitions have placed a significant amount of value added on the motivation of large banks for engaging in banking mergers and acquisitions’ transactions.