Does changing contexts affect linkages throughout the mergers and acquisition process? A multiphasic investigation of motives, pre‐ and post‐acquisition and performance

• Published in: Strategic change Vol. 29; no. 2; pp. 149 - 164
• Main Authors: Thanos, Ioannis C., Papadakis, Vassilis M., Angwin, Duncan
• Format: Journal Article
• Language: English
• Published: Hoboken, USA John Wiley & Sons, Inc 01.03.2020; Wiley Periodicals Inc
• Subjects: Acquisitions & mergers; Organizational change; Greece
• ISSN: 1086-1718; 1099-1697
• DOI: 10.1002/jsc.2318

Mergers and acquisitions (M&As) are important organizational change phenomena that have attracted significant research focusing on many aspects, but only recently has attention begun to concentrate on its complex multiphasic nature and its embeddedness in multiple contexts. So far, the influence of the macro context in M&A deals has been little studied and its interaction with M&A's multiphasic nature has been ignored. This article addresses this limitation by investigating whether different macroeconomic wave and non‐wave periods of M&A activity influence phases of M&A in terms of motives, pre‐ and post‐acquisition processes, and acquisition performances. Drawing on a dataset of Greek M&As, an under‐researched M&A context, findings suggest that acquisitions in non‐wave periods are driven by different motives from those in‐wave periods. Interestingly though, we found no statistically significant changes in pre‐ and post‐acquisition processes and M&A performance between in‐wave and non‐wave periods. We suggest this finding of organizational change may be due to the nature of the early stage of Greek M&A and may also apply to the experience of other countries. Further theoretical and practical implications of these findings are also discussed.