merger and acquisition
Merge Ahead: A Research Agenda to Increase Merger and Acquisition Success
Mitchell Lee Marks • Philip H. Mirvis
Published online: 30 April 2011
� Springer Science+Business Media, LLC 2011
Abstract Scholars have been conducting serious research
on the human, organizational, and cultural aspects of
mergers and acquisitions (M&A) for 30 years. Yet, over
this period, there have only been modest improvements in
the M&A success rate. In this article, we examine corpo-
rate combinations, describe how human factors contribute
to their failure or success, and identify key research
questions whose answers can help to improve the M&A
success rate in both financial and human terms. We propose
research questions for the key phases of a deal, including
buying a company and putting companies together. And,
reflecting an emerging trend among some frequent
acquirers to build an internal competence in M&A execu-
tion, we also propose research questions for how to
accelerate the process of learning from past combinations
to better manage future ones.
Keywords Merger � Acquisition � Combination � Integration � M&A � Transition � Culture clash � Transition teams � Cross-border
Scholars have been conducting serious research on the
human, organizational, and cultural aspects of mergers and
acquisitions (M&A) for 30 years.1 Yet, over this period,
there have only been modest improvements in the M&A
success rate (Schoenberg 2006). In this article, we examine
corporate combinations, describe how human factors con-
tribute to their failure or success, and identify key research
questions whose answers can help to improve the M&A
success rate in both financial and human terms. We use our
experience as both researchers and advisors in over 100
combinations-as well as our awareness of the scholarly
literature and the work of other practitioners-to highlight
the factors which matter most in eventual M&A success.
Mergers and
Mitchell Lee Marks • Philip H. Mirvis
Published online: 30 April 2011
� Springer Science+Business Media, LLC 2011
Abstract Scholars have been conducting serious research
on the human, organizational, and cultural aspects of
mergers and acquisitions (M&A) for 30 years. Yet, over
this period, there have only been modest improvements in
the M&A success rate. In this article, we examine corpo-
rate combinations, describe how human factors contribute
to their failure or success, and identify key research
questions whose answers can help to improve the M&A
success rate in both financial and human terms. We propose
research questions for the key phases of a deal, including
buying a company and putting companies together. And,
reflecting an emerging trend among some frequent
acquirers to build an internal competence in M&A execu-
tion, we also propose research questions for how to
accelerate the process of learning from past combinations
to better manage future ones.
Keywords Merger � Acquisition � Combination � Integration � M&A � Transition � Culture clash � Transition teams � Cross-border
Scholars have been conducting serious research on the
human, organizational, and cultural aspects of mergers and
acquisitions (M&A) for 30 years.1 Yet, over this period,
there have only been modest improvements in the M&A
success rate (Schoenberg 2006). In this article, we examine
corporate combinations, describe how human factors con-
tribute to their failure or success, and identify key research
questions whose answers can help to improve the M&A
success rate in both financial and human terms. We use our
experience as both researchers and advisors in over 100
combinations-as well as our awareness of the scholarly
literature and the work of other practitioners-to highlight
the factors which matter most in eventual M&A success.
Mergers and
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