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Mergers and Acquisitions Processes and Sustainability

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A special issue of Sustainability (ISSN 2071-1050).

Deadline for manuscript submissions: closed (30 November 2021) | Viewed by 69895

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Prof. José-Luis Rodríguez-Sánchez

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Department of Business Economics (ADO), Applied Economics II and Fundamentals of Economic Analysis, Rey Juan Carlos University, 28933 Móstoles, Madrid, Spain
Interests: strategic alliances, cooperative agreements, merger and acquisitions, human resources management, knowledge management, firm-research organizations relationships, strategic management, technology, international business management, innovation studies

Prof. Dr. Fernando Enrique García-Muiña

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Guest Editor

Department of Business Economics (ADO), Rey Juan Carlos University, 28032 Madrid, Spain
Interests: business organization; corporate strategy; sustainability management; innovation management
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Special Issue Information

Dear Colleagues,

This Special Issue will focus on the study of mergers and acquisitions processes. This field of study has attracted great attention from both business leaders and scholars in different disciplines over the last years. There is an increased recognition of the relevance of the adoption and management of the most suitable mergers and acquisitions processes, especially in today´s globalized world. In addition, current and traditional literature on these processes acknowledge the role of sustainability as a prerequisite for success.

Accordingly, the aim of this Special Issue is to shed fresh insights on sustainability factors in Mergers and Acquisitions Processes. Certainly, there is currently a large body of research on this topic, but it seems obvious that further efforts are still necessary to obtain a better understanding on the phenomenon under study. Studies that conduct critical theoretical analysis, comparative observation, empirical testing, qualitative methodology, case study findings and longitudinal case investigations relating to the Special Issue are particularly encouraged and welcome.

This Special Issue focuses, among others, on the following topics:

Sustainable M&A in globalized environments
M&A in a circular economy framework
Green human resources management in M&A
Corporate social responsibility in M&A
Social responsibility communication process in M&A
Triple Bottom Line: environmental, economic and social sustainability in M&A
Sustainability activities to attract valuable human resources
Gender and job satisfaction in M&A integration processes
Talent development in sustainability environment
International sustainability agreements and alliances
Cultural integration process on international M&A
Corporate government in M&A
Stakeholders engagement in M&A
Intellectual capital, shareholder value creation and sustainability results
The role of innovation in M&A strategies and sustainability
Sustainability steps in international M&A
Innovative leadership in sustainability development
Diversification and corporate restructuring in international M&A
Relationship between M&A strategies and sustainability outcomes
International M&A and sustainability: legal framework
M&A strategies in emerging versus developed countries
Sustainability relationships among cluster partners
M&A on innovative clusters or industrial districts

Prof. José-Luis Rodríguez-Sánchez
Prof. Fernando Enrique García-Muiña
Guest Editors

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Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

Mergers and acquisitions
sustainability
circular economy
innovation
technology
human resources
strategic agreements
industrial symbiosis
culture
corporate social responsibility
stakeholders
international environment and globalization

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Published Papers (14 papers)

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24 pages, 754 KiB

Open AccessArticle

The Impact of Mergers and Acquisitions and Sustainability on Company Performance in the Pharmaceutical Sector

by Diana Marieta Mihaiu, Radu-Alexandru Șerban, Alin Opreana, Mihai Țichindelean, Vasile Brătian and Liliana Barbu

Sustainability 2021, 13(12), 6525; https://doi.org/10.3390/su13126525 - 8 Jun 2021

Cited by 10 | Viewed by 9673

Abstract

The primary goal of this study was to determine the impact of mergers and acquisitions (M&A) and the environmental, social, and governance (ESG) sustainability scores of companies. In this regard, efforts to measure and analyze the evolution of a company’s performance, taking into account financial and non-financial measures using a score function, are adapted to the pharmaceutical sector. The sample consisted of 100 leading pharmaceutical companies, ranked by stock market capitalization, who registered 30% (n = 492) of the total M&A transactions over the study period (2010–2020). There was a direct and positive link between the M&A process and the evolution of company performance. The ESG score, as an indicator for measuring sustainability, has a positive and direct impact on company performance, indicating that a high ESG score determines an increase in company performance. A similar impact is identified for companies involved in M&A processes, meaning that companies in the pharmaceutical sector tend to register a performance improvement. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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29 pages, 7103 KiB

Open AccessArticle

Strategic Corporate Sustainability in a Post-Acquisition Context

by Zsuzsanna Vincze, Linda Hällerstrand, Daniel Örtqvist and Lena Rist

Sustainability 2021, 13(11), 6017; https://doi.org/10.3390/su13116017 - 27 May 2021

Cited by 2 | Viewed by 3134

Abstract

To reach the global sustainability goals, multinationals, regardless of origin, play a significant role. Given their market power and globally distributed operations, they have the position to either accelerate or inhibit sustainability changes. Knowledge about how corporate sustainability (CS) develops within internationalization strategies such as post-acquisition integration is, however, sparse. The purpose of this paper was to analyze and evaluate the development of CS strategies of originally distant companies within an international post-acquisition context. The paper drew on the resource-based view (RBV) to provide a holistically integrated framework for the systematic evaluation of CS strategies and applied the framework to a longitudinal in-depth case study. Findings indicated that long-term perspective, partnering approach and, emphases on learning positively influenced the integration process and the maturity level of the common corporate sustainability strategies. In contributing with an in-depth understanding of strategic CS integration within a post-acquisition case, the study generated implications for proactive management in similar post-acquisition contexts. While the focus of this paper was neither on the differences in legislations and regulations as influencing factors nor on the national and organizational culture and their impact on the integration of strategic CS, these are relevant areas of interest, and future research could consider incorporating those into the new evaluation framework. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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21 pages, 1442 KiB

Open AccessArticle

Mergers and Acquisitions within the Sharing Economy: Placing All the Players on the Board

by Cristina Pérez-Pérez, Diana Benito-Osorio and Susana María García Moreno

Sustainability 2021, 13(2), 743; https://doi.org/10.3390/su13020743 - 14 Jan 2021

Cited by 6 | Viewed by 3958

Abstract

The sharing economy is changing the way customers perceive businesses and making traditional companies face new challenges. Many outmoded companies have decided to embrace these changes either by creating their own sharing platforms or by acquiring an already existing one. This paper is an initial attempt to shed light on the reasons behind mergers and acquisitions involving at least one sharing platform. We conduct an in-depth analysis of M&As over the period 2012–2019 with a sample of 108 operations, covering countries all around the world. Our analysis reveals how important and commonplace these operations are becoming, and how widely spread sharing platforms are. The paper also shows how traditional companies are dealing with these new competitors and how sharing companies need the specific knowledge provided by established companies with outmoded approaches. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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18 pages, 357 KiB

Open AccessArticle

Do Boards of Directors Really Matter in the Cooperation Behavior of Firms? An Exploratory Analysis in Spain

by Maria Sonia Medina-Salgado, María Sacristán-Navarro and Luis Ángel Guerras-Martín

Sustainability 2020, 12(23), 10114; https://doi.org/10.3390/su122310114 - 3 Dec 2020

Cited by 2 | Viewed by 1800

Abstract

This paper explores the relationship between one of the major aspects of the internal mechanism of corporate governance, i.e., the board of directors, and the corporate strategy of cooperation. The study was designed to investigate whether certain board of director characteristics have an influence on the propensity to cooperate in Spanish listed non-financial firms. Our findings reveal that the propensity to cooperate in Spanish firms is driven more by a tight “management effect” whereby the highest probability of occurrence is related to firms with duality on their boards and a lower proportion of nominee directors representing controlling shareholders. This paper adds evidence to the corporate governance-corporate strategy (alliance propensity) discussion in a continental country such as Spain. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

15 pages, 1065 KiB

Open AccessArticle

Exploring Environmental Supply Chain Innovation in M&A

by Pavan Manocha and Jagjit Singh Srai

Sustainability 2020, 12(23), 10105; https://doi.org/10.3390/su122310105 - 3 Dec 2020

Cited by 10 | Viewed by 5096

Abstract

Organisations are challenged with executing innovation for sustainable development within the context of their operations and value networks—networks which are increasingly fuelled by mergers and acquisitions (M&As), and which accounted for USD 4 trillion in global deal value in 2019. While outcomes from M&As may produce mixed results, merger synergies fundamentally change the environmental, social and governance (ESG) footprint of an organisation and its product-supply chain. These compounding challenges of innovation for sustainability and ESG product-supply chain due diligence are not adequately explored in the operations management literature or practically considered during M&As. In this article, we consider those factors that determine “how innovative is the deal?” and explore how environmental supply chain innovation for sustainability might inform M&As. A case study approach is adopted, drawing upon an exemplar deal within the global food product-supply chain for ingredient production, where high M&A deal-interest and ESG sustainability considerations exist. The theoretical lens is the resource-based view (RBV) of the firm. A deal analysis framework, integrating key concepts from strategic environmental supply chain management and the M&A process literature, is defined. These findings suggest that product design and technology selection factors represent sources of M&A value creation when exploring an innovation for sustainability deal thesis. The implication for firms with ambitious environmental agendas or motives is that the M&A process needs to be reconfigured, such that product design and technology selection, currently secondary factors, are considered primary drivers. Together, these drivers form substantive strategic considerations and new merger motives of both theoretical and practical relevance, informing a new perspective of operations sustainability targeted M&A. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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28 pages, 741 KiB

Open AccessArticle

Acquirer’s Absorptive Capacity and Firm Performance: The Perspectives of Strategic Behavior and Knowledge Assets

by Yunjae Bae, Kyungsuk Lee and Taewoo Roh

Sustainability 2020, 12(20), 8396; https://doi.org/10.3390/su12208396 - 12 Oct 2020

Cited by 11 | Viewed by 3494

Abstract

In this study, we underline the importance of the relationship between absorptive capacity and an acquiring firm’s post-merger performance following the acquisition of a target firm’s knowledge through cross-border mergers and acquisitions (CBMAs). We analyzed CBMAs between developed countries to highlight how realized absorptive capacity plays a crucial part in a firm’s achievement of CBMA sustainability. Using United States CBMA transactions with other developed countries during 2000–2014, our findings suggest that an acquiring firm’s greater absorptive capacity leads to better post-merger performance. More interestingly, compared to for domestic M&As, the direct effect between absorptive capacity and post-merger performance was found to be more positively related in CBMA transactions, even when we applied propensity-score matching (PSM) and Heckman’s selection model to the same estimation. In addition, we introduce four moderating variables that could either intensify or lessen a firm’s effort to seek external knowledge for organizational growth. In terms of an acquiring firm’s strategic behavior, we find that paying in cash and past CBMA experiences positively influence a firm’s post-merger performance. For a target firm’s knowledge assets, we show that when a target firm possesses more strategic assets, they reinforce the acquiring firm’s post-merger performance, and when the target firm is in a high-tech industry, the acquiring firm’s post-merger performance is weakened. Our study contributes to the CBMA literature by incorporating the concept of a knowledge-based view and by empirically testing the different effects of absorptive capacity between domestic M&A and CBMA and how both strategic behavior and a target firm’s knowledge assets affect a firm’s post-merger performance related to CBMA sustainability. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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19 pages, 695 KiB

Open AccessArticle

Participation in Group Companies as a Source of External Knowledge in Obtaining and Making Profitable Radical Innovations

by Sara Alonso-Muñoz, Eva Pelechano-Barahona and Rocío González-Sánchez

Sustainability 2020, 12(18), 7701; https://doi.org/10.3390/su12187701 - 17 Sep 2020

Cited by 1 | Viewed by 2331

Abstract

In the context of potential absorptive capacity, the present work analyzes sources of knowledge through the adjustment between the typology of sources and innovative results. Different external sources can condition the later phases of knowledge absorption. In relation to external sources of knowledge, we enrich their treatment by considering other companies in the same group as deeper relationships. In addition, we analyzed the results regarding the generation of radical innovations with impact on income. The results show that company groups can reduce costs in the exchange of technological knowledge, not only to develop radical innovations but also to improve their economic performance. Furthermore, membership in a group allows a company to obtain a greater economic return when combined with assimilation resources. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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20 pages, 1021 KiB

Open AccessArticle

Identifying Endogenous and Exogenous Indicators to Measure Eco-Innovation within Clusters

by Nohora Mercado-Caruso, Marival Segarra-Oña, David Ovallos-Gazabon and Angel Peiró-Signes

Sustainability 2020, 12(15), 6088; https://doi.org/10.3390/su12156088 - 29 Jul 2020

Cited by 20 | Viewed by 4347

Abstract

Scientific and business environment literature shows that green, sustainable innovation or eco-innovation has proven to be a source of competitive advantage today. The industrial clusters, their dynamism, and the synergies created within them attract a lot of attention from the scientific community. However, to date, the joint study of these two concepts and, more specifically, the factors that drive eco-innovation specifically in a cluster, have not been studied in depth. This article models eco-innovation in industrial clusters, thus addressing this gap and proposing a model based on information gathered from the literature and a detailed analysis of behavior in relation to eco-innovation in different sectors. Results suggest that including eco-innovation variables and measures may have positive implications such as improvements at the strategic level and the reduction of costs and use of resources. An eco-innovation model for clusters is proposed. It considers eight key factors that seek to raise its competitive level by promoting eco-innovation within clusters. The model includes five internal factors that analyze business capabilities and three external factors that study the effect of launching eco-innovative activities. This model could help the companies’ managers and those responsible for clusters in creating more successful strategies to increase competitiveness by enhancing eco-innovation. It could also serve as a guide for government entities in the performance of eco-innovative activities in economic sectors. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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15 pages, 262 KiB

Open AccessArticle

Does M&A Financing Affect Firm Performance under Different Ownership Types?

by Jiaqi Chen, Xi Zhao, Xiaotong Niu, Ying Han Fan and Grantley Taylor

Sustainability 2020, 12(8), 3078; https://doi.org/10.3390/su12083078 - 11 Apr 2020

Cited by 8 | Viewed by 5068

Abstract

Mergers and acquisitions (M&A) are an essential way for enterprises to achieve sustainable development. As large sums of money are typically involved in M&A transactions, financing is a vital factor in outcomes. This study examines the relation between equity and debt financing of M&A on subsequent performance, and the effect of ownership (state-owned enterprises versus private-owned enterprises) on M&A performance in China. We are motivated to examine the relation between financing methods and M&A performance in China because the differences in ownership, resource availability and policy support by the government for many firms may affect subsequent performance. Using a large sample of Chinese A-share listed companies between 2009 and 2016, we find that equity-financed M&A transactions lead to significantly better performance than debt-financed transactions. Equity-financed M&A transactions of state-owned enterprises (SOEs) perform significantly better as compared to debt-financed M&A, whereas equity-financed M&A transactions of private-owned enterprises (POEs) have little effect on their performance. This study extends our insights into the relation between M&A financing types and firm performance under different ownership types in the context of emerging markets. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

31 pages, 2790 KiB

Open AccessArticle

Post-M&A Performance and Failure: Implications of Time until Deal Completion

by Ephraim Kwashie Thompson and Changki Kim

Sustainability 2020, 12(7), 2999; https://doi.org/10.3390/su12072999 - 8 Apr 2020

Cited by 10 | Viewed by 4961

Abstract

Firm values change substantially between deal announcement and closing, risking renegotiation or termination. For deals that eventually close, does waiting longer to close benefit the acquirer post-M&A? We investigate whether the time that elapses until deal completion is an indicator of post-M&A performance and failure. We find that deals taking an optimum time to implement perform better, supporting the due diligence hypothesis, while taking too long to close is an indication of poor post-M&A performance and subsequent failure, supporting the overdue hypothesis. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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17 pages, 500 KiB

Open AccessArticle

How Do International M&As Affect Rival Firm’s Sustainable Performance? —Empirical Evidence from an Emerging Market

by Xiaoting Hu, Ximing Yin, Zhanming Jin and Jizhen Li

Sustainability 2020, 12(4), 1318; https://doi.org/10.3390/su12041318 - 12 Feb 2020

Cited by 8 | Viewed by 2830

Abstract

International mergers and acquisitions (M&As) have been increasingly used by emerging market enterprises (EMEs) as a springboard for strategic assets to overcome latecomer disadvantages and build sustainable competitive advantages. While current literature only focuses on the M&As’ impacts on acquirers, little is known about the impacts of EMEs’ international M&As on their external stakeholders, such as rival firms. Based on the longitudinal data covering 325 large international M&As completed by Chinese public manufacturing firms during 2009–2015, empirical results show that international M&As at the industry level have significant negative influence on the sustainable performance of acquirers’ rivals, and these negative relationship will be accentuated when the international M&As are horizontal M&As, when rivals are carrying out cost leadership strategy, and when those M&As are completed in the high-tech industry. This study enriches the literature of international M&As and the economic pillar of sustainability by pushing current research toward rival’s perspective and denotes that firms need to consider the potential negative impact on the sustainability of their outside stakeholders (e.g., other firms and whole industry). It also generates practical implications for firms to actively deal with potential negative effects of competitors’ international M&As on their sustainable performance, especially those players in the high-tech industry. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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19 pages, 950 KiB

Open AccessArticle

Boards that Make a Difference in Firm’s Acquisitions: The Role of Interlocks and Former Politicians in Spain

by Santiago Kopoboru, Gloria Cuevas-Rodríguez and Leticia Pérez-Calero

Sustainability 2020, 12(3), 984; https://doi.org/10.3390/su12030984 - 29 Jan 2020

Cited by 7 | Viewed by 2569

Abstract

This study examines the influence of board interlocks and former politicians on decisions regarding acquisitions in Spain. Our research suggests that board interlocks to other firms can positively influence operations in terms of acquisition scale. Our findings also show that this relationship is positively moderated by the presence of former politicians. That is, the effects of interlocks on acquisitions are amplified further when there are former politicians on boards, which confirms their role as community influentials. In the case of Spain, and under-regulated industries, this complementary effect is maintained. However, the role played by interlocks seems to be more important than former politicians, which means that board interlocks can replace other formal methods of acquiring information (through former politicians) while attempting acquisitions. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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18 pages, 2583 KiB

Open AccessArticle

A Systematic Review of Research on Sustainability in Mergers and Acquisitions

by Thais González-Torres, José-Luis Rodríguez-Sánchez, Eva Pelechano-Barahona and Fernando E. García-Muiña

Sustainability 2020, 12(2), 513; https://doi.org/10.3390/su12020513 - 9 Jan 2020

Cited by 44 | Viewed by 12819

Abstract

The field of mergers and acquisitions and sustainability has been expanding in the last years; consequently, there is a need for a systematic review of the existing body of knowledge. This article aims to fill this gap by providing an overview and synthesis of the research topic. The specific objectives are (1) to assess the academic impact, and (2) to determine the structure of the topic. To achieve these goals, a bibliometric analysis will be carried out through a selection of articles taken from the WoS database from 1900 to 2019. First, the historical evolution of publications will be addressed, the distribution of articles by journal and by individual author, as well as the total number of citations per article. Second, this article will develop networks of co-citations of authors and journals and co-word analysis by using VOS Viewer software. The global results will provide insights into the nature and trends of research on mergers and acquisitions and sustainability. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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Review

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15 pages, 278 KiB

Open AccessReview

A Configurational Approach to Mergers and Acquisitions

by Sophie Fischer, John Rodwell and Mark Pickering

Sustainability 2021, 13(3), 1020; https://doi.org/10.3390/su13031020 - 20 Jan 2021

Cited by 5 | Viewed by 3433

Abstract

The processes involved with mergers and acquisitions (M&As) are many, varied and complex. M&A research and practice needs a toolset that can apprehend that complexity and suggest ways forward. This paper shows the complexity of the constituents of organizations at a strategic level by building on the natural-resource-based view (NRBV) and the resulting competences and capabilities. In M&As, these resources and capabilities are managed through a variety of forms of acquisition integration comprised of sets of integration mechanisms. M&As occur in a range of strategic contexts and consequently many forms of integration are possible. Accordingly, there is a need for a mode of inquiry examining acquisition integration that can encompass a wide variety of forms, is holistic across a range of possible integration mechanisms and can provide insights. A configurational mode of inquiry can accommodate the complexity of the mechanisms, capabilities and resources, including natural resources, which constitute acquisition integration. A configurational approach emphasizes a holistic synthesis of elements and highlights the importance of thinking of M&As in terms of patterns. A configurational approach offers tools for considering M&As such as analyzing the thematic coherence of integration and enables the inclusion of sustainability into the logic of organizations. Full article

(This article belongs to the Special Issue Mergers and Acquisitions Processes and Sustainability)

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