Despite their popularity, and dismal performance track record, mergers and acquisitions (M&A) remain poorly understood and poorly executed (Weber, Tarba and Oberg, 2014; Weber and Tarba, 2010). For example, in 2011, global M&A activity shattered previous years deal volume records and recent surveys reveal that despite the financial market crisis, executives remain upbeat about their M&A plans around the world. However, recent meta-analyses examining the most widely studied variables in the M&A literature (King, Dalton, Daily, and Covin, 2004; Stahl and Voight, 2008) have not clearly established the reasons for the high failure rate of M&As.
One reason why ...
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