Are all mergers and acquisitions treated as if they were alike? A review of empirical literature

In this paper, we want to draw merger and acquisition scholars’ attention to the variety of settings investigated under the generic label “M&As.” We seek to answer the following question: “What are the study objects that mergers and acquisitions scholars actually investigate and refer to with the generic label “M&As”?” We will achieve this aim by conducting a detailed analysis of existing empirical research published in management journals. Through our analysis, we wish to contribute to the existing literature by examining the complexity and ambiguity behind the label “M&As,” and exploring the variety of research settings where management scholars have, thus far, used it to measure merger and acquisition performance. By doing so, we will raise scholars’ awareness of the importance of defining the scope conditions where the merger and acquisition performance construct does or does not apply.