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4IJCMVol.2,No.1&2,1992ResearchonMergerPerformance:AReviewandaCritiqueRamSubramanianBahmanEbrahimiMaryS.ThibodeauxInrecenttimestherehasbeenanexplosioninthenumberandvalueofmergersandacquisitions.Thepressingquestionthatisarguedbybothmanagersandacademiciansrelatestotheperformanceofthesehighvaluedecisions.Thispaperexaminestheliteraturerelatingtotheperformanceofmergersandacquistionswithaviewtothrowingsomelightonthequestion.Criticismsoftheexistingliteratureareprovided,asalsoarespecificrecommendationsforfutureresearchsuchasincludingmorelongitudinalinsteadofcross-sectionalstudies.IntroductionEversinceGlueck(1980)categorizedafirm'soverallgrandstrategyasachoicebetweenfouralternatives—stability,internalgrowth,externalacquisition,andretrenchment,severalresearchershaveattemptedtoandhavesucceededinestablishingalinkbetweentheexistenceofagrandstrategyandfirmperformance(e.g.Pearce,1981;Pearce,Robbins,andRobinson,1987).Astrategyofstabilityinvolvespreservingthestatusquowhiletryingtomakethefunctionalareasmoreefficient.Astrategyofinternalgrowthemphasizesproductdevelopmentfromwithinthecompany,whilearetrenchmentstrategyattemptstoimproveorganizationalperformancebydownsizingitsoperationsand/orpersonnel.Astrategyofexternalgrowthinvolvesjointventures,mergers,andacquisitions.Whilemergersandacquisitionshaveexistedsincetheturnofthecentury,the1980ssawtheiremergencetotheforefront(intermsofnumbersanddollarvalue)ofstrategicchoicesforgrowth.Intheyear1989alonetherewereatotalof3,412corporatemergersandacquisitionsvaluedatover$230billion(MergersandAcquisitions,1990).Inadditiontothelargenumberandtotalvalue,thesizeofindividualmergershasalsoskyrocketed.WhilethevalueofR.J.Reynold's1985mergerwithNabiscoBrandstotalled$4.9billion,the1988mergerbetweenPhilipMorrisandKraftGeneralFoodswasa$13.4billiontransaction(AdamsandBrock,1989).TheobjectiveofthispaperistoIJCMVol.2,No.1&2,19925reviewtheliteratureonmergerperformance.Towardthis,thefirstpartofthepaperwillprovideahistoricaloverviewofmergers,whilethesecondpartdiscussestheextantresearchonmergerperformance.Next,thepaperwillcriticallyexaminethemethodologyandfindingsofthesestudies.Finally,suggestionsforfutureresearchwillbeprovided.HistoricalOverviewApartfromprovidingameansofgrowth,mergersandacquisitionsalsoresultfromothermotivations.Mergersareoftenjustifiedonthegroundsthattheymoveassetscontinuallyintothehandsofthosemanagerswhocanemploythemefficiently.Infact,thisistherationaleformosttake-overbids.Inaddition,manyconsidermerger-inducedrestructuringasabsolutelynecessaryifAmericanindustryistoachieveproductionefficiency,technologicalleadership,andcompetitivenessinworldmarkets(AdamsandBrock,1989).Suchrestructuringiswhatmanyconsiderapanaceaforkeepingtheeconomybothnormalandhealthy.History,however,revealsresultsthatdonotsupportmostjustificationsformergers.TheUnitedStatesSteelCorporationwascreatedin1901byconsolidatingelevenmajorsteelcompanies(AdamsandBrock,1989).Thefirstpresidentofthecompanyassuredthenation'spopulacethattheconsolidationwasmotivatedbytheneedtoincreasetheefficiencyofsteelproductionaridthattheconsolidationwouldbenefitamyriadofstakeholders,includinginvestorsandcustomers.Partlyasaresultoftheseconsolidationmoves,bythe1980s,thecompanyhadbecomeacolossusofinefficiency,unabletocompetewithefficientlyrunforeignfirmsandreducedtoseekingprotectionfromthefederalgovernment.GulfandWestern,InternationalTelephoneandTelegraph(ITT),GeneralMills,andBeatriceareallwell-knownexamplesofcompaniesthatwereonceenamoredwiththemergergamebutlatertotallydisillusionedbytheresults.GulfandWesternsold60businesses,ITTsoldapproximately100,andGeneralMillssold26afteritbecameapparenttomanagementthattheiracquisitionswerenotworkingout(Weston,ChungandHoag,1990).6IJCMVol.2,No.1&2,1992fromthetable,theaveragevalueofmergershasshownamorethan300%increaseoverthenine-yearperiod.Table1TrendsinMergerActivity1980-1988Year198019811982198319841985198619871988Number156523262296238731583428432337013487Percent5.878.728.618.9511.8412.8516.2113.8813.07TotalValue($billions)33.067.360.452.8126.0145.4204.4167.5226.6Source:AdamsandBrock(1989).Change%-+103.9-10.3-12.6+138.6+15.4+40.6-18.1+35.3Ind.Value($millions)21.0928.9326.3122.1239.9042.4247.2845.2664.98TheanticipatedunificationofEuropeanmarketsin1992hasusheredinaspateofmergersandacquisitionsinternationallyascompaniesattempttoestablishabeachheadinwhatpromisestobealargeandlucrativemarket(Spellman,1988).Japan,whichhadpreviouslyevidencedonlyaminorinterestinthemergerandacquisitionsgame,reportedlyacquired$5.5billionworthofUnitedStatescompaniesin1988(TheEconomist,1988).MeasuringthePerformanceofMergersandAcquisitionsThe1980ssawmorethan30,000mergerswhichwerevaluedatover$1300billion(MergersandAcquisitions,1990).Thisisinmarkedcontrasttothemergeractivityofthe1950s,the1960s,andthe1970s,wherethenumberswererelativelymoremodest(MichelandShaked,1985).TherecentincreaseinactivityinthemergersectorhasresultedinasignificantIJCMVol.2,No.1&2,19927bodyofliterature.Muchofthisliteratureisdevotedtomeasuringmergerperformance.Atfirst,thesubjectwasalmo