Dr Uma Urs
Senior Lecturer in Business and Management
Oxford Brookes Business School
Publications
Journal articles
-
Angwin DN, Urs U, Appadu N, Thanos IC, Vourloumis S, Kastanakis M
, 'Does merger & acquisition (M&A) strategy matter? A contingency perspective'
European Management Journal 40 (6) (2022) pp.847-856
ISSN: 0263-2373 eISSN: 1873-5681AbstractPublished here Open Access on RADARThis paper takes a contingency approach to investigate whether there are market performance variations for different types of M&A. Eight different types of M&A are identified in a typology based upon the conjunction of three contextual dimensions: external environmental, acquiring firm level strategy and CEO motivation. Drawing upon a sample of 1,926 domestic UK deals we evaluate the typology to determine whether the financial markets distinguish between different types of M&A. Results indicate significant market and risk-adjusted performance differences by M&A type. These confirm that a contingency approach to M&A performance has merit. We suggest that the proposed integrated typology, that recognises the importance of multiple aspects of strategic fit to M&A performance, addresses the paradox that M&A practitioners continue to pursue deals despite widespread acceptance that they result in high failure rates.
-
Angwin DN, Urs U, 'The effect of routine aggregations in post merger integration performance: whether to ‘combine’ or ‘superimpose’ for synergy gains'
Advances in Mergers and Acquisitions 13 (2014) pp.153-179
ISSN: 1479-361X ISBN: 978-1-78350-970-6 eISBN: 978-1-78350-992-8AbstractPost-acquisition integration matters for overall M&A outcome. However within this phase researchers have struggled to identify clear links between integration activities and post-acquisition outcome. This may be due to using organisational levels of analysis, where sub-organisational issues serve to confound findings. In order to unpack the post-acquisition phase, and to delve more deeply into organisations, this paper adopts a more granular perspective on integration activities by focusing upon the building blocks of organisations. Specifically we investigate ordinary routine amalgamation and their impact upon meta-routine outcome during acquisition integration. Drawing upon two longitudinal integration cases and using ‘retroductive’ analysis, two types of amalgamation are identified, namely ‘combination’ and ‘superimposition’. We find that, while the basic nature of routines, such as multiplicity and nestedness, inhibit routine amalgamation, external interference in the form of context, structural change or introduction of additional routines is needed to stabilise amalgamated routines. From our findings we are able to suggest a number of testable propositions about the factors that influence the amalgamation of routines. This empirical study contributes to the M&A literature by opening up the ‘black box’ of post-acquisition integration by providing details at a granular level of what actually happens during integrations.
Book chapters
-
Hassett M, Zsuzsanna V, Urs U, Angwin D, Nummela N, and Zettinig P, 'Cross-Border Mergers and Acquisitions from India: Motives and Integration Strategies of Indian Acquirers' in Marinova S, Larimo J, and Nummela N (ed.), Value Creation in International Business, Palgrave Macmillan (2016)
ISBN: 9783319308029 eISBN: 9783319308036AbstractPublished hereIndia is an important player regarding mergers and acquisitions (M&As) from emerging economy (EE) countries, both in terms of inward and outward foreign direct investment (FDI). After two consecutive years of decline, the gross value of cross-border M&A deals increased in 2014 by 34%, reaching US$900 billion. One key characteristic was the increasing amount of M&A deals with values larger than US$1 billion (World Investment Report 2015). Cross-border M&As from EEs, especially from China and India, have increased dramatically during the past decade (Bhagat et al. 2011; Sun et al. 2012; Nicholson and Salaber 2013). In 2014, multinational enterprises (MNEs) from developing economies alone invested US$468 billion abroad, which is a 23% increase on the previous year. According to the World Investment Report (2015), for the first time MNEs from developing Asia became the world’s largest investing group. The largest home economies for FDI in developing or transition economies were, among others, China, Hong Kong (China), Singapore, Brazil, India, Chile, Indonesia, and the Russian Federation. In India the FDI outflow increased fivefold to US$10 billion in 2014 (World Investment Report 2015).