Authors: Stefka Iankova


This paper presents a study on the success and failure factors that influence the mergers and acquisitions (M&A) performance. In the initial part major theoretical studies, developed in the field of strategic management, corporate finance, organisational studies and human resources are analysed. These works are used to outline ten main elements that can be considered essential for the success of the transactions. The discussed examines are founded on a number of leading theories – Agency theory, Resourced-based theory, Diversification theory, Learning theory, etc. Therefore, the empirical application of these theories is tested in the local context of the Bulgarian M&A deals. By the means of factor and regression analysis, three specific factors of successful M&A performance are empirically drawn. The conclusions are that leadership qualities of the managers, synergy of resources, and fast post-merger integration appear to be crucial for the successful performance of these strategic combinations.

Key Words: Mergers and Acquisitions, Performance, Leadership Synergy, Post-Merger Integration

JEL Classification: G34, M21

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