Why good things don’t happen:the micro-foundations of routines in the M&A process

Angwin, Duncan and Paroutis, Sotirios and Connell, Richard (2015) Why good things don’t happen:the micro-foundations of routines in the M&A process. Journal of Business Research, 68 (6). pp. 1367-1381. ISSN 0148-2963

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Why do organizations reject favorable opportunities - why don't good things happen? To address this question, we examine companies that fail to proceed with major opportunities for strategic renewal. By focusing upon routines in 28 cases of reverse mergers and acquisitions decisions across three continents, the research uncovers the centrality of a hitherto overlooked process, the authorization routine. The characteristics of this routine, and its nested nature, are shown to be critical to whether favorable opportunities are progressed. These findings contribute to the mergers and acquisition literature by extending prior process models and to the routines literature by showing how links and interactions between different layers of routines, and the nature of the routine enactment itself, are important in affecting strategic outcomes.

Item Type:
Journal Article
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Journal of Business Research
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Date of Acceptance: 16/12/2014 18 month embargo This is the author’s version of a work that was accepted for publication in Journal of Business Research. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Journal of Business Research, 68, 6, 2015 DOI: 10.1016/j.jbusres.2014.12.007
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21 Oct 2015 14:20
Last Modified:
22 Nov 2022 02:27