Recent trends in the study of merges and acquisitions

123 1, XVIII, 2015 Finance DOI: 10.15240/ ul/001/2015-1-010 In oduc ion In he p esen globalized wo ld, in es men s play a key ole. Bu he in e na ional fi nancial c isis has a ec ed bo h he cou se o hese fl ows and hei in ensi y. In es o s ha e econside ed hei posi ions and s a egies on he ma ke . The e a e mo e op ions o in es o s o place hei money and o de elop. Ou o hese op ions, an impo an pa o he in es men fl ows happens h ough me ge s and acquisi ions. This is no necessa ily linked o he numbe o such p ocesses aking place, bu i is mo e ela ed o he sums o money ha a e ansac ed in me ge and acquisi ion ope a ions. As Fe ei a e al [10] poin ou , his ype o ope a ions has become an impo an ins umen o ac i i y in e na ionaliza ion. This aspec was emphasized in he fi eld’s li e a u e om he beginning o his millennium. Consequen ly, di e en cul u al, economic, social and legal en i onmen s mee . This is a e y impo an ea u e o he me ge s and acquisi ions ha , inco ec ly ea ed, could lead o he ailu e o such an ope a ion. Bu me ge s and acquisi ions also ake place a a domes ic le el. Rega dless o he geog aphical space in which hey occu , he e a e se e al goals in me ging wi h o acqui ing ano he company. Some o he mos impo an a e ela ed o:  o e coming legal ba ie s o en e ing a na ional ma ke ,  access o esou ces,  cheape wo k o ce,  en o cing he posi ion on he ma ke ,  lowe ing compe i ion, e c. Me ge s and acquisi ions a e complex p ocesses ha , as shown ea lie , need o be e y well unde s ood and planned in o de o be success ul. F om he e comes he need o con inuous knowledge abou he fi eld’s li e a u e. Howe e , he fi eld’s li e a u e is wide and a lo o ime would be needed o consul ing all he in o ma ion on he ma ke . As shown in he S a is ics pa , when checking he Web o Knowledge pla o m, mo e han 200 a icles we e ound wi h he specifi c subjec o me ge s and acquisi ions only in 2014. To ease he wo k o esea che s and p ac i ione s in he fi eld, he goal o his a icle is o p esen he la es ends in he s udy o me ge s and acquisi ions h ough a b ie li e a u e e iew o he pape s published in 2014. This comes o comple e he wo k o o he s who e iewed he me ge s and acquisi ions li e a u e o di e en pe iods o ime. In his espec i is no ewo hy o men ion he wo k o [10] who poin ou he e olu ion o he subjec s ea ed by au ho s in he fi eld’s li e a u e. Addi ionally, hey p esen he mos ci ed pape s in o de o show newcome s in his fi eld o me ge s and acquisi ions esea ch whe e o s a om. Ou s udy is an upda e o such pape s, allowing o an easie app oach o he la es ends in me ge s and acquisi ions and hei s udy. The ollowing pa p esen s he me hodology used. We hen p esen some s a is ics ela ed o he a icles published on he subjec o me ge s and acquisi ions in 2014, based on wha we ound on he Web o Knowledge applica ion. We poin ou ha mos o hese s udies a e ela ed o de eloped economies such as he USA, he UK, Ge many o China. On he 2010–2014 anking he fi s wo de eloping coun ies ha appea in he anking a e Sou h Ko ea on he 12 h place and Romania on he 18 h. Fo he 2014 anking Sou h Ko ea is on he 13 h place and Chile on he 20 h. Consequen ly, we emphasize he need o mo e s udies on me ge s and acquisi ions ela ed o de eloping economies. In bo h cases, mos o he esea ches in his fi eld we e published in Jou nal o Co po a e RECENT TRENDS IN THE STUDY OF MERGERS AND ACQUISITIONS So in Ad ian Achim EM_1_2015.indd 123EM_1_2015.indd 123 4.3.2015 11:42:394.3.2015 11:42:39 124 2015, XVIII, 1 Finance Finance. O he ea u es a e assessed and p esen ed in his pa . Some o he mos impo an ideas ound in he fi eld’s li e a u e a e hen e iewed, summa ized and b iefl y desc ibed in o de o help esea che s in he p ocess o li e a u e e iew. The emphasis is pu on he banking sec o as om his s a ed he 2008 fi nancial c isis and i is he mos common in he la es fi eld’s li e a u e. Conclusions a e d awn om ou analysis and he mos impo an di ec ions in he s udy o me ge s and acquisi ions a e emphasized. 1. Me hodology To achie e ou goal we ha e accessed he Web o Knowledge da abase and conside ed all published wo ks ha sa isfi ed he sea ching key “me ge * and acquisi ion*”. These wo ks we e ela ed o he economic fi eld. Howe e , as we speak abou la es ends in he domain, we ha e fi l e ed he esul s based on he yea o publica ion, aking in o conside a ion pape s published in 2014. The fi nal sample is made up o 206 scien ifi c esea ches ha deal wi h he issue o me ge s and acquisi ions in 2014 and we e al eady a ailable in he Web o Knowledge da abase a he ime o ou esea ch. The fi nal da e o consul ing he da abase was No embe , 20 h, 2014. Fi s o all, we ha e desc ip i ely analyzed he pape s using he da abase’s analyzing esul s op ion. Then we ha e p oceeded in eading he pape s and g ouping hem acco ding o hei main subjec , in o de o be able o cons uc a good quali y e iew ela ed o he la es ends in he fi eld. Addi ionally, we ha e also un a esul analysis o he a icles ha sa isfi ed ou sea ching key, bu o he 2010–2014 pe iod. The eason is ha 2010 is he yea when he analysis in he s udy o [10] s ops and we wan ed o see wha happened a e wa ds. In his pa o he analysis we e e alua ed 1595 eco ds. Se e al hypo heses we e cons uc ed a he beginning o ou analysis: H1: Mos o he s udies in his fi eld a e ela ed o he de eloped coun ies. This hypo hesis comes om he ac ha he majo pa o he esea ch in any fi eld is ela ed o de eloped coun ies, as hey ha e he necessa y ools o esea ch and de elopmen . Addi ionally, companies wi h he head qua e in de eloped coun ies a e he ones ha acqui e. H2: The majo pa o he s udies ha deal wi h me ge s and acquisi ions a e published in Managemen jou nals, o belong o he Managemen ca ego y. This assump ion comes om he ac ha he manage ial g oup o a company is he one o plan a me ge o an acquisi ion and o conduc such a p ocess, bo h a p io i and pos ope a ion, including all he nego ia ion discussions. Manage s a e appoin ed by sha eholde s o ep esen hei in e es – p ofi . Howe e , pape s o his kind can also belong o he ca ego y o co po a ion s udies, as hese a e he ones ha appeal o such ope a ions. H3: An impo an pa o he sample deals wi h c oss-bo de in es iga ions. We base his hypo hesis on he ac ha c oss- bo de me ge s and acquisi ions a e much mo e impo an han he domes ic ones, as hei impac in e na ionally is mo e in ense. We also expec a lo o s udies published la ely o deal wi h:  new ways o assessing he me ge and acquisi ion p ocess,  he Eu o A ea c isis and i s impac upon he me ge and acquisi ion ma ke ,  assessmen o his issue in he banking sec o , as his was he mos a ec ed by he bank up cy o he Lehman B o he s Bank in he USA, and so on. The eason o choosing he Web o Knowledge da abase is ha i is he mos impo an one in e na ionally. The bes jou nals and he bes publishing houses ha e hei pape s ga he ed in his da abase. We ha e buil ou s udy on he p esump ion ha , who is no in he Web o Knowledge, does no exis . 2. Desc ibing he Fea u es o he Analyzed Sample In 2014, up o he momen o ou analysis, 206 s udies sa isfi ed he sea ching key “me ge * and acquisi ion*”. In o de o unde s and he ends, we ha e chosen fi s o e alua e hese s udies using he “Analyze esul s” op ion o he Web o Knowledge da abase. Based on hese esul s, he fi s assump ion is co ec – almos all he s udies in his g oup a e ela ed o he de eloped coun ies. The EM_1_2015.indd 124EM_1_2015.indd 124 4.3.2015 11:42:394.3.2015 11:42:39 125 1, XVIII, 2015 Finance absolu e sup emacy belongs o he USA, o which a e ela ed 90 o he 206 s udies, ep esen ing almos 44% o he sample. A an ex emely high di e ence comes he Uni ed Kingdom, placed he second in he anking, wi h a sha e o 13.1% (27 s udies). Ge many is on he hi d place, wi h 21 pape s (10.2% o he sample). The es o he coun ies ha e ela i e equencies lowe han 8%. Among hem a e: he Ne he lands, Canada, F ance, China, I aly, Japan, and so on. This is an impo an aspec emphasized by his esea ch – s udies assessing he issue o me ge s and acquisi ions in he de eloping coun ies a e sca ce. This is a nega i e poin in he s udy o such p ocesses as, usually, one o he pa s is loca ed in such an economy. Thusly, mo e e o s should be di ec ed owa ds e alua ing ea u es o me ge s and acquisi ions in he de eloping coun ies. An impo an ma e is ha hese coun ies may be cha ac e ized by legal, social o economic ins abili y, which change he ypical de elopmen o such a p ocess. Mo e han hal o he sample (127 s udies, ep esen ing 61.7%) we e s udies published in he fi eld o Economics. Thusly, om he poin o iew o he ca ego y, hypo hesis 2 is ejec ed. S udies published in he Managemen ca ego y come only on he hi d place as a sha e, a e he ones in Business Finance, as p esen ed in Fig 1. I he ca ego y o Ope a ions Resea ch Managemen Science is added o Managemen , i comes on he second place, wi h a sha e o a ound 38% in he olume o he sample. Hypo hesis 2 is accep ed when assessing he ype o jou nal. Mos o he esea ches in his fi eld whe e published in 2014 in managemen jou nals o in he ones ela ed o co po a ions o compe i i eness. Di e ences in his espec a e no ha signifi can as in he case o he o he cha ac e is ics analyzed. Mos o he s udies, 9, appea ed in he Jou nal o Co po a e Finance. Then comes Jou nal o Compe i ion Law and Economics (8 pape s). On he hi d place a e fi e jou nals, each o hem wi h 6 a icles on his subjec . These a e:  S a egic Managemen Jou nal,  Re iew o Indus ial O ganiza ion,  Jou nal o Financial Economics,  Jou nal o Finance,  Jou nal o Banking and Finance. They a e ollowed by o he managemen jou nals. Hassan I. is he au ho wi h he mos pape s on me ge s and acquisi ions published in 2014. As he s udy o [10] s opped in 2010, we also p esen a b ie s a is ical desc ip ion o he pe iod 2010–2014. Ou o he 1595 pape s Fig. 1: Ba cha o he mos impo an ca ego ies o which he s udies belong Sou ce: own cons uc ion based on Thomson Reu e s Web o Knowledge da a EM_1_2015.indd 125EM_1_2015.indd 125 4.3.2015 11:42:394.3.2015 11:42:39 126 2015, XVIII, 1 Finance sa is ying ou sea ching c i e ia, 25% we e published in 2011. Fig. 2 shows ha he e a e no impo an di e ences, excep o 2014. This could come om he ac ha , a he momen o he analysis, no all jou nals had hei las issue published. Howe e , excep o 2011, one can see an app oxima ely cons an numbe o a icles published on his ma e om 2010 owa ds p esen . In wha ega ds he coun y o which he pape is ela ed, no hing changes o he fi s wo anks. The USA is on he fi s place o he en i e pe iod, oo. Almos 40% o he sample is ela ed o his coun y. The Uni ed Kingdom comes he second, again, wi h a e y low sha e in espec o he USA (almos 11%). Ge many comes on he ou h place, being eplaced by China on he hi d. We p esen he fi s 10 coun ies in Fig. 3. I can be seen ha he fi s wo king hypo hesis is also accep ed o he 2010–2014 pe iod. I is no ewo hy o emphasize ha he e a e 26 pape s e alua ing his issue in ela ion o Romania (i anks 18 h). Only Sou h Ko ea is o be ound in mo e s udies (42). All o he de eloping economies a e a lowe in he anking. Fo example G eece, which was ex emely in ensely a ec ed by he global economic c ises is o be ound only on he 25 h place, wi h 19 s udies in his fi eld. Mos o he s udies we e published by Webe Y. and Ta ba S.Y. (each one wi h 10 pape s in his fi eld in he analyzed pe iod). Jou nal o Co po a e Finance is in he op o he anking, again, wi h 49 a icles. This ime, be ween i and he Jou nal o Compe i ion Law and Economics (46 pape s) is placed he Re iew o Indus ial O ganiza ion (48). In wha ega ds he ca ego y, Managemen and Business Finance swi ch places, wi h 595 and 480 s udies, espec i ely. The fi s emains he Economics ca ego y. Fig. 2: S uc u e o he s udies published on me ge s and acquisi ions based on he yea o publica ion Sou ce: own cons uc ion based on Thomson Reu e s Web o Knowledge da a EM_1_2015.indd 126EM_1_2015.indd 126 4.3.2015 11:42:394.3.2015 11:42:39 127 1, XVIII, 2015 Finance 3. The 2014 T ends in he S udy o Me ge s and Acquisi ions Subsequen o e iewing he whole sample, we g ouped he s udies based on hei main subjec . In he ollowing we b iefl y p esen some o he mos impo an o ou fi ndings. A e e alua ing he 2014 pape s, we can conclude ha he hi d wo king hypo hesis is accep ed. Mos o he s udies assess his issue om he poin o iew o c oss-bo de ansac ions. A possible explana ion is he ac ha in e na ional ansac ions a e o a much mo e in e es han he domes ic ones. Inside coun y me ge s and acquisi ions a e o mo e in e es only o he na ional ac o s on ha ma ke . Consequen ly, in o de o be published and ci ed, au ho s seek o choose subjec s ha a e o in e na ional, global ele ance. When looking o he “c oss-bo de ” exp ession in he sample analyzed, mo e han 30 esea ches we e ound. This ep esen s abou 15% o he s udies e iewed. Howe e , much mo e o hem eally assess his issue om an in e na ional poin o iew. Few a e he a icles o o he pape s ha ha e he subjec ela ed o domes ic me ge s and acquisi ions. Among hem we ound, o example, he s udy o [25] ha speaks abou he p oblem o local go e nmen s’ consolida ion in Japan. The a icle poin s ou ha go e nmen s ecei ing la ge sums o money om he cen e a e no likely o me ge. O he examples o his ype a e ela ed o he US newspape ma ke [16], he US banking sec o [8] and so on. We ha e also ound an example om a Eu opean coun y – he Ne he lands. [4] s udy he spa ial clus e ing p ocess ha appea ed due o me ge s and acquisi ions in he Du ch banking sec o . They analyze a e y long pe iod o ime, om 1850 o 1993. The fi eld’s li e a u e also speaks abou me ge wa es and hei cha ac e is ics. This heo y is o be ound in ela ion o di e en sec o s. Fo example, [31] es ima e a model o he US banking sec o o a la ge pe iod (1987 o 2013) in o de o es he heo y o me ge wa es and fi nd he causes o such wa es. They emphasize ha hese a e di ec ly ela ed o s ock ma ke booms. Me ge wa es a e also assessed om he poin o iew o connec ions and linkages be ween indus ies. The infl uence o he de elopmen o he insu ance ma ke upon he hospi al me ge wa e in he 1990s is e alua ed by [30]. Wa es o consolida ion a e also assessed in he insu ance sec o alone (see, o example, [34]). Me ge s and acquisi ions a e expec ed o happen in o de Fig. 3: The op 10 coun ies o which s udies a e ela ed o he 2010–2014 pe iod Sou ce: own cons uc ion based on Thomson Reu e s Web o Knowledge da a EM_1_2015.indd 127EM_1_2015.indd 127 4.3.2015 11:42:394.3.2015 11:42:39 128 2015, XVIII, 1 Finance o es uc u e and consolida e he Eu opean insu ance sec o a e he ha monized Sol ency II amewo k ha is abou o be pu in o p ac ice. An impo an s udy comes o emphasize he g owing signifi cance o companies om eme ging economies in he M&A p ocess ([29]). They poin ou ha an impo an ea u e o he p esen M&A wa e is he infl uence o employees on he esul s o he p ocess. These esul s we e ob ained h ough a labo a o y expe imen and, beside he g owing impo ance o he companies’ size, hey also emphasize he inc easing weigh o he cul u al issues in he me ge s and acquisi ions. O he s udies come o poin ou he g owing impo ance o cul u al-based s a egies. This is a end in he s udy o co po a e go e nance. A well de eloped cul u al s a egy inc eases he pos acquisi ion pe o mance and e fi ciency [21]. Addi ionally, [36] s ess he need o conside ing cul u al di e ences when cons uc ing he M&A s a egies. The pe o mance o me ge s and acquisi ions canno be anymo e explained in a simple manne . Ano he aspec ea ed by his s udy is he impo ance o he manage ial eam upon he M&A e fi ciency. [2] also assess cul u al issues. Thei esul is ha M&A success is di ec ly ela ed o cul u al fi . A new app oach is in oduced by [12] – lea ning by obse ing. They show ha cul u ally di e en companies can me ge o be in ol ed in an acquisi ion p ocess in a mo e e fi cien way by s udying he p oblems encoun e ed by hei p edecesso s on a specifi c ma ke . P oblems ela ed o spa ial and cul u al dis ance a e also p esen in o he newly published s udies (see, o example, [24]). An inc easing impo ance is gi en nowadays o he e alua ion o in e media ies in he me ge s and acquisi ion p ocesses. The mos equen ly o such g oups ea ed in he la es li e a u e a e:  Manage s,  Accoun an s and audi o s,  Financial ad iso s. Thei ole is e y impo an as wha fi nally coun s is he pe o mance o he M&A p ocess and he gains ha his p ocess b ings o sha eholde s. Pe o mance, in gene al, is assessed in ela ion o boa d ea u es (see, o example [28]). The la es s udies also e alua e he pe o mance o he M&As in ela ion o he manage s’ cha ac e is ics. Fo example, [17] in es iga e he infl uence o CEOs expe ience upon he M&A pe o mance. They conclude ha fi ms wi h o me in es men di ec o s in he manage ial eam ha e a highe p opensi y o acqui e and a e mo e e fi cien in his p ocess. On he con a y, mo e adi ionalis companies, wi h conse a i e manage s a e, a e less likely o ge in ol ed in M&A ope a ions [19]. This s a emen is ue, e en hough CEOs in he acqui e company a e mo e likely o ha e inc eased compensa ions a e he acquisi ion [18]. Financial ad iso s a e also e y impo an , especially when hey ha e expe ience in he a ge coun y, while he acqui e does no . S udies such as he one o [13] confi m he ce ifi ca ion hypo hesis in he choice o consul an s o c oss-bo de M&A. T adi ional companies as men ioned be o e also ha e conse a i e accoun ing app oaches. Consequen ly, mo e adi ional fi ms om he accoun ing poin o iew a e much mo e eluc an owa ds me ge s and acquisi ions. Pos me ge accoun ing issues a e also discussed in he newes li e a u e. [6] emphasizes he di e ence be ween p e and pos ansac ion alues o asse s and e alua es he di e sifi ca ion discoun . I is in e es ing o see how he whole p ocess o accoun ing s anda diza ion based on he IFRS has a ec ed M&A pe o mance. [5] s a e ha he me ge p emium has dec eased due o in e na ional ha moniza ion o epo ing s anda ds. Beside accoun an s, audi o s also play a key ole in he M&A p ocess. This aspec is b ough in o ligh by [23] who show a signifi can dec ease in he cos s he acqui e has o bea when a Big N audi o is audi ing i s a ge company. Bu due o inc eased ma ke powe and o he Big N heo y, he audi ing ma ke is also subjec ed o M&As. The impac o hem is assessed in he fi eld’s li e a u e. S udies on his subjec ejec he hypo hesis o ma ke concen a ion upon audi ing ees [22]; [9]. 3.1 The Banking Sec o The banking sec o is highly assessed in me ge s and acquisi ions p oblems. Ou o he 206 pape s in he sample, 23 deal specifi cally wi h his sec o . Consequen ly, mo e han 10% o he sample is ela ed o he banking sec o . I is no wonde ha he Jou nal o banking and Finance is among he op in he anking based on he numbe o a icles published on he subjec o me ge s and acquisi ions. In his g oup o pape s appea mo e me ge s and acquisi ions ela ed heo ies. The e a e EM_1_2015.indd 128EM_1_2015.indd 128 4.3.2015 11:42:394.3.2015 11:42:39 129 1, XVIII, 2015 Finance se e al heo ies ela ed o he size o he banks in ol ed, o he size o he banking sec o and o changes ha appea on he ma ke once wi h he consolida ion h ough M&A. We es a e he pape o [31] ha comes wi h an in e es ing heo y – “ oo big o me ge?”. Rela ed o i is ano he s udy ha es s he idea o “ oo big o succeed” [27]. The au ho s o his s udy use a sample o Japanese bank me ge s o es he e ec o sec o ial consolida ion upon fi nancial pe o mance. I is ue ha he consolida ion p ocess b ings along mo e ma ke powe , by he p ofi and cos e fi ciency a e e y li le a ec ed. This e ec is mo e in ense when me ge s and acquisi ions o banks a e he esul o go e nmen al infl uences in pos c isis economies. In opposi ion, [33] show ha public banks pe o m mo e badly hen p i a e ones only when hey a e o ced o pu chase o he banks wi h majo p oblems. O he wise, a e me ge s o acquisi ions wi h no mal banks ha ha e insignifi can p oblems o no p oblems a all, hey ha e he same esul s as he p i a e banks. The issue o c ises appea s in o he s udies ela ed o M&A in he banking sec o , oo. Fo example, he fi nancial c isis a he beginning o he Millennium caused a concen a ion o he Tu kish banking sec o (due o liquida ions and M&As) and he de elopmen owa ds a monopolis ic ma ke [37], [32]. On he con a y, he consolida ion o he Spanish banking sec o a e he 2008 fi nancial c isis had li le impac upon cos s o he clien s [26]. [7] explain ha he esemblance be ween he Eu o A ea and he La in Ame ica c ises and he di e ence om he Asian one is due o he ac ha one o he mos impo an aspec s was a aching much mo e weigh o bank me ge s han o labo o ce mobili y as adjus men mechanism. A no el y in his fi eld is he s udy o [3] ha de elops and ea ly-wa ning model o he p edic ion o p oblems in he Eu opean banking sec o using bo h mic o and mac o-le el da a. The analysis is un on he da a o he p esen fi nancial c isis. In con as wi h he fi s wo heo ies p esen ed abo e comes he “ oo big o ail” app oach. This heo y is ound no only in he banking sec o , bu also in insu ance and o he s [11]. [11] s udy his e ec on he US ma ke o he 2001–2011 pe iod and show ha he e is no clea e idence o i , bu ha he cha ac e is ics o he acqui e a e, howe e , impo an . These cha ac e is ics a e associa ed wi h di e en isks ha can appea in he M&A p ocess and a e i . Ano he hypo hesis is o be ound in he fi eld’s li e a u e la ely is he “concen a ion- agili y” one. In [38] i is es ed along wi h he sys emic isk and confi med based on a sample o domes ic and c oss-bo de me ge s. The le el o concen a ion and consolida ion is also o in e es om he poin o iew o e alua ing i . Tha is why [14] cons uc ed indexes o measu e he le el o ma ke concen a ion in he banking sec o . These indexes could also be ansposed in o he sec o s, oo. They also e alua e he infl uence o ma ke concen a ion upon he co po a e cash holdings. The Da a En elopmen Analysis (DEA) is especifi ed by [15] in he o m o an in e se DEA o assess he e o s ha he acqui e o a me ge has o make in o de o each a ce ain le el o e fi ciency o he p ocess. The e a e o he s udies ha e alua e he p e and pos M&A si ua ion. Fo example, [1] show ha , as p e-M&A p ocess equilib ium is al e ed, e ec s a e di e en o he pa ies in ol ed in he p ocess, he economic sec o and households. A me ge in he banking sec o acili a es access o c edi o companies, bu educes i o households. [35] s udy hese aspec s on he Malaysian banking ma ke . Thei esul s a e consis en wi h he ac ha he acqui e is mo e p oduc i e in espec o i s a ge s, hing ha insu es i s posi ion in he nego ia ion p ocess. E fi ciency o bank me ge s in Taiwan is also gi en by sha eholde s [20]. The dynamism o such p ocesses is in es iga ed and pe sis en and in e empo al e ec s e alua ed. Conclusions The goal o ou s udy was o p esen he la es ends in he s udy o me ge s and acquisi ions. Analyzing desc ip i ely he s udies published in 2014, in pa icula , and he ones published in he pe iod 2010–2014 in gene al, we ha e poin ed ou ha a signifi can majo i y o hem a e ela ed o de eloped coun ies. This is ex emely impo an , as, usually, one o he pa s in a me ge o acquisi ion p ocess is loca ed in a de eloping coun y. Consequen ly, he e is an impo an need in he fi eld’s li e a u e o assess his issue om he poin o iew o he less de eloped pa . Almos all esea ches do his om he poin o iew o he mo e de eloped, mo e powe ul pa ne in he p ocess. Resea che s ha e o bea in mind EM_1_2015.indd 129EM_1_2015.indd 129 4.3.2015 11:42:404.3.2015 11:42:40 130 2015, XVIII, 1 Finance he ac ha di e en coun ies ha e di e en cha ac e is ics. Wha is sui able o one o hem may no be he bes o ano he . The e a e many examples in Economics ha no all esul s o de eloped coun ies can be 100% ansposed o he de eloping ones. Fo example, he ela ion desc ibed by he Phillips cu e is no alid o many de eloping coun ies. Changes in he app oach would also be benefi c o companies ha wan o ex end o de eloping economies. In his way hey would ha e a be e possibili y o in o m abou he ea u es o a ce ain na ional ma ke and hen plan hei ac ions acco ding o hem. Addi ionally, mos o he esea ches deal wi h c oss-bo de issues ela ed o me ge s and acquisi ions, including fi nancial in e media ies ha could ge in ol ed in such p ocesses. We hink ha domes ic e alua ion o me ge s and acquisi ions should be encou aged, as specifi ci ies o local ma ke s could be ound ou o such in es iga ions. Me ge wa es and he banking sec o occupy an impo an pa o he li e a u e assessing me ge s and acquisi ions. Fo each o he wo, we poin ed ou he la es app oaches and s udies. Fo example, we emphasize he appea ance o new indexes ha e alua e M&A e fi ciency o he le el o consolida ion o a ma ke . The ole o in e media ies in M&A p ocesses is also mo e and mo e assessed. And he e we speak abou accoun an s, audi o s o fi nancial ad iso s. A e e iewing he la es ends in he s udy o me ge s and acquisi ions based on he mos ecen ly published pape s we sugges po en ial au ho s o s a app oaching o he sec o s han he banking one, oo. This because each sec o has i s own specifi ci ies ha may be ex emely di e en , bu also ex emely impo an . Due o he limi s o such a pape , we do no conside ou s udy exhaus i e. Complemen s o i can be b ough and a e highly encou aged. Re e ences [1] BARROS, P. P., BONFIM, D., KIM, M. and MARTINS, N. C. Coun e ac ual analysis o bank me ge s. Empi ical Economics. 2014, Vol. 46, Iss. 1, pp. 361-391. ISSN 1435-8921. doi: 10.1007/s0018101206661. [2] BAUER, F. and MATZLER, K. 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