External M&A advisors significantly impact a firm’s M&A decisions. Do advisors impact just individual M&A projects as one-off events or do they have a lasting impact on a firm’s M&A capability in a dynamic M&A environment? Our research attempts to understand the interplay of an internal M&A...

Most merger and acquisition activities destroy value. One reason for this is that acquisition premiums tend to be too high in relation to the synergies that motivated the premiums paid. In this paper, we illustrate the performance implications of overstated synergies and develop a ten-step...

This paper analyses the role of consulting success and contingent fees as two important pillars of a theory of management consulting. In view of public criticism, contingent fees are not only considered as a possible implication of the success evaluation of consulting activities, but also as an...

Biotechnology is one of the strongest growing industries of the twentyfirst century. Yet, the sector is still young and many biotechnology firms are at an early stage of their life cycle. Thus, biotechnology and entrepreneurship are intrinsically linked together, and over the last years a...

Most merger and acquisition activities destroy value. One reason for this is that acquisition premiums tend to be too high in relation to the synergies that motivated the premiums paid. In this paper, we illustrate the performance implications of overstated synergies and develop a ten-step...

This study seeks to extend hedge fund activism research to a country where the ownership structure is dominated by large major shareholders. Until now, studies about hedge fund activism mainly treated countries with dispersed ownership structures. Using an event study with 133 German hedge fund...

Purpose – This paper aims to show how researchers can overcome problems of fragmentation and eclecticism in an important strategy paradigm, namely, the Dynamic Capabilities (DC) perspective. Design/methodology/approach – First, the explanandum of the theory of DC, conceptualized as a theory...