Synergy Value and Strategic Management Inside the Black Box of Merge
This book addresses synergy management, which poses an important challenge for firms, advisors and practitioners involved in mergers and acquisitions (M&A). Synergy plays a key role in M&A contexts, both in the decision-making process and, subsequ
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Stefano Garzella Raffaele Fiorentino
Synergy Value and Strategic Management Inside the Black Box of Mergers and Acquisitions
Contributions to Management Science
More information about this series at http://www.springer.com/series/1505
Stefano Garzella • Raffaele Fiorentino
Synergy Value and Strategic Management Inside the Black Box of Mergers and Acquisitions
Stefano Garzella University of Naples Parthenope Naples, Italy
Raffaele Fiorentino University of Naples Parthenope Naples, Italy
ISSN 1431-1941 ISSN 2197-716X (electronic) Contributions to Management Science ISBN 978-3-319-40669-5 ISBN 978-3-319-40671-8 (eBook) DOI 10.1007/978-3-319-40671-8 Library of Congress Control Number: 2016951861 © Springer International Publishing Switzerland 2017 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer International Publishing AG Switzerland
Preface
Synergy management is an important challenge for firms, advisors, and practitioners involved in mergers and acquisitions (M&A). Synergy plays a key role in mergers and acquisitions (M&A), first, in the decision-making process and, then, in the integration step. However, despite the synergy value is commonly regarded as one of the M&A success factors, scholars show that firms generally fail in the achievement of expected synergy. There is a lack of comprehensive models of synergy management in the literature: the assessment of synergy value is a “black box” for both scholars and practitioners. Our aim is to provide a comprehensive framework of synergy management by the integration of findings from prior research and several disciplines. This framework highlights the main dimensions of synergy management in mergers and acquisitions, the common pitfalls, and new models and tools to overcome these pitfalls. Therefore, the book, on one hand, enriches M&A literature and suggests insights for scholars and, on the other,
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