JoM-EMIT: new paper "Mergers & Takeovers: a memetic approach" by Vos & Kelleher

From: Bruce Edmonds (b.edmonds@mmu.ac.uk)
Date: Thu Sep 27 2001 - 10:32:29 BST

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Date: Thu, 27 Sep 2001 10:32:29 +0100
From: Bruce Edmonds <b.edmonds@mmu.ac.uk>
Organization: Centre for Policy Modelling
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Subject: JoM-EMIT: new paper "Mergers & Takeovers: a memetic approach" by Vos &  Kelleher
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                          Mergers and Takeovers: A
                            Memetic Approach

                         Ed Vos and Ben Kelleher
               University of Waikato, Department of Finance
      
    Abstract

        This paper constructively diagnoses problems within the
        current merger & acquisition (M&A) theories and provides
        an alternative theory of corporate behaviour. We contend
        that humans are the hosts for a replicating entity known as
        `memes'. Since finance based motivational studies on M&A
        activities have not established that this activity `adds value'
        to the acquiring firm, it is our thesis that certain managers
        gain power through mergers and acquisitions. Thus, M&A
        from the point of view of the acquiring firm can be seen as
        driving the evolution of ideas, shaping the flow of
        technology, information, and tastes rather than as `value
        adding'. In simple terms, managers (the meme holders) use
        mergers and acquisitions to enhance their power, and in
        gaining this power managers unconsciously provide an
        improved medium through which their memetic `stories'
        may be replicated.

        The paper first introduces popular theories surrounding
        M&As, the motivation for M&A is developed further in an
        examination of the need for managerial power, we then
        discuss how this power struggle relates to the `battlefield' of
        corporate asset allocation allowing `stories' to be told and
        replicated, and finally we ask questions and develop
        hypotheses that provide direction for future research.

    Available at:

    http://www.cpm.mmu.ac.uk/jom-emit/2001/vol5/vos_e&kelleher_b.html

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