3,390
Views
8
CrossRef citations to date
0
Altmetric
Research Article

Mergers and acquisitions matching for performance improvement: a DEA-based approach

, &
Pages 3545-3561 | Received 25 Jan 2020, Accepted 21 May 2020, Published online: 18 Sep 2020

References

  • Akkus, O., Cookson, J. A., & Hortacsu, A. (2016). The determinants of bank mergers: A revealed preference analysis. Management Science, 62(8), 2241–2258. https://doi.org/10.1287/mnsc.2015.2245
  • Amin, G. R., & Oukil, A. (2019). Flexible target setting in mergers using inverse data envelopment analysis. International Journal of Operational Research, 35(3), 301–317. https://doi.org/10.1504/IJOR.2019.10022710
  • Amin, G. R., Al-Muharrami, S., & Toloo, M. (2019). A combined goal programming and inverse DEA method for target setting in mergers. Expert Systems with Applications, 115, 412–417. https://doi.org/10.1016/j.eswa.2018.08.018
  • Azevedo, E. M. (2014). Imperfect competition in two-sided matching markets. Games and Economic Behavior, 83, 207–223. https://doi.org/10.1016/j.geb.2013.11.009
  • Banker, R. D. (1984). Estimating most productive scale size using data envelopment analysis. European Journal of Operational Research, 17(1), 35–44. https://doi.org/10.1016/0377-2217(84)90006-7
  • Banker, R. D., & Thrall, R. M. (1992). Estimation of returns to scale using data envelopment analysis. European Journal of Operational Research, 62(1), 74–84. https://doi.org/10.1016/0377-2217(92)90178-C
  • Bando, K., Kawasaki, R., & Muto, S. (2016). Two-sided matching with externalities: A survey. Journal of the Operations Research Society of Japan, 59(1), 35–71. https://doi.org/10.15807/jorsj.59.35
  • Bogetoft, P., & Wang, D. (2005). Estimating the potential gains from mergers. Journal of Productivity Analysis, 23(2), 145–171. https://doi.org/10.1007/s11123-005-1326-7
  • Braguinsky, S., Ohyama, A., Okazaki, T., & Syverson, C. (2015). Acquisitions, productivity, and profitability: Evidence from the Japanese cotton spinning industry. American Economic Review, 105(7), 2086–2119. https://doi.org/10.1257/aer.20140150
  • Capron, L., & Pistre, N. (2002). When do acquirers earn abnormal returns. Strategic Management Journal, 23(9), 781–794. https://doi.org/10.1002/smj.262
  • Cartwright, S. & Schoenberg, R. (2006). Thirty years of mergers and acquisitions research: Recent advances and future opportunities. British journal of management, 17(S1): 1–5. https://doi.org/10.1111/j.1467-8551.2006.00475.x
  • Cartwright, S., & Cooper, C. L. (1993). The psychological impact of merger and acquisition on the individual: A study of building society managers. Human Relations, 46(3), 327–347. https://doi.org/10.1177/001872679304600302
  • Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European Journal of Operational Research, 2(6), 429–444. https://doi.org/10.1016/0377-2217(78)90138-8
  • Chanmugam, R., Shill, W., Mann, D., Ficery, K., & Pursche, B. (2005). The intelligent clean room: Ensuring value capture in mergers and acquisitions. Journal of Business Strategy, 26(3), 43–49. https://doi.org/10.1108/02756660510597092
  • Chen, Z., Wanke, P., & Tsionas, M. G. (2018). Assessing the strategic fit of potential M&As in Chinese banking: A novel Bayesian stochastic frontier approach. Economic Modelling, 73, 254–263.
  • Chen, L., Wang, Y., Lai, F., & Feng, F. (2017). An investment analysis for China’s sustainable development based on inverse data envelopment analysis. Journal of Cleaner Production, 142, 1638–1649. https://doi.org/10.1016/j.jclepro.2016.11.129
  • Cook, W. D., & Seiford, L. M. (2009). Data envelopment analysis (DEA)-thirty years on. European Journal of Operational Research, 192(1), 1–17. https://doi.org/10.1016/j.ejor.2008.01.032
  • DeYoung, R., Evanoff, D. D., & Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 literature. Journal of Financial Services Research, 36(2/3), 87–110. https://doi.org/10.1007/s10693-009-0066-7
  • Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society: Series A (General), 120(3), 253–281. https://doi.org/10.2307/2343100
  • Gale, D., & Shapley, L. S. (1962). College admissions and the stability of marriage. The American Mathematical Monthly, 69(1), 9–15. https://doi.org/10.2307/2312726
  • Gattoufi, S., Amin, G. R., & Emrouznejad, A. (2014). A new inverse DEA method for merging banks. IMA Journal of Management Mathematics, 25(1), 73–87. https://doi.org/10.1093/imaman/dps027
  • Ghiyasi, M. (2015). On inverse DEA model: The case of variable returns to scale. Computers & Industrial Engineering, 87, 407–409. https://doi.org/10.1016/j.cie.2015.05.018
  • Halkos, G. E., & Tzeremes, N. G. (2013). Estimating the degree of operating efficiency gains from a potential bank merger and acquisition: A DEA bootstrapped approach. Journal of Banking & Finance, 37(5), 1658–1668. https://doi.org/10.1016/j.jbankfin.2012.12.009
  • Hadi-Vencheh, A., Foroughi, A. A., & Soleimani-Damaneh, M. (2008). A DEA model for resource allocation. Economic Modelling, 25(5), 983–993. https://doi.org/10.1016/j.econmod.2008.01.003
  • Kristensen, T., Bogetoft, P., & Pedersen, K. M. (2010). Potential gains from hospital mergers in Denmark. Health Care Management Science, 13(4), 334–345. https://doi.org/10.1007/s10729-010-9133-8
  • Jahanshahloo, G. R., Soleimani-Damaneh, M., & Ghobadi, S. (2015). Inverse DEA under inter-temporal dependence using multiple-objective programming. European Journal of Operational Research, 240(2), 447–456. https://doi.org/10.1016/j.ejor.2014.07.002
  • Jiang, Z. Z., Ip, W. H., Lau, H. C., & Fan, Z. P. (2011). Multi-objective optimization matching for one-shot multi-attribute exchanges with quantity discounts in E-brokerage. Expert Systems with Applications, 38(4), 4169–4180. https://doi.org/10.1016/j.eswa.2010.09.079
  • Le, D. T., Zhang, M., & Ren, F. (2018). An economic model-based matching approach between buyers and sellers through a broker in an open e-marketplace. Journal of Systems Science and Systems Engineering, 27(2), 156–179. https://doi.org/10.1007/s11518-018-5362-z
  • Liang, L., Wu, J., Cook, W. D., & Zhu, J. (2008). The DEA game cross-efficiency model and its Nash equilibrium. Operations Research, 56(5), 1278–1288. https://doi.org/10.1287/opre.1070.0487
  • Lin, Y., Wang, Y. M., & Chin, K. S. (2019a). An enhanced approach for two-sided matching with 2-tuple linguistic multi-attribute preference. Soft Computing, 23(17), 7977–7990. https://doi.org/10.1007/s00500-018-3436-y
  • Lin, Y., Yan, L., & Wang, Y. M. (2019b). Performance evaluation and investment analysis for container port sustainable development in china: An inverse DEA approach. Sustainability, 11(17), 4617. https://doi.org/10.3390/su11174617
  • Okumura, Y. (2017). A one-sided many-to-many matching problem. Journal of Mathematical Economics, 72, 104–111. https://doi.org/10.1016/j.jmateco.2017.07.006
  • Önüt, S., & Soner, S. (2007). Analysis of energy use and efficiency in Turkish manufacturing sector SMEs. Energy Conversion and Management, 48(2), 384–394. https://doi.org/10.1016/j.enconman.2006.07.009
  • Park, M. (2013). Understanding merger incentives and outcomes in the US mutual fund industry. Journal of Banking & Finance, 37(11), 4368–4380.
  • Qian, J. Q., & Zhu, J. L. (2018). Return to invested capital and the performance of mergers and acquisitions. Management Science, 64(10), 4818–4834. https://doi.org/10.1287/mnsc.2017.2766
  • Rahman, M., Lambkin, M., & Hussain, D. (2016). Value creation and appropriation following M&A: A data envelopment analysis. Journal of Business Research, 69(12), 5628–5635. https://doi.org/10.1016/j.jbusres.2016.03.070
  • Roth, A. E. (1982). The economics of matching: Stability and incentives. Mathematics of Operations Research, 7(4), 617–628. https://doi.org/10.1287/moor.7.4.617
  • Roth, A. E., & Sotomayor, M. (1992). Two-sided matching. Handbook of Game Theory with Economic Applications, 1, 485–541.
  • Salter, M. S., & Weinhold, W. A. (1979). Diversification through acquisition: Strategies for creating economic value. The Free Press.
  • Shi, H. L., Wang, Y. M., Chen, S. Q., & Lan, Y. X. (2017). An approach to two-sided M&A fits based on a cross-efficiency evaluation with contrasting attitudes. Journal of the Operational Research Society, 68(1), 41–52.
  • Shi, X., Li, Y., Emrouznejad, A., Xie, J., & Liang, L. (2017). Estimation of potential gains from bank mergers: A novel two-stage cost efficiency DEA model. Journal of the Operational Research Society, 68(9), 1045–1055. https://doi.org/10.1057/s41274-016-0106-2
  • Sørensen, M. (2007). How smart is smart money? A two-sided matching model of venture capital. The Journal of Finance, 62(6), 2725–2762. https://doi.org/10.1111/j.1540-6261.2007.01291.x
  • Steigenberger, N. (2017). The challenge of integration: A review of the M&A integration literature. International Journal of Management Reviews, 19(4), 408–431.
  • SufianMajid, M. Z. A. (2007). Deregulation, consolidation and banks efficiency in Singapore: Evidence from event study window approach and Tobit analysis. International Review of Economics, 54(2), 261–283. https://doi.org/10.1007/s12232-007-0017-2
  • Tsai, W. (2000). Social capital, strategic relatedness and the formation of intraorganizational linkages. Strategic Management Journal, 21(9), 925–939. https://doi.org/10.1002/1097-0266(200009)21:9<925::AID-SMJ129>3.0.CO;2-I
  • Vizcaíno-González, M., & Navío-Marco, J. (2018). Influence of shareholders’ support over mergers and acquisitions in US banks. Economic Research-Ekonomska Istraživanja, 31(1), 228–239. https://doi.org/10.1080/1331677X.2018.1429296
  • Wang, Y. M., Fan, Z. P., & Hua, Z. (2007). A chi-square method for obtaining a priority vector from multiplicative and fuzzy preference relations. European Journal of Operational Research, 182(1), 356–366. https://doi.org/10.1016/j.ejor.2006.07.020
  • Wang, Y. M., & Chin, K. S. (2010). A neutral DEA model for cross-efficiency evaluation and its extension. Expert Systems with Applications, 37(5), 3666–3675. https://doi.org/10.1016/j.eswa.2009.10.024
  • Wang, Y. M., & Luo, Y. (2010). Integration of correlations with standard deviations for determining attribute weights in multiple attribute decision making. Mathematical and Computer Modelling, 51(1–2), 1–12. https://doi.org/10.1016/j.mcm.2009.07.016
  • Wanke, P., Azad, M. A. K., & Correa, H. (2019). Mergers and acquisitions strategic fit in Middle Eastern banking: An NDEA approach. International Journal of Services and Operations Management, 33(1), 1–25. https://doi.org/10.1504/IJSOM.2019.099652
  • Wei, Q., Zhang, J., & Zhang, X. (2000). An inverse DEA model for inputs/outputs estimate. European Journal of Operational Research, 121(1), 151–163. https://doi.org/10.1016/S0377-2217(99)00007-7
  • Wernerfelt, B. (1995). The resource-based view of the firm: Ten years after. Strategic Management Journal, 16(3), 171–174. https://doi.org/10.1002/smj.4250160303
  • Xu, Y., Patnayakuni, R., & Wang, H. (2013). Logarithmic least squares method to priority for group decision making with incomplete fuzzy preference relations. Applied Mathematical Modelling, 37(4), 2139–2152. https://doi.org/10.1016/j.apm.2012.05.010
  • Yang, G. L., Rousseau, R., Yang, L. Y., & Liu, W. B. (2014). A study on directional returns to scale. Journal of Informetrics, 8(3), 628–641. https://doi.org/10.1016/j.joi.2014.05.004
  • Yannick, G. Z. S., Zhao, H., & Belinga, T. (2016). Technical efficiency assessment using data envelopment analysis: an application to the banking sector of Cote d’Ivoire. Procedia Social and Behavioral Sciences, 235(2016), 198–207. https://doi.org/10.1016/j.sbspro.2016.11.015
  • Zheng, S., Lam, C. M., Hsu, S. C., & Ren, J. (2018). Evaluating efficiency of energy conservation measures in energy service companies in China. Energy Policy, 122, 580–591. https://doi.org/10.1016/j.enpol.2018.08.011