Human integration following M&A: Synthesizing different M&A research streams

Sarala R.M., Vaara E., Junni P.

This paper focuses on research on the “human side” of global mergers and acquisitions (M&As). We argue that there is a need for a more fine-grained understanding of the “human side,” which requires conceptualizing M&As as practice-oriented processes. Drawing on the practice approach, we outline avenues for further research on the “human side” of global M&As. The research directions include (1) multilayered identity dynamics, (2) emotional processes, (3) participation and change agency, (4) resistance, (5) human resource management (HRM) practices and tools, and (6) new forms of communication.

Rouzies A., Colman H.L., Angwin D.

M&A scholars have generally assumed that post-acquisition integration is a self-contained process. However this ignores that this process rarely unfolds as the only ongoing initiative in an organization. We contend that post-acquisition integration is not detached from other simultaneous change processes in the organizational context and this has important implications for our understanding of how integration dynamics actually evolve. To further understand this embeddedness we examine the unfolding of a post-acquisition integration process in a company faced with an unanticipated drop in demand due to the global economic crisis. Through a qualitative, longitudinal study conducted over three years, we carried out 151 interviews to uncover the unfolding of the post-acquisition process. We find that post-acquisition integration is embedded in a set of co-evolving processes. We highlight four mechanisms (coordination, cohesion, disconnection, alienation) that arise from the co-evolution of processes that either facilitate or impede integration. Our findings contribute to our understanding of post-acquisition integration dynamics by recasting the integration process as embedded in a set of co-evolving processes that shape its unfolding.

Bauer F., Dao M.A., Matzler K., Tarba S.Y.

Value creation in acquisitions is tightly connected with actions taken during integration. However, research on integration mainly concentrates on integration typologies or on the autonomy vs. absorption debate, each stream with empirical evidence for respective benefits. We argue and give empirical evidence that there is no “one size fits all” approach for integration but rather an interdependency of the suitability of integration related decisions with the industry lifecycle. We demonstrate that beneficial or detrimental effects of degree of integration, formal, and informal coordination mechanisms are context-specific and differ significantly in growing, mature, and declining industries. We show that the degree of integration only has a significant beneficial effect in mature industries, while no effect in cases of declining and fast growing industries is observable. Here we indicate that in acquisitions with buyers in declining industries, formal coordination mechanisms are most beneficial, while in growing industries only informal coordination mechanisms are valuable.

Graebner M.E., Heimeriks K.H., Huy Q.N., Vaara E.

Mergers and acquisitions (M&As) continue to be prevalent despite frequently yielding disappointing outcomes. Postmerger integration plays a critical role in M&A success, yet many questions about M&A implementation remain unanswered. In this article, we review research on postmerger integration, which we organize around strategic integration, sociocultural integration, and experience and learning. We then lay out a research agenda that centers on expanding our understanding of processual dynamics in postmerger integration. We focus on opportunities related to temporality, decision-making, practices and tools, and emotionality.

Bauer F., King D., Matzler K.

Speed of integration is cited to be an important success factor for acquisitions. Still, there is a lack of consensus on the relationship between integration speed and performance. We separate human and task integration speed and find opposing effects for them in 116 acquisitions completed in Central Europe between 2007 and 2009. While task integration can be codified, the human aspects of organizations are more unique and tacit. As a result, acquisition experience positively moderates faster task integration, but not human integration. We also find that cultural fit between organizations only moderates the speed of task integration. Our separation of integration into different elements and consideration of moderators could explain conflicting findings on integration speed. Implications for management research and practice are discussed.

Dao M.A., Bauer F., Strobl A., Matzler K., Eulerich M.

Ahammad M.F., Tarba S.Y., Liu Y., Glaister K.W.

The current understanding of when and how knowledge transfer leads to cross-border acquisition (CBA) success is still limited. The aims of the paper are to provide new insights into the factors that facilitate or impede knowledge transfer, and to examine the impact of knowledge transfer on CBA performance. The data were gathered via a cross-sectional survey using a questionnaire on a sample of UK firms that had acquired North American and European firms. The findings indicate that knowledge transfer and employee retention have positive influence on CBA performance. In addition, organizational culture differences have a negative influence on CBA performance, but also mediate the relationship between knowledge transfer and CBA performance. No direct or mediating effect of national cultural distance has been found on knowledge transfer and CBA performance. One of the important contributions of the present paper is the development of a conceptual framework incorporating the mediating effect of national cultural distance, organizational culture differences, and employee retention on knowledge transfer and acquisition performance. Moreover, we have tested the two distinct types of knowledge transfer namely knowledge transfer in the functional area and knowledge transfer in the general management area, thus making a contribution to the existing literature on knowledge transfer in CBAs.

Durand M.

This paper explores perceptions of job changes and cross-cultural interactions in a multicultural team resulting from a cross-border merger and acquisition (M&A). It is based on a grounded qualitative study interviewing and debriefing nine managers who are experts in cross-border acquisitions (CBA). The purpose of this work is to demonstrate the relevance of Critical Incident Methodology to accessing managerial perceptions, emotions, and stress in a post-merger integration (PMI) stage. Critical incident technique (CIT) is examined from a novel perspective to capture uncovered contextual conditions of PMI and show its relevance to studying soft factors of CBA. The paper explains how CIT can be used to gain greater understanding and to reveal the “hidden” aspects of M&A systematically. Interview results are described: 22 critical incidents have been developed. Employing CIT, the conclusions focus on the insights gained from the counter-intuitive positive emotional reactions of managers to cross-border M&As.

Reynolds (née Schnurr) N., Teerikangas S.

Paralleling the rise of cross-border mergers and acquisitions (M&As) over the last decades, the academic study of the international dimensions and challenges of cross-border M&A has increased. This has led to a conceptual distinction between domestic M&As on the one hand, and cross-border M&As on the other hand. Our two ethnographic case studies on domestic mergers enable us to contradict this well-established assumption. We observe domestic mergers to be impacted by cross-border dimensions. These influences bear particular relevance on the merging organizations’ employees’ experience of the merger. In this light, the employee experience is deemed an international vs. domestic one. This leads us to posit that both academics and practitioners engaged with M&As need to bear caution with respect to the established domestic vs. cross-border divide. Our main contribution claims that in a globalized environment, purely domestic M&As are a myth. This finding bears important implications on the practice and theorizing on M&As and international management at large.

Gomes E., Barnes B.R., Mahmood T.

This study contributes to the strategic alliance literature by providing a comprehensive review of over 800 articles that have appeared in 22 leading management journals over a 22 year period. Our study reveals that (a) there has been an upward trend to publish articles on this subject over time; (b) a large proportion of these articles are empirical in nature, with a growing number of them reporting on statistical studies that consider variable association and causality; (c) in terms of their methodological rigour we have witnessed relatively larger sized samples, higher response rates and more frequent use of probability sampling; and (d) although the majority of articles were written by authors within the same country and these tended to report on alliances involving North American businesses, we find that a variety of thematic areas have emerged, with cross cultural management and other human related facets receiving greater attention in recent times. Finally, we highlight the study's limitations and based on our review, outline several avenues where future research could be undertaken.

Yildiz H.E.

This paper complements existing research on the role of cultural similarity in cross-border M&As by examining their effects in conjunction with relative status positions of merging entities. Two experimental studies with senior managers were conducted and reported. Whereas status breeds competence-based trust between acquirer and acquired unit, similarity is conducive to benevolence-based trust. Furthermore, higher status position of acquirer is shown to have significant effect on acquired unit members’ social preferences toward the former (Study1). Lastly, similarity and status are found to have distinct and joint effects on knowledge transfer in M&As, which designate an interesting tradeoff between acquired unit members’ perceptions of the credibility of the acquirer and the usefulness of the advice it provides (Study 2). Theoretical and practical implications of the findings are discussed.

Bauer F., Matzler K., Wolf S.

Cultural differences are an important issue for cross-border M&A. Empirical evidence for the impact of cultural differences on M&A performance is mixed. A major reason for these inconclusive results relies on integration. One main motive for cross-border transactions is the acquisition of innovative capabilities. In a study of innovation-driven M&A in the German-speaking part of Europe, we find different effects of human and task integration on the innovation outcome after the transaction. While human integration (i.e., the creation of a shared identity and satisfaction among the employees from both organizations) is rather destructive, task integration (i.e., the transfer and sharing of resources and capabilities) is beneficial for innovation output. Furthermore, the integration-innovation performance relationship is moderated by national cultural differences. While national cultural differences have a downward curvilinear slope moderating the effect of human integration to innovation, we find a clear inverted U-shaped slope moderating the effect for task integration. Both effects indicate that cultural similarity is more beneficial in the case of innovation-driven M&A with targets in Central Europe.

Rao-Nicholson R., Khan Z., Stokes P.

This paper examines the impact of leadership on targets’ employee psychological safety (EPS), characterized by employees’ expectation of job and remuneration stability, during the cross-border mergers and acquisitions (M&As) by emerging market multinational companies (EMNEs). The M&As by Indian and Chinese companies forms the empirical context of this study and the case survey method is used to examine the effect of leadership on EPS. The results show that the EMNEs’ leadership visibility during the M&A process has no impact on the EPS, whereas, the trust in the EMNEs’ leadership has positive effect on the EPS. The deal status has a moderating effect on the leadership visibility and positively affects the EPS. This research finds evidence of target country differences in terms of the effect of EMNEs’ leadership on EPS and limited evidence of such effect for acquirer nationality differences.

Angwin D.N., Meadows M.

The post-acquisition integration phase is widely recognized as critical to the M&A process. However post-acquisition typologies suffer from inadequate empirical support or lack of comprehensiveness. This empirical paper responds to calls for methodological pluralism in M&A research, and uses a mixed method to assess the robustness of a leading post-acquisition integration typology. Through multiple cluster analyses, different post-acquisition strategies are identified and qualitative techniques allow them to be further explored. This approach overcomes some limitations of single method research in M&A and results in a more robust, fine-grained and extended post-acquisition typology. It enables a more nuanced perspective on the coexistence of exploration and exploitation gains with implications for practitioners and researchers.

Sarala R.M., Junni P., Cooper C.L., Tarba S.Y.

Sociocultural factors are important determinants of merger and acquisition (M&A) outcomes. Despite advances in this field, our understanding of sociocultural factors in M&As remains incomplete. In particular, the roles of sociocultural interfirm linkages, HR flexibility, and organizational cultural differences in M&As require further elucidation. The present article contributes to the M&A literature by further clarifying the multifaceted role of these sociocultural factors in M&As. We suggest that sociocultural interfirm linkages (complementary employee skills, trust, collective teaching, and cultural integration) between the merging firms influence the level of knowledge transfer in M&As. Furthermore, we argue that HR flexibility (flexibility in employee skills, flexibility in employee behavior, and flexibility in HR practices) is vital for the development of the above-mentioned sociocultural interfirm linkages in M&As. Finally, we maintain that organizational cultural differences are important antecedents of HR flexibility in M&As.

Durand M., Thomas M., Díaz-Pichardo R.

Maani J., Dunstan Rajkumar A., Barik N.

PurposeMergers and acquisitions (M&A) are increasingly being adopted as a strategic approach to consolidating financial institutions and banks, with a focus on enhancing capital strength, broadening business operations and maintaining financial stability. Operational efficiency within the banking sector is crucial for effective functioning and delivering quality services to customers. This study analyzes the efficiency of large-scale mergers involving several Indian public sector banks announced between 2016 and 2019.Design/methodology/approachThe study used Data Envelopment Analysis (DEA), Logistic Regression, Malmquist Productivity Index (MPI) and Stochastic Frontier Analysis for the analysis purpose.FindingsThe results from DEA indicate that the average efficiency of merged public sector banks improved post-merger, with four out of six banks achieving technical efficiency in the post-merger period. However, efficiency varied, with OTE scores ranging from 65.8 to 100%. The SFA analysis shows that loanable funds are key drivers of both interest and non-interest income, while significant inefficiencies, particularly in labor, require attention. Physical capital plays a secondary role in income generation. The Malmquist productivity index analysis reveals a 1.6% average productivity growth in the post-merger year Y+1, driven by technological change, with positive TFP in Y+1 and Y+2 and a decline in Y+3. Only four of the six merged banks, namely Bank of Baroda, Union Bank of India, Canara Bank and Punjab National Bank, achieved positive TFP growth, primarily due to improvement in technical efficiency. Additionally, the logistic regression analysis indicates that asset quality and size have statistically significant regression coefficients in predicting operational technical efficiency (OTE).Originality/valueThis paper will contribute to the existing literature of banking, mergers and acquisitions and financial economies.

Strobl A., Bauer F., Shepherd N.G., Lou B., Tarba S.Y., Dao M.A.

AbstractDynamic capabilities are crucial for firm survival and success, but to survive and succeed firms must manage multiple higher‐ and lower‐order dynamic capabilities that can be complementary, but also conflicting. Utilizing human resource (HR) signalling theory, we provide new theoretical insights into the conditions, mechanisms and reasons why merger and acquisition (M&A) capabilities (a lower‐order dynamic capability) and organizational agility (a higher‐order dynamic capability) are sometimes complementary and at other times contradictory during acquisition integration. Our theory disentangles the interaction between these capabilities and explains how they act as a double‐edged sword. We test our theory development using survey data from 91 acquisitions taking place in Germany, Austria, Switzerland and Lichtenstein. Our results show that conflicting HR signals from M&A capabilities and organizational agility cause acquirer–target conflict, complicating post‐merger integration and hindering knowledge transfer, while complementary signals enhance knowledge transfer. The findings provide important implications for the M&A, HR management and dynamic capabilities literature, as well as valuable insights for M&A practitioners.

Durand M., Very P.

Purpose Cultural friction (CF) was introduced by researchers to overcome the issues and challenges of cultural distance measurement in the context of cross-border mergers and acquisitions (CBMAs). However, this construct has proved itself to be problematic to operationalize. To address this challenge, this paper aims to elaborate on a CF measurement instrument based on individual perceptions in CBMAs. This study used a microfoundation approach to measure CF, relying on managers’ interactions in CBMA settings. Design/methodology/approach To develop and validate a CF measurement in the context of CBMAs, this study followed a classical procedure including items development, lab tests and one field-study and an assessment of the construct validity. Findings The final instrument developed for measuring CF is composed of six critical incidents with three associated items each. The factor analysis revealed that the scale used in the field-test measures two factors of CF: internal and external. Reliability and discriminant validity are tested, demonstrating a good discriminant validity of “external” CF. The final measurement can be used as a valid and reliable scale in further studies to assess CF in the context of CBMAs. Originality/value This paper’s originality lies in developing and validating a CF measurement instrument that does not rely on cultural distance frameworks. The resulting scale shows the interest in considering micro-individual perceptions – the microfoundation level – for analyzing an organizational phenomenon as culture in CBMA contexts. Using a micro-founded approach, this study offers promising avenues for researchers who wish to study cultural interactions in international settings.

McGrath P.J.

PurposeAlthough corporate restructuring has the potential to provide performance benefits to firms, it can also bring upheaval and challenges to the restructuring firms’ employees. Further, the frequency of corporate restructuring across the business landscape shows no signs of abating. The purpose of this review paper is to identify and synthesize what is known about the selection, implementation and outcomes of the human resource management (HRM) practices that firms deploy in the context of corporate restructuring, with the additional aim of distilling fertile research areas for scholars and best-practice guidance for practitioners.Design/methodology/approachThis paper is based upon a systematic review of 110 articles published in highly-ranked, peer-reviewed journals from 2003 to 2023.FindingsThis review surfaces the predominant ability-, motivation- and opportunity-enhancing HRM practices employed by restructuring firms. It further elucidates the major themes and challenges associated with the use and outcomes of these practices across firms and restructuring settings. The analysis illuminates gaps and opportunities in the literature to suggest future directions for the study of HRM practices and corporate restructuring.Originality/valueThis paper identifies, categorizes and integrates the extant literature on HRM practices and outcomes in corporate restructuring, which is a topic that is salient to both researchers and managers. Papers are classified using the Ability, Motivation and Opportunity framework. An inclusive definition of corporate restructuring, which includes organizational, portfolio, governance and financial restructuring, is applied across two decades of research to provide a comprehensive and holistic assessment.

Valenzuela M.A., Taras V.

Manole E.C., Curșeu P.L., Olar N.I., Fodor O.C.

This study examines how positive beliefs about organizational changes during a foreign acquisition case influence organizational identification, perceptions of ethical organizational culture, and individual performance seven months post-acquisition. By integrating theories of social identity and organizational change, we offer a new perspective on how positive perceptions of change influence key outcomes following mergers and acquisitions (M&As). Using a cross-lagged design with two cross-sectional datasets within a high-intensity telecommuting organization in Romania, we found that viewing change positively significantly enhanced organizational identification, perceptions of ethical organizational culture, and individual performance. These findings highlight the crucial role of effectively managing the narrative surrounding change processes and enhancing employee perceptions in successful organizational integration following M&As.

Öberg C.

ABSTRACTCurrently, we are witnessing firms engaging in acquisitions to explore new business models. However, despite operating within similar industry sectors, integrating these business models can be challenging. Beyond the mere integration of operational aspects, this paper argues that business model integration should encompass two crucial dimensions: the integration of market architectural strategies and the assimilation of mindsets that drive market operations. The paper constructs a typology for business model integration, grounded in the integration of market architectural strategies, and mindsets and illustrates the types through international acquisition examples. The paper contributes to existing research by exploring integration within the context of business model acquisitions. The division into market architectural strategies and mindset advances past understanding of business models. The conceptualization of “value‐creation culture” extends the boundaries of past acquisition research and underscores the significance of mindsets associated with new business models.

Thelisson A.

AbstractThe frequency and scale of mergers and acquisitions (M&A) have significantly increased in the last two decades, in spite of continuous reports on their high failure rates. M&A scholars call for insights to be sought on the merger process to help understand the complexity of these operations and decrease their failure rate. M&A scholars advocate paying attention to institutional logics' configuration shaping a firm's decisions to grasp merger process complexity. Institutional studies show how specific logics have a powerful influence on the strategic decisions and priorities of organizations. Yet, few studies have empirically combined multiple levels by framing logics' configuration fostering specific strategic decisions. This study addresses this issue. Using a longitudinal case study, we analyze how institutional logics' configuration at organizational and inter‐organizational levels supports firms' strategic decisions to merge and to end the deal. We demonstrate that despite the alignment of logics at the organizational level, the multiplicity of logics at the inter‐organizational level led to deal failure.

Mao D., Rao-Nicholson R., Zhang C., Wang Y.

As mergers and acquisitions (M&A) increasingly become a staple in emerging markets, understanding the role of leadership in these activities is paramount. Despite the proliferation of research on M&A integration and leadership's impact on performance, there is a notable scarcity of studies that integrate these elements into a unified framework, particularly within non-Western contexts. Addressing this gap, this study constructs and empirically tests a framework that evaluates the influence of brand-specific transformational leadership (TFL) on M&A performance in China. Utilizing a sample of 295 respondents from B2B markets, the research confirms the significant role of brand-specific TFL in enhancing M&A integration. A direct correlation was established between the degree of integration and improved employee satisfaction and engagement, reduced top management team (TMT) turnover, and overall M&A success. However, the speed of integration did not show a significant impact on these outcomes. These findings underscore the critical role of transformational leadership in shaping successful M&A strategies, particularly in emerging markets. The study not only contributes to the theoretical understanding of how specific leadership styles influence M&A outcomes but also offers practical guidance for corporations in emerging economies to design more effective integration strategies by focusing on leadership development and branding alignment.

Durand M., Lamotte O., Thomas M.

Purpose This study aims to address a significant gap in the literature by exploring the individual nature and microfoundation perspective of cultural friction during the integration phase following cross-border mergers and acquisitions (CBMAs). It focuses on the role of face, a pivotal facet of interactions within Asian organizations, elucidating its importance in post-M&A integration outcomes. Design/methodology/approach Using a conceptual approach, this study draws on three bodies of literature, namely, cultural friction, microfoundations and face concerns. It reconsiders cultural friction as a microfounded construct and introduces face concerns as a pivotal element to understanding the challenges faced by managers at the forefront of CBMAs involving Asian companies. The conceptual approach is illustrated with examples for the world of practice. Findings This research makes two significant contributions to the fields of CBMAs and cultural friction. First, it demonstrates the relevance of the concept of cultural friction at the individual level, shedding light on the complex post-CBMA integration process. Second, this study demonstrates the critical role of face concerns in the sociocultural integration following CBMAs. This is underexplored in extant literature. Originality/value The crucial role of face is well known to those working in Asia. Yet academic inquiry remains underdeveloped on this issue for CBMAs. The friction derived from face concerns provides additional insights into the nature of the cultural challenges confronting managers during sociocultural integration and elucidates the micro-mechanisms influencing individuals’ responses to cultural friction. This research responds to calls to examine the human side of M&As uncovering previously neglected issues within intercultural managerial encounters.

Liu J., Meng Q., Tseng F., Sun Y.

Varshney M.

PurposeTechnology acquisition is a common phenomenon of acquiring external knowledge, but we have a limited understanding of conditions in which the acquirer integrates the target or not. On one hand, the acquirer may have a policy to integrate the target to benefit from its prior knowledge. On the other hand, the target may face challenges in continuing its knowledge creation and the acquirer may want to provide it autonomy to not disrupt it. This paper aims to identify conditions in which targets tend to be less integrated after acquisitions, allowing them to maintain more autonomy and contribute more to knowledge creation.Design/methodology/approachWe test our arguments in the empirical setting of the global biopharmaceutical industry using a difference-in-difference approach on a longitudinal dataset of matched patents. We examine self-cites received by patents belonging to acquirers and the targets before and after the acquisitions.FindingsWe find that, on average, the targets’ prior patents do not receive more self-cites after the acquisition. We conclude that this is because their R&D activities are disrupted, suggesting a higher level of post-acquisition integration. However, more nuanced findings reveal that it may not be the case all the time. When the target has more research experience, is international or is specialized in complementary technologies, prior patents of targets continue to receive more self-cites after the acquisition. It indicates that the targets in such conditions continue knowledge creation, suggesting a lower level of post-acquisition integration.Originality/valueOur findings contribute to post-acquisition integration research. While post-acquisition integration downside is common, we present conditions in which such a downside may be less likely. We highlight that the context of an acquisition may be an important determinant of the extent of integration of the target. Moreover, we supplement the integration research (cultural, structural and human resource and leadership perspectives of integration) by adding a knowledge-based perspective to it. Such dynamics have important implications for acquirers and targets in deriving value from the acquisition.

Thelisson A., Meier O.

Purpose Organizational resilience, defined by a firm’s speed in reaching a dynamic equilibrium after a shock and after the shocks are absorbed, and crisis management are critical in a global crisis. The concept of resilience is increasingly used in the economic press; nevertheless, few studies demonstrate empirically how firms became resilient and the lessons to be learned from it. Traditionally, the concept of resilience is approached as resistance in the face of a crisis. The authors go further by showing three-loop learning, which is part of a logic of innovation and regeneration. This study aims to examine how a business can regenerate itself by effectively managing the external threats and disruptions caused by a crisis. Also, this study deepens knowledge on learning process. The double-loop learning process is known in the literature as enabling firms to learn from unexpected events and react accordingly. The findings point out a third loop implying the co-invention of a new business model and a collective mindfulness of changes made. Design/methodology/approach Using longitudinal data, the authors investigate how the global crisis affects merger negotiations between two companies. This study analyzes the period of dialogue (negotiation) between the two entities with a view to carrying out a merger and then their withdrawal from the project during the pandemic, reshuffling the cards for each company. The negotiation period is not normally disclosed because of its highly confidential and strategic nature and it is therefore difficult for researchers to access merger operations at the negotiation stage. From this viewpoint, this case study was chosen because of the availability of generally inaccessible documentation. Findings This in-depth case study provides new insights on organizational resilience and the recovery capacity of a firm. The results underline four main triggers that a firm should develop in facing a major crisis: skills; credits; previous and historical relationships; and corporate culture. Recovery capacity depends on reactivity, flexibility, learning and regeneration. Finally, this study points out a three-loop learning experience that can be understood as a learning process in two steps to generate lasting and adaptive changes. Research limitations/implications The limitations are those concerning a single case study. Practical implications This study highlights the ability to deal with unexpected events. First, this work identifies concrete items that can be perceived by managers as elements enabling a firm to develop resilience. Second, the results show main elements enabling this capacity as reactivity – both companies react quickly and effectively to disturbances to limit the impact on their performance; or flexibility – firms adapt their business model to deal with disruptions. Third, this work underlines a learning capacity process in three steps to recover capacity. This process stimulates creativity and innovation by the teams and stakeholders by placing them at the heart of the change. Originality/value This case provides a vivid illustration of firms’ adaptation to a rapidly evolving context because of a global crisis. Theoretical concepts and empirical findings from the literature are combined to present a single consistent picture.

Kaur G., Sharma R.K.

The consistently high failures reveal that scholars need to thoroughly comprehend the intricacies of the Mergers and Acquisitions (M&A) process due to a lack of connectedness across various independent schools. This indicates the necessity to study the parameters affecting the overall M&A performance and explore linkages between them. The primary aim is to develop an integrative framework to comprehend better the interdependencies of M&A intentions, M&A phases, and their impacts on M&A performance grounded on a questionnaire survey of 100 management personnel of post-merged Indian banks. Partial Least Squares-Structural Equation Modelling (PLS-SEM) is used. Results reveal that M&A intentions significantly impact the Pre-M&A planning phase. The Pre-M&A planning phase significantly impacts the Post-M&A planning phase and Post-M&A performance. The Post-M&A planning phase significantly impacts the Post-M&A performance. The current study has various implications. It is one of the pioneering initiatives to develop and examine an integrated framework to encourage interdisciplinary research from an emerging market context. It highlights the need for an integrative approach to advance our knowledge about the intertwined dynamic relationships and M&A performance through cross-disciplinary collaboration. It claims that a multi-factor, multi-phasic, and multidisciplinary approach is essential to overcome methodological hindrances and understand the intricacies of the M&A phenomenon. The significance of intentions in structuring the Pre-M&A planning phase is also analyzed.