THE EFFECT OF AMBIGUITY IN THE PERFORMANCE OF MERGERS AND ACQUISITIONS

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dc.contributor.advisorSharfman, Mark
dc.contributor.authorMcManus, Brandi
dc.contributor.committeeMemberBolino, Mark
dc.contributor.committeeMemberShaffer, Margaret
dc.contributor.committeeMemberBradley, Bret
dc.contributor.committeeMemberChidabaram, Laku
dc.date.accessioned2019-06-26T21:50:35Z
dc.date.available2019-06-26T21:50:35Z
dc.date.issued2019-08
dc.date.manuscript2019-04-16
dc.description.abstractMergers and acquisitions rarely deliver on expectations, yet organizations continue to pursue these strategic decisions. Scholars have researched acquisitions extensively as decisions under risk (Kumar, Dixit, & Francis, 2015) but decision theorists define decisions under risk as decisions where alternatives come with known outcomes and probabilities. In real-world decisions, such as mergers and acquisitions, our knowledge of possible outcomes and their probabilities is rarely complete. Examining acquisitions as decisions under risk may have led researchers to incorrect conclusions or given an incomplete view of these critical strategic choices. In this research, I suggest that mergers and acquisitions are decisions made under ambiguity, or situations where outcomes and probabilities are only partially known (Knight, 1921; Raiffa, 1957; Takemura, 2014). Examining acquisitions as decisions under ambiguity may allow for further understanding of this phenomenon, as well as, how and why so many acquisitions fail. In this study, I conducted an initial qualitative study to identify and confirm sources of ambiguity. Using the information gained from study 1, I examined 140 acquisitions using archival data to study the relationship between ambiguity and acquisition performance. I also examined the role of the size of the acquisition and the decision-maker’s experience with acquisitions in this relationship.en_US
dc.identifier.urihttps://hdl.handle.net/11244/320362
dc.languageen_USen_US
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectStrategic Decision Makingen_US
dc.subjectMergers and Acquisitionsen_US
dc.subjectAmbiguityen_US
dc.subjectRisken_US
dc.thesis.degreePh.D.en_US
dc.titleTHE EFFECT OF AMBIGUITY IN THE PERFORMANCE OF MERGERS AND ACQUISITIONSen_US
ou.groupMichael F. Price College of Businessen_US
shareok.nativefileaccessrestricteden_US

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