Conclusions
To overcome the fragmentation of the research on ISI challenges and solutions in M&As, we document, organize and structure the empirical findings of 70 research articles that collectively cover three decades of research on the topic. The research question guiding the review is: How to aggregate, organize and structure what we know about M&A ISI decisions and their outcomes?
To answer this question, we examine the independent and dependent variables investigated in the literature and the relationships among them. We identify 195 independent variables, 53 dependent variables and 619 relationships among them. Distinguishing between categories of ISI decision and ISI outcomes as dependent variables, we identify the robust research findings reported in the literature and consolidate them in a model that presents the critical factors that consistently affect ISI decisions and ISI outcomes.
We then inspect the consolidated model to identify five themes in the explanations of ISI and its effects on performance: M&A context, relational fit, human behavior, preconditions and time pressure. For each theme, we identify the core constructs, discuss the presence, or absence, of theoretical frameworks and give an illustrative example of practice. Each of the themes highlights complementary aspects of ISI dynamics. We do not claim that these five themes are the only ones relevant for ISI research. Rather, they represent points of convergence that allow us both to structure the relationships among the robust findings and to identify critical gaps in this fragmented research domain.