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abstract

Mergers and acquisitions (M&As) are typically inspired by a desire for revenue growth and/or cost efficiency leading to an improvement in financial performance. Post-merger performance has received considerable research attention from scholars in finance and accounting, but the marketing dimension has remained largely unexplored. This research focuses on marketing efficiency as a measure of post-merger performance, and this is investigated via an empirical study of 20 M&A deals within the US commercial banking industry. Data Envelopment Analysis (DEA) is used to measure efficiency, employing two input and two output variables. The results demonstrate that M&A transactions do have a positive effect on the marketing efficiency of the combined firms, although the effect size is small.

5. Discussion and conclusion

M&A has been a topic of considerable interest to researchers in a wide range of disciplines for several decades. Numerous studies have been published on post-merger performance in leading Finance, Accounting and Strategic Management journals. Despite the large body of literature, it is still very difficult to draw a definite conclusion as to the effect of M&A on firm financial performance. What is even more noteworthy is that marketing performance, which is one dimension of financial performance, has remained largely unexplored. The main objective of this study was to fill this gap in the literature by examining post-merger marketing efficiency. The small number of studies that have investigated post-merger marketing performance took a narrow approach to measure post-merger performance focusing only on a single variable, either sales or market share. Furthermore, this approach meant that these studies measured the effect of M&A only on marketing outputs, while ignoring marketing inputs such as expenditure on advertising, selling and distribution. In contrast, this study measured the effect of M&A both on marketing inputs, i.e. costs, and marketing outputs, i.e.revenue, leading to an assessment of the effect on the overall marketing efficiency of the merged firms.