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臺大管理論叢
第
27
卷第
3
期
187
3. Industry level: At the industry level, scholars use the perspectives of M&A wave, herd
behavior, hot political periods, environmental munificence and dynamism or market
power.
4. Country level: At the country level, scholars quote the perspectives of institutional or
cultural difference or behavioral finance.
A summary of the topics and theories related to M&A please refers to Figures 1 and 2 as
well as Table 1.
The summary of M&A literature shows that little research has investigated how TMT
overconfidence or transnational TMT affects M&A. In particular, few M&A studies related
to network/guanxi discuss how supply chains, business groups or family firms influence
post-TMT turnover and performance. Both business groups and family firms have the unique
attribute of closed networks, and are prevalent in Taiwan. A Taiwanese sample set also
involves the characteristics of weak investor protection, family control, concentrated
ownership held by the controlling shareholders, and cross holding within the business group.
After reviewing extant M&A literature, we suggested several potential issues for future
research regarding M&A by using the unique characteristics of the Taiwanese samples.
First, little previous research related to M&A and TMT turnover has focused on family
firms or business groups on their investigations. Embedded with unique family effects and
networks, family businesses have the incentive to be generous to their children by providing
them with job security (Luo and Chung, 2005; Wong, 1985). Future research could visit the
issue regarding how the family effect influences post TMT turnover and thus M&A
performance.
Second, the closed relationships among the firms within the business group have a great
effect on the strategic decision of group members. Future research may investigate how
family business groups affect the turnover of family managers after M&A, and subsequently
the post-M&A performance of the other subsidiaries within the group.
Third, based on the perspectives of the upper echelon and family effect, future studies
may discuss the orientation of technical M&A, as well as the post-performance, under family
control and governance. Finally, different types of organizational forms may have various
impacts on their rivals. Future research may further discuss how M&As by business groups
(Supply Chains) affect their rivals’ innovative performance within, as well as outside, the
business group (Supply Chain), and how M&As in a family firm affect its rivals’ innovative
performance.