Faktory ovlivňující tvorbu hodnoty při M & A - systematická rešerše literatury

The aim is to identify and systematize the factors influencing value creation in M&A, employing a methodological approach in the form of a systematic literature review. The final number of articles analyzed amounts to 51. The results show that board connectedness, board member homophily, CEO duality, better ESG performance of the target firm, the presence of an internal M&A team, higher voting rights, stronger anti-takeover mechanisms, good pre-acquisition performance of the acquiring firm, prior M&A experience, industry-related horizontal transactions, a well-designed national tax policy, high-quality takeover regulation, and a well-executed post-acquisition integration process, particularly one based on preserving the autonomy of the target company have a positive impact on value creation. Acquiring and target firms from emerging markets may benefit from more favorable political and legal conditions in cross-border M&A. In contrast, larger size of both the acquirer and the target, as well as cultural distance between them, tend to negatively affect value creation. Higher leverage can have either a positive or negative impact. The involvement of external advisors, level of ownership, and profitability show an ambiguous relationship to value creation. Transactions settled in cash or structured as public tender offers are associated with higher value creation. The value creation potential of cross-border transactions depends on the specific geographic region and industry context.