Non-financial motivations in mergers and acquisitions: The Fiat–Ferrari case

Maran, L. and Parker, L. (2021) Non-financial motivations in mergers and acquisitions: The Fiat–Ferrari case. Business History, 63(4), pp. 606-667. (doi: 10.1080/00076791.2019.1597854)

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Abstract

Most studies of mergers and acquisitions focus on the financial motivations (‘synergy’) of the acquiring and acquired firms, as well as managers’ self-interest and overconfidence. Few studies consider the contextual contingencies that motivate a merger and acquisition. This study examines non-financial motivations that drove the 1969 Fiat company’s acquisition of the Ferrari company. The financial records and historical context surrounding this acquisition are analysed through an institutional logics framework, examining annual reports, minutes of board meetings and media coverage of the acquisition. The findings suggest the acquisition was driven by family control, brand reputation and professional expertise, and that financial and accounting motivations had only marginal importance.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Parker, Professor Lee
Authors: Maran, L., and Parker, L.
College/School:College of Social Sciences > Adam Smith Business School > Accounting and Finance
Journal Name:Business History
Publisher:Taylor and Francis
ISSN:0007-6791
ISSN (Online):1743-7938
Published Online:18 August 2019
Copyright Holders:Copyright © 2019 Informa UK Limited, trading as Taylor and Francis Group
First Published:First published in Business History 63(4): 606-667
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher

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