Asia Marketing Journal

  • 제26권1호
  • /
  • Pages.11-22
  • /
  • 2024
  • /
  • 1598-7868(pISSN)
  • /
  • 2765-6500(eISSN)
한국마케팅학회 (Korean Marketing Association)
권호 표지
DOI QR코드

DOI QR Code

Crisis to Opportunity: The Role of Consumer Awareness in Mergers and Acquisitions (M&As) during the COVID-19 Pandemic

  • Hojoon Jang (College of Business Administration, Seoul National University) ;
  • Junhee Seok (School of Business, Chungnam National University) ;
  • Jongdae Kim (School of Business Administration, Chonnam National University)
  • 투고 : 2023.05.12
  • 심사 : 2024.01.03
  • 발행 : 2024.04.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

In the uncertainty fueled by the COVID-19 pandemic, mergers and acquisitions (M&As) have emerged as key strategic responses by firms. This study explores the impact of M&As on acquirers' firm value, utilizing a firm-level panel dataset from SDC Platinum. Empirical evidence recognizes the potential negative impact of transaction value in M&As and the pandemic's effect on market uncertainty that may occasionally exacerbate the adverse influence on acquirers' firm value. The findings indicate that effective marketing strategies, such as enhancing consumer awareness through increasing advertising expenditures, can counterbalance these influences, particularly during uncertain times. This study accentuates the importance of adaptability and a responsive marketing approach in managing M&As during a global crisis. It provides valuable perspectives on consumer awareness in strategic decision-making, offering insights for both academic and business communities and focusing on actionable strategies for navigating the global market turmoil transformed by COVID-19.

키워드

참고문헌

  1. Akerlof, George A. (1970), "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, 84 (3), 488-500.  https://doi.org/10.2307/1879431
  2. Altig, Dave, Scott Baker, Jose Maria Barrero, Nicholas Bloom, Philip Bunn, Scarlet Chen, Steven J. Davis, Julia Leather, Brent Meyer, Emil Mihaylov, Paul Mizen, Nicholas Parker, Thomas Renault, Pawel Smietanka, and Gregory Thwaites (2020), "Economic Uncertainty before and during the COVID-19 Pandemic," Journal of Public Economics, 191, 104274. 
  3. Andrade, Gregor, Mark Mitchell, and Erik Stafford (2001), "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, 15 (2), 103-120. 
  4. Anthony, Scott D., Patrick Viguerie, and Andrew Waldeck (2016), "Corporate Longevity: Turbulence ahead for Large Organizations," Strategy & Innovation, 14 (1), 1-9. 
  5. Apedo-Amah, Marie Christine, Besart Avdiu, Xavier Cirera, Marcio Cruz, Elwyn Davies, Arti Grover, Leonardo Iacovone, Umut Kilinc, Denis Medvedev, Franklin Okechukwu Maduko, Stavros Poupakis, Jesica Torres, and Trang Thu Tran (2020), "Unmasking the Impact of COVID-19 on Businesses: Firm Level Evidence from across the World," World Bank Policy Research Working Paper, 9434. 
  6. Baird, Les (2023). "Global M&A Report 2023: When M&A is the Answer: In an Uncertain Market, Bold Moves will De ne the Future," Bain and Company, (accessed July 3, 2023), https://www.bain.com/insights/topics/m-and-a-report/. 
  7. Baker, Scott R., Nicholas Bloom, Steven J. Davis, and Stephen J. Terry (2020), "COVID-Induced Economic Uncertainty," National Bureau of Economic Research Working Paper. 
  8. Barbopoulos, Leonidas G., Samer Adra, and Anthony Saunders (2020), "Macroeconomic News and Acquirer Returns in M&As: The Impact of Investor Alertness," Journal of Corporate Finance, 64, 101583. 
  9. Barkema, Harry G. and Mario Schijven (2008), "Toward Unlocking The Full Potential of Acquisitions: The Role of Organizational Restructuring," Academy of Management Journal, 51 (4), 696-722. 
  10. Barraclough, Kathryn, David T. Robinson, Tom Smith, and Robert E. Whaley (2013), "Using Option Prices to Infer Overpayments and Synergies in M&A Transactions," The Review of Financial Studies, 26 (3), 695-722. 
  11. Barroso, Alicia and Gerard Llobet (2012), "Advertising and Consumer Awareness of New, Differentiated Products," Journal of Marketing Research, 49 (6), 773-792.  https://doi.org/10.1509/jmr.11.0045
  12. Bauer, Florian, Martin Friesl, and Mai Anh Dao (2022), "Run or Hide: Changes in Acquisition Behaviour during the COVID19 Pandemic," Journal of Strategy and Management, 15 (1), 38-53. 
  13. Bergkvist, Lars and Charles R. Taylor (2022), "Reviving and Improving Brand Awareness As a Construct in Advertising Research," Journal of Advertising, 51 (3), 294-307.  https://doi.org/10.1080/00913367.2022.2039886
  14. Bollyky, Thomas J., Emma Castro, Aleksandr Y. Aravkin, Kayleigh Bhangdia, Jeremy Dalos, Erin N. Hulland, Samantha Kiernan, Amy Lastuka, Theresa A. McHugh, Samuel M. Ostroff, Peng Zheng, Hamza Tariq Chaudhry, Elle Ruggiero, Isabella Turilli, Christopher Adolph, Joanne O. Amlag, Bree Bang-Jensen, Ryan M. Barber, Austin Carter, Cassidy Chang, Rebecca M. Cogen, James K. Collins, Xiaochen Dai, William James Dangel, Carolyn Dapper, Amanda Deen, Alexandra Eastus, Megan Erickson, Tatiana Fedosseeva, Abraham D. Flaxman, Nancy Fullman, John R. Giles, Gaorui Guo, Simon I. Hay, Jiawei He, Monika Helak, Bethany M. Huntley, Vincent C. Iannucci, Kasey E. Kinzel, Kate E. LeGrand, Beatrice Magistro, Ali H. Mokdad, Hasan Nassereldine, Yaz Ozten, Maja Pasovic, David M. Pigott, Robert C. Reiner, Grace Reinke, Austin E. Schumacher, Elizabeth Serieux, Emma E. Spurlock, Christopher E. Troeger, Anh Truc Vo, Theo Vos, Rebecca Walcott, Shafagh Yazdani, Christopher J. L. Murray, and Joseph L. Dieleman (2023), "Assessing COVID-19 Pandemic Policies and Behaviours and Their Economic and Educational Trade-Offs across US States from Jan 1, 2020, to July 31, 2022: An Observational Analysis," The Lancet, 401 (10385), 1341-1360.  https://doi.org/10.1016/S0140-6736(23)00461-0
  15. Brau, James, Ninon Sutton, and Nile Hatch (2010), "Dual-Track versus Single-Track Sell-Outs: An Empirical Analysis of Competing Harvest Strategies," Journal of Business Venturing, 25, 389-402.  https://doi.org/10.1016/j.jbusvent.2008.10.009
  16. Buchanan, Bonnie, Cathy Xuying Cao, and Chongyang Chen (2018), "Corporate Social Responsibility, Firm Value, and Influential Institutional Ownership," Journal of Corporate Finance, 52, 73-95.  https://doi.org/10.1016/j.jcorpfin.2018.07.004
  17. Caggiano, Giovanni, Efrem Castelnuovo, and Richard Kima (2020), "The Global Effects of Covid-19-Induced Uncertainty," Economics Letters, 194, 109392. 
  18. Cai, Ye and Hersh Shefrin (2021), "Risk and the Market's Reaction to M&A Announcements," Journal of Risk and Financial Management, 14 (7), 334. 
  19. Campbell, Joanna Tochman, David G. Sirmon, and Mario Schijven (2016), "Fuzzy Logic and the Market: A Con gurational Approach to Investor Perceptions of Acquisition Announcements," Academy of Management Journal, 59 (1), 163-187. 
  20. Capron, Laurence (1999), "The Long-Term Performance of Horizontal Acquisitions," Strategic Management Journal, 20 (11), 987-1018.  https://doi.org/10.1002/(SICI)1097-0266(199911)20:11<987::AID-SMJ61>3.0.CO;2-B
  21. Chapman Cook, Megan and Steven J. Karau (2023), "Opportunity in Uncertainty: Small Business Response to COVID-19," Innovation & Management Review, 20 (2), 162-178.  https://doi.org/10.1108/INMR-11-2021-0226
  22. Chen, Xia, Jarrad Harford, and Kai Li (2007), "Monitoring: Which Institutions Matter?," Journal of Financial Economics, 86 (2), 279-305.  https://doi.org/10.1016/j.jfineco.2006.09.005
  23. Chiu, Wen-Hong, Yuan-Shen Shih, Li-Sheng Chu, and Shieh-Liang Chen (2022), "Merger and Acquisitions Integration, Implementation as Innovative Approach Toward Sustainable Competitive Advantage: A Case Analysis From Chinese Sports Brands," Frontiers in Psychology, 13. 
  24. Cho, Sangjun and Chune Young Chung (2022), "Review of the Literature on Merger Waves," Journal of Risk and Financial Management, 15 (10), 432. 
  25. Chung, Kee H. and Stephen W. Pruitt (1994), "A Simple Approximation of Tobin's q," Financial Management, 23 (3), 70-74.  https://doi.org/10.2307/3665623
  26. Chung, Yerim and Alex Jiyoung Kim (2020), "Effects of Mergers and Acquisitions on Brand Loyalty in Luxury Brands: The Moderating Roles of Luxury Tier Difference and Social Media," Journal of Business Research, 120, 434-442.  https://doi.org/10.1016/j.jbusres.2019.11.030
  27. Clark, C. Robert, Ulrich Doraszelski, and Michaela Draganska (2009), "The Effect of Advertising on Brand Awareness and Perceived Quality: An Empirical Investigation Using Panel Data," Quantitative Marketing and Economics, 7 (2), 207-236.  https://doi.org/10.1007/s11129-009-9066-z
  28. Cording, Margaret, Petra Christmann, and David R. King (2008), "Reducing Causal Ambiguity in Acquisition Integration: Intermediate Goals as Mediators of Integration Decisions and Acquisition Performance," Academy of Management Journal, 51 (4), 744-767. 
  29. Cristea, Florin, Heide Weishaar, Brogan Geurts, Alexandre Delamou, Melisa Mei Jin Tan, Helena Legido-Quigley, Kafayat Aminu, Almudena Mari-Saez, Carlos Rocha, Bienvenu Camara, Lansana Barry, Paul Thea, Johannes Boucsein, Thurid Bahr, Sameh Al-Awlaqi, Francisco Pozo-Martin, Evgeniya Boklage, Ayodele Samuel Jegede, and Charbel El Bcheraoui (2022), "A Comparative Analysis of Experienced Uncertainties in Relation to Risk Communication during COVID19: A Four-Country Study," Globalization and Health, 18 (1), 66. 
  30. Cui, Huijie and Sidney Chi-Moon Leung (2020), "The Long-Run Performance of Acquiring Firms in Mergers and Acquisitions: Does Managerial Ability Matter?," Journal of Contemporary Accounting & Economics, 16 (1), 100185. 
  31. Cumming, Douglas, Varun Jindal, Satish Kumar, and Nitesh Pandey (2023), "Mergers and Acquisitions Research in Finance and Accounting: Past, Present, and Future," European Financial Management, February 2023. 
  32. Das, Somnath (2019), "Effect of Merger on Market Price and Product Quality: American and US Airways," Review of Industrial Organization, 55 (3), 339-374. 
  33. Dash, Saumya Ranjan and Debasish Maitra (2022), "The COVID-19 Pandemic Uncertainty, Investor Sentiment, and Global Equity Markets: Evidence from the Time-Frequency Co-Movements," The North American Journal of Economics and Finance, 62, 101712. 
  34. Dickerson, Andrew P., Heather D. Gibson, and Euclid Tsakalotos (1997), "The Impact of Acquisitions on Company Performance: Evidence from a Large Panel of UK Firms," Oxford Economic Papers, 49 (3), 344-361. 
  35. Doukas, John A. and Rongyao Zhang (2021), "Managerial Ability, Corporate Social Culture, and M&As," Journal of Corporate Finance, 68, 101942. 
  36. Eichenbaum, Martin, Miguel Godinho de Matos, Francisco Lima, Mathias Trabandt, and Sergio Rebelo (2020), "How Do People Respond to Small Probability Events with Large, Negative Consequences?," National Bureau of Economic Research (NBER), 27988. 
  37. Erel, Isil, Yeejin Jang, and Michael S. Weisbach (2015), "Do Acquisitions Relieve Target Firms' Financial Constraints?," The Journal of Finance, 70 (1), 289-328.  https://doi.org/10.1111/jofi.12155
  38. Feldman, Emilie. R. and Exequiel Hernandez (2022), "Synergy in Mergers and Acquisitions: Typology, Life Cycles, and Value," Academy of Management Review, 47 (4), 549-578.  https://doi.org/10.5465/amr.2018.0345
  39. Foa, Roberto Stefan and Christian Welzel (2023), "Existential Insecurity and Deference to Authority: The Pandemic as a Natural Experiment," Frontiers in Political Science, 5. 
  40. Fornell, Claes, Forrest V. Morgeson, and G. Tomas M. Hult (2016), "Stock Returns on Customer Satisfaction Do Beat the Market: Gauging the Effect of a Marketing Intangible," Journal of Marketing, 80(5), 92-107.  https://doi.org/10.1509/jm.15.0229
  41. Gaspar, Jose-Miguel, Massimo Massa, and Pedro Matos (2005), "Shareholder Investment Horizons and the Market for Corporate Control," Journal of Financial Economics, 76 (1), 135-165.  https://doi.org/10.1016/j.jfineco.2004.10.002
  42. Gong, Mengfeng, Yuan Gao, Lenny Koh, Charles Sutcliffe, and John Cullen (2019), "The Role of Customer Awareness in Promoting Firm Sustainability and Sustainable Supply Chain Management," International Journal of Production Economics, 217, 88-96.  https://doi.org/10.1016/j.ijpe.2019.01.033
  43. Gormsen, Niels Joachim and Ralph S. J. Koijen (2020), "Coronavirus: Impact on Stock Prices and Growth Expectations," The Review of Asset Pricing Studies, 10 (4), 574-597.  https://doi.org/10.1093/rapstu/raaa013
  44. Gourinchas, Pierre-Olivier (2023), "Global Economy on Track but Not Yet Out of the Woods" (2023), IMF, (accessed August 1, 2023), https://www.imf.org/en/Blogs/Articles/2023/07/25/global-economy-on-track-but-not-yet-out-of-the-woods. 
  45. Graffeo, Maria Teresa, Gaia Albano, Laura Salerno, Maria Di Blasi, and Gianluca Lo Coco (2022), "Intolerance of Uncertainty and Risk Perception during the COVID-19 Pandemic: The Mediating Role of Fear of COVID-19," Psych, 4 (2), 269-276.  https://doi.org/10.3390/psych4020023
  46. Greene, William (2018), Econometric Analysis, 8th edition, New York, NY: Pearson. 
  47. Grewal, Rajdeep and Patriya Tansuhaj (2001), "Building Organizational Capabilities for Managing Economic Crisis: The Role of Market Orientation and Strategic Flexibility," Journal of Marketing, 65 (2), 67-80. 
  48. Griliches, Zvi (1981), "Market Value, R&D, and Patents," Economics Letters, 7 (2), 183-187. 
  49. Grullon, Gustavo, George Kanatas, and James P. Weston (2004), "Advertising, Breadth of Ownership, and Liquidity," Review of Financial Studies, 17 (2), 439-461.  https://doi.org/10.1093/rfs/hhg039
  50. Haleblian, Jerayr, Cynthia E. Devers, Gerry McNamara, Mason A. Carpenter, and Robert B. Davison (2009), "Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda," Journal of Management, 35 (3), 469-502. 
  51. Harford, Jarrad, Sandy Klasa, and Nathan Walcott (2009), "Do Firms Have Leverage Targets? Evidence from Acquisitions," Journal of Financial Economics, 93 (1), 1-14.  https://doi.org/10.1016/j.jfineco.2008.07.006
  52. Harrison, Jeffrey S., Michael A. Hitt, Robert E. Hoskisson, and R. Duane Ireland (2001), "Resource Complementarity in Business Combinations: Extending the Logic to Organizational Alliances," Journal of Management, 27 (6), 679-690. 
  53. Herndon, Mark and John Bender (2020), "What M&A Looks Like During the Pandemic," Harvard Business Review, June 10. 
  54. Hitt, Michael A., R. Duane Ireland, and Robert E. Hoskisson (2019), Strategic Management: Concepts and Cases: Competitiveness and Globalization, Cengage Learning. 
  55. Homburg, Christian and Matthias Bucerius (2006), "Is Speed of Integration Really a Success Factor of Mergers and Acquisitions? An Analysis of the Role of Internal and External Relatedness," Strategic Management Journal, 27 (4), 347-367. 
  56. Hosken, Daniel S., Luke M. Olson, and Loren K. Smith (2018), "Do Retail Mergers Affect Competition? Evidence from Grocery Retailing," Journal of Economics & Management Strategy, 27 (1), 3-22. 
  57. Huizinga, Harry P. and Johannes Voget (2009), "International Taxation and the Direction and Volume of Cross-Border M&As," The Journal of Finance, 64 (3), 1217-1249.  https://doi.org/10.1111/j.1540-6261.2009.01463.x
  58. IMF (2020), "World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery", International Monetary Fund. 
  59. IMF (2023), "World Economic Outlook, April 2023: A Rocky Recovery", International Monetary Fund. 
  60. Jang, Hojoon and Kyoungmi Lee (2018), "The Dark Side of Star Marketing: Celebrity Endorsement Contracts can Lower Consumers' Judgment of Brand Growth When the Firm is Tech-Focused," Asia Marketing Journal, 20 (3), 63-81.  https://doi.org/10.15830/amj.2018.20.3.63
  61. Kanungo, Rama Prasad (2021), "Uncertainty of M&As under Asymmetric Estimation," Journal of Business Research, 122, 774-793.  https://doi.org/10.1016/j.jbusres.2020.07.029
  62. Kihlstrom, Richard E. and Michael H. Riordan (1984), "Advertising as a Signal," Journal of Political Economy, 92 (3), 427-450.  https://doi.org/10.1086/261235
  63. Kim, E. Han and Vijay Singal (1993), "Mergers and Market Power: Evidence from the Airline Industry," The American Economic Review, 83 (3), 549-569. 
  64. Kim, Ji-Yub (Jay), Jerayr (John) Haleblian, and Sydney Finkelstein (2011), "When Firms Are Desperate to Grow via Acquisition: The Effect of Growth Patterns and Acquisition Experience on Acquisition Premiums," Administrative Science Quarterly, 56 (1), 26-60.  https://doi.org/10.2189/asqu.2011.56.1.026
  65. Kim, Jongdae, Hojoon Jang, and Junhee Seok (2023), "The Effect of the M&A's Transaction Value on the Acquirer's Firm Value: Focusing on the Moderating Effects of the Industry-level Competition and the Cross-Industry M&A," International Business Journal, 34 (2), 59-79.  https://doi.org/10.14365/ibj.2023.34.2.3
  66. Kirmani, Amna and Akshay R. Rao (2000), "No Pain, No Gain: A Critical Review of the Literature on Signaling Unobservable Product Quality," Journal of Marketing, 64 (2), 66-79.  https://doi.org/10.1509/jmkg.64.2.66.18000
  67. Koeplin, John, Atulya Sarin, and Alan C. Shapiro (2000), "The Private Company Discount," Journal of Applied Corporate Finance, 12 (4), 94-101.  https://doi.org/10.1111/j.1745-6622.2000.tb00022.x
  68. Kooli, Chokri and Melanie Lock Son (2021), "Impact of COVID19 on Mergers, Acquisitions & Corporate Restructurings," Businesses, 1 (2), 102-114.  https://doi.org/10.3390/businesses1020008
  69. Krishnan, C. N. V. and Vasiliy Yakimenko (2022), "Market Misreaction? Leverage and Mergers and Acquisitions," Journal of Risk and Financial Management, 15 (3), 144. 
  70. Laamanen, Tomi and Thomas Keil (2008), "Performance of Serial Acquirers: Toward an Acquisition Program Perspective," Strategic Management Journal, 29 (6), 663-672.  https://doi.org/10.1002/smj.670
  71. Lavidge, Robert J. and Gary A. Steiner (1961), "A Model for Predictive Measurements of Advertising Effectiveness," Journal of Marketing, 25 (6), 59-62.  https://doi.org/10.1177/002224296102500611
  72. Lee, Edmund and John Koblin (2021), "AT&T, in Abrupt Turn, Will Shed Media Business in Deal with Discovery," New York Times, May 17, 2021. 
  73. Lee, Hsiang-Ming, Ching-Chi Lee, and Cou-Chen Wu (2011), "Brand Image Strategy Affects Brand Equity after M&A," European Journal of Marketing, 45 (7/8), 1091-1111.  https://doi.org/10.1108/03090561111137624
  74. Lee, Spike W. S., Julie Y. Huang, and Norbert Schwarz (2020), "Risk Overgeneralization in Times of a Contagious Disease Threat," Frontiers in Psychology, 11, 1392. 
  75. Lee, Spike W.S., Norbert Schwarz, Danielle Taubman, and Mengyuan Hou (2010), "Sneezing in Times of a Flu Pandemic: Public Sneezing Increases Perception of Unrelated Risks and Shifts Preferences for Federal Spending," Psychological Science, 21 (3), 375-377.  https://doi.org/10.1177/0956797609359876
  76. Lee, Taejun (David), Wonjun Chung, and Ronald E. Taylor (2011), "A Strategic Response to the Financial Crisis: An Empirical Analysis of Financial Services Advertising before and during the Financial Crisis," Journal of Services Marketing, 25 (3), 150-164.  https://doi.org/10.1108/08876041111129146
  77. Lemon, Katherine N. and Peter C. Verhoef (2016), "Understanding Customer Experience Throughout the Customer Journey," Journal of Marketing, 80 (6), 69-96.  https://doi.org/10.1509/jm.15.0420
  78. Levine, Oliver (2017), "Acquiring Growth," Journal of Financial Economics, 126 (2), 300-319.  https://doi.org/10.1016/j.jfineco.2017.07.001
  79. Li, Yiwei, Mengfeng Gong, Xiu-Ye Zhang, and Lenny Koh (2018), "The Impact of Environmental, Social, and Governance Disclosure on Firm Value: The Role of CEO Power," The British Accounting Review, 50 (1), 60-75. 
  80. Liu, HaiYue, ShiYi Liu, JiaTian Li, and Peng Wu (2021), "An Empirical Study of Chinese Listed Firms' Herd Behaviour in Cross-Border Mergers and Acquisitions," Accounting & Finance, 61 (5), 6295-6331.  https://doi.org/10.1111/acfi.12853
  81. Liu, Shasha and Judith Mair (2023), "The Impact of Uncertainty on Tourists' Controllability, Mood State and the Persuasiveness of Message Framing in the Pandemic Era," Tourism Management, 94, 104634. 
  82. Liu, Tiantian, Tadahiro Nakajima, and Shigeyuki Hamori (2022), "The Impact of Economic Uncertainty Caused by COVID-19 on Renewable Energy Stocks," Empirical Economics, 62 (4), 1495-1515.  https://doi.org/10.1007/s00181-021-02087-3
  83. Luo, Xueming and Naveen Donthu (2006), "Marketing's Credibility: A Longitudinal Investigation of Marketing Communication Productivity and Shareholder Value," Journal of Marketing, 70 (4), 70-91.  https://doi.org/10.1509/jmkg.70.4.070
  84. Macmillan, Iain, Sriram Prakash, and Mark Purowitz (2023), "New Era Merger & Acquisition Strategies," Deloitte, (accessed July 1, 2023), https://www.deloitte.com/global/en/issues/resilience/gx-charting-new-horizons.html. 
  85. Maliszewska, Maryla, Aaditya Mattoo, and Dominique van der Mensbrugghe (2020), "The Potential Impact of COVID-19 on GDP and Trade: A Preliminary Assessment," World Bank Policy Research Working Paper, 9211. 
  86. Mclelland, Melinda, Ronald Goldsmith, and Dave Mcmahon (2014), "Consumer Reactions to the Merger: Understanding the Role of Pre-Merger Brands," The Journal of Brand Management, 21. 
  87. Muralidhar, M.S.K. (2020), "M&A in COVID-19 Times: What is the Next Normal?", Deloitte, (accessed July 15, 2023), https://www2.deloitte.com/sg/en/pages/ nancialadvisory/articles/ma-in-covid19-times.html. 
  88. Nakamura, Leonard I. (2015), "Advertising, Intangible Assets, and Unpriced Entertainment," in Intangibles, Market Failure and Innovation Performance, ed., Springer International Publishing, 11-26. 
  89. Nguyen, Nam H. and Hieu V. Phan (2017), "Policy Uncertainty and Mergers and Acquisitions," The Journal of Financial and Quantitative Analysis, 52 (2), 613-644.  https://doi.org/10.1017/S0022109017000175
  90. Nurhayati, Immas, Endri Endri, Renea Shinta Aminda, and Leny Muniroh (2021), "Impact of COVID-19 on Performance Evaluation Large Market Capitalization Stocks and Open Innovation," Journal of Open Innovation: Technology, Market, and Complexity, 7 (1), 56. 
  91. OECD (2020), "The Territorial Impact of COVID-19: Managing the Crisis across Levels of Government," Organisation for Economic Co-operation and Development, (accessed July 15, 2023), https://www.oecd.org/coronavirus/policyresponses/the-territorial-impact-of-covid-19-managing-thecrisis-across-levels-of-government-d3e314e1/. 
  92. Officer, Micah S. (2007), "The Price of Corporate Liquidity: Acquisition Discounts for Unlisted Targets," Journal of Financial Economics, 83 (3), 571-598. 
  93. Ott, Christian (2020), "The Risks of Mergers and Acquisitions-Analyzing the Incentives for Risk Reporting in Item 1A of 10-K Filings," Journal of Business Research, 106, 158-181.  https://doi.org/10.1016/j.jbusres.2019.08.028
  94. Padhan, Rakesh and K. P. Prabheesh (2021), "The Economics of COVID-19 Pandemic: A Survey," Economic Analysis and Policy, 70, 220-237.  https://doi.org/10.1016/j.eap.2021.02.012
  95. Plumeyer, Anja, Pascal Kottemann, Daniel Boger, and Reinhold Decker (2019), "Measuring Brand Image: A Systematic Review, Practical Guidance, and Future Research Directions," Review of Managerial Science, 13 (2), 227-265.  https://doi.org/10.1007/s11846-017-0251-2
  96. PwC (2019), "CX in M&A: What Consumers Think when Companies Combine," PwC Global Survey, April 2019. 
  97. Rather, Raouf Ahmad, Linda D. Hollebeek, VO-THANH Tan, Haywantee Ramkissoon, Anu Leppiman, and Dale Smith (2022), "Shaping Customer Brand Loyalty during the Pandemic: The Role of Brand Credibility, Value Congruence, Experience, Identification, and Engagement," Journal of Consumer Behaviour, 21 (5), 1175-1189.  https://doi.org/10.1002/cb.2070
  98. Rego, Lopo L., Matthew T. Billett, and Neil A. Morgan (2009), "Consumer-Based Brand Equity and Firm Risk," Journal of Marketing, 73 (6), 47-60.  https://doi.org/10.1509/jmkg.73.6.47
  99. Renneboog, Luc and Cara Vansteenkiste (2020), "Mergers and Acquisitions: Long-Run Performance and Success Factors," in Oxford Research Encyclopedia of Economics and Finance. 
  100. Resick, Christian J., Sucheta Nadkarni, Jenny Chu, Jianhong Chen, Wan-Chien Lien, Jaclyn A. Margolis, and Ping Shao (2023), "I Did It My Way: CEO Core Self-Evaluations and the Environmental Contingencies on Firm Risk-Taking Strategies," Journal of Management Studies, 60 (5), 1236-1272. 
  101. Reuer, Jeffrey J., Tony W. Tong, and Cheng-Wei Wu (2012), "A Signaling Theory of Acquisition Premiums: Evidence from IPO Targets," Academy of Management Journal, 55 (3), 667-683. 
  102. Rhodes-Kropf, Matthew and Sean Viswanathan (2004), "Market Valuation and Merger Waves," The Journal of Finance, 59 (6), 2685-2718.  https://doi.org/10.1111/j.1540-6261.2004.00713.x
  103. Rhodes-Kropf, Matthew, David T. Robinson, and S. Viswanathan (2005), "Valuation Waves and Merger Activity: The Empirical Evidence," Journal of Financial Economics, 77 (3), 561-603.  https://doi.org/10.1016/j.jfineco.2004.06.015
  104. Rosen, Richard J. (2006), "Merger Momentum and Investor Sentiment: The Stock Market Reaction to Merger Announcements," The Journal of Business, 79 (2), 987-1017.  https://doi.org/10.1086/499146
  105. Sashittal, Hemant C., Avan R. Jassawalla, and Ruchika Sachdeva (2023), "The Influence of COVID-19 Pandemic on Consumer-Brand Relationships: Evidence of Brand Evangelism Behaviors," Journal of Brand Management, 30 (3), 245-260. 
  106. Seok, Junhee, Byung-Do Kim, and Sarang Go (2019), "Impact of R&D Investment on Firm Value: The Role of Customer Awareness," Journal of Consumer Studies, 30 (1), 43-67.  https://doi.org/10.35736/JCS.30.1.3
  107. Servaes, Henri and Ane Tamayo (2013), "The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness," Management Science, 59 (5), 1045-1061.  https://doi.org/10.1287/mnsc.1120.1630
  108. Shrieves, Ronald E. and Mary M. Pashley (1984), "Evidence on the Association between Mergers and Capital Structure," Financial Management, 13 (3), 39-48. 
  109. Sikora, Martin (2005), "Consumers Are a Hot Issue For Merging Businesses," Mergers & Acquisitions, 40 (7), 16-18. 
  110. Sirmon, David G., Michael A. Hitt, R. Duane Ireland, and Brett Anitra Gilbert (2011), "Resource Orchestration to Create Competitive Advantage: Breadth, Depth, and Life Cycle Effects," Journal of Management, 37 (5), 1390-1412. 
  111. Sirmon, David G., Michael A. Hitt, and R. Duane Ireland (2007), "Managing Firm Resources in Dynamic Environments to Create Value: Looking Inside the Black Box," Academy of Management Review, 32 (1), 273-292. 
  112. Spence, Michael (1973), "Job Market Signaling," The Quarterly Journal of Economics, 87 (3), 355. 
  113. Spiegel, Matthew and Heather Tookes (2021), "Business Restrictions and COVID-19 Fatalities," The Review of Financial Studies, 34 (11), 5266-5308.  https://doi.org/10.1093/rfs/hhab069
  114. Srivastava, Rajendra K., Tasadduq A. Shervani, and Liam Fahey (1998), "Market-Based Assets and Shareholder Value: A Framework for Analysis," Journal of Marketing, 62 (1), 2-18.  https://doi.org/10.1177/002224299806200102
  115. Stahl, Gunter K. and Andreas Voigt (2008), "Do Cultural Differences Matter in Mergers and Acquisitions? A Tentative Model and Examination," Organization Science, 19 (1), 160-176.  https://doi.org/10.1287/orsc.1070.0270
  116. Szczygielski, Jan Jakub, Ailie Charteris, Princess Rutendo Bwanya, and Janusz Brzeszczynski (2022), "The Impact and Role of COVID-19 Uncertainty: A Global Industry Analysis," International Review of Financial Analysis, 80, 101837. 
  117. Tao, Qizhi, Ming Liu, Shiman Hu, and Yun Zhang (2022), "Is a Promise a Promise? Analyzing Performance Commitment in Acquisitions and Target Firm Performance," The European Journal of Finance, 28 (4-5), 487-513.  https://doi.org/10.1080/1351847X.2020.1871050
  118. Thakor, Richard T. (2021), "Short-Termism, Managerial Talent, and Firm Value," The Review of Corporate Finance Studies, 10 (3), 473-512.  https://doi.org/10.1093/rcfs/cfaa017
  119. Thaler, Richard (1980), "Toward a Positive Theory of Consumer Choice," Journal of Economic Behavior & Organization, 1 (1), 39-60.  https://doi.org/10.1016/0167-2681(80)90051-7
  120. Tversky, Amos and Daniel Kahneman (1974), "Judgment under Uncertainty: Heuristics and Biases," Science, 185 (4157), 1124-1131.  https://doi.org/10.1126/science.185.4157.1124
  121. Tobin, James (1969), "A General Equilibrium Approach To Monetary Theory," Journal of Money, Credit and Banking, 1 (1), 15-29.  https://doi.org/10.2307/1991374
  122. Umashankar, Nita, S. Cem Bahadir, and Sundar Bharadwaj (2022), "Despite Ef ciencies, Mergers and Acquisitions Reduce Firm Value by Hurting Customer Satisfaction," Journal of Marketing, 86 (2), 66-86.  https://doi.org/10.1177/00222429211024255
  123. Weber, Roberto A. and Colin F Camerer (2003), "Cultural Conflict and Merger Failure: An Experimental Approach," Management Science, 49 (4), 400-415. 
  124. Weber, Yaakov, Oded Shenkar, and Adi Raveh (1996), "National and Corporate Cultural Fit in Mergers/Acquisitions: An Exploratory Study," Management Science, 42 (8), 1215-1227.  https://doi.org/10.1287/mnsc.42.8.1215
  125. WHO (2023), "WHO Coronavirus (COVID-19) Dashboard," World Health Organization, (accessed August 9, 2023), https://covid19.who.int/. 
  126. WHO (2023), "WHO Chief Declares End to COVID-19 as a Global Health Emergency | UN News" (2023), World Health Organization, (accessed July 1, 2023), https://news.un.org/en/story/2023/05/1136367. 
  127. Williams, Trenton A., Daniel A. Gruber, Kathleen M. Sutcliffe, Dean A. Shepherd, and Eric Yanfei Zhao (2017), "Organizational Response to Adversity: Fusing Crisis Management and Resilience Research Streams," Academy of Management Annals, 11 (2), 733-769.  https://doi.org/10.5465/annals.2015.0134
  128. Wu, Cheng-Wei and Jeffrey J. Reuer (2021), "Acquirers' Reception of Signals in M&A Markets: Effects of Acquirer Experiences on Target Selection," Journal of Management Studies, 58 (5), 1237-1266. 
  129. Zaheer, Akbar, Exequiel Hernandez, and Sanjay Banerjee (2010), "Prior Alliances with Targets and Acquisition Performance in Knowledge-Intensive Industries," Organization Science, 21 (5), 1072-1091.  https://doi.org/10.1287/orsc.1100.0528
  130. Zhang, Zhu, Marjorie Lyles, and Changqi Wu (2020), "The Stock Market Performance of Exploration-Oriented and Exploitation-Oriented Cross-Border Mergers and Acquisitions: Evidence from Emerging Market Enterprises," International Business Review, 29, 101707. 
  131. Zhao, Linhai, Ehsan Rasoulinezhad, Tapan Sarker, and Farhad Taghizadeh-Hesary (2023), "Effects of COVID-19 on Global Financial Markets: Evidence from Qualitative Research for Developed and Developing Economies," The European Journal of Development Research, 35 (1), 148-166. 
  132. Zhou, Haoyong, Fan He, and Yangbo Wang (2017), "Did Family Firms Perform Better during the Financial Crisis? New Insights from the S&P 500 Firms," Global Finance Journal, 33, 88-103.  https://doi.org/10.1016/j.gfj.2017.01.001
  133. Zollo, Maurizio and Degenhard Meier (2008), "What Is M&A Performance?," Academy of Management Perspectives, 22 (3), 55-77.  https://doi.org/10.5465/amp.2008.34587995
  134. Zollo, Maurizio and Harbir Singh (2004), "Deliberate Learning in Corporate Acquisitions: Post-Acquisition Strategies and Integration Capability in U.S. Bank Mergers," Strategic Management Journal, 25 (13), 1233-1256.