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Mergers and Acquisitions: Does Hiring Financial Advisors Make a Difference?

2025-08-14Research article Restricted access
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datacite.subject.fosCiências Sociais
datacite.subject.sdg08:Trabalho Digno e Crescimento Económico
dc.contributor.authorOliveira, Leandro Rodrigues de
dc.contributor.authorSerra, Fernando Antonio Ribeiro
dc.contributor.authorFerreira, Manuel Anibal Silva Portugal Vasconcelos
dc.contributor.authorGuerrazzi, Luiz Antonio de Camargo
dc.date.accessioned2025-12-04T19:06:00Z
dc.date.available2025-12-04T19:06:00Z
dc.date.issued2025-08-14
dc.description.abstractThis study conducts a meta-analysis to address inconsistencies and fragmented understanding regarding the role of financial advisors in mergers and acquisitions (M&A). We aim to quantitatively synthesize existing empirical evidence to clarify the deter- minants influencing the engagement of financial advisors and, critically, how their characteristics and transaction contexts im- pact the operational and financial outcomes of M&A deals. Through a systematic literature review and meta-analytic approach, we analyzed 65 empirical studies (articles, theses, and dissertations) to identify and classify variables explaining the selection and influence of financial advisors on M&A performance. Our analysis specifically correlated independent variables measuring financial advisor attributes (e.g., experience, competence, and reputation) with dependent variables reflecting operational per- formance (transaction completion time) and financial performance (e.g., CAR, SCAR, ROA, ROE, and EBITDA). The findings indicate that the ability to foster positive operational (shorter completion times) and financial outcomes is a primary driver for engaging financial advisors in M&A. Financial advisors demonstrably contribute to more efficient deal closures, higher financial returns, and reduced completion times. The meta-analysis reveals significant moderating effects of financial advisor reputation and M&A complexity (proxied by size) on the relationship between advisor engagement and M&A performance, explaining heterogeneity in prior research. This study significantly advances M&A literature by providing a robust, quantitative synthesis that moves beyond prior inconclusive findings. We demonstrate that financial advisors are critical in navigating M&A complex- ities, and their effectiveness is contingent upon their reputation and the transaction's inherent complexity. By elucidating these moderating roles, our meta-analysis offers a clearer, more nuanced understanding of when and how financial advisors make a difference, thereby informing both academic theory and practical decision-making in M&A strategy.eng
dc.description.sponsorshipThis work was supported by the Coordination for the Improvement of Higher Education Personnel–Brazil (CAPES)—Financing Code 001. Manuel Anibal Silva Portugal Vasconcelos Ferreira acknowledges the funding from the National Funds of the FCT—Portuguese Foundation for Science and Technology within the project “UIDB/04928/2020.”
dc.identifier.citationde Oliveira, L. R., Serra, F. A. R., Ferreira, M. A. S. P. V., & de Camargo Guerrazzi, L. A. (2025). Mergers and Acquisitions: Does Hiring Financial Advisors Make a Difference?. Strategic Change.
dc.identifier.doi10.1002/jsc.70004
dc.identifier.urihttp://hdl.handle.net/10400.8/14889
dc.language.isoeng
dc.peerreviewedyes
dc.publisherWiley
dc.relationCentre of Applied Research in Management and Economics
dc.relation.hasversionhttps://onlinelibrary.wiley.com/doi/epdf/10.1002/jsc.70004
dc.rights.uriN/A
dc.subjectfinancial advisors reputation
dc.subjectM&A complexity
dc.subjectM&A performance
dc.subjectmergers and acquisitions
dc.subjectmeta-analysis
dc.titleMergers and Acquisitions: Does Hiring Financial Advisors Make a Difference?eng
dc.typeresearch article
dspace.entity.typePublication
oaire.awardTitleCentre of Applied Research in Management and Economics
oaire.awardURIinfo:eu-repo/grantAgreement/FCT/6817 - DCRRNI ID/UIDB%2F04928%2F2020/PT
oaire.citation.endPage14
oaire.citation.startPage1
oaire.citation.titleStrategic Change
oaire.fundingStream6817 - DCRRNI ID
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.familyNameFerreira
person.givenNameManuel
person.identifier.ciencia-id2B1A-16D4-80DA
person.identifier.orcid0000-0002-4642-4605
person.identifier.ridA-2322-2012
person.identifier.scopus-author-id7402787382
project.funder.identifierhttp://doi.org/10.13039/501100001871
project.funder.nameFundação para a Ciência e a Tecnologia
relation.isAuthorOfPublication69895f61-97d7-47e5-93e3-ede7fb54631c
relation.isAuthorOfPublication.latestForDiscovery69895f61-97d7-47e5-93e3-ede7fb54631c
relation.isProjectOfPublication4c5aa29d-4b03-4713-8f40-08b3bbfd88d7
relation.isProjectOfPublication.latestForDiscovery4c5aa29d-4b03-4713-8f40-08b3bbfd88d7

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