The typology of motivation theories of mergers and acquisitions
Importance As a rule, the Russian economic literature provides only a simple description or examines a small number of motivation theories of mergers and acquisitions. The article analyzes foreign scientific literature and identifies at least a dozen of empirically proven motivation M&A theories. Objectives The purpose of the paper is to improve the methodological support to mergers and acquisitions management. The basis of this improvement is a systematization of the existing motivation theories in this area. Methods The study employs scientific methods of research, like analysis, synthesis, deduction and induction. Articles and monographs of domestic and foreign scholars, dedicated to mergers and acquisitions, are the theoretical and information basis of the research. Results I examined the main motivation theories of mergers and acquisitions and developed their typology. I identify three types of theories, namely, VBM-theories, agency theories, and the theories of predetermined solutions. They differ in motives of company management implementing mergers or acquisitions. Conclusions and Relevance The article may help researchers to better understand the processes taking place in the M&A market. It may also be interesting to business owners for developing their company's growth strategy.