This article provides insights into the inner workings of internal corporate M&A teams using survey evidence from sixty-five firms from Austria, Germany, and Switzerland. We find that internal teams create value, especially relative to external advisors, by directing transaction rationales, screening targets, and employing performance metrics to assess post-merger success. Teams emphasizing economic rationales as a merger motive are associated with higher returns than those teams more apt to consider behavioral motives. We consider several team characteristics and find that financial experience is the most persistent and significant attribute in explaining the outcomes across various deal stages. Another key result from our survey-based evidence is that latent M&A team factors explain ∼54% of the acquirer fixed effects in announcement return regressions.

中文翻译：

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内部并购团队在收购中的作用

本文使用来自奥地利、德国和瑞士的 65 家公司的调查证据，深入了解内部企业并购团队的内部运作。我们发现内部团队通过指导交易理由、筛选目标和使用绩效指标来评估合并后的成功，创造价值，尤其是相对于外部顾问。与那些更倾向于考虑行为动机的团队相比，强调经济理由作为合并动机的团队可以获得更高的回报。我们考虑了几个团队特征，发现财务经验是解释各个交易阶段结果的最持久和最重要的属性。我们基于调查的证据的另一个关键结果是潜在的并购