Abstract

Although the business strategies of mergers and acquisitions (M&As) are investigated theoretically and practically, their diffusion and features in the Middle East and North Africa (MENA) region are not clearly described in the literature. This is in particular due to the recent transformation that member countries have been going through since the financial crisis of 2008 and the Arab Spring. Through shareholder maximization theory, agency theory, and the resource-based view we identified the reasons and characteristics of M&As in the Middle East and North Africa regions. Following a systematic literature review methodology, we identified 37 articles related to M&A in MENA countries published in peer-reviewed journals and reported in CABS ranking (Chartered Association of Business Schools). Based on this analysis, we map the extant literature on the topic and present an integrative framework of these features for future researchers to further explore and expand the boundaries of the domain.

摘要

尽管对并购（M&A）的商业战略进行了理论和实践研究，但文献中并未明确描述其在中东和北非（MENA）地区的扩散和特征。这尤其要归功于自 2008 年金融危机和阿拉伯之春以来成员国最近经历的转型。通过股东最大化理论、代理理论和资源基础观，我们确定了中东和北非地区并购的原因和特点。遵循系统的文献审查方法，我们确定了 37 篇与 MENA 国家并购相关的文章，这些文章发表在同行评审期刊上，并在 CABS 排名（特许商学院协会）中报告。基于这一分析，