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ather than synergistic benefits. It seems that synergy was a primary rationale for merger and acquisitions in the era but remains anomaly from value creation prospective as discussed by Goold and Luchs (1993).

Secondly, the corporate strategy of the firms should focus on exploiting core competencies. For instance, Prahalad and Hamel (1989) suggested that the corporate portfolio should be based on technological competencies instead of portfolio of businesses. Similarly, Itami (1989) argued that invisible assets like reputation, brand names or customers list are the most valuable source for sustaining competitive advantage and could be used to create value by exploiting competitive opportunities. Furthermore, other competencies such as technology or managerial expertise can also be used to enhance the performance of business portfolio (see Haspeslagh and Jemison, 1991).

However, this approach also has some drawbacks; for example, Goold and Luchs, pointed out that it can be difficult to assess the contribution of investment in building the competencies of a business especially when the investment is in new business area.

Thirdly, the best way to create value via successful diversification is to build a portfolio of businesses, which fits with the manager's logic and their management style (see Parahalad and Bettis, 1986). If conglomerates diversification is based on business with similar strategic logic then it's possible to add value to business by adopting a common approach across all the business units. For instance Goold and Luchs (1993) exposed that sharing the skills or activities across organization can help corporate management to realize synergies. Moreover, Goold and Campbell (1987) found the evidence that top executives also find it difficult to deal with a wide range of styles and approaches.

Review of Major Areas in M&A

This section presents the literature review of major areas focused by academics in merger and acquisition field. Consequently following five sub-sections have been established to review the academic literature:

Performance & Success in Merger and Acquisitions

People in Merger and Acquisitions

International Prospects of Merger and Acquisitions

Best Practices in Merger and Acquisitions

Valuation Issues in Merger and Acquisitions

The measurement of success in merger and acquisition activities is mainly through quantitative research and is subject to various studies such as Gosh (2001); Healy et al (1992), in the field of finance or economics and also other directly related fields.

People are normally unobserved in merger and acquisitions, however extensive studies like Bliss and Rosen (2001), addressed issues from ethical and organizational learning to more in depth personal perspective.

Similarly, increasing trend of international trade and globalization attracted the attention of many researchers, for instance Rossi and Volpin (2004).

The valuation of the companies is often overlooking in the field of merger and acquisitions. However, it is a very本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。