Ecosystems and networks in merger and acquisition research: grappling with an integrative context

Abstract

Merger and acquisition (M&A) activities continue to reshape resource control and ownership, with the ongoing development of business operations prompting more integrative perspectives. Such perspectives involve the inclusion of contextual factors beyond institutional or competition-based frameworks. Ecosystems and networks provide a means to problematize integrative business approaches. This paper examines how ecosystems and networks are incorporated and understood within the field of M&A research. A co-citation analysis of 57,035 publications cited in 1,194 articles was conducted to gain insights into the conceptualizations of ecosystems and networks in the M&A literature. The paper reveals a growing inclusion of ecosystems and networks in M&A research. However, most studies primarily acknowledge their existence rather than examining their actual impact on M&A activities, often treating them as mere assets rather than as interdependent and interactive entities. The co-citation analysis further indicates that while diverse conceptualizations of ecosystems and networks are partially recognized, the overall understanding remains fragmented. This fragmentation poses a challenge for advancing knowledge on integrative, contextual perspectives in M&A research. This paper provides a structured overview of ecosystem and network inclusion and conceptualization in M&A research, highlighting the various perspectives and underscoring the need for further exploration of their implications for M&A studies, along with a broader recognition of the diversity inherent in these concepts.