Study goals
The objective of this meta-analysis is to understand which characteristics of financial advisors have a positive impact on M&A performance and, furthermore, whether the reputation of financial advisors positively moderates this relationship.
Relevance / originality
This meta-analysis is relevant for understanding the literature on financial advisors in M&A, as we propose a synthesis of the main variables studied in the literature that may explain what determines the choice and influence of financial advisors in M&A.
Methodology / approach
Meta-analytical study supported by a systematic review of the literature, whose final sample resulted in 46 articles We identified and coded 822 variables (Financial Advisor, Performance and Reputation) as a basis for the final analysis model with 64 variables and 13 studies.
Main results
The results show that experience, competence, fewer financial advisors advising, high fees paid and reputation of financial advisors are positively related to M&A performance. Finally, there is positive moderation regarding experience.
Theoretical / methodological contributions
We contribute to the M&A literature, mainly by showing the statistical effect of studies that measure the choice and influence of financial advisors on M&A performance. This meta-analysis shows which performance relationships in this literature are confirmed and which are relevant.
Social / management contributions
This study may be useful for managers and other financial professionals interested in understanding financial advisors in M&A. With this meta-analysis, managers and stakeholders in M&A can better direct their decisions on hiring financial advisors in M&A.