Though alliances and mergers and acquisitions (M&A) are both extensively used by companies seeking to achieve the benefits of greater size and scale, strategy research has rarely examined these two moves as alternative courses of action. Indeed, the size-performance relationship has long been a...

Mergers and acquisitions (M&A) are arguably one of the CEOs greatest challenges, and there is a critical need to get these decisions right. It is clear that no single theory is adequate to describe or inform how M&A are evaluated in uncertain conditions, but there are several that offer partial...