The series deals with current issues in business strategy, technology management, marketing, and international business. All rights reserved. No part of this publication may be reproduced, stored in retrieval systems, or transmitted, in any form or by any means, electronic, mechanical, photocopying, microfilming, recording, or otherwise, without permission in writing from the publisher. Monikko Oy The aim of the present study is to conceptually integrate insights from governance theories of the firm to the research area of mergers and acquisitions (M&A). The primary governance theories of the firm are understood to consist of the neoclassical view of the firm, the nexus of contracts perspective, agency theory, early incomplete contracting theory, transaction cost economics and property rights theory. This study uses a bipartite research agenda, consisting of conceptual and bibliometric methodologies to investigate two aspects of conceptual integration. Firstly, the role of the governance theories in the de facto structuring of the M&A discourse, with a focus

Abstract: The paper begins to lay the ground for further discussion with the definition of culture from different perspectives. The anthropological perspective is emphasised to open the door for practical management implications. A critical discussion follows on the limitations of theories of cross-cultural differences. The notion of ethnocentrism and the differences between cross-cultural and cross-national are introduced to clarify the picture. Again practical management remains in focus. The theoretical bridge between cross-cultural management and the discussion on mergers and acquisitions is built by the introduction of acculturation. The socio-psychological perspective defines process- or state-oriented approach to the question. Management studies seem to imply more of the process approach. The importance of the environmental factors of mergers and acquisitions is emphasised by introducing Morosinis’s model. Finally, the legal aspects and definition challenges of M&As are discussed. With the importance of what is called ‘double acculturation’, the two major influencing factors of M&As, namely organisational and national culture, are brought into focus. As a possible solution, the approach of cultural synergy is recommended as a practical management method. 1.