Journal of Change Management

LEADERSHIP AND CHANGE IN M&As

Objectives

Mergers and acquisitions represent an important trigger for organizational change. Leaders rely on M&As to reshape organizational boundaries, renew business models, and redeploy or develop new resources and capabilities (Anand & Singh, 1997). While current research focus on the merging firms remains clearly important, there is an increasing recognition that their implications extend to individuals (i.e., employees, managers at different hierarchical levels, integration leaders, customers, citizens), organizations (investment banks, consultancy firms, suppliers or b2b customers) and society at large (i.e., local communities). These actors can function either as ‘change agents’ or recipients of changes and display readiness, engagement or resistance to changes.

M&A studies have delved into a myriad of topics, theoretical lenses and methods to grasp the heterogeneous nature of this phenomenon (Angwin et al., 2023). Unfortunately, to date, most special issues (SIs) on mergers and acquisitions have adopted a relatively narrow lens, often centering on a single theme or perspective. Some have emphasized specific research paradigms, such as organizational culture (Angwin & Vaara, 2005) or human resource practices (Weber & Fried, 2011). Others have concentrated on particular phases of the M&A process, with a strong focus on post-merger integration (Schweiger & Very, 2001). A smaller number have explored distinct organizational settings, including mergers and acquisitions in the public sector (Field & Peck, 2003), while still others have highlighted methodological considerations, such as innovative research methods for studying M&As (Cartwright, Teerikangas, Rouzies & Wilson-Evered, 2012). Despite these advances, M&As continue to exhibit strikingly high rates of underperformance and failure.

At their core, M&As are not merely financial transactions; they are profound episodes of organizational change that disrupt established boundaries, challenge existing cultures, and demand the reconfiguration of resources, capabilities, and identities (Liang et al., 2022; Thakur & Yadav, 2025). Yet, scholarships on M&As and research on change management and leadership have largely evolved in parallel, often addressing similar questions—such as how people respond to uncertainty, how leaders enable adaptation, or how organizations sustain performance—with limited cross-fertilization between the two domains. This separation has constrained the development of a more comprehensive understanding of M&A as a complex, multifaceted, and multitemporal phenomenon—one that unfolds across different stages and generates long-lasting consequences. This SI aims to offer both M&A and change management and leadership scholars a platform to intersect communities and conversations and offer fresh perspectives and findings on this relevant topic.

 

Main contribution:

Bringing these conversations together is both timely and necessary. M&A activity remains a dominant mode of corporate growth and restructuring across industries and geographies, and its societal implications are wide, affecting employees, managers, investors, suppliers, and local communities. At the same time, the accelerating pace of technological disruption, the emergence of de-globalization forces that counteract globalization processes, and stakeholder expectations make the management of change more complex than ever. A cross-fertilization of insights from M&A, change management, and leadership research offers a unique opportunity to deepen our understanding of how large-scale transformations unfold, how actors at multiple levels shape outcomes, and how organizations can better navigate the tension between strategic ambition and human adaptability.

This Special Issue therefore aims to provide a platform for scholars from these overlapping fields to foster interdisciplinary, intradisciplinary or multidisciplinary research on M&As combining topics, theoretical lenses and research approaches, while providing novel and fresh perspectives on classical themes such as employees’ resistance or engagement or proposes new concepts or theoretical lenses that shed new light on this important phenomenon. By bridging different research streams, this SI seeks to generate actionable knowledge that not only advances academic discourse but also inform leaders, practitioners, and policymakers facing the realities of M&A-driven change.

 

The Special Issue welcomes submissions from a broad spectrum of theoretical perspectives and research approaches that mirror the richness of the field. Potential research questions to explore in this special issue include, but are not limited to the following themes:

 

Theme 1: M&As as continuous change

M&As are typically conceived as carefully planned strategic initiatives and have been typically treated as isolated from other change processes. The reality is more complex:  M&As are placed within broader corporate development programs and generally open up novel possibilities. Also, once the deal is signed, the reality of post-merger integration often unfolds in ways that deviate from these plans. Unanticipated cultural clashes, stakeholder reactions, market shifts, or technological disruptions can create emergent changes that require continuous adaptation. This tension between deliberate design and evolving circumstances raises questions about how firms handle continuous change, navigate intended versus unintended change trajectories, and seize opportunities while mitigating threats.

Theme 2: Leadership and employee change agency in M&As

Employees are often framed as passive recipients of change during M&A, yet growing evidence suggests they can play proactive and influential roles as sense makers, boundary spanners, and informal leaders. Their behaviors—ranging from advocacy and knowledge sharing to resistance and covert sabotage—can determine the success of integration efforts. Understanding employees as change agents invites a shift from a top-down perspective to one that recognizes agency at multiple levels.

Theme 3: Emotions and irrationality in M&As

M&A decisions and integration processes are often justified in rational, economic terms, yet, upon closer look, they are deeply infused with emotions, biases, and non-rational behaviors. Leaders may pursue deals driven by hubris, employees may experience anxiety, grief, or excitement, and integration teams may fall prey to overconfidence or escalation of commitment. These emotional and cognitive dynamics can profoundly shape decision quality, speed of integration, and M&A outcomes.

Theme 4: Changing relationships in M&As

M&As disrupt existing relationships—both internal (among employees, teams, and leaders) and external (with suppliers, customers, regulators, and local communities). Relationships must be renegotiated while trust, social capital, and power dynamics are constantly in flux, shaping how information flows or collaboration unfolds. Such evolution is not simply guided by economic values but also by non-economic ones. Digging deeper into how the economic and non-economic realms interact and shape one another is crucial to achieving a better grasp of M&As from a relational perspective.

Theme 5: Digitalization and Technology in M&As

The growing centrality of digital technologies is transforming how M&As are executed and how post-merger integration unfolds. Digital tools such as AI-driven analytics, cloud platforms, enterprise resource planning (ERP) systems, and collaboration software are increasingly used to support due diligence, accelerate integration timelines, and monitor progress. At the same time, digitalization introduces new challenges and risks. Moreover, digital technologies do more than facilitate integration—they can actively reshape the strategic logic of a deal. Acquirers may pursue M&A specifically to acquire technological capabilities, data assets, or digital talent, making technology not just an enabler but a key driver of value creation. Digital platforms can also alter cultural dynamics, for instance by enabling virtual collaboration that bypasses traditional hierarchies, thereby influencing power structures and integration speed.

Theme 6: M&As and Grand Challenges

While conventional discourse emphasizes M&As as tools for growth and efficiency, the rise in M&A activities since the 1890s parallels the environmental degradation of the planet. If we relax the assumption that acquisitions should only serve the acquiring firm shareholders, the role of M&As in an increasingly crisis-shaped global society is put under question and scrutiny. What role is there then for M&As, and what kinds of M&As are appropriate, to contribute to an ecologically safe future? And how can M&As combine economic and social sustainability? In short, beyond acquiring competences to address grand challenges, in what ways do M&As become a force for good?

References

Anand, J., & Singh, H. (1997). Asset redeployment, acquisitions and corporate strategy in declining industries. Strategic Management Journal, 18(S1), 99-118.

Angwin, D., & Vaara, E. (2005). Introduction to the special issue. ‘Connectivity’ in merging organizations: Beyond traditional cultural perspectives. Organization Studies, 26(10), 1445–1453.

Angwin, D., Kroon, D.P., Mirc, N., Oliveira, N., Prashantham, S., Rouzies, A., & Tienari, J. (2023). Mergers and Acquisitions research: Time for a theory rejuvenation of the field. Long Range Planning, 56(6), 102398

Cartwright, S., Teerikangas, S., Rouzies, A., & Wilson-Evered, E. (2012). Methods in M&A – A look at the past and the future to forge a path forward. Scandinavian Journal of Management, 28(2), 95–106.

Field, J., & Peck, E. (2003). Mergers and acquisitions in the private sector: What are the lessons for health and social services? Social Policy & Administration, 37(7), 742–755.

Liang, S., Lupina-Wegener, A., Ullrich, J., & Van Dick, R. (2022). ‘Change is our continuity’: Chinese managers’ construction of post-merger identification after an acquisition in Europe. Journal of Change Management, 22(1), 59-78.

Schweiger, D.M., & Very, P. (2001). International mergers and acquisitions special issue. Journal of World Business, 36(1), 1–2.

Thakur, M., & Yadav, M. (2025). Unraveling the Drivers of Post-Merger Identification in Facilitating Organizational Changes during M&As. Journal of Change Management, 25(2), 145-168.

Weber, Y., & Fried, Y. (2011). Guest Editors’ Note: The role of HR practices in managing culture clash during the postmerger integration process. Human Resource Management, 50(5), 565–570.