Post-Acquisition Performance of Emerging Market Firms: A Multi-Dimensional Analysis of Acquisitions in India

M&A performance is a multifaceted, compound construct with no overarching factor that captures all different dimensions. This paper examines the concept of acquisition performance and proposes a model that links firm-level factors and transaction parameters with firms’ short-term and long-term performance, extending to financial-, market- and innovation measures. Building on past empirical studies on the influence of various factors on M&A performance, a multi-dimensional structural equation model has been developed and it has been tested with a dataset on acquisitions in the Indian technology sector over a period of ten years. The results suggest that: (a) smaller acquirers with higher book value and leveraged firms demonstrate better long-term performance; (b) contrary to established understanding, short-term market returns are not influenced by deal parameters; (c) majority stake purchases show relatively lesser gains—suggesting the possible presence of post-acquisition integration issues and, (d) acquirers with high intangible assets continue to do well on innovation performance post-acquisition. By indicating situations and conditions under which an acquisition would potentially lead to a performance gain for the acquirer, these results provide significant insight to practitioners pursuing M&As for growth opportunities.

Thalamostriatal System Controls the Acquisition, Performance, and Flexibility of Learning Behavior

The dorsal striatum (DS) is a key structure of the basal ganglia circuitry, which regulates various types of learning processes and flexible switching of behavior. Intralaminar thalamic nuclei (ILNs) provide the main source of thalamostriatal inputs to the DS and constitute multiple nuclear groups, each of which innervates specific subdivisions of the striatum. Although the anatomical and electrophysiological properties of thalamostriatal neurons have been previously characterized, the behavioral and physiological functions of these neurons remain unclarified. Two representative thalamostriatal cell groups in the parafascicular nucleus (PF) and the central lateral nucleus (CL) are located in the caudal and rostral regions of the ILNs in rodents. Recently, the behavioral roles of these thalamostriatal cell groups have been investigated by the use of genetic and pharmacological manipulation techniques. In the current review, we summarize behavioral studies on thalamostriatal neurons, showing the key roles of these neurons in different learning processes, such as the acquisition, performance, and flexibility of behavior.