Аннотация:This article identifies and reviews existing merger and acquisition (M&A) studies focused on African markets. In this review, the factors mentioned directly or alluded to in the existing studies that distinguish African countries as target nations from other countries traditionally considered in the M&A literature are highlighted. Also reported are the results from a series of in-depth interviews with executives intimately involved with M&As in Africa. These interviews highlight some of the idiosyncratic features of the African context that bring to the forefront boundary conditions of, and the need to expand, existing M&A research based on acquisitions in the more developed regions of North America and Western Europe. The paper concludes with a synthesis of the conclusions from the authors' review of the literature with the insights offered from their executive interviews to chart a roadmap for future research designed to enhance our understanding of M&As in general. The African context appears particularly appropriate for extending our knowledge of institutional theory, the development of selection capabilities, learning and knowledge transfer theories, the role of cultural differences in cross-border M&A, organizational justice theory, a subset of institutional theory on institutional legacies, and social dominance theory.
