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Measuring management practices robustly is difficult, which leaves an important element missing in identifying M&A success. This paper studies management practices as an unobserved (latent) variable using a standard microeconomic model. We show that our measure is the most important determinant of value creation in M&A deals: a one-standard-deviation increase in the measure almost doubles cumulative abnormal returns. Our results are robust to the inclusion of acquirer fixed effects, to a large set of control variables, and to several other sensitivity tests. We posit that any future study of M&A success should include a management component.

Management as the Sine Qua Non for M&A Success