Keywords
post-merger integration
corporate efficiency
M&A
M&A drivers
synergy
value creation
How to Cite
Abstract
The article aims to analyze the management of the integration phase and the post-merger integration process (PMI) as determinants of the efficiency in mergers and acquisitions (M&A). The authors assume that achieving the expected outcomes depends not only on the strategic alignment but also on the quality of integration management. The literature indicates that executing the transaction does not guarantee achieving the expected outcomes, and that proper management of the integration is a key step in determining the success. The study utilizes an analysis of sample M&A transactions from 2018–2022 and an econometric model to assess the impact of integration quality on selected enterprise performance. The article presents the importance of PMI as a process encompassing the integration of resources, processes, management, and cultural aspects. Particular attention is paid to factors influencing integration effectiveness and their importance for value creation following M&A transactions. The empirical section analyzes the relationship between the quality of integration management and the economic efficiency after completed M&A transactions. The research indicates that the PMI is not only an operational stage of the M&A, but also a strategic mechanism influencing the ability of companies to exploit the potential benefits resulting from the transactions.
References
Abravanel, I., Biron, M., Brueller, N. (2025). How Do Organizations Refine Their Post-Merger Integration Routines Over Consecutive Acquisitions? European Management Review, https://onlinelibrary.wiley.com/doi/10.1111/emre.12673 (access date: 17.07.2026).
Bingham, Ch., Heimeriks, K., Meyer-Doyle, P. (2024). How Firms Cultivate Collaboration During Postmerger Integration of Technology Acquisitions. Strategy Science.
Bodner, J., Capron, L. (2018). Post-merger integration, Journal of Organization Design, Vol. 7, https://doi.org/10.1186/s41469-018-0027-4 (access date: 20.07.2026).
Carleton, J., Lineberry, C. (2004). Achieving Post-Merger Success. A Stakeholder’s Guide to Cultural Due Diligence, Assessment and Integration, Pfeiffer, San Francisco, CA.
Chwistecka-Dudek, H. (2003). Fuzje i przejęcia – faza integracyjna, Przegląd Organizacji, Nr 9 (764), 2003, ss. 27-29, https://doi.org/10/33141/po.2003.09.06 (access date: 21.03.2023).
Colombo, G., Conca, V., Buongiorno, M., Gnan, L. (2007). Integrating cross-border acquisitions: A process oriented approach, Long Range Planning Vol. 40, ss. 202-222.
Czerkas, K. (2018). Przejmowanie przedsiębiorstw, zorganizowanych części przedsiębiorstw oraz nieruchomości. Fuzje przedsiębiorstw. Aspekty prawne, finansowe, podatkowe i organizacyjne, ODDK, Gdańsk.
Deloitte (2021). Webinar: M&A i co dalej – czyli jak dobrze zintegrować biznes po transakcji, https://www2.deloitte.com/content/dam/Deloitte/pl/Documents/Prezentacje-webinary/pl_webinar_23-02-2021_M-and-A-i-co-dalej-czyli-jak-dobrze-zintegrowa%C4%87-biznes-po-transakcji.pdf (access date: 22.03.2023).
Felker, Y., Bauer, F., Friesl, M., King, D. (2023). Benefitting from Acquisition Experience During Integration: The Moderating Effect of Strategic M&A Intent. British Journal of Management, 35(2), 799–815, https://doi.org/10.1111/1467-8551.12734 (access date: 20.07.2026).
Freitag, A. (2014). Applying Business Capabilities in a Corporate Buyer M&A Process, Springer Gabler, Garching, Germany.
Gokkaya, S., Liu, X., Stulz, R. (2026). When Does Acquisition Integration Succeed? Evidence from Inside the Integration Black Box, European Corporate Governance Institute – Finance Working Paper No. 1134/2026, HKU Jockey Club Enterprise Sustainability Global Research Institute Paper No. 2026/058, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6537044 (access date: 20.07.2026).
Graebner, M., Heimeriks, K., Huy, Q., Vaara, E. (2017). The Process of Post-Merger Integration: A Review and Agenda for Future Research. Academy of Management Annals, 11(1), 1–32, https://wrap.warwick.ac.uk/id/eprint/109511/ (access date: 20.07.2026).
Haspeslagh, Philippe, Jemison, David (1991). Managing Acquisitions: Creating Value Through Corporate Renewal. New York: The Free Press.
Herdan, A. (2008), Fuzje i przejęcia… wybrane aspekty integracji, Wydawnictwo Uniwersytetu Jagiellońskiego, Kraków.
Kengelbach, J., Keienburg, G., Degen, D., Söllner, T., Gell, J. (2021). Sievers, S., Mastering the Art of Breaking Up. The 2021 M&A Report, Boston Consulting Group, https://web-assets.bcg.com/22/ad/5f1b42634600b8cedf5bf93c9dcb/bcg-2021-m-and-a-report-mastering-the-art-of-breaking-up-oct-2021.pdf (access date: 22.06.2026).
Klimczak, D. (2020). M&A Post-merger integration – istota i rola dobrze przygotowanego przejęcia, Kwartalnik Nauk o Przedsiębiorstwie 2020/2, ss. 94-103.
Korpus, J. (2014). Fuzje i przejęcia, Wydawnictwo Profesjonalne PWN, Warszawa.
Koskowski, S. (2019). Efektywne zarządzania zasobami ludzkimi w fuzjach i przejęciach, ZN WSH Zarządzanie 2019 (2), Warszawa, ss. 93-106.
Kowalska, B. (2009), Skuteczność fuzji i przejęć w procesie konsolidacji przedsiębiorstw, Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie nr 2 (13)/2009, t. 2, ss. 99-115.
Kroon, Da. (2022). Hard and Soft Integration: Towards a Dynamic Model of Post-Acquisition Integration. Journal of Management Studies, 59(6), 1480–1510.
Kuźnik, M. (2014). Sukcesja nabywcy przedsiębiorstwa w upadłości likwidacyjnej, Studia Ekomomiczne, Uniwersytet Ekonomiczny w Katowicach, 2014, nr 200, ss. 65-82, Katowice, https://www.ue.katowice.pl/fileadmin/_migrated/content_uploads/05_02.pdf (access date: 22.03.2023).
Łopacińska K., Fuzje i przejęcia dokonywane przez chińskie przedsiębiorstwa na rynku europejskim, Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu, Wrocław.
McGrath, M. (2011). Practical M&A Execution and Integration, John Wiley and Sons, Chichester, United Kingdom.
Meynerts-Stiller, K., Rohloff, Ch. (2019). Post-merger management. Value creation in M&A integration projects, Emerald Publishing Limited, Stuttgart, Germany.
Midaxo (2018). Guide to Post-Merger Integration, https://info.midaxo.com/hubfs/Midaxo%20PMI%20Guide.pdf (access date: 22.03.2023).
Natukula, S. (2026). Accelerated Post-Merger Integration Frameworks: A Platform-Led Approach to Enterprise Systems Consolidation. Journal of Information Systems Engineering and Management, https://jisem-journal.com/index.php/journal/article/view/14326/6870 (access date: 19.07.2026).
Oziębło, M. (2013). Menedżer integracji w procesach fuzji i przejęć w Polsce, Przedsiębiorczość i Zarządzanie 2013, 14, Łódź, ss. 67-87.
Papathanassis, A. (2004). Post-Merger Integration and the Management of Information and Communcation Systems. An analytical framework and its application in tourism, Gabler Edition Wissenchaft, Hannover, Germany.
Partacz, K. (2022). Creating value through synergy in mergers and acquisitions, Scientific Journal of Bielsko-Biala School of Finance and Law, Vol. 26 No. 4, https://doi.org/10.19192/wsfip.sj4.2022.3 (access date: 19.07.2026).
Patel, K. (2021). Top 5 Reasons of M&A Integration Failures & How to Prevent Them, https://dealroom.net/blog/why-m-a-integrations-fail (access date: 22.03.2023).
PwC (2017). Success factors in post-merger integration. Deal makers share their recipes for success, PwC’s M&A Integration Survey Report 2017, https://www.pwc.de/de/deals/success-factors-in-post-merger-integration.pdf (access date: 22.06.2026).
Schneider, A., Kanbach, D. (2026). Navigating the M&A landscape: a systematic literature review on the role of M&A strategies for value creation, Future Business Journal, Vol. 12, https://link.springer.com/article/10.1186/s43093-026-00883-w (access date: 17.07.2026).
Schrommer, A. (2021). Covid-19 Pandemic and Post-Merger-Integration – Communication makes the difference, CCD Partners, https://www.ccdpartners.com/covid-19-pandemic-and-post-merger-integration-communication-makes-the-difference (access date: 22.06.2026).
Spits, J. (2021). Rebuilding M&A Capabilities for the Post-Covid-19 World, Bain&Company, https://www.bain.com/insights/rebuilding-capabilities-for-the-post-covid-19-world-m-and-a-report-2021/ (access date: 22.06.2026).
Stahl, G., Tung, R. (2015). Towards a More Balanced Treatment of Culture in International Business Studies: The Need for Positive Cross-Cultural Scholarship. Journal of International Business Studies, 46, 391–414, https://link.springer.com/article/10.1057/jibs.2014.68 (access date: 19.07.2026).
Stankiewicz-Mróz, A. (2013). Tempo działań integracyjnych po fuzjach i przejęciach, Zeszyty Naukowe Uniwersytetu Szczecińskiego nr 760. Finanse, Rynki Finansowe, Ubezpieczenia nr 59, ss. 691-699.
Świetla, K., Toborek-Mazur, J. (2020). Motywy przejęć odwrotnych i zasady ich rozliczania, Zeszyty Teoretyczne Rachunkowości, Nr 108 (164), 2020, http://dx.doi.org/10.5604/01.3001.0014.3602 (access date: 16.07.2026).
Teerikangas, S., Véry, P., Irrmann, O. (2016). Cultural Change in Mergers and Acquisitions: An Integrative Review. International Journal of Management Reviews, 18(4), 432–452, https://www.researchgate.net/publication/287837933_Culture_in_Mergers_and_Acquisitions (access date: 17.07.2026).
Toborek-Mazur, J. (2010). Holding jako podmiot rachunkowości, Wolters Kluwer, Warszawa.
Toborek-Mazur, J. (2022). Mergers and acquisitions on the example of the PKN Orlen in 2022, Scientific Journal of Bielsko Biala School of Finance and Law, Vol. 26 No. 4, https://doi.org/10.19192/wsfip.sj4.2022.2 (access date: 19.07.2026).
Toborek-Mazur, J., Partacz, K. (2022), Ewaluacja efektu synergii w transakcjach fuzji i przejęć w czasie pandemii COVID-19, Zeszyty Teoretyczne Rachunkowości, Vol. 46, Nr 1, Warszawa
Toborek-Mazur, J., Partacz, K., Surówka, M., (2022). Energy Security as a Premise for Mergers and Acquisitions on the Example of the Multi-Energy Concern PKN Orlen in the Face of the Challenges of the 2020s. Energies 2022, 15, 5112. https://doi.org/10.3390/en15145112 (access
Toborek-Mazur, J., Wójcik-Jurkiewicz, M. (2022). Multi-Energy Concern as an Example of the Implementation of Agenda 2030: Poland as a Case Study. Energies, 15(5), 1669, https://www.mdpi.com/1996-1073/15/5/1669 (14.07.2026).
Zając, Cz. (2014). Procesy integracyjne w warunkach przejęć i fuzji przedsiębiorstw – aspekty organizacyjne i społeczne, Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu nr 340, Wrocław, ss. 607-614.
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Copyright (c) 2026 Joanna Toborek- Mazur, Karol Partacz