Investigating the impact of post-M&A emotions on future decisions to undergo M&A

Purpose: This study delves into the intricate interplay between emotions, mergers and acquisitions (M&As), and decision-making processes, with a particular focus on the Western-African context. Through a comprehensive examination of existing literature, a notable gap in understanding the nuanced dynamics of emotions within M&As, especially in diverse cultural contexts, is identified. Drawing upon this research gap, the study formulates a research question aimed at unravelling the effects of emotions caused by M&As on decision-makers and their subsequent impact on future M&A decisions. Design/Methodology: A pragmatic approach was adopted, employing qualitative semi-structured interviews with key individuals involved in M&A activities within Western-African organisations. This research design allowed for a comprehensive exploration of the emotional experiences and decision-making processes of key individuals in decision making positions, providing rich insights into the dynamics of post-M&A emotions. Findings: Emotional experiences significantly influence future M&A inclinations. The study identified three distinct outcomes: positive, negative, and neutral inclinations. Positive workplace environments, and positive employee well-being and satisfaction, characterised by effective communication, cultural alignment, and successful integration, encouraged favourable future M&A inclinations in 57.5% of participants. Conversely, negative workplace conditions, including poor communication, cultural misalignments, and weak strategic planning, were found to steer reluctance towards future M&A engagements (35% of participants). A smaller subset (7.5%) exhibited neutral inclinations, adopting a cautious "wait-and-see" approach due to mixed experiences. Despite encountering negative conditions, this group refrained from outright rejection, reflecting a delicate equilibrium in their reflections. Originality/Value: This study contributes to the limited literature on the emotional dimensions of M&As, particularly within African-based organisations. It highlights the importance of managing emotional climates and offers actionable insights for practitioners and policymakers navigating M&A transitions. Additionally, the study outlines avenues for future research, including cross-cultural analyses, longitudinal studies, and multilevel frameworks to further understand the complexities of post-M&A emotions and decision-making.