1. Introduction Corporate merger and acquisition (thereafter M and As) decisions are critical to business growth and financial development (Hitt et al. 1990). M and As are considered successful if they lead to higher efficiency for the new entity or the acquiring firm (Kumar and Bansal 2008). Increased efficiency can be attributed to several important factors, including managerial skills, cost efficiency, financial resources, technology, and better marketing skills, etc. (Buckley et al.