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10 1108 - Mip 02 2022 0074
10 1108 - Mip 02 2022 0074
https://www.emerald.com/insight/0263-4503.htm
MIP
41,1 Mergers and acquisitions success:
examining customer loyalty
Paula Alvarez-Gonzalez
Department of Business and Marketing, University of Santiago de Compostela,
48 Santiago de Compostela, Spain, and
Received 21 February 2022
Carmen Otero-Neira
Revised 11 July 2022 Department of Business and Marketing, University of Vigo, Vigo, Spain
28 July 2022
Accepted 28 July 2022
Abstract
Purpose – Mergers and acquisition are a very common part of business strategy. However, it is not clear if and
how these processes affect customers. This study aims to assess banking M&A from the marketing
perspective, by analyzing its impact on the customer loyalty.
Design/methodology/approach – The study employed a purposive sampling method for collecting data
from 232 respondents using a self-administered questionnaire. Variance-based structural equation modelling
(PLS-SEM) was used for testing the proposed structural model.
Findings – Results show that M&A integration does influence customers’ perception of key variables like
customer–company relationship, and their loyalty after the M&A. Findings highlight the relative importance of
these variables and the potential influence of some moderators (customer orientation, speed of integration and
communication). The most important antecedent of loyalty in a M&A situation is service quality followed by
company image, products and prices, sales channels and sales force.
Originality/value – This paper explores the impact of M&A on clients by using customer survey data, an
area that is still an under-explored field, in relation with the total number of articles on M&A that are published
each year.
Keywords Mergers and acquisitions, Customer loyalty, Marketing integration, PLS-SEM
Paper type Research paper
1. Introduction
The global banking structure has undergone an unprecedented change during the past
30 years. Specifically, horizontal mergers and acquisitions (M&A), that is, agreements that
take place between companies that operate with the same industry (Rahman and Lambkin,
2015), have become greatly popular.
However, there is growing evidence that firms do not always obtain gains after the M&A
activities. In denoting so, it has also been argued that M&A can be value-destroying and can
adversely impact the firm’s stakeholders (Rahman and Lambkin, 2015). Specifically, M&A is
considered a critical moment in the customer–firm relationship and the M&A integration,
known as “the level of similarity achieved between two firms’ marketing systems, structures,
activities, and processes” (Homburg and Bucerius, 2005, p. 96), has the potential to affect both
positively and negatively on marketing-related issues such as products and prices (Krishnan
et al., 2004), service quality (Urban and Pratt, 2000), sales force (Bommaraju et al., 2018), sales
channels (Homburg and Bucerius, 2005), firm image (Chung and Kim, 2020) or loyalty
(Williams et al., 2020) and thus, influence the value creation to consumers (Rahman and
Lambkin, 2015) and the long-term financial performance (Swaminathan et al., 2014).
In spite of the relevance of marketing issues and firm–consumer relationships to create
value and improve firm’s results after a M&A, marketing scholars are not very familiar with
Marketing Intelligence & Planning
the issue of M&A (Yu, 2013) and research on this issue is still very limited within the
Vol. 41 No. 1, 2023
pp. 48-61
© Emerald Publishing Limited Funding: This research did not receive any specific grant from funding agencies in the public,
0263-4503
DOI 10.1108/MIP-02-2022-0074 commercial or not-for-profit sectors.
marketing context. Indeed, literature has stressed the need to consider the marketing Mergers and
perspective while retaining clients and determining consumer’s reactions in M&A contexts customers
(Bauer et al., 2020; Christofi et al., 2017).
This research analyzes the M&A as an event with the potential to modify the basis or
components of the relationship established between the bank and its customers with the
objective of understanding the effect of the M&A on customer loyalty. This objective
addresses previous research suggestions to “focus the research on the ways marketing could
minimize the negative consequences that occur from M&A activity, such as loss of consumer 49
loyalty” (Christofi et al., 2017, p. 643) and the study of external stakeholders and nonfinancial
factors affected by M&A “may explain the reason why decisive factors for M&A success are still
elusive” (Kato and Schoenberg, 2014, p. 336).
Previous research on this issue contains only a limited focus on understanding consumer’s
reaction to M&A and presents several limitations as it is either a case study research, which
limits the generalization of results (Alvarez-Gonzalez and Otero-Neira, 2019; Kato and
Schoenberg, 2014), or it considers a limited number of marketing variables (Chung and Kim,
2020; McLelland et al., 2014) or it does not use customer survey data (Bauer et al., 2020; Homburg
and Bucerius, 2005). To address these gaps, this study tested a model to understand the effect of
post-M&A marketing integration on customer loyalty. Specifically, this study extends the
knowledge on the relative importance of changes – positive and negative – in five marketing
variables that affect the customer–company relationship and, finally, the customer loyalty after
the M&A based on the customers’ perspective, as suggested by recent research (Bauer et al.,
2020; Christofi et al., 2017). Moreover, acknowledging King et al.’s (2004) suggestion to search
for new potential moderators to enhance the knowledge on this issue, this work addresses the
potential role of three moderating variables in that relationship as displayed in Figure 1.
2. Theoretical framework
In a relational marketing context, the goal of any organization is to know what individuals
want and require developing the firm’s strategy based on their needs, concerns and values
Products and
prices
Service
quality
Integration outcomes
Sales
channels
Customer orientation
Speed of integration
Image Communication
Figure 1.
Research model
MIP (Ndubisi, 2007). This is also true in the financial industry. Indeed, banks and other financial
41,1 entities try to deliver value, satisfaction and retain their customers’ loyalty by designing
products/services, fixing the prices, establishing traditional and/or online distribution as well
as creating communication channels with their clients (Lewis and Soureli, 2006).
There are many factors that bank consumers consider when first choosing and later
developing a long-lasting relationship with a financial institution, such as: trust,
communication, availability of alternatives, honesty/ethics of the firm, innovation, location,
50 geographical proximity, tradition or habit or even the social influence. Moreover, after the
first transactions, the formation and development of customer loyalty will depend on
different factors such as: service quality and service attributes, image or interpersonal
relationships with bank sales force (Lewis and Soureli, 2006; Miguel-Davila et al., 2010;
Ndubisi, 2007; Saleh et al., 2013).
Both loyalty and its drivers are dynamic phenomena. This refers to those factors that
make loyal customers change over time. However, there might be other uncontrollable
situational factors such as organizational changes such as M&A. A merger refers to a
combination that forms one economic unit from two or more previous corporations (Hossain,
2021). An acquisition refers to the buying by one corporation of another entire corporation
(Capron, 1999). From a process perspective, M&A are described from the first decision to
conduct a M&A throughout the integration. Integration includes managerial actions, such as
planning of structural changes and executing changing activities, taken to combine the
previously separate firms (Bodner and Capron, 2018). Those actions include operational,
marketing, R&D, manufacturing, managerial or financial consolidation (Capron, 1999), and
create a commercial environment that will determined the future of the customer–company
relationship after the M&A (Kato and Schoenberg, 2014).
3. Method
3.1 Design and participants
The target population for this study was identified as all customers of the 48 banks and
saving banks that have merged between 2009 and 2015 in Spain. Data collection from
customer of merging companies is difficult due to data protection, thus limiting our
possibility of obtaining a representative sample (Kato and Schoenberg, 2012). For this reason,
a goal-directed sampling approach was adopted. In so, 500 questionnaires were sent between
January and June 2015, out of which 276 were completely returned. After an initial screening
process, the final sample includes 232 valid surveys (response rate: 46.4%). In total, 52.6%
were male. Majority of the respondents (58.2%) were aged between 40 and 59 years, whereas
37.5% were aged between 20 and 39 years and 4.3% were aged more than 60. A total of 87.5%
of the respondents have a relationship with the bank of more of 5 years. Furthermore, 32.3%
have had a conflict with their bank of which 77.3% complained to the entity.
3.2 Measures
Perceived marketing integration is conceptualized as a hierarchical construct composed of
five reflective first-order constructs (Van Riel et al., 2017). To measure each dimension, we
reviewed the previous literature on M&A and banking consumer behavior (Bravo et al., 2010;
Miguel-Davila et al., 2010). Customer loyalty was measured with four behavioral intentions
items adapted from Nguyen and Leblanc (2001) and Kato and Schoenberg (2012). A summary
of the scale items can be found in Table 1.
Customer orientation was measured by three items adapted from Kato and Schoenberg
(2014) (“I believe that the management of the firm has my interests in mind”; “I feel I can trust
my bank/savings institution” and “I believe that the entity would not make any decisions that
would be detrimental to me”). To measure speed of integration, one item of Homburg and
Bucerius (2005) was adapted (“The integration of the two entities has been done quickly”).
MIP Items Loading
41,1
Products and prices (AVE 5 0.62; CR 5 0.89; Alpha 5 0.89)
The wide range of banking products and services 0.81
The offer of different types of loans adjusted to my needs 0.80
The offer of high profitability rates 0.69
The prices of the available banking services 0.75
54 The value achieved compared to the money and effort I have invested 0.87
Service quality (AVE 5 0.61; CR 5 0.90; Alpha 5 0.90)
The quality service 0.92
Convenience number of hours the bank is open to the public 0.64
The effort to ensure the absence of errors in the execution of the service 0.80
Precision and clarity in explanations or information provided 0.81
The period of waiting for service delivery 0.71
Knowledge provided by the bank to use automated services 0.81
Sales force (AVE 5 0.71; CR 5 0.90; Alpha 5 0.91)
Tidiness and elegance of bank employers 0.70
Confidence transmitted by the bank personnel due to their honestly and decency 0.92
Knowledge of the bank personnel, necessary for rendering the service 0.87
Willingness to help of branch staff 0.87
Sales channels (AVE 5 0.66; CR 5 0.85; Alpha 5 0.85)
Number of branches of the entity 0.82
Proximity of the branch to my workplace or to my home 0.75
Convenient location of the bank 0.87
Image (AVE 5 0.62; CR 5 0.89; Alpha 5 0.89)
The firm dedicates a lot of effort to carrying out social, charitable and cultural actions 0.74
The firm is committed to the environment 0.77
The firm is committed to society in general 0.83
Financial solvency 0.73
Reputation 0.87
Loyalty (AVE 5 0.74; CR 5 0.91; Alpha 5 0.92)
I feel great loyalty to my entity 0.75
I have the intention to continue to do business with this firm 0.84
Table 1. When I need a financial service I go to this bank 0.91
Measurement I always recommend the firm 0.94
validation Note(s): CR: Composite reliability; AVE: average variance extracted; Alpha: Cronbach’s Alpha
Communication was measured using two items adapted from Appelbaum et al. (2007),
(“I have felt adequately informed about the effect it would have on my relationship with the
firm” and “I was informed on-time about the forthcoming changes and its effects”).
Responses to the questionnaire items were elicited on seven-point scales ranging from 1:
Much worse/totally disagree and 7: much better/totally agree.
1 2 3 4 5 6
6. Managerial implications
These research findings have significant implications for marketing practices and senior
management. A key variable that explains why M&A does not achieve the stated objectives
is the integration risk in terms of the fact that integrating marketing activities is much more
difficult in practice than in theory. Companies involved in M&A processes should take into
account how this process will change aspects of their relations with their consumers which
they consider significant and thus, could provoke in them a negative reaction towards
the M&A.
M&A are a threat to the “status quo” established between the firm and the consumer. In
this sense, marketing efforts could minimize the negative consequences of the M&A,
specifically, the loss of consumer loyalty. The study findings demonstrate that changes in
services quality and the image of the firm are the variables that have a greater impact on the
customer’s loyalty towards the combined firm, making these areas worthy of special
attention. In this regard, managers should consider these issues in the due diligence phase in
order to understand the advantages and drawbacks the customer might perceive during this
process.
In fact, a high level of loyalty through the M&A will permit the firm to avoid costs of
attracting new customers. This is important because customer’s negative reactions can affect
the final effectiveness of the M&A process. For this, it is important for banks to include
customers as part of the process and give them the opportunity to influence the outcome. For
example, by retrieving consumer testimonies, understanding their attitudes towards the
M&A (support or disapproval), involving the consumers in the process of the new branding,
MIP doing the changes quickly in order to reduce the uncertainties about the future relationship
41,1 with the merging firms (e.g., uncertainty about service quality, products and prices, sales
force and sales channels).
While some service disruption may be inevitable, banks could also provide integrated
solutions; capitalize on the advances in online technology to improve home banking services
or improve their contribution to society in order to mitigate the effects of a bad image of the
M&A and the possible risks of the marketing integration on the customer relationship.
58
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