We have already mentioned in the context of the merger syndrome that the announcement of a merger or an acquisition can elicit deep emotions. M&As can be considered as a change of social identity. We also explained that the perception of one’s identity has an emotional component. The creation or change of identity is therefore always connected with emotions. However both M&A research and research on social identity theory are still largely ignoring the emotional component. Only very recent literature in both ﬁelds considers emotions. In order to contribute to the closing of this gap, it seems necessary to discuss ﬁrst some theoretical bases of emotions (section 4.1). The few noticeable exceptions of M&A studies that explicitly focus on emotions will be summarized in section 4.2. The two subsequent sections present M&As as a cause of emotions (4.3) and emotions as a reason for certain M&A outcomes (4.4). In section 4.5 a comprehensive conceptual framework will be developed which incorporates emotions. The framework is built on cognitive appraisal theory and social identity theory as well as the merger syndrome. 4.1 THEORETICAL BASES The terms ‘emotion’, ‘feeling’, ‘mood’ and ‘aﬀect’ are widely used in daily conversations as well as in research. It would seem fair to assume that everybody knows what these phenomena are about. However a ﬁrst attempt to deﬁne these terms showed that this is not the case (Wenger et al., 1962). Currently there is no unanimously accepted deﬁnition, for emotions...
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