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4 IJCM Vol. 2 , No . 1 2 , 1992 Research on Merger Performance : A Review and a Critique Ram Subramanian Bahman Ebrahimi Mary S. Thibodeaux In recent times there has been an explosion in the number and value of mergers and acquisitions. The pressing question that is argued by both managers and academicians relates to the performance of these high value decisions. This paper examines the literature relating to the performance of mergers and acquistions with a view to throwing some light on the question. Criticisms of the existing literature are provided, as also are specific recommendations for future research such as including more longitudinal instead of cross-sectional studies. Introduction Ever since Glueck (1980) categorized a firms overall grand strategy as a choice between four alternatives— stability, internal growth, external acquisition, and retrenchment, several researchers have attempted to and have succeeded in establishing a link between the existence of a grand strategy and firm performance (e.g. Pearce, 1981; Pearce, Robbins, and Robinson, 1987). A strategy of stability involves preserving the status quo while trying to make the functional areas more efficient. A strategy of internal growth emphasizes product development from within the company, while a retrenchment strategy attempts to improve organizational performance by downsizing its operations and/o