Research on emotions during different phases of the merger and acquisition (M&A) process (i.e., pre-M&A, during M&A and post-M&A) has increased exponentially over the past three decades. However, few attempts have been made to integrate the findings. By systematically reviewing research on emotions during M&As published over the past 30 years, this paper aims to contribute to filling this gap. We organized our findings using a process framework, addressing emotional triggers, the nature of emotions and their dynamics, effects and management. Our review reveals several oversights in research on emotions during M&As, such as the emotional dynamics between the different M&A phases and the role of positive emotions. To address these oversights, future research is encouraged to (a) study emotions following a process-oriented perspective on M&As and include the (interrelationships between) different M&A phases, (b) address the emergence of emotional heterogeneity and homogeneity among organizational members during these phases, (c) investigate the widespread effects of positive emotions and take into account various levels of emotion and (d) explore how emotions can be successfully managed. The paper concludes with a discussion of how these research directions can advance research on emotions during the M&A process.

中文翻译：

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情绪在并购中的作用：回顾过去，展望未来

过去三十年来，对并购（M&A）过程不同阶段（即并购前、并购期间和并购后）情绪的研究呈指数增长。然而，很少有人尝试整合这些发现。通过系统回顾过去 30 年来发表的关于并购期间情绪的研究，本文旨在为填补这一空白做出贡献。我们使用流程框架来组织我们的研究结果，解决情绪触发因素、情绪的本质及其动态、影响和管理。我们的回顾揭示了并购过程中情绪研究的一些疏忽，例如不同并购阶段之间的情绪动态以及积极情绪的作用。为了解决这些疏忽，鼓励未来的研究（a）按照以过程为导向的并购视角来研究情绪，并包括不同并购阶段（之间的相互关系），（b）解决这些阶段中组织成员之间出现的情绪异质性和同质性，（c）调查积极情绪的广泛影响并考虑不同程度的情绪，以及 (d) 探索如何成功管理情绪。本文最后讨论了这些研究方向如何推进并购过程中的情绪研究。(c) 调查积极情绪的广泛影响，并考虑不同程度的情绪；(d) 探索如何成功管理情绪。本文最后讨论了这些研究方向如何推进并购过程中的情绪研究。(c) 调查积极情绪的广泛影响，并考虑不同程度的情绪；(d) 探索如何成功管理情绪。本文最后讨论了这些研究方向如何推进并购过程中的情绪研究。