Paper presented at the RENT XXV conference.
The point of this paper is to improve our understanding on the added value of M&A advisors in SMEs, an important segment of the economy and merger industry. To predict the added value of professional advice we contrast two theories: the agency theory and the Resource Based View. The results indicate that the involvement of advisors have no effect on or even increases the obstacles during or after M&A, but positively influences innovations after M&A.
