On-Demand Video: Historical Record and the Role of M&A in a Market Economy

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Role of M&A in the Defense Industry
Two Panel Webinars
Dec. 14, 2022

Examines the impact of M&A strategy on company value in the government contracting community. Our empirical findings show that investors react positively to customer expansion but not as favorable to customer penetration, as financial markets appear to prioritize access to new revenue sources over improving efficiencies.

We have experienced major mergers and acquisitions (M&A) activities over the last 30 years in the defense industry. Each merger situation has its own unique attributes and driving factors. However, from an overall perspective, little analysis has occurred regarding the broader issues:

  • How does the growing consolidation of the defense industry impact national security and defense innovation? 
  • Has this historical consolidation in the context of the unique structure of the American defense industry resulted in harm to our core national security interests?

Two panel sessions will dig deeper into this topic:

  1. The historical record and the role of M&A in a market economy
  2. Impacts of defense consolidation on the defense industrial base

Panel 1: The Historical Record and the Role of M&A in a Market Economy

Key Topics

  • The role of M&A in a market economy 
  • The history of M&A in the defense industry—from the Packard Commission forward
  • How does M&A impact company financial performance
  • Why and how defense companies employ M&A as part of their growth strategy


Brett Josephson
Moderator & Associate Professor of Marketing, School of Business
George Mason University 

Mikhail Grinberg 
Renaissance Strategic Advisors 

Brett Lambert
Managing Director
Densmore Group, LLC

Ju-Yeon Lee
Associate Professor of Marketing
Iowa State University 

Background Readings: