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complemented by future research. First, the proposed approach did not consider the other factors that could be explain the characteristics of patterns of M&A. If it is possible to integrate the dataset employed in this study with financial, accounting, and technology information, the characteristics of patterns of M&A will be more plentiful. Furthermore, to cultivate a comprehensive decision support system for the whole M&A process, the further research using factors in financial, accounting, and technology should be performed, because this study only focused on the patterns of M&A for M&A decision at the early stage of the M&A search process. Second, we analyzed 71,264 M&A
transactions of about 220,000 M&A transaction from 1995 to 2016. This relatively small number is due to the fact that transaction data on disclosed deal values to the public is rare. Trade-offs between fully non-lost data and information were inevitable. Third, the whole process needs to be systemized and automated. These topics would be fruitful areas for future research.
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