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The Human Factor in Mergers and Acquisitions

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... For example, in the context of cross-border mergers and acquisitions (Björkman et al., 2007;Reus and Lamont, 2009;Stahl and Voigt, 2008), it has been observed that the presence of more obvious national cultural differences may increase the awareness of the significance of such cultural factors in the integration process. In turn, this may lead the managers involved in these transactions to pay greater attention to the softer, less tangible, but more critical human resource aspects that are often overlooked in mergers involving companies from the same country (Pucik and Evans, 2004). Also, acquiring companies that have previous international M&A experience learn from their mistakes and implement processes that enable them to execute cross-border deals more effectively. ...
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Purpose The purpose of this paper is to encourage scholars to look at commonly considered phenomena in international business and cross-cultural research in new ways and to theorize and explore how cultural diversity, distance, and foreignness create value for global organizations. These considerations should result in a more balanced treatment of culture in cross-cultural management (CCM) research. Design/methodology/approach The idea that there are negative consequences associated with cultural differences is pervasive in hypotheses formulation and empirical testing in international business and CCM literature, as reflected in widely used constructs such as “cultural distance,” “cultural misfit,” “foreignness,” and related concepts. Consistent with a Positive Organizational Scholarship (POS) perspective on culture and cultural differences, the authors emphasize the positive role of distance and diversity across national, cultural, institutional, and organizational dimensions. In addition, they provide an overview of the contributions to the special issue. Findings Examining the positive side of culture is not only beneficial theoretically in terms of filling the existing gaps in the literature, but is also crucial for the practice of international and global business. Accordingly, the contributions to the special issue highlight how explicitly considering positive phenomena can help better understand when and how cultural diversity, distance, and foreignness can enhance organizational effectiveness and performance at multiple levels. They include five research papers, a Distinguished Scholar Essay by Kim Cameron, the Founder of the POS movement, and an interview piece with Richard Nisbett, a Pioneer Researcher in culture and cognition. Originality/value The overemphasis on adverse outcomes associated with cultural differences in existing research has hindered the understanding of the processes and conditions that help organizations leverage the benefits of cultural differences in a wide range of contexts. This introductory paper together with the contributions included in the special issue showcases the positive dynamics and outcomes associated with cultural differences, distance, and diversity in a wide range of international business contexts.
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Mergers & Acquisitions (M&A) beherrschen das wirtschaftliche Geschehen im 21. Jahrhundert. Allein im Jahr 2004 wurden weltweit 30.000 Akquisitionen im Wert von 1.900 Mrd. US-$ abgewickelt, was in etwa einer Transaktion alle 18 Minuten entspricht (vgl. Cartwright/Schoenberg 2006, S. 1). Ambitionierte Pläne für fiktive Synergien und finanzielle Ersparnisse durch M&A beflügeln dabei die Fantasie der TopManager, vorrangig am Shareholder Value orientierter Unternehmen. Die Erfolgsbilanz von Unternehmenszusammenschlüssen ist dagegen eher ernüchternd. Nur knapp 40 Prozent der Übernahmen erfüllen tatsächlich die Erwartungen oder übertreffen diese (vgl. Ernst&Young 2006, S. 19). Doch vielfach wird übersehen, dass die Wertsteigerung bei M&A nicht allein auf Kostensenkungen beruht, sondern einer nachhaltigen Wertschöpfung bedingt (vgl. Krüger 2004, S. 59). Aufgrund dieses Tatbestandes kommt insbesondere den wichtigsten immateriellen Wertschöpfern, wie Marken und Mitarbeitern, und deren nachhaltige Integration im Rahmen von M&A eine erfolgskritische Rolle zu. Eine optimale Voraussetzung hierfür bieten markenorientierte Unternehmungen, da sie branchenübergreifend höhere Wertschöpfungspotenziale erzielen als der Branchendurchschnitt, die Kundenloyalität während M&A aufrechterhalten und die Mitarbeiter durch die Marke binden können.
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