Article

MOMENTUM AND SERENDIPITY: HOW ACQUIRED LEADERS CREATE VALUE IN THE INTEGRATION OF TECHNOLOGY FIRMS.

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Abstract

This article discusses how acquired leaders create value in the integration of technology firms. Many acquisitions fail to achieve their desired ends because of ineffective post-deal implementation. Implementation may be especially difficult in technology acquisitions, which are often motivated by the desire to obtain and transfer tacit and socially complex knowledge-based resources. Since these forms of knowledge are difficult to transfer, a high degree of post-deal integration may be required in technology acquisitions. Yet paradoxically, integration may also lead to the destruction of the acquired firm's tacit knowledge through employee turnover and the disruption of organizational routines. Studies have generally viewed post-merger integration as a process that happens to the acquired firm, rather than as an activity in which the acquired leaders are active and essential participants. Value creation from acquisitions can be conceptualized in terms of two distinct dimensions: realization of expected value, and realization of serendipitous value. Expected value refers to those benefits that motivated the buyer to undertake the acquisition. Serendipitous value, in contrast, refers to value that was not anticipated by the buyer prior to the deal.

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... They account for approximately 20% of all acquisitions (BCG 2017, Kahn 2021, with the importance of such acquisitions expected to further increase. Mostly geared towards generating revenue rather than cost synergies (Graebner 2004, Graebner et al. 2010, technology acquisitions help firms fortify and extend strategic positions in existing markets, enter new markets, and acquire new technological capabilities. ...
... Extant literature suggests that collaboration between acquirer and target improves acquisition success 1 (e.g., Castañer and Karim 2013, Graebner 2004, Puranam et al. 2009) by minimizing the disruption of structural integration. Collaboration builds connections between actors which were previously unconnected (e.g., Briscoe and Tsai 2011). ...
... However, while extant research is useful in spotlighting the value of collaboration in general (e.g., Haspeslagh and Jemison 1991, Graebner 2004, Castañer and Karim 2013, both the specific underlying 1 We consider an acquisition successful if the acquirer is able to realize the anticipated synergies without impairing the underlying value of either firm involved. process helps address the integration-autonomy dilemma, than what exists in the literature. ...
Article
Technology acquisitions are increasingly prevalent. However, they are problematic; their failure rate is notoriously high due to the integration-autonomy dilemma faced by technology acquirers. Prior research suggests that collaboration between acquirer and target firms enables acquirers to avoid the trade-offs entailed by the integration-autonomy dilemma. Yet, understanding of how firms actively foster collaboration between acquirer and target managers post acquisition remains fragmented and incomplete. Using inductive, multiple-case methods, we address this gap. Our study reveals four key mechanisms that break down barriers to collaboration post acquisition and presents a novel process view of how acquirers temporally sequence and combine these mechanisms to build successful collaboration post acquisition. Our findings contribute to the acquisition literature, to research on the micro-foundations of strategy, and to the literature on organizational design.
... Strategy scholars have extensively studied the antecedents and outcomes of post-acquisition integration in technology acquisitions to better understand how value is created by acquiring firms (Capron, Dussauge & Mitchell, 1998;Graebner, 2004;Karim and Mitchell, 2000;Puranam, Singh, & Zollo, 2006;Puranam, Singh, & Chaudhuri, 2009;Ranft & Lord, 2000. These studies have examined traditional technology acquisitions that mainly target the product and/or the patented technologies of the acquired firm. ...
... Past studies of traditional post-acquisition integration build on multiple theoretical perspectives (Paruchuri, Nerkar, & Hambrick, 2006;Puranam e al., 2009;Ranft & Lord, 2002). The knowledge-based view of the firm (KBV) argues that post-acquisition integration decisions of acquirers are designed to maximize the amount of knowledge transferred from the acquired firms to the acquirers Graebner, 2004;Ranft & Lord, 2002). ...
... Highlighting knowledge as a significant strategic resource of an organization, the KBV considers the maximization of knowledge transfer from the acquired firm to the acquirer as important for acquisition success (Grant, 1996;Kogut & Zander, 1992;Paruchuri et al., 2006;Ranft & Lord, 2002). Studies in this stream highlight that integration of the acquired firm into the acquirer's organization facilitates knowledge transfer and favors synergy realization (Graebner, 2004;Ranft & Lord, 2002). Yet, integration may also have adverse consequences such as departure of key employees (Ranft & Lord, 2000), decrease in the productivity of inventors (Barden, 2012;Paruchuri et al., 2006), and disruption of the routines that underlie the tacit and socially complex knowledge of the acquired firm (Ranft & Lord, 2002). ...
Conference Paper
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Research on acquisition integration has focused on how acquirers integrate (or not) target firms or their technology; acqui-hires are different because they focus on the talented human capital of acquired start-ups. We argue that post-acqui-hire redeployment of human capital is influenced by the disruptiveness of the acqui-hire’s know-how to the incumbent’s current technology. Applying a dynamic capabilities framework, we find that when the acquired start-up has disruptive (vs. complementary) know-how, the acqui-hired team is preserved (vs. fragmented) and integrated as a whole into the acquirer’s disrupted business unit, and the founder of the acquired start-up is assigned to a high status position. Furthermore, we show that a lack of fit between acquired know-how type and integration mode has a positive relationship with the premature exit of acqui-hired founders.
... Synergy has been discussed from a variety of perspectives. These perspectives include creating value (Larsson and Finkelstein, 1999;Haspeslagh and Jemison, 1991), strength and increased profitability (Kanter, 1989), sharing competencies and capabilities (Bresman et al., 1999;Goold and Campbell, 1998), managing purchasing synergy (Rozemeijer, 2000), the strength of market-related performance over cost savings (Homburg and Bucerius, 2005), acquisition outcome measured through different types of performance or effects on other stakeholders (Haleblian et al., 2009;Teerikangas and Thanos, 2018), integration process related to long-term firm performance (Zollo and Meier, 2008;Gates and Véry, 2003), synergy potential as an effect of the duration of the integration period (Oh and Johnston, 2020), the level of target autonomy and synergy potential (Zaheer et al., 2013), manager effects on acquisition performance (Teerikangas et al., 2011;Graebner, 2004) and serendipitous value creation (Graebner, 2004;Colman and Lunnan, 2011). Research on performance has almost solely addressed the organisational units involved in the integration following an acquisition or a merger. ...
... Synergy has been discussed from a variety of perspectives. These perspectives include creating value (Larsson and Finkelstein, 1999;Haspeslagh and Jemison, 1991), strength and increased profitability (Kanter, 1989), sharing competencies and capabilities (Bresman et al., 1999;Goold and Campbell, 1998), managing purchasing synergy (Rozemeijer, 2000), the strength of market-related performance over cost savings (Homburg and Bucerius, 2005), acquisition outcome measured through different types of performance or effects on other stakeholders (Haleblian et al., 2009;Teerikangas and Thanos, 2018), integration process related to long-term firm performance (Zollo and Meier, 2008;Gates and Véry, 2003), synergy potential as an effect of the duration of the integration period (Oh and Johnston, 2020), the level of target autonomy and synergy potential (Zaheer et al., 2013), manager effects on acquisition performance (Teerikangas et al., 2011;Graebner, 2004) and serendipitous value creation (Graebner, 2004;Colman and Lunnan, 2011). Research on performance has almost solely addressed the organisational units involved in the integration following an acquisition or a merger. ...
... Colman and Lunnan (2011) acknowledge the importance of being aware of the benefits that can occur unexpectedly by using the concept of serendipitous value creation. We take the same point of departure as Graebner (2004) and Colman and Lunnan (2011) and emphasise the importance of taking the unanticipated into account when evaluating an acquisition. ...
Article
Full-text available
Purpose This study aims to contribute with an extended framework on synergy realisation in acquisitions. The study conceptualises synergy realisation after acquisitions, in interaction with other companies in a business network and that synergy can be the result of both intended and not intended actions. Design/methodology/approach The study is based on a company involved in acquisitions, being both the acquirer and the acquired. The data for analysis were collected through semi-structured interviews with managers involved in the described acquisition processes. The semi-structured interviews were guided by overarching themes to cover relevant areas of the described acquisitions. Findings This study develops a framework in which synergy is used as a concept in business networks. The framework offers a more dynamic perspective on acquisition processes and extends the view of acquisition performance beyond more financial and company internal aspects of acquisition processes. Further, the findings show that related companies such as customers and suppliers, play important roles in synergy realisation. Practical implications From a managerial perspective, the study shows the importance of understanding the underlying forces of integration processes. Originality/value The concept of synergy used in this study not only includes the companies integrated in an acquisition but also their business networks. Including the integrated companies and their business networks provides a more dynamic perspective from which to plan and realise synergy.
... As a result, we consider the importance of knowledge transfer and market expansion goals and their achievement in our logical development of the impact of context and in our analysis of the effects of codified experience. Further, as rivalry and internal turmoil are often confidential and the implications ambiguous, manager perceptions and interpretation of available information is invaluable (Graebner, 2004;King and Schriber, 2016). ...
... While acquisitions enable the transfer of otherwise non-marketable resources (James, 2002) and codification facilitates knowledge transfer (Cummings and Teng, 2003), target firm managers have better knowledge of acquired resources and how they can be used in a J o u r n a l P r e -p r o o f combined firm (Graebner, 2004). This means that codified experience by an acquirer is unable to account for intricacies of socially constructed knowledge in a target firm, reflecting that integration planning remains inherently incomplete (Bauer et al., 2015). ...
... Despite the reduced ambiguity and increased transparency, the strict application of codified experience can disrupt employees and aggravate the challenges of learning and applying tacit knowledge in new contexts or a combined organization (Nonaka, 1994;Ranft and Lord, 2002). The risk is that valuable knowledge will be lost when employees leave following an acquisition (Graebner, 2004;Ranft and Lord, 2000;Smith, 2001). Therefore, we predict: ...
Article
Despite its intuitive appeal, acquisition experience has not shown a clear benefit to acquirers, and we argue the applicability of acquisition experience depends on goals and context. Using survey data, we consider the effects of applying codified experience for two common acquisition goals involving knowledge transfer and market expansion. Our findings reveal a ‘double-edged sword’ effect, where on one hand, codification mitigates negative effects of industry rivalry on knowledge transfer. However, on the other hand, codification amplifies negative effects of industry rivalry on market expansion and internal turmoil on knowledge transfer. Beyond demonstrating the importance of goals and context contingencies for determining acquisition experience effect, our results reconcile conflicting research findings to identify when codified experience is beneficial in acquisitions.
... M ergers and acquisitions (M&As) are a highly popular strategy not only to access resources and capabilities but also as an important means of corporate development that permits firms' growth (e.g., expansion of customers' base and product diversification) and internationalization (Chakrabarti et al., 1994;Cartwright and Schoenberg, 2006;Ahuja and Novelli, 2014). In high-tech industries, M&As are an important way by which firms can access technological assets and know-how held by the acquisition target (Capron, et al., 1998;Arora et al., 2001;Graebner, 2004;Cassiman et al., 2005;Dao and Strobl, 2019), in particular when targets' resources and capabilities cannot be obtained through the factors market (Capron et al., 1998;Villalonga and McGahan, 2005;Capron and Mitchell, 2009). ...
... Moreover, since firms' resources are not readily exchanged on the market, acquisitions represent the main means for bringing bundles of resources into firms (Wernerfelt, 1984;Yu et al., 2016). In the context of patent expiration, pharmaceutical firms might engage in horizontal acquisitions, which provide access to specific technologies that are owned by the target firm (Birkinshaw et al., 2000;Ranft and Lord, 2002;Graebner, 2004). 1 Acquiring firms can exploit the capabilities and the know-how of the target firm that will allow them to develop further innovations (Ranft and Lord, 2002;Lamont et al., 2019). ...
... Acquisitions grant the acquiring firm the possibility of applying control over the assets, human capital and technologies of the acquired firm, such as the patents portfolio, and use them in a way that satisfy its current needs (Folta, 1998;Schilling and Steensma, 2002), providing a greater potential for development of core technological capabilities and exploitation of competitive advantages (Leonard-Barton, 1995). In the context of patent expiration, pharmaceutical firms looking to replenish their patent portfolio and maintain their revenue streams might engage in acquisitions to gain access to technological assets held by the target firm (Birkinshaw et al., 2000;Ranft and Lord, 2002;Ahuja and Katila, 2001;Graebner, 2004). They will look for target firms for which they can immediately exploit their resources and capabilities, in particular, for targets with rich patent portfolios to prevent the above-mentioned disruptions (Ranft and Lord, 2002;Cloodt et al., 2006;Lamont et al., 2019). ...
Article
Full-text available
This paper addresses the calls for greater research on the antecedents of technological acquisitions by exploring a mechanism that drives both acquisition decision and target selection. Drawing from the RBV, this paper presents patent expiration as a driver behind pharmaceutical firms’ acquisition decisions and target selection. This paper argues that patent expiration constitutes a disruption to pharmaceutical firms’ pipelines and a threat to revenue and profit streams and that acquisitions represent a possible short‐term solution for firms to replenish their patent portfolios and to ensure a continuous flow of revenues. Using a sample of US pharmaceutical firms, this paper shows that pharmaceutical firms engage in acquisitions when they face large amounts of patent expiration and when they are unable to internally replenish their patent portfolios. The results also show that acquiring firms have a preference for targets with resources similar to their existing portfolio of patents, which is explained by firms’ desire to minimize post‐integration problems and possible disruptions derived from the difficulties in assimilation and commercial exploitation of distant knowledge. This is in contrast with previous studies indicating that acquiring firms benefit from knowledge bases that are more distant.
... Owing to the distance between the knowledge involved Yoo et al., 2012), our findings contrast with much prior work that did not find positive impacts of distant knowledge acquisitions on acquirers (e.g., Ahuja & Katila, 2001;Makri et al., 2010). While past studies have investigated a variety of human, organizational, and interorganizational measures that might help to improve in this regard (e.g., Graebner et al., 2010;Graebner, 2004), our findings indicate the special role that digital materiality (Yoo et al., 2012) could play in the post-M&A outcomes of the acquirer. ...
... From this perspective, our results extend prior work in three ways. achieved by mitigating problems of context specificity and stickiness (Graebner, 2004). ...
... Furthermore, due to the malleability of digital technologies and the decontextualization they induce, a high amount and variety of interactions might be provided, creating ample options for exploration (Kallinikos et al., 2013). Through triggering discoveries in the course of IS integration, digital M&A may lead to serendipitous value by fostering the discovery of new knowledge (Graebner, 2004). ...
Article
Aiming to support digital innovation endeavours, industrial-age companies increasingly acquire firms that heavily build upon digital technologies. Related research has raised serious concerns regarding the prospects of such plans, yet has not focused the particular context of digital mergers and acquisitions (M&A). Drawing on a knowledge-based perspective as well as the particularities of digital technologies and the context of digital innovation, we theorise the link between digital M&A, a digital knowledge base on the part of the acquirer, and the consequences for digital innovation and firm performance. We employ panel data regressions to a longitudinal dataset of the world’s largest automobile manufacturers. Our findings suggest that executing digital M&A contributes to building the digital knowledge base of industrial-age firms, which in turn enables them to drive digital innovation. Our findings further indicate that digital innovation improves firm performance of industrial-age firms. We discuss implications for information systems research about M&A and digital innovation as well as recommendations for managerial practice.
... They know their employees best and can help dealing with their merger syndrome, mediating in conflicts with the acquiring firm, and helping create a harmonious and cohesive organizational climate. Meanwhile, they possess important information and knowledge that can enhance synergy realization in terms of speed and quantity (Colombo, Conca, Buongiorno, & Gnan, 2007;Graebner, 2004). Moreover, acquired managers play a key role not only in assisting the acquirer to achieve the expected value but also in helping them obtain serendipitous value (Graebner, 2004), since they have more knowledge about their companies, the market, the customers, the partners, etc. D. Wang, et al. ...
... Meanwhile, they possess important information and knowledge that can enhance synergy realization in terms of speed and quantity (Colombo, Conca, Buongiorno, & Gnan, 2007;Graebner, 2004). Moreover, acquired managers play a key role not only in assisting the acquirer to achieve the expected value but also in helping them obtain serendipitous value (Graebner, 2004), since they have more knowledge about their companies, the market, the customers, the partners, etc. D. Wang, et al. International Business Review xxx (xxxx) xxxx Their involvement in integration is even more important when the acquiring firm has no local business operation experience or knowledge, as evidenced by Very and Schweiger (2001). ...
... Post-acquisition coordination efforts (coord): Our variable measuring post-acquisition coordination efforts is constructed via a PCA over the items informed by the literature (e.g., Ahammad & Glaister, 2011;Chen & Paulraj, 2004;Colombo et al., 2007;Graebner, 2004;Larsson & Finkelstein, 1999;Stahl, Larsson, Kremershof, & Sitkin, 2011) as well as discussions with scholars and M&A experts. The variable includes items capturing the amount of communication, involvement of the acquired firm's managers, and retention of key employees. ...
Article
Research on cross-border acquisitions (CBAs) consistently recognizes the importance of cultural differences, yet it lacks consensus on whether it has a positive or negative impact. While tied to the purpose and consequences of an acquisition, synergy realization has not received much attention in research on culture-performance relationship. Focusing on synergy realization in CBAs and applying a process and conditional perspective, we propose the relationship between national/ organizational culture differences and synergy realization to be moderated by the quality and extent of due diligence and post-acquisition coordination. Drawing from cross-cultural interaction and inter-organizational learning arguments, we further propose idiosyncratic effects of cultural differences in different synergy realization contexts, where we contrast explicit with implicit synergy realization. Our analysis is based on a unique survey on a sample of 103 cross-border acquisitions. The results indicate that both national and organizational culture differences exert a negative impact on the realization of implicit synergies while no impact on the realization of explicit synergies. National culture differences are found to have a stronger negative effect than organizational culture differences on synergy realization. Sufficient culture and human due diligence prior to the acquisition is found to significantly moderate the impact of high cultural differences.
... However, during the integration process, managerial capacity may be strained, as successful post-acquisition integration requires substantial managerial resources and efforts (Lamont, King, Maslach, Schwerdtfeger, & Tienari, 2019). Subsequently, target managers may play a key role in the integration process by filling the managerial void and mitigating disruptions to the target firm (Graebner, 2004). ...
... Moreover, target managers play a critical role in identifying and accessing complex and socially embedded knowledge in their organization, which the acquiring firm may find ambiguous (Colman & Lunnan, 2011;Graebner, 2004;Ranft & Lord, 2002). However, as noted in recent review articles, we still have limited knowledge of the involvement of actors beyond acquiring-firm managers (Graebner, Heimeriks, Quy Nguyen, & Vaara, 2017;Sarala, Vaara, & Junni, 2017). ...
... This has led scholars to assert that allowing the target a certain degree of autonomy paves the way for integration without destroying valuable technologies and capabilities (Ranft & Lord, 2002;Zollo & Singh, 2004). Post-acquisition integration processes are often complex and characterized by causal ambiguity (Cording, Christmann, & King, 2008), which makes for a difficult environment for managers, who are aiming to facilitate and lead predictable interactions to promote capability transfers between the acquiring and target firms (Bresman et al., 1999;Graebner, 2004;Reus, Lamont, & Ellis, 2016). ...
Article
Full-text available
Through acquisitions, firms can access resources and capabilities they cannot develop on their own. Post-acquisition, a key managerial challenge is balancing the need for integration, to transfer capabilities, with the need for autonomy, to preserve knowledge-based capabilities. Drawing on extensive qualitative data, I find that this balancing involves managerial perceptions and actions that unfold in a reciprocal and dynamic process, resulting in capability transfer. I identify two distinct trajectories of capability transfer, one driven by the acquiring managers’ perceptions of valuable capabilities in the target, and one driven by the target managers’ desire to shield their capabilities from deterioration. This study contributes to the post-acquisition integration literature by conceptualizing the role played by target and acquiring firm managers in the dynamic, reciprocal, and sequential process of post-acquisition capability transfer.
... They know their employees best and can help dealing with their merger syndrome, mediating in conflicts with the acquiring firm, and helping create a harmonious and cohesive organizational climate. Meanwhile, they possess important information and knowledge that can enhance synergy realization in terms of speed and quantity (Colombo, Conca, Buongiorno, & Gnan, 2007;Graebner, 2004). Moreover, acquired managers play a key role not only in assisting the acquirer to achieve the expected value but also in helping them obtain serendipitous value (Graebner, 2004), since they have more knowledge about their companies, the market, the customers, the partners, etc. D. Wang, et al. ...
... Meanwhile, they possess important information and knowledge that can enhance synergy realization in terms of speed and quantity (Colombo, Conca, Buongiorno, & Gnan, 2007;Graebner, 2004). Moreover, acquired managers play a key role not only in assisting the acquirer to achieve the expected value but also in helping them obtain serendipitous value (Graebner, 2004), since they have more knowledge about their companies, the market, the customers, the partners, etc. D. Wang, et al. International Business Review xxx (xxxx) xxxx Their involvement in integration is even more important when the acquiring firm has no local business operation experience or knowledge, as evidenced by Very and Schweiger (2001). ...
... Post-acquisition coordination efforts (coord): Our variable measuring post-acquisition coordination efforts is constructed via a PCA over the items informed by the literature (e.g., Ahammad & Glaister, 2011;Chen & Paulraj, 2004;Colombo et al., 2007;Graebner, 2004;Larsson & Finkelstein, 1999;Stahl, Larsson, Kremershof, & Sitkin, 2011) as well as discussions with scholars and M&A experts. The variable includes items capturing the amount of communication, involvement of the acquired firm's managers, and retention of key employees. ...
Preprint
Full-text available
Research on cross-border acquisitions (CBAs) consistently recognizes the importance of cultural differences, yet it lacks consensus on whether it has a positive or negative impact. While tied to the purpose and consequences of an acquisition that challenges practitioners, synergy realization has not received much attention in researching on culture-performance relationship. Focusing on synergy realization in CBAs and applying a process and conditional perspective, we propose the relationship between national and organizational culture differences with synergy realization to be moderated by the quality and extent of due diligence and post-acquisition coordination. Drawing from cross-cultural interaction and inter-organizational learning arguments, we further propose idiosyncratic effects of cultural differences in different synergy realization contexts , where we contrast explicit with implicit synergy realization. Our analysis is based on a unique survey on a sample of 103 cross-border acquisitions. The results indicate that both national and organizational culture differences exert a negative impact on the realization of implicit synergies while no impact on the realization of explicit synergies. National culture differences are found to have a stronger negative effect than organizational culture differences on synergy realization. Sufficient culture and human due diligence prior to the acquisition is found to significantly moderate the impact of high cultural differences.
... They know their employees best and can help dealing with their merger syndrome, mediating in conflicts with the acquiring firm, and helping create a harmonious and cohesive organizational climate. Meanwhile, they possess important information and knowledge that can enhance synergy realization in terms of speed and quantity (Colombo et al., 2007;Graebner, 2004). Moreover, acquired managers play a key role not only in assisting the acquirer to achieve the expected value but also in helping them obtain serendipitous value (Graebner, 2004), since they have more knowledge about their companies, the market, the customers, the partners, etc. ...
... Meanwhile, they possess important information and knowledge that can enhance synergy realization in terms of speed and quantity (Colombo et al., 2007;Graebner, 2004). Moreover, acquired managers play a key role not only in assisting the acquirer to achieve the expected value but also in helping them obtain serendipitous value (Graebner, 2004), since they have more knowledge about their companies, the market, the customers, the partners, etc. Their involvement in integration is even more important when the acquiring firm has no local business operation experience or knowledge, as evidenced by Very and Schweiger (2001). ...
... Our variable measuring post-acquisition coordination efforts is constructed via a PCA over the items informed by the literature (e.g., Ahammad and Glaister, 2011;Chen and Paulraj, 2004;Colombo et al., 2007;Graebner, 2004;Larsson and Finkelstein, 1999;Stahl et al., 2011) as well as discussions with scholars and M&A experts. The variable includes items capturing the amount 20 of communication, involvement of the acquired firm's managers, and retention of key employees. ...
Article
Full-text available
Research on cross-border acquisitions (CBAs) consistently recognizes the importance of cultural differences, yet it lacks consensus on whether it has a positive or negative impact. While tied to the purpose and consequences of an acquisition that challenges practitioners, synergy realization has not received much attention in researching on culture-performance relationship. Focusing on synergy realization in CBAs and applying a process and conditional perspective, we propose the relationship between national and organizational culture differences with synergy realization to be moderated by the quality and extent of due diligence and post-acquisition coordination. Drawing from cross-cultural interaction and inter-organizational learning arguments, we further propose idiosyncratic effects of cultural differences in different synergy realization contexts, where we contrast explicit with implicit synergy realization. Our analysis is based on a unique survey on a sample of 103 cross-border acquisitions. The results indicate that both national and organizational culture differences exert a negative impact on the realization of implicit synergies while no impact on the realization of explicit synergies. National culture differences are found to have a stronger negative effect than organizational culture differences on synergy realization. Sufficient culture and human due diligence prior to the acquisition is found to significantly moderate the impact of high cultural differences.
... A growing body of research has shown that post-merger integration (PMI) is an important driver of M&A success because it is during this stage that value is created (or destroyed) (Angwin and Meadows, 2015;Graebner, 2004;Heimeriks et al., 2012;Larsson and Finkelstein, 1999). Marks and Mirvis (1994, p. xvi) pointed out in their 1992 book that although price, purpose, partner and timing are important, "the absence of a good management process for handling people, integrating units, and implementing the multitude of changes required was cited as the prime factor in failure". ...
... A principal challenge in PMI is the need to balance (inter)dependence with autonomy (Graebner, 2004;Haspeslagh and Jemison, 1991). Studies have generally considered integration and autonomy as opposites (Graebner et al., 2017). ...
... But the autonomy of the two firms is also necessary to avoid the destruction of the acquired firm's knowledge-based resources through employee turnover, the disruption of organizational routines, resistance (Buono and Bowditch, 1989), culture clashes (Stahl and Voigt, 2008), and identity problems (Maguire and Phillips, 2008). Dealing with the tensions between dependence and autonomy appears to be the crux of PMI management (Graebner, 2004;Haspeslagh and Jemison, 1991). Moreover, tensions between autonomy and dependence are particularly strong in "symbiotic" mergers (Haspeslagh and Jemison, 1991), when one firm does not dominate the other. ...
Article
Full-text available
Purpose: This paper aims to examine post-merger integration (PMI) through the lens of paradox to determine how paradoxes contribute to successful integration. Although PMI has been identified as crucial to understand merger success or failure, the literature on PMI drivers remains inconclusive. Design/methodology/approach: Drawing on the theory of paradox and two key elements of PMI, strategic interdependency (SI) and organizational autonomy (OA), the authors describe the merger of two listed French companies using longitudinal data. Findings: The authors identify how the paradox between OA and SI was triggered and fostered PMI success by leading to symbiotic integration. They also show that two capabilities were central in helping the paradox to evolve: preserving the specificities of the organizations and pooling their respective capabilities. These capabilities result from basic decisions and actions during the integration implementation, such as highlighting the expertise of the target firm, refocusing the core activity while valorizing each company’s expertise, clarifying the identity of the new organization on the market and enhancing joint piloting and transferring both general management capacity and functional abilities during the reorganization period. Practical implications: The authors offer several useful insights for managers trying to manage paradoxical tension throughout the merger process. This study encourages managers to embrace inconsistencies as they make decisions and to shift to dynamic decision-making as a way to adapt to complex contexts. Originality/value: This study adopts a global and inclusive approach to focus on OA and SI and flesh out a picture of the integration process. It proposes a dynamic process model to conceptualize the stage-wise nature of the PMI process by highlighting the interrelations between OA and SI dynamics.
... Leaders may also take on different roles in M&As. Graebner (2004), for instance, explains how leaders of acquired firms may support the creation of value in the implementation of acquisitions, and Denis et al. (2001) show the importance of collective leadership to achieve organizational change. Moreover, Graebner and Eisenhardt (2004) articulate in detail how leaders and board members in an interdependent partnership acted as sellers of their firms through courtship behaviour. ...
... Similarly, Graebner (2009) explores how trust and deception develop between leaders of sellers and buyers during acquisition and integration of businesses, pointing to the importance of analysing both sellers and buyers to understand pre-merger action. Finally, Graebner (2004) shows how leaders from acquired organizations manage integration processes through lines of cross-organizational responsibilities. As a result, resource reconfiguration opportunities were identified unexpectedly and created serendipitous value. ...
... Coordination process research also includes examples of different types of outcomes such as transfer of knowledge (Ranft and Lord 2002;Bresman et al. 2010), use of confidentiality agreements (Harwood 2006) and fairness in allocation of functions and positions (Meyer 2001;Meyer and Altenborg 2007). Leader process research gives examples of outcomes of organizational change (Denis et al. 2001) and value creation in which leaders of acquired firms have important roles (Graebner 2004). Employee and identity process research describes outcomes that include individual emotions (Ford and Harding 2003), power effects of the choice of language policy (Vaara et al. 2005), organizational identity change (Empson 2004) and institutional trust (Maguire and Phillips 2008). ...
Chapter
Since Jemison and Sitkin (1986) introduced process as a perspective in M&A research, a growing body of qualitative literature on M&A processes is emerging. Yet, no systematic knowledge exists on what is empirically known from this research. The chapter presents the result of a review of the empirical substance of process in this. Building on a detailed examination of 51 papers published between 2001 and 2010 in top academic journals, we identify five process categories, reflect thematically on the insights made from these studies, and suggest potential avenues for further M&A process research.
... Additionally, buyers' pre-acquisition innovation experience can influence postacquisition innovation actions (Choi & McNamara, 2018). Managers from acquired technology firms can also play an important role in realizing the value of and potential opportunities from acquisitions (Graebner 2004). Furthermore, the buyer's and seller's behaviors and activities during an acquisition influence its outcome. ...
... Our dialectical process model extends the literature on acquisitions of entrepreneurial ventures in several ways. First, building on the courtship view of acquisitions (Graebner & Eisenhardt, 2004) and taking a dialectical perspective, we unpack the elongated courtship periodspecifically, the phases of the pre-acquisition process in the context of early stage privately held ASOs-and highlight the key tension between the buyer and seller in each phase (Graebner, 2004;Shen & Reuer, 2005;Welch et al., 2020). We add to prior research focusing on one side of the relationship (e.g., buyers [Coff, 2003] or sellers [Graebner & Eisenhardt, 2004]) or on one dimension of the relationship (e.g., trust [Graebner, 2009]) by providing a theoretical explanation of the pre-acquisition dynamics over time that unites both the seller's and the buyer's perspectives. ...
Article
Larger firms are increasingly acquiring innovative new ventures at an early stage. Despite significant integration challenges with these acquisitions, the elongated pre-acquisition process of aligning buyers’ and sellers’ different objectives is rarely studied. By studying nine academic spin-off acquisitions, we develop a three-phase model outlining the temporal dynamics of the pre-acquisition process. In each phase—namely, strategic fit, synergy confidence, and deal structure—a specific buyer-seller tension emerges. By showing how each of these tensions needs to be overcome prior to an acquisition event, our dialectical model complements the dominant focus on post-integration activities in the acquisition literature.
... However, such leadership approaches are not universal. Graebner's (2004) research in knowledge based technology firms found that leaders within the acquired firm can play a central role in successful PMI by 'address(ing) employees' emergent concerns … maintain(ing) productive momentum … and using their familiarity with their own firms' knowledge and technologies to identify opportunities for resource redeployment and reconfiguration across the merging firms' (ibid, 9). Of course, 'acquired leaders were only able to perform this function if they were given cross-organizational responsibilities in the combined firm' and if 'the target's knowledge is preserved rather than replaced' (ibid, 9). ...
... Turning to the issue of knowledge transfer, Graebner (2004) found that leaders within the acquired organisation can play a central role in successful PMI and knowledge transfer, but only if they are given cross-organisational responsibilities. As we describe in detail in the main report (Greany 2018), the research found that most MATs were focused on developing and retaining staff and on identifying and developing leadership potential, often with sophisticated systems and processes for doing this. ...
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This article analyses the ways in which leaders in Multi-Academy Trusts (MATs) in England work to develop shared improvement practices across the schools they operate. It draws on case study evidence gathered as part of a larger mixed methods study (Greany [2018]. Sustainable Improvement in Multi-school Groups. DfE Research report 2017/038. London: Department for Education). There are now more than 1200 MATs in England, operating anywhere between two and 50+ academies within a single organisational structure. A key question facing MAT leaders is whether, where and how far to seek integration between member schools, especially given the argument that such integration can ensure that teaching and learning practices are being consistently applied. The research reveals varying levels of standardisation, alignment and autonomy across different aspects of practice (assessment, curriculum and pedagogy). While some MAT leaders seek to standardise and regulate most areas of practice, others emphasise more organic or co-designed approaches to building shared norms and/or allow space for local contextualisation. Drawing on research into ‘Mergers and Acquisitions’ and Post-Merger Integration’ in organisational studies, we analyse the theories of action which underpin these leaders’ approaches and set out a typology aimed at strengthening understanding of MAT approaches to improvement.
... Haspeslagh and Jemison's (1991) seminal work takes the "symbiotic" approach to portray PMI as a multidimensional and multistage process in which a gradual transformation from full autonomy to full amalgamation results in the creation of a new, joint entity. Important in this definition is the emphasis on the dynamic nature of PMI: Although integration is duly planned in most M&A cases, the emerging results vary from full compliance to full resistance (Safavi and Omidvar, 2016), and can include serendipitous opportunities (Graebner, 2004) as well as unanticipated problems (Vaara, 2003). Following this view, PMI studies have advanced our understanding through four main streams. ...
... These integration mechanisms sometimes entail establishing new routines to coordinate actions across the merging entities. On the other hand, the independent organizations need to preserve their routines, as consolidation of routines may disrupt the task environment and consequently destroy valuable capabilities (Graebner, 2004;Puranam et al., 2006;Puranam and Srikanth, 2007). The dominant view on dealing with this dilemma has been directly linked to the tradeoff between the need for strategic interdependence versus the need for autonomy: The former necessitates a higher level of integration while the latter recommends a higher level of preservation (Haspeslagh and Jemison, 1991). ...
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Studies analyzing organizational routines in post-merger integration (PMI) studies at the micro level are almost nonexistent. To fill this research gap, the author performs a longitudinal exploratory case study of an admissions routine of an art college undergoing a merger with a larger university, drawing on advances in routine dynamics literature. The study enhances understanding of PMI challenges by depicting routines’ internal dynamics, their incompatibility, and the role of broader context in shaping their performances post-merger. The findings trace resistance to PMI to routine incompatibility caused by the simultaneous presence of multiple understandings (ostensive aspects) for integration, generated by the quest for efficiency-based synergies and continuity within the university post-merger, and for preservation, inherited from the pre-merger era and the routine embeddedness within the local context. The findings shed new light on the post-merger integration–preservation dilemma by illustrating how the interplay of routine participants’ agency and routine embeddedness within the organization and broader societal context constrains PMI, in spite of an intended full consolidation plan, as routine participants enact the routine in the emerging context.
... L'intégration post-fusion est déterminante pour le succès des opérations de fusions et acquisitions car c'est à ce stade que la valeur possiblement créée entre les deux entités se réalise ou non (Graebner, 2004 ;Steigenberger, 2017). Parmi les typologies développées recensant les différents processus possibles (Angwin et Meadows, 2015), l'intégration symbiotique a pour but de créer des bénéfices réciproques et durables. ...
... La difficulté provient également du fait que ce type d'intégration vise à concilier deux exigences contradictoires : le besoin d'innovation conjointe et la nécessité de préserver l'autonomie culturelle et fonctionnelle de l'entreprise acquise pour éviter de détruire de la valeur (Angwin et Meadows, 2015 ;Colman, 2020 ;Thelisson et al., 2019). Pour la gérer, la littérature recommande de s'engager à la fois dans l'exploitation et l'innovation exploratoire (Graebner, 2004) ou de développer une innovation commune (Koenig et Meier, 2001 ;Pfeffer, 1972). Pour Haspeslagh et Jemison (1991), le processus permettant d'atteindre la symbiose comporte différentes phases successives : une préservation initiale, le développement d'interactions entre les deux entités en vue de produire in fine de l'innovation conjointe. ...
Article
Dans les typologies de fusion, l’intégration symbiotique est considérée comme à la fois comme la plus optimale et la plus difficile à atteindre. Pour mieux comprendre comment les entreprises parviennent à favoriser les synergies, nous proposons une vision processuelle prenant en compte les dynamiques intergroupes en nous focalisant sur les minorités actives, telles que Moscovici (1996) les définit en psychologie sociale. Dans cet article, nous abordons l’acquéreur et l’entité acquise comme une majorité et une minorité plus ou moins actives. Les leviers de synergie, ainsi que le rôle et la contribution spécifiques de chacune des parties, ont été également explorés. Pour cela, nous avons mené une étude longitudinale pendant deux ans d’une fusion/acquisition réalisée dans le domaine du développement urbain. Les données ont été collectées au moyen d’entretiens semi-directifs, d’une observation non participante et de données secondaires. Nous montrons que l’intégration symbiotique n’est pas basée sur une approche volontariste de l’acquéreur mais dépend de l’émergence d’une nouvelle situation dans laquelle les membres de l’entité acquise disposeront d’une liberté d’action. Il en ressort que le processus symbiotique ne peut avoir lieu que lorsque l’acquéreur renonce au contrôle de la réalisation des objectifs. L’entité acquise peut alors passer d’une logique de conformité aux normes majoritaires de l’acquéreur, à une démarche d’innovation minoritaire permettant de mobiliser les compétences nécessaires à l’atteinte des objectifs de la nouvelle composante.
... Efficiencies are gained through elimination of duplicated functions or activities (economies of scale), with further value created by the distribution of both new and existing products through both new and existing channels (economies of scope) (Cullinan, Le Roux, & Weddigen, 2004). Value-increasing motives also include tax advantages, increased market power, entry to a new market, or the acquisition of complimentary products (Bogan & Just, 2009;Graebner, 2004;Larsson & Finkelstein, 1999). Further value-increasing motives include the acquisition of R&D through patents, knowledge held by scientists, or laboratories, which is especially the case in the high-technology industry (Desyllas & Hughes, 2009;Graebner, 2004;Ranft & Lord, 2000). ...
... Value-increasing motives also include tax advantages, increased market power, entry to a new market, or the acquisition of complimentary products (Bogan & Just, 2009;Graebner, 2004;Larsson & Finkelstein, 1999). Further value-increasing motives include the acquisition of R&D through patents, knowledge held by scientists, or laboratories, which is especially the case in the high-technology industry (Desyllas & Hughes, 2009;Graebner, 2004;Ranft & Lord, 2000). Haspeslagh and Jemison (1991) explain that the conventional view of the M&A process is based on the strategic, economic, and financial evaluation of the target firm by the acquiring firm. ...
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A l l r i g h t s r e s e r v e d ABSTRACT Decisions relating to Mergers & Acquisitions (M&As) are amongst the most important strategic decisions that a firm has to make, yet more often than not these decisions are highly flawed and can lead to large strategic failures. Despite the fact that there have been a number of psychological studies on M&As, there has been a significant lack of direct application of the field of be-havioral strategy to M&As, in particular in our understanding of the decision-© 2 0 1 5 I A P A l l r i g h t s r e s e r v e d 2  S. KAUSER et al. making process. This, in combination with the abovementioned high M&A failure rate, the importance of effective strategic decision making, and a call for further development and application of behavioral strategy, constitutes a "research gap." Building on traditional strategic management research and in line with the increased calls for the further development and application of behavioral strategy to the decision-making process, this chapter aims to identify and customize a framework to analyze the applicability of behavioral strategy to high-tech M&As in order to help understand decision-making failings.
... Second, this paper highlights the importance of the identity aspect of religion during post-acquisition integration from the perspective of target-firm personnel. Because identity-related issues are emotionally charged (Graebner, Heimeriks, Huy, & Vaara, 2017) and loss of identity during post-acquisition integration can spread negative emotions among personnel (Ford & Harding, 2003;Sarala, Vaara, & Junni, 2019), integration leaders need to play an active role to manage their subordinates' identities, negative emotions, and trust-related emotions (Graebner, 2004;Graebner et al., 2017;Sarala et al., 2019). ...
... Negative emotions are likely to undermine the personnel's trust towards the organization and its leaders (Kiefer, 2005;Sarala et al., 2019), and their support for the M&A (Giessner, Viki, Otten, Terry, & Täuber, 2006;Graebner et al., 2017). Thus, leaders can facilitate post-acquisition integration by actively managing the identities and negative emotions of their subordinates (Graebner, 2004;Graebner et al., 2017;Sarala et al., 2019), including trust-related emotions (Graebner et al., 2017). ...
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This paper examines the emergence of trust by multifaith target-firm personnel in foreign acquirer CEOs during early post-acquisition integration, a decisive period for acquisition success, yet considerably under-researched. Combining self-categorization and similarity-attraction theories, we argue that religious similarity with the foreign acquirer’s CEO represents shared values to the personnel, from which trust in the CEO arises. Further, we scrutinize the moderating effects of the personnel’s religiosity and prior alliance success between the acquirer and target firm. We test our model using field-experimental data from 411 multifaith Malaysian personnel. The findings show that personnel-leader trust occurs more readily with religious similarity than religious dissimilarity, and that the personnel’s religiosity strengthens this relationship. However, a successful prior alliance does not weaken the religious similarity–trust relationship. Our research encourages acquisition managers to consider religion, a factor beyond the traditional acquisition playbook, as a trust antecedent during early post-acquisition integration. ( PDF available from https://univoak.eu/islandora/object/islandora:94565 )
... Furthermore, it tends to view the acquired company as "unimportant, unsuccessful, and reluctant" (Graebner & Eisenhardt, 2004, p. 367). To overcome this problem, recent research focusses on the sellers' aims, strategies, and the possibility to actively shape the acquisition processes (e. g. Graebner, 2004;Graebner & Eisenhardt, 2004;Dalziel, 2008;Graebner, Eisenhardt, & Roundy, 2010;Knoerich, 2010). Once again apart from a few exceptions (e. g. ...
... For a long time research on acquisitions underestimated the importance of reciprocity in the negotiation processes, often viewing buyers as the dominant party in the buyer-seller relationship (Graebner & Eisenhardt, 2004). Since the arrival of a new Millennium, an increasing number of studies has questioned this perspective (e. g. Graebner, 2004;Graebner & Eisenhardt, 2004;Knoerich, 2010). These studies adopt a courtship perspective on acquisitions, an approach that views sellers as an active and crucial player in the acquisition process. ...
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Often, investments from emerging economies in firms in industrialized countries evoke concerns on part of the employees in the targeted firms. Many of them are afraid of losing their jobs, or fear that the new owners could undermine existing social standards. Up to now, only little is known about how such investments affect industrial relations. Using the example of investments from the BRIC-countries (Brazil, Russia, India and China) in German firms, this paper analyses whether the employees’ fears have a real basis. To do so, four different factors are considered: (1) the situation of the target firms in the run-up to the acquisition and the employees’ reactions to the takeover, (2) the investors’ state of knowledge of the current system of industrial relations, (3) the day-to-day interactions with the new owners, and (4) the patterns of communication between representatives of the work councils and the new owners. The empirical part of the article it is based on the analysis of quantitative data as well as of problem-centered interviews with representatives of the management, work councils and trade unions.
... The acquisition literature, in contrast, emphasizes financial performance gains as the main reason to engage in firm acquisitions (Haleblian et al, 2009;McNamara, Haleblian, & Dykes, 2008), but also acknowledges various additional M&A goals such as the access to new technologies (Ahuja & Katila, 2001;Graebner, 2004), intellectual property rights (Grimpe & Hussinger, 2008, as well as access to R&D related expertise beyond the boundaries of the firm (Kotlar, De Massis, Frattini, Bianchi & Fang, 2013;Calantone & Stanko, 2007), gains from economies of scale and scope as well as market power increases (Hitt et al, 2001), market discipline (Rhodes-Kropf, Robinson, & Viswanathan, 2005) and efficient resource deployment (Uhlenbruck, Hitt, & Semadeni, 2006). Only recent advances by family firms' research acknowledge that decision making of family firms is more complex involving various goals, most prominently financial as well as SEW goals Worek, De Massis, Wright & Veider, 2018). ...
... Another important issue that the M&A literature raises is that firm acquisitions are often used as a strategic means to get access to valuable resources in a timely manner. An example is the acquisition of innovative assets (Ahuja & Katila, 2001;Graebner, 2004) and intellectual property rights (Grimpe & Hussinger, 2008. A firm that finds itself with an empty innovation project pipeline or having missed a technology trend does not have the time to catch up by starting own R&D activities from scratch. ...
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This study elucidates the mixed gamble confronting family firms when considering a related firm acquisition. The socioemotional and financial wealth trade-off associated with related firm acquisitions as well as their long-term horizon turns family firms more likely to undertake a related acquisition than nonfamily firms, especially when they are performing above their aspiration level. Postmerger performance pattern confirms that family firms are able to create long-term value through these acquisitions, and by doing so, they surpass nonfamily firms. These findings stand in contrast to commonly used behavioral agency predictions but can be reconciled with theory through a mixed gamble lens.
... The PMI phase can be defined as "the multifaceted, dynamic process through which the acquirer and acquired firm or their components are combined to form a new organization" (Graebner et al., 2017, p. 2). This phase can be seen as a black box (Graebner, 2004) divided into multiple stages (Seo & Hill, 2005) and interrelated processes (Reus, Lamont, & Ellis, 2016). PMI is often characterized as an emotional and stressful process that creates turmoil and uncertainty for all those involved (Hoeven, Shapiro, Gandell, Appelbaum, & Belisle, 2020). ...
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In this in-depth, qualitative case study, we elucidate how the emotions of middle managers impact their sensemaking and sensegiving practices during post-merger integration (PMI). The recursive and reciprocal interactions between emotions, sensemaking, and sensegiving we observed led to the development of a process model illustrating how middle managers make sense of the PMI phase through the processes of “senseseeking” and “rationalizing.” The model further demonstrates two important sensegiving practices, “emotional reversal” and “emotional hiding,” which turned out to be essential drivers for enacting (positive) emotions among organization members. Our findings have important implications for research on sensemaking and sensegiving, the crucial role of middle managers in organizations, and studies on PMI.
... This is because there are numerous sections of activities that one must consider to recognise something as Shariah-compliant. It could be easier to do so in banking and food industries, but, an MLM industry is huge as the process involves manufacturing, knowledge management (Shaw et al., 2001), leadership (Graebner, 2004), internal (Varey & Lewis, 2000) and external marketing, long-run vision, and purpose of the companies. To make it worse, the majority of the MLM companies in Malaysia are not owned by Muslims. ...
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The concept of Halalan Toyyiban is very important in Muslims’ lives in their servitude to Allah. The business itself is broken down into many different kinds, one of those which has become nowadays the trend is Multi-Level Marketing (MLM). MLM business is a business model that involves selling and recruitment of new distributors inside the company. Multi-Level Marketing is seen to be good as it helps many people to achieve their dreams, but ,on the contrary, it is observed as a medium of cheating. With its players reaching 2 million in Malaysia since its establishment in the early 1990s, MLM’s presence in the business industry should not be taken lightly. This research attempts to analyse the current MLM system and its factors that can be categorized as Halalan Toyyiban, as well as the factors which lead to the destruction. This factor includes the system itself, manufacturing, the distribution channels, the after-sales service, and the long-run vision of the company. By doing this, it is aimed that the doubtful (Syubhah) or even the impermissible (Haram) practice of MLM can be eliminated and abstained by the Muslim players, and it is expected that better MLM companies can be established, using proper S.O.P and guidelines. The purposes of the research are gained through a qualitative approach from the library and interviews. Keywords: Multi-Level Marketing, Halalan Toyyiban, Halal Industry, Syubhah, Haram practice, Opportunity, Ethic
... Le paradoxe n'est plus dès lors un outil de gestion, mais un prisme de lecture d'une situation complexe peu rationnalisée. Dans cette étude, (March, 1991 ;Weick et Quinn, 1999) Appartenance -Intérêts individuels et intérêts collectifs (Smith et Berg, 1987 ;Apker, 2004) -Confiance et contrôle/confiance et défiance (Lewicki et al., 1998 ;Schilke et (Dukerich et al., 2002 ;Kreiner et al., 2006) Appartenance -Organisation -Actions individuelles et collectives (Smith et Berg, 1987 ;Andriopoulos et Lewis, 2009) -Autonomie et dépendance (Graebner, 2004) et interdépendance (Smith et Lewis, 2011) Performance -Organisation -Interaction entre moyens et fins, niveau d'engagement et niveau de performance (Kaplan et Norton, 2007 ;Eisenstat et al., 2008) Apprentissage-Organisation -Les routines et les capacités organisationnelles recherchent la stabilité, la clarté, la concentration et l'efficacité tout e n permettant la flexibilité et l'évolution des résultats (Eisenhardt et Martin, 2000) Apprentissage -Performance -Construire l'avenir et assurer le présent (Smith et Tushman, 2005) -Se réinventer dans un environnement changeant en restant efficient (Junni et al., 2015) Tableau 1. Enrichissement de la grille d'identification des tensions paradoxales proposée Smith et Lewis (2011) ...
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Les entreprises familiales se définissent à la fois par une logique familiale, où les parties prenantes privilégient les liens familiaux, et une logique entrepreneuriale priorisant la recherche de profit. Ces logiques parfois contraires, sont activées lors de la transmission des entreprises. A l'aide de sept cas, notre article propose une lecture des enjeux rencontrés sous le prisme des paradoxes.
... In other words, while technological similarity determines the degree of two firms' shared expertise in the same domain, complementarity determines the degree of their expertise in distinct yet related domains. Accordingly, the acquisition of similar capabilities allows acquirers to scale up their existing technological capabilities (Berchicci et al., 2012;Jovanovic and Rousseau, 2002), whereas the acquisition of complementary capabilities enables them to experiment with novel recombination between existing and newly acquired capabilities (Capron et al., 1998;Graebner, 2004;Kaul and Wu, 2016;Kim and Finkelstein, 2009;Ranft and Lord, 2002;Rhodes-Kropf and Robinson, 2008). ...
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We investigate why some acquirers value targets’ technological relatedness (i.e. similarity and complementarity) more than others. We propose that the importance of technological relatedness as a target selection criterion is influenced by the extent to which an acquirer Top Management Team is divided into subgroups based on managers’ demographic characteristics (i.e. faultlines). That is because an acquirer Top Management Team’s understanding of technological relatedness depends on the team’s information processing capabilities, driven primarily by Top Management Team faultlines. Our analysis of 94 realized acquisitions among 2082 potential acquisition matches in high-technology industries shows that while both technological similarity and complementarity increase the likelihood of an acquisition match, only the impact of technological complementarity is affected by Top Management Team faultlines. Specifically, we find that Top Management Teams with moderately strong divisions between subgroups pay more attention to technological complementarities between their firm and potential acquisition targets than Top Management Teams with very strong or weak divisions.
... Furthermore, owners of other nonfamily firms tend to be detached from the running of the firm and lack the information needed to ensure effective monitoring (Duran et al., 2016). On the contrary, the high level of control and concentration of resources, coupled with the overlapping owner manager role exhibited by family firms, ensures that firm owners or owner managers have high amount of information and the wherewithal needed for efficient monitoring (Poza, 2007;Uhlaner, 2013;Duran et al., 2016) of decisions regarding postdeal Innovation in family firms activities, which will lead to realizing the potential synergies of acquired resources (Graebner, 2004;Barkema and Schijven, 2008). Furthermore, family firms are usually held in the family for a considerably long period of time. ...
Article
Purpose The paper empirically investigates how family firms appropriate acquired resources to become more innovative in the context of merger waves. It draws on resource-based view and the theory of first mover (dis)advantages to examine the implications of the timing of acquisitions on innovation in family firms. Design/methodology/approach The paper uses a panel data set of Standard & Poor's (S&P) 500 manufacturing firms followed over a period of 31 years. Findings The study finds empirical support for the predictions that family firms are more able to utilize acquired resources better than nonfamily firms. Furthermore, targets acquired during the upswing of a merger wave are more valuable to family firms and associated with more innovation than for nonfamily firms. Originality/value The paper establishes that resources acquired during the upswing of a merger wave are more valuable, provide better resource synergies and impact innovation positively in family firms than nonfamily firms. Second, the paper makes an empirical contribution that family firms absorb external resources markedly differently and more efficiently than nonfamily firms. Third, the paper enhances a better understanding of the influence of family ownership on the relationship between acquisitions and innovation outputs.
... (2011, a,b), Reus & Lamont (2009), Sarala (2010, Slangen (2006), and Weber, Tarba, & Rozen Bachar (2011) argued that crosscultural differences have both positive and negative impact on post-merger performance. On the contrary, studies have shown that cultural differences on "postmerger" integration are essential to the success of M&A (Brannen & Peterson, 2009;Chakrabarti, Gupta-Mukherjee, & Jayaraman, 2009;Graebner, 2004). Angwin (2001) argue that assertions in this direction are only supported theoretically and that in practice, cross-border mergers are a major challenge. ...
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The increasing globalization accompanied by rising competitiveness and speed of business activities, coupled with the increasing complexity of the internal processes of organizations, has led to the increasing prominence of paradoxical situations in contemporary organizations. In addition to the global economic crisis, firms need to adapt to these changes and revive and sustain them through managing organizational change. Therefore, the current study's purpose is to test the impact of organizational tension, merger policy, and knowledge sharing on managing organizational change in ADNOC. Evaluation of the proposed model was done through questionnaire survey data collected both online and paper-based. A total of 214 employees are randomly selected from Abu Dhabi Marine Operating Co (ADMA-OPCO) whilst a total of 94 employees are randomly selected from Zakum Development Co., (ZADCO), (n = 308). This study employed Structural Equation Modeling-Variance Based (SEM- VB) via. SMART PLS 3.0 Software was utilized to determine the importance levels of associations and interactions between the factors tested. The proposed model evidenced by the goodness of fit of the model to the data, organizational tensions, merge policy, and knowledge sharing explained 56% of the variance in managing organizational change. The findings of the multivariate analysis revealed that organizational change and merger policy has the most effect on managing organizational change. The results of the current study might give further insights into managing organizational change strategies. Theoretical and practical implications are also provided.
... Buyers pursue technology acquisition to add strategically valuable resources, enhance market power, or to achieve strategic renewal, and the seller's motivation for M&A is to add strategically valuable resources (at the right time) and relieve personal pressures. Generally, the M&A activity of technology firms is motivated by the acquirer's desire to enhance its strategic technological capabilities or obtain the resources needed to compete in global markets [41,42]. ...
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Companies today that seek to diversify their business are looking for opportunities in new markets by considering their core competencies. However, companies are struggling to diversify and grow their current businesses due to a lack of information concerning diversification and a low level of capability for future commercialization. In this study, we suggest a new methodology that identifies promising industry and technology areas by examining mergers and acquisitions (M&As) transaction data. Specifically, by analyzing the extent to which firms have engaged in M&A activities, the prediction of promising industries is derived from the relationships among specific industries, as well as the M&A transactions among technology areas within a focal industry. We first theoretically test whether all M&A transactions are related to promising areas. Second, we analyze the trends of global M&As by a time-series analysis of M&A transactions by sectors over the last 15 years. Lastly, we conduct an association analysis to identify the degree of M&A connections between industry and technology areas, respectively. We hope that our results provide insights for R&D policymakers and investors who need to decide on promising industries to cultivate or invest in, and researchers who want to identify overall M&A trends and promising industries and technology areas.
... Solution 6 indicates that if the acquisition is motivated by technology-seeking, then an integrative organizational structure will most likely fail even when the CMNE enjoys a certain level of identification from the acquired firm. The reason behind this mechanism is that a high level of integration can destroy the innovative capabilities that contributed to the attractiveness of the acquired organization (Birkinshaw, Bresman, & Håkanson, 2000;Graebner, 2004;Puranam, Singh, & Zollo, 2003). On the basis of the aforementioned discussion, we put forth the following. ...
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With the increase in overseas acquisitions by Chinese multinational enterprises (CMNEs), corporations face the challenge of designing and building global architecture to enhance their performance in post-acquisition integration. A well-known design rule that CMNEs could follow is the mirroring hypothesis. However, the effectiveness of this hypothesis in aligning a CMNE’s organizational structure with the underlying technical system after acquiring a new subsidiary remains unclear. Using a fuzzy set qualitative comparative analysis to analyze 34 cross-border acquisitions by CMNEs, we clarify the boundary conditions of the mirroring hypothesis and identify four archetypes of design patterns, namely, modularized mirroring, integral mirroring, mirror breaking, and mirror misted-up. We also identify the respective performance implications of these archetypes on the post-acquisition integration of CMNEs. This study presents a comprehensive assessment of the mirroring hypothesis and contributes to the discussion on global architecture design by emerging multinational enterprises in general.
... Partly because of this, innovation-related acquisition activity in the industry has increased (Bloningen and Taylor, 2000;Sanchanta, 2007). Other contributory factors include the emergence of semiconductor vendors without their own production facilities, the so-called fabless firms; and greater acknowledgement of the concept of stickiness of knowledge (von Hippel, 1994) in which acquisitions play an important role (Hagedoorn and Duysters, 2002;Puranam et al., 2003;Graebner, 2004). ...
... Based on the list of parent/child nodes in NVivo, I examined whether similar themes emerged in multiples settings (as suggested by Graebner (2004)), by comparing nodes sharing the classification attributes representing the two universities studied. The most common and significant codes/themes/categories identified throughout the whole process of comparative analysis that revealed the most about the data (Bryman, 2012;Charmaz, 2014) was then used to 'sort, synthesize, integrate, and organise large amounts of data' (selective/focused coding) (Charmaz, 2014, p. 113). ...
Thesis
Quality in English language education provided by higher learning institutions is significant in today’s rapid expansion of higher education and the growing demand worldwide of non-English speakers with sufficient proficiency in English language, Vietnam being no exception. Nevertheless, there is scarcity of literature regarding quality in the provision of English language modules/courses/programmes, particularly at university level. Quality initiatives and measures have been developed, applied, and transferred from context to context but without adequate investigation into the underlying quality notions and assumptions. The aim of this research was to explore not only the conceptualisations of quality but assumptions about purposes and impact of quality activities on English language classroom practices. Differing from the few predominantly survey-based studies in the field, a case study approach was applied to examine quality issues at national, institutional, and individual levels. The cases were one public and one private university in Vietnam, subcases including the Vice Chancellors, managers and staff in education management and quality practices, teachers, and students. Data were generated through semi-structured interviews, focus groups, classroom observations, and review of public policy and institutional documents, and analysed through a constant-comparative method. Outcomes-, objectives-, and accountability-oriented quality management at the national level promoted a compliance culture and accountable quality at the institutional level. Institutions responded to public policies by implementing outcomes-based education model and standards-based quality methods relevant to organisational culture, institutional structure, quality capacity, and other QA conditions of the institution. Thinking and actions at institutional and individual levels were influenced by messages from written policies concerning quality in tertiary-level English language education. Importance was attached to learners’ attainment of institutionally pre-defined learning outcomes, and quality as threshold standards. Quality in learning outcomes did not lessen but was closely linked to quality in inputs and processes. Outcomes focus was presented in curriculum/syllabuses and materials reconstruction; teaching and learning arrangements, and test design and testing procedures. Standards orientation helped to assure immediate outcomes rather than continuous improvement in English language learning. Likewise, customer-focused/accountability-oriented quality measures had little connection with enhanced professionalism of English language teachers and did not always ensure contributing roles of the learners/employers in educational processes.<br/
... New ventures also typically have limited financial, technological, and human resources and little power over other actors (Ambos and Birkinshaw 2010). Their actions will therefore primarily be driven by short-term goals and performance, such as new product introductions and survival, rather than profitability (Ambos and Birkinshaw 2010;Graebner 2004). Nonetheless, because the industry itself is not yet established, firms in emerging industries will not only need to legitimate their own actions, but will also need to overcome the newness of the industry, which they can do by acting as institutional entrepreneurs that legitimate their ideas, business operations, and ultimately the emerging industry (DiMaggio 1991; Maguire et al. 2004;Rao et al. 2000). ...
... Correctly ascertaining such a moment requires a high level of strategic acumen from the firm's CEO and its executive team. As most of the work on corporate diversification has concentrated on issues of growth, mergers, and acquisitions (Eisenhardt & Pienzunka, 2011;Graebner, 2004;Singh & Montgomery, 1987) we know less about rightsizing of business portfolios. ...
Article
Purpose This study explores the effects of relative size on target executive turnover, and how acquiring managers can promote the retention of key employees through procedural justice, informational justice and corporate commitment. Design/methodology/approach Multiple regression analysis is used to analyze relationships across 113 domestic acquisitions from 2008 to 2014 using both primary and secondary data. Findings Results indicate that target executives are more likely to depart the combined firm in deals of greater relative size, but that acquiring executives can initiate actions to minimize turnover. Results show that acquiring executives that demonstrate procedural justice and informational justice can minimize turnover in deals of larger relative size while acquiring executives that demonstrate corporate commitment to the acquisition can minimize turnover regardless of firm size. Originality/value Literature on target executive turnover currently examines why such turnover occurs and the consequences of turnover. Building upon the theory of relative standing, this study provides evidence that target executive turnover is increased in deals of larger relative size, but that acquiring managers can initiate actions to prevent such turnover. Specifically, procedural justice, informational justice and corporate commitment during integration are found to have minimizing effects on target executive turnover.
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This study investigates how mutual dependence and power imbalance, which have been differentiated by recent studies adopting the theoretical lens of resource dependence theory (RDT) as two distinct forms of interdependence, change the effect of technological similarity between the acquiring firm and the target firm on post‐acquisition innovation across times. The analysis of panel data on mergers and acquisitions undertaken by US firms reveals that in the short‐run, mutual dependence strengthens the effect of technological similarity on post‐acquisition innovation, whereas power imbalance weakens it. However, the effect of mutual dependence persists over time, while that of power imbalance declines over time. These findings extend the RDT to the context of technological acquisition and innovation and offer important implications for research and practice.
Article
Research Summary Thousands of acquisitions of technology companies result in the de facto hiring of myriad individuals into new employers every year. We analyze the effects of such deals on acquired employee retention relative to a matched sample of directly hired employees joining the same acquirers in the same year. In a dataset with all acquisitions of VC-backed companies in the previous two decades paired to over 30 million resumes, we find that acquired employees turnover at a much higher rate than matched, hired employees. Importantly, this difference in turnover rates is larger for acquired employees in higher job ranks and with advanced degrees. Likewise, we show that the post-acquisition departure rate is highest for acquired employees in critical executive, technical, business development and sales roles. Managerial Summary Acquisitions of venture-backed tech-companies occur for many strategic reasons, including the acquisition of key managerial and technical human talent. The retention of acquired talent is thus an important consideration for the value of the acquisition. Through a dataset of over 30 million resumes, we examine the turnover rates of employees acquired through technology acquisitions in the previous two decades, comparing these acquired employees to their similar, organically hired counterparts. In this comparison, we find that acquired employees are more likely to turnover in general. Importantly, the higher turnover rate of acquired employees increases with seniority and education attainment, and is the highest in critical executive, technical, business development and sales roles.
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Successful post-acquisition integration hinges on combining hard and soft integration, but insights into how this can be done are scarce. We develop a dynamic model of post-acquisition integration through an in-depth inductive study of a cross-border acquisition. Our model illustrates that the combination of hard and soft integration decisions sets in motion intergroup interaction processes that influence both the realization of synergies and collaborative intentions. Our study advances the M&A literature by elucidating how hard and soft integration dynamically interact in their effects on post-acquisition integration outcomes. In doing so, we respond to the call for more research on the temporal nature of integration processes. Finally, we reveal that a singular or monolithic approach to post-acquisition integration is unlikely given that different units are likely to have different integration needs depending on their degrees of interdependence and autonomy.
Article
This study investigates the retention of target CEOs in the aftermath of acquisitions by comparing target founder and professional CEOs. Considering insights from resource‐based view, managerial rent perspective, studies on acquisition implementation, and the literature on founder‐CEOs, we argue that target founder‐CEOs are resourceful assets for acquirers for implementation purposes; ergo, they are more likely to be retained than target professional CEOs. Target founder‐CEOs, owing to their unique firm‐specific human capital, have greater acquisition implementation abilities than target professional CEOs. They also have greater monetary incentives to deploy their implementation abilities to the benefit of acquirers. Furthermore, we claim that these effects are stronger, thus contributing to a higher retention rate of target founder‐CEOs than their professional peers when acquisitions are technology‐driven, and target firms are young. Results from a sample of small high‐tech firms acquired by large incumbent firms confirm our predictions.
Research
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In reputational terms, North East England seems to live a double life. On one hand, the region’s distinctive political and industrial history, landscape and coast, culture, society and cityscapes are lauded and nationally valued. On the other hand, North East England has a reputation for ‘underperforming’ economically in comparative terms. Statistically, the region does not fare as well as some other regions. Business density is more sparse, there are fewer business start-ups and productivity is lower than in many other regions. Furthermore, there are fewer jobs available per head of working population and the quality of those jobs tends to be lower than in other areas (using measures such as pay, security, skill and options for advancement). National measures of performance use standardized metrics irrespective of local circumstance. This can advantage some areas if they have a strong asset base. Places with fewer local resources may struggle to meet the same levels of performance – but this may not mean that they have not been successful relative to their assets. This report looks at the situation in North East England through a more positive lens by making comparisons with other areas. It is argued that future research should avoid using ‘deficit’ models of economic potential and instead look more critically at what the region has to work with, and not what it lacks.
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Facing constant pressures to grow, established firms increasingly harness external innovation by collaborating with and eventually acquiring startups. To succeed in their exit through acquisition, startup firms and incumbents have to master three steps (the “3 Cs”) that enhance the co-specialization with the acquirer: establishing the Complementarity of offerings, generating Customer endorsement, and attracting an acquirer executive Champion. Drawing on a multiple-case, inductive study of seven Israeli startup acquisitions completed by two acquirers from the information and communications technology (ICT) industry, this article illustrates the different approaches pursued by the startup firms and their acquirers to succeed in managing pre- and post-acquisition processes.
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Value in mergers and acquisitions (M&A) derives from the synergistic combination of an acquirer and a target. We advance the existing conceptualization of synergies in three ways. First, we develop a theoretically-motivated, parsimonious typology of five distinct sources of synergy based on two underlying dimensions: the level of analysis at which valuable activities occur and the orientation by which those activities are governed. The typology uncovers three novel synergy sources (relational, network, and non-market) arising from acquisition-induced changes in firms’ external cooperative environments, and classifies two other well-known synergies (internal and market power). Second, we introduce the concept of synergy lifecycles to explore how the timing of initial realization and the duration of gains vary across the five synergies, based on differences in the post-merger integration required and in the control the acquirer has over the assets and activities combined by the merger. Third, we consider how the synergy types interact, yielding co-synergies when they complement each other and dis-synergies when they substitute for one other. This enables us to expand the traditional conceptualization of the total value created by M&A as the sum of each of the synergy types, their co-synergies, and their dis-synergies.
Article
Although merger and acquisitions (M&As) are acknowledged as an important means to access innovative assets and know‐how, firms’ inventive output often declines in the post‐M&A period. Financial, managerial and organizational constraints related to the M&A event contribute to inventive output declines and inventors’ departure. Prior literature treats the acquiring firm as a passive observer of invention declines. This study argues that acquiring firms can take measures by hiring new key inventors. We show that the hiring of new key inventors in the post‐M&A period can counteract invention declines in two ways. First, these newly hired inventors are associated with an increase of corporate inventive output after the M&A. Second, they are also associated with an improved inventive output of inventors already working for the acquiring firm. These results suggest that an appropriate hiring policy can counteract the declining inventive output of firms in the aftermath of M&As.
Chapter
This chapter summarizes key findings and critically reflects on how they help us to move forward. Adopting an umbrella construct perspective helps to nuance the meanings of broad, complex, and inherently ambiguous phenomenon. Umbrella constructs are ambiguous as the phenomena they measure are themselves complex and ambiguous. This chapter does not advocate for a reductionist approach. It emphasizes the importance of clarity in balancing creativity and precision in construct measurement. Besides identifying additional umbrella constructs in the field, we discuss the influence of an umbrella construct perspective upon the dialog across domains and upon the development of the field. Umbrella constructs may serve to explore new phenomena, to identify new facets of known phenomena and coagulate attention from different domains.
Chapter
In this chapter, we dig into acquisition process(es). A process perspective has been a turning point in the evolution of the M&A field; it has dramatically influenced the way we conceive, research, and manage acquisitions. Our analysis signals the importance of replacing the simplistic and reductionist view of acquisition as a unitary process and with the one that recognizes the multitude of processes that make up the whole acquisition process and places the acquisition within the broader domain of corporate restructuring activities. Acknowledging the single fragments of the process enables a better grasp of the complexity inherent in these deals. Single (sub)processes do overlap one another, have different time horizons, and compete for resources. Acquisition scholars and practitioners need to be cognizant of these dualisms as they influence research and practice.
Chapter
What are umbrella constructs and why they are popular? How do we analyze them? What is their contribution to the development of the management field in general, and the merger and acquisition one in particular? What roles can they play in research and practice? These are questions we delve into in this chapter. To achieve this aim, we critically reflect on how an umbrella approach can shed new light on these terms. We thereby complement efforts to primarily reduce their use or their meanings into more precise, narrowly defined measures. We develop a framework that helps disentangle different roles umbrella constructs play at different stages of the idea generation, acceptance, and dissemination process and identify mechanisms through which umbrella constructs spur the development of new ideas and shape their travel and transfer.
Chapter
Integration is the key acquisition process. In this chapter, we reject the conventional idea that integration is a unitary concept and process. We trace the evolution of this construct by identifying fragments, layers, actors, and mechanisms that together make up the integration process: Integration is not one but many processes, involving sometimes competing priorities and time horizons. We also critically analyze limitations in existing typologies that do not account for the spectrum of integrative solutions companies may rely upon. In addition, we place the integration within a broader set of change processes, such as corporate restructuring strategies or crises, which merging companies may undergo conjointly with the integration. This sheds new light on the dynamics of post-acquisition integration, outlines the importance of managing dualisms, and identifies the integration leadership as crucial to achieve a balance among conflicting priorities.
Chapter
Constructs constitute the building blocks of theories. Construct measurement represents a key task for any scholar attempting to develop a theoretical contribution or an empirical study. In this chapter, we offer an overview of the measurement process, commonly portrayed in terms of technical issues, such as the validity or the reliability. In contrast, we highlight the importance of conceptualizing constructs and see validity as an ontological issue, not a mere technical problem. We also provide a brief reconstruction of the debate among those who state that management scholars should favor precision and those who, in contrast, advocate for openness in construct measurement. We analyze benefits and pitfalls in both position and we embrace a view that balances the two opposing views by seeking for clarity in construct measurement.
Article
The integration–performance link created during post‐acquisition integration has defied satisfactory theoretical explanation. To address this gap, we conduct a functional analysis to explore the intermediating mechanisms between the level of integration—which represents the extent of the target firm’s integration with the acquirer—and acquisition performance. We use six in‐depth acquisition case studies in the medical technology industry to develop an integrated model with which to untangle the integration–performance link. First, our model connects the level of integration to specific functional integration strategies, which refer to the approaches acquirers employ to manage functional resources. Second, we identify value creation and value leakage as the two routes through which functional integration strategies impact acquisition performance. Finally, we propose two qualitative measures of acquisition performance: value gap and time delay. Our study suggests that a functional analysis of the integration–performance link may help resolve long‐standing conflicts within the literature.
Book
“Olimpia Meglio and Svante Schriber have made significant contributions to our understanding of M&A providing them both perspective and credibility to assess our field and its opportunities. This book joins their prior contributions to provide a timely commentary on the primary constructs examined in M&A research and their evolution, as well as future applications.” —Professor David R. King, Florida State University, USA “The insightful discussion in this book suggests that umbrella constructs can play a fruitful role in advancing the acquisition literature in a variety of ways, one of which is by helping to straddle the delicate tension between generalizability and precision. As such, the overarching message of this volume is fully in line with one of the author’s long-standing call for a methodological rejuvenation of the study of acquisitions.” —Dr. Mario Schijven, University of Illinois at Urbana-Champaign, USA “The work of Meglio & Schriber provides a helpful and much needed approach to make sense of and to synthesize the expanding, yet largely disparate, body of knowledge around M&As, via a focus on key constructs.” —Prof. Satu Teerikangas, Turku School of Economics, Finland This book provides scholars and practitioners in mergers and acquisitions (M&As) with a solid foundation for further research. M&As continue to shape the economic landscape across the globe. While there is already a huge body of scholarly work on the subject, findings appear contradictory and academics and practitioners often struggle to understand what factors make M&As successful. Due to the lack of an agreed-upon definition, research findings appear contradictory, while in fact they are often simply not comparable. To address this, the book rethinks how we measure key umbrella constructs. It specifically focuses on the conceptualization phase of the measurement process, often taken for granted in the current research.
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This paper considers whether gains made by shareholders from corporate takeovers are achieved at the expense of employees, as proposed by the ‘wealth transfer’ perspective. It analyses the contribution of employee lay‐offs, along with employment and wage changes, to the takeover premium and abnormal share price movements. The analysis draws on a unique dataset of British takeovers, combining documentary, share price and accounting data. The results show that lay‐offs planned at the takeover have either no effect or adverse effects on shareholder returns. Wages growth is positively, not inversely, related to shareholder returns from the second year after the takeover, whilst positive employment changes have a similar effect in the following year. Closer scrutiny indicates that labour and shareholders share gains when the firm does well, but share pain when it does not. There is evidence, therefore, that labour and shareholder interests can be complementary, rather than antagonistic, after takeovers.
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