Post Merger Integration

Marketing and management scholars have provided prolific research into the areas of relationship marketing and organisational culture respectively. The close linkage between these areas, however, has been overlooked. This paper aims to address the related yet underresearched concepts of organisational culture difference and compatibility and their effect on relationship performance. While difference between organisational cultures of partners is suggested to negatively influence relationship performance, compatibility appears to moderate this effect. Based on a series of in-depth interviews, this exploratory paper integrates organisational culture and relationship marketing literatures, developing a conceptual model on the impact of organisational culture difference and compatibility on relationship success.

A gestao da mudanca e seu efeito nos empregados em processos de Fusoes e Aquisicoes (M&A) e um dos principais desafios enfrentados por gestores. Implica em saber como lidar com expectativas, incerteza e stress, de forma a minimizar o impacto da resistencia a mudanca, e assim incentivar a retencao de empregados e niveis mais baixos de turnover, de modo a aumentar as probabilidades de um processo de integracao e resultados que sinalizem o sucesso da M&A. Assim sendo, o proposito desta revisao de Literatura foi a de coletar informacao sobre abordagens teoricas e o estado da arte em M&A, de modo a poder realizar uma pesquisa sobre como o fator humano pode influenciar o sucesso ou o fracasso de um processo de aquisicao, considerando as principais variaveis intervenientes, como por exemplo, stress, turnover, incerteza e expectativas dos empregados da unidade adquirida.

Le relazioni di guanxi per l'accesso ai business network cinesi di Fabio Musso * 1. I processi di comunicazione nella cultura cinese Per operare in Cina o con la Cina è necessaria una approfondita conoscenza delle condizioni culturali-politiche che la caratterizzano e che possono tradursi in barriere e ostacoli commerciali con l'Occidente. Il primo ostacolo che si incontra è la lingua, difficoltà che nasce dal fatto che "il cinese" non possiede alfabeto. La scrittura è costituita da un insieme di tratti che vanno a formare anche dei disegni complessi, e la sua ostilità è accentuata dal fatto che il cinese parlato è diverso da quello scritto. In tutta la Cina, da tempo immemorabile, ci sono centinaia di dialetti, ma il cinese scritto è unico, e questo ha contribuito, nel corso dei secoli, ad assicurargli un'omogeneità nel territorio e a preservare una identità culturale tanto peculiare quanto a sé stante, niente a che vedere con il resto dell'Occidente che, in relazione alla lingua originaria, ha conosciuto e subito varie disgregazioni. Oltre alle difficoltà della lingua, la mentalità cinese e le norme di comportamento nei rapporti sociali rappresentano un altro aspetto che potenzialmente può frenare o addirittura impedire lo sviluppo di relazioni commerciali. Una variabile chiave è data dai processi di comunicazione, per la comprensione dei quali può essere utile fare riferimento a un set di specifici componenti, che vengono classificati in cinque differenti tipi (Gao, Ting-Toomey e Gudykunst, 1996): − Hanxu (comunicazione implicita) − Tinghua (ascolto mirato-centrato) − Keqi (educazione, buone maniere) − Zijiren (appartenenza) * Fabio Musso è professore associato di Economia e gestione delle imprese presso l'Università degli Studi di Urbino "Carlo Bo", dove insegna Economia e gestione delle imprese internazionali e Marketing internazionale presso la Facoltà di Economia.

This research examines the post-merger administrative changes in the Erstwhile Federally Administered Tribal Areas (FATA) in Khyber Pakhtunkhwa(KP) almost six years after the 2018 merger. Policymakers may be optimistic, but the region still has a lot of governance and administrative issues. The problems stem from a hastily merger procedure without adequate planning and impact estimation. The study highlights the nature of the merger and its impact on governance by examining the transition from Political Agents (PA) to Deputy Commissioners (DC). The post-merger justice system has been completely inactive and failed. The research highlights that the transformation of Levis and Khasadars into KP Police was a flawed decision of the government. The administrative capacity and difficulties following the merger are examined in this study using the Institutional Capacity Framework. The results show that the merger's promises have not been fulfilled, and the new administrative structure still struggles to gain public trust.

The number of mergers and acquisitions (M&A s) is increasing all over the world. As a result, more and more firms face the challenges of integrating eg operations, personnel, information systems and R&D once the deal is closed. Information systems (IS) issues are important ...

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Overview The ABC Guide to Due Diligence Study is a comprehensive resource for anyone involved in conducting due diligence investigations. Whether you are a business owner, investor, or professional advisor, this book will provide you with the knowledge and tools necessary to effectively assess the risks and opportunities associated with a potential business transaction. From understanding the purpose and scope of due diligence to conducting thorough research and analysis, this guide covers all aspects of the due diligence process. With practical tips, case studies, and checklists, it is a valuable reference for anyone seeking to make informed decisions and mitigate risks in their business endeavors.

Obiettivo del paper: L' obiettivo del lavoro consiste nella valutazione delle principali determinanti della crisi delle grandi imprese in Amministrazione Straordinaria. Ciò allo scopo di verificare se tali fattori risultino coerenti con i modelli esplicativi descritti dalla letteratura. Metodologia: Il set delle variabili qualitative è stato costruito sulla base delle evidenze della letteratura internazionale. Due distinti gruppi di ricerca hanno valutato la presenza e la rilevanza di ciascuna variabile con riferimento a 86 gruppi societari. Il giudizio di sintesi sulle cause della crisi di ciascuna impresa deriva dal confronto analitico delle valutazioni condotte dai due gruppi. Risultati: La crisi delle imprese indagate risulta determinata da fattori endogeni, prevalentemente di tipo strategico, e da squilibri patrimoniali a carattere strutturale. Lo studio conferma la sostanziale coerenza tra le principali determinanti della crisi e le fattispecie di fallimento organizzativo descritte dalla letteratura economica. Limiti della ricerca: I risultati presentati devono essere intesi come prima fase di un più ampio processo di valutazione che incorpori le ulteriori variabili del fallimento organizzativo. La ricerca analizza inoltre imprese che si collocano in fasi particolarmente avanzate della crisi. Implicazioni pratiche: I risultati dell' indagine costituiscono il principale input informativo per la predisposizione di strumenti idonei a prevedere l' evoluzione della crisi. Originalità del lavoro: Il lavoro introduce un modello di valutazione delle determinanti della crisi basato sul confronto analitico di giudizi elaborati sulla base di fonti informative eterogenee. Inoltre, lo studio verifica con riferimento alle grandi imprese italiane la valenza esplicativa dei costrutti teorici elaborati dalla letteratura.

Companies in difficult financial situations may seek to survive through mergers and acquisitions. Managers must be able to use company resources efficiently to maintain and improve competitiveness and sustainable advantages. Managers' ability to make strategic decisions may determine whether a merger and acquisition is successful. This study aims to reveal the role of the acquirer's managerial ability in mergers and acquisitions based on short- and long-term performance as well as the type of M&A. Two metrics are used to assess short- and long-term performance: the market-to-book ratio (MTBR) as an indicator of operating performance and the buy-and-hold abnormal return (BHAR) as an indicator of stock return performance. The research sample consists of 153 M&A cases conducted by companies registered with the Business Competition Supervisory Commission in Indonesia between 2010 and 2017, and the performance till 2020. We used regression and difference analysis to analyze the d...

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Employee engagement has recently been introduced as a concept advantageous to organizations. However, little is known about the value of employee engagement in explaining work performance behaviors compared with similar concepts. The learning climate, defined as the organization's beneficial activities in helping employees create, acquire, and transfer knowledge, has also been proposed as an antecedent of employee engagement. Using data from a sample of 625 employees and their supervisors in various occupations and organizations throughout Israel, we investigated employee engagement as a key mechanism for explaining the relationship between perceptions of the organization's learning climate and employees' proactivity, knowledge sharing, creativity, and adaptivity. We also tested whether employee engagement explained the relationship more thoroughly than similar concepts such as job satisfaction and job involvement. Multilevel regression analyses supported our hypotheses that employee engagement mediates the relationship between the perceived learning climate and these extra-role behaviors. Moreover, engagement provides a more thorough explanation than job satisfaction or job involvement for these relationships. The implications for organizational theory, research, and practice are discussed.

Definitions list M&A: Acronym for Mergers and Acquisitions. These are transactions involving the purchase of another organization' stocks in order to take control of it. SIT: Acronym for Social Identity Theory. The theory explains the interplay between personal and social identities and specifies the types of circumstances where individuals think of themselves as individuals or as group members. Integration: The process of attaining coordination between organizations, departments, groups, systems and functions. Post-merger integration: This is the part of the merger process that comes after the closing of the merger agreement SME: Acronym of Small and Medium sized Enterprises, Culture: The ideas, customs, norms and behavior of a group of people. KPI: Acronym of Key Performance Indicators. These are a set of quantifiable measures which are used to determine a company's progress in achieving its strategic, operational and financial goals. Day 1: The day where the integration is effective and there is a change in ownership control. Town hall meeting: Organization-wide business meeting where an executive report is made, and employees can ask questions and engage with business executives. Fintech: Enterprises which business model is based on software or other technologies used to support or enable banking and financial services. Human side: Used in this thesis to refer to the individual's part of the mergers, and their psychological state. Psycho analytic tools: Tools used for psycho analysis. These are used by some of the respondents to understand the inner motivations of individuals.

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 postacquisition 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.

There is a significant and growing body of research on radical innovation as a path to corporate renewal and growth. Despite this existing literature, very little is known regarding the role of radical innovation in medium-sized enterprises (MSEs). The vast majority of radical innovation knowledge emerges from research on large established companies. Employing a qualitative and exploratory methodology to examine the radical innovation efforts in nine MSEs, we found that radical innovation tends to be narrowly defined, closely aligned with current businesses, and market-driven. Processes are both formal and ad-hoc but in general lack separation from incremental innovation processes.

is als hoogleraar Marktkunde en Marktonderzoek verbonden aan de Faculteit der Economische Wetenschappen (FEW) van de Rijksuniversiteit Groningen. Drs. G.B.W. Willenborg is als universitair docent Marktkun de verbonden aan de FEW van de Rijksuniversiteit Groningen.

Evidence shows that radical innovation is important for longterm firm success. There are still strong uncertainties about the way companies could achieve such innovations. Internal growth has been extensively studied as a way to develop value-enhancing innovations. External growth through mergers or acquisitions appeared more recently as a new option to innovate by acquiring successful startups, leading to a form of technology risk and market risk externalization. For example, in 2014 Google Inc. acquired DeepMind Technologies for more than $400 millions. In 2012, Oracle acquired several technological startups, such as Taleo ($1.9 billion) and Vitrue ($ 300 million). Another example is the acquisition of Zappos ($1.2 billion) by Amazon. If innovation can be achieved by finding new ways to combine resources or competencies, managers may wonder whether it is possible to achieve such innovation by combining internal and external resources through acquisitions. Instead of acquiring on the market ready-to-use innovations, firms could also acquire targets to achieve radical innovation by combining both the acquirer and target's specific resources (e.g. Google Inc.'s acquisition of DeepMind Technologies). This external growth strategy, oriented toward innovation, is called ''symbiotic acquisition''. Our objective is to describe what the main and specific features of this strategic option are and to understand how managers can proceed to generate radical innovation through this type of acquisition. This article is structured as follows. First, we describe what is and what is not a symbiotic acquisition. We differentiate between collaborative acquisition and symbiotic acquisitions and focus on two specific characteristics of symbiotic acquisitions: its initial strategic intents and the framing of its integration process. Second, we put an emphasis on the role of organizational initial conditions, initial viewpoints of both parties and potential ''conflicts'' between the acquirer and the target. Finally, we put forward some managerial implications from both our theoretical work and professional experiences in the management of symbiotic acquisitions.

During the last decades, the corporate world has witnessed a significant rise in the number of cross border mergers and acquisitions (M&As). In cross border M&As, not only different corporate cultures collide, but also different professional and national cultures. The purpose of Cultural Due Diligence (CDD) is to get a coherent image of the intercultural challenges of the M&A in order to be aware of the intercultural risks and opportunities. This article aims to reveal the perception of managers involved in the pre-M&A stage on the soft risks factors that need to be investigated during CDD. This study proposes an appraisal of the most important intercultural issues that need to be considered in M&A. Our contribution to the intercultural aspects of M&A literature consists in improving the current understanding of Cultural Due Diligence content.

This study examines employees' sense of power as a predictor of job crafting. Building on situated focus theory of power, we hypothesize that a personal sense of power enables employees to become more flexible, which in turn activates their job-crafting behavior. We further propose that perceived organizational support (POS) moderates this indirect relationship. Data were collected from 407 Chinese working adults via a three-phase online survey. The empirical results supported our proposed model. The findings suggest that to encourage job-crafting behavior, managers and organizations should seek to enhance their employees' sense of power, provide training to cultivate flexibility, and ensure that their employees have POS.

Companies in difficult financial situations may seek to survive through mergers and acquisitions. Managers must be able to use company resources efficiently to maintain and improve competitiveness and sustainable advantages. Managers' ability to make strategic decisions may determine whether a merger and acquisition is successful. This study aims to reveal the role of the acquirer's managerial ability in mergers and acquisitions based on short- and long-term performance as well as the type of M&A. Two metrics are used to assess short- and long-term performance: the market-to-book ratio (MTBR) as an indicator of operating performance and the buy-and-hold abnormal return (BHAR) as an indicator of stock return performance. The research sample consists of 153 M&A cases conducted by companies registered with the Business Competition Supervisory Commission in Indonesia between 2010 and 2017, and the performance till 2020. We used regression and difference analysis to analyze the d...

Companies in difficult financial situations may seek to survive through mergers and acquisitions. Managers must be able to use company resources efficiently to maintain and improve competitiveness and sustainable advantages. Managers' ability to make strategic decisions may determine whether a merger and acquisition is successful. This study aims to reveal the role of the acquirer's managerial ability in mergers and acquisitions based on short- and long-term performance as well as the type of M&A. Two metrics are used to assess short- and long-term performance: the market-to-book ratio (MTBR) as an indicator of operating performance and the buy-and-hold abnormal return (BHAR) as an indicator of stock return performance. The research sample consists of 153 M&A cases conducted by companies registered with the Business Competition Supervisory Commission in Indonesia between 2010 and 2017, and the performance till 2020. We used regression and difference analysis to analyze the d...

In 1864 a schism in the historic Jewish community of Mikvé Israel, founded in 1651, resulted in the formation by separatists of Reform Jewish community Emanu-El. One hundred years later, these two communities merged to become Mikvé Israel-Emanuel. The article recounts - in the Dutch language - what led to the separation in 1864 and how the two congregation's found each other gain to reunite in 1964.

Er bestaat een zekere overlapping in tijd tussen de (eerste) post-en de face-to-face enquête. De schriftelijke vragenlijst is een verkorte versie van de mondelinge. Op die manier kunnen specifieke methode-effecten op de antwoordpatronen worden onderzocht. Geboortedatum, woonplaats en geslacht van de non-respons zijn bekend, wat een responsvergelijking tussen beide instrumenten toelaat. 1.6 SAMENVATTING TECHNISCHE GEGEVENS n Periode Respons (min-max) Face-to-face enquête 1248 Maart-juli 2002 Aan huis, veldwerk door getrainde interviewers uit ISPO netwerk 62,6-68,2 % Postenquête 1 2166 Juni-december 2002 61,9-63,5 % Per post, met aankondigingsbrief, vragenlijst en herinnering. 14 golven. Postenquête 2 3168 Juni-januari 2003 60,3-61,9% Per post, met aankondigingsbrief, vragenlijst en herinnering. 15 golven. We bespreken achtereenvolgens de face-to-face en de postenquête.

Evidence shows that radical innovation is important for longterm firm success. There are still strong uncertainties about the way companies could achieve such innovations. Internal growth has been extensively studied as a way to develop value-enhancing innovations. External growth through mergers or acquisitions appeared more recently as a new option to innovate by acquiring successful startups, leading to a form of technology risk and market risk externalization. For example, in 2014 Google Inc. acquired DeepMind Technologies for more than $400 millions. In 2012, Oracle acquired several technological startups, such as Taleo ($1.9 billion) and Vitrue ($ 300 million). Another example is the acquisition of Zappos ($1.2 billion) by Amazon. If innovation can be achieved by finding new ways to combine resources or competencies, managers may wonder whether it is possible to achieve such innovation by combining internal and external resources through acquisitions. Instead of acquiring on the market ready-to-use innovations, firms could also acquire targets to achieve radical innovation by combining both the acquirer and target's specific resources (e.g. Google Inc.'s acquisition of DeepMind Technologies). This external growth strategy, oriented toward innovation, is called ''symbiotic acquisition''. Our objective is to describe what the main and specific features of this strategic option are and to understand how managers can proceed to generate radical innovation through this type of acquisition. This article is structured as follows. First, we describe what is and what is not a symbiotic acquisition. We differentiate between collaborative acquisition and symbiotic acquisitions and focus on two specific characteristics of symbiotic acquisitions: its initial strategic intents and the framing of its integration process. Second, we put an emphasis on the role of organizational initial conditions, initial viewpoints of both parties and potential ''conflicts'' between the acquirer and the target. Finally, we put forward some managerial implications from both our theoretical work and professional experiences in the management of symbiotic acquisitions.

L’objet de cette recherche tend à démontrer comment la tension paradoxale entre autonomie organisationnelle (AO) et interdépendance stratégique (IS) est gérée au cours d’un processus de fusion-acquisition. Nous soutenons que dans le but de créer une intégration post-fusion réussie, la gestion de la tension paradoxale entre AO et SI est essentielle. Nous avons effectué une étude de cas longitudinale en temps réel sur deux ans d'une fusion-acquisition entre deux sociétés françaises cotées. Notre étude met en évidence le processus multi-étapes de l'intégration postfusion, en analysant comment la nouvelle organisation est passée d’une phase d'absorption à une symbiose pendant la phase d’intégration post-fusion. Nous soulignons que l'intégration symbiotique n'a pas été choisie au cours de la période de pré-fusion, mais est devenue nécessaire, compte tenu de l'interdépendance croissante entre les deux organisations.

Merger and Acquisition is one of the most researched areas in the field of finance, economics and strategic management. The post-merger performance of firms has for long been an area of study and research and still an ongoing one. Whether mergers are wealth-creating or wealth-reducing events is still debatable. In this context, it is important to assess whether mergers have led to better performances of merged units, because only such an improvement can justify the use of mergers as an important corporate strategic tool. In this backdrop, the present study is a humble attempt to examine the post-merger performance of some selected Indian pharmaceutical companies that have gone through the process of merger and acquisition over a period of time in order to observe whether the process of merger and acquisition had any significant impact on the post-merger operating and financial performance of the acquirers. The study reveals that the acquirers have failed to produce synergy during the post-acquisition period.

This study examines the short-and-long run share performance of acquirer companies listed on the Saudi Arabia Stock Exchange (Tadawul) from 1 January 2000 to 31 August 2017. Market-adjusted initial returns and buy-and-hold abnormal return methods are employed to measure the abnormal returns of acquirer companies over the short and long-run. The present study finds that: (1) investors could earn positive market adjusted abnormal returns during the few days surrounding the announcement date; (2) investors could earn positive and significant market-adjusted Buy and Hold Abnormal Return (BHAR) for shares that are held up to 36 months following the completion months of M&A events. The presence of abnormal return opportunities that may be exploited by investors during the period following the M&A announcement date and in the three-year holding period following the completion of M&A events might provide valuable insight to individual and institutional investors.

Malgre l’engouement des organisations pour les fusions-acquisitions (F/A), leur taux d’echec eleve invite a continuer la recherche en proposant de nouvelles cles de lecture. De nombreux travaux soutiennent que les F/A necessitent de nouvelles approches pour apprehender la complexite et le dynamisme de ces operations, et plus specifiquement de l’integration post-fusion. Notre recherche propose une analyse des dynamiques inherentes au cours du processus et plus particulierement lors de l’integration. Cette etude se place dans une logique integrative, apprehendant la multiplicite des dynamiques a l’œuvre dans le but de comprendre comment ces dynamiques engendrent ou entravent la reussite de l’integration. Nous utilisons ces dynamiques comme un moyen pour parvenir a capter la complexite inherente au processus de fusion, et comme une opportunite pour capter le dynamisme de l’integration. Une maniere de rendre intelligibles ces dynamiques inter-reliees dans un espace-temps defini est de r...

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L’objet de cette recherche tend à démontrer comment la tension paradoxale entre autonomie organisationnelle (AO) et interdépendance stratégique (IS) est gérée au cours d’un processus de fusion-acquisition. Nous soutenons que dans le but de créer une intégration post-fusion réussie, la gestion de la tension paradoxale entre AO et SI est essentielle. Nous avons effectué une étude de cas longitudinale en temps réel sur deux ans d'une fusion-acquisition entre deux sociétés françaises cotées. Notre étude met en évidence le processus multi-étapes de l'intégration postfusion, en analysant comment la nouvelle organisation est passée d’une phase d'absorption à une symbiose pendant la phase d’intégration post-fusion. Nous soulignons que l'intégration symbiotique n'a pas été choisie au cours de la période de pré-fusion, mais est devenue nécessaire, compte tenu de l'interdépendance croissante entre les deux organisations.

A wealth of research indicates that by improving staff engagement levels, improvements will be seen in a range of staff, patient and trust outcomes. Against a background of increasing pressure within the NHS (Murray, 2018), this research tests the findings of a study by West & Dawson (2012) who explored whether, and how, employee engagement influences individual and organisational performance.

This study aims to examine the long-term performance of post-Mergers and Acquisitions (M&A) based on the motive's category. This study also examines whether the governance at firm-level and country-level affects the relationship between motives and long-term performance of M&A. This study uses a sample of 301 completed M&A transactions of Asian companies in 11 countries from 2002 to 2012 and analyses the data using the cross-sectional moderated regression method. This study measures and categorizes M&A motives into synergy and agency categories using two alternate ways, which first using the stock market reaction data of acquirer and target at the M&A announcement period estimated by applying an event study methodology, and the second using the combination of the stock market reaction data and some accounting variables through logistic regression analysis. This study finds that synergy-motivated M&A results in significantly higher long-term performance post-M&A than agency-motivated M&A. It also proves that the positive effect of M&A motives on the long-term performance post-ABOUT THE AUTHORS Elvia Shauki is a lecturer of financial accounting, in the Accounting Department, Faculty of Economics and Business, Universitas Indonesia. She obtained her Doctoral degree from La Trobe University Australia and master's degree from Catholic University of Louvain in Belgium. Research interests: financial accounting, sustainability reporting, accounting education, and integrated reporting.

Communication is generally viewed as a critical component in mergers and acquisitions (M&A) performance, yet surprisingly little research has examined the link between different communication approaches and M&A outcomes. This paper provides a systematic empirical study to evaluate the link between communication approaches and M&As outcome. Specifically, a typology is created to examine interaction between the process and content of communication and M&A outcomes, in terms of employee commitment to merged organization strategy and M&A survival. Using data drawn from a single clearly defined M&A wave in the Nigerian banking sector, different communication practices are related to M&A outcomes. The findings are the first to show the effects of communications practices in African M&A and answer the calls for extending M&A research beyond western developed countries. They confirm the importance of communication practices in M&A, extend earlier findings on the importance of post-acquisition integration communication in US and European contexts and show the importance of communicating throughout the whole M&A process.

Company takeovers continue to be a common corporate practice. Where these involve the acquisition of similar businesses the speed of integration is regarded as a contributory factor to the success of the acquisition. In this paper the contribution of the implementation of the acquirer’s ERP system to integration is explored. ERP implementation may impose the acquirer’s business procedures, processes, data formats, values and underlying culture and has the potential to be a powerful tool to drive the level of integration being sought. In this qualitative study the authors explore a series of ERP implementations in the Asia Pacific region that appear to have successfully contributed to the integration of a global company’s business in this region, and contrast these findings against other conflicting outcomes reported in the literature. Implementation strategies that are considered to have contributed to this success were developed. These strategies were based on an appreciation of th...

An extensive body of literature has suggested that the influence of culture on the postmerger integration process and mergers and acquisitions (M&A) performance is critical. However, the results of empirical studies are contradictory and confusing. In fact, the combined effects of corporate culture, national culture, and synergy potential on various integration approaches, as well as their influence on M&A performance, have never been simultaneously investigated. This study aims to fill this gap and to develop a theoretical model using a multidisciplinary approach that draws upon the literature from strategic management, international management, and anthropology. Furthermore, unlike most studies that focus on a single stage of M&A, this study combines variables of pre-and postmerger stages. Mergers and acquisitions (M&A) have been going on for the past century. However, there is a large gap between the dominance and number of M&As in the world and the outcomes of academic research in this field (Shimizu et al. 2004). While an

As the motives of mergers and acquisitions (M&As) are different across industries, this study examined the synergy effects of technological gains and capital intensity on the operating performance of the acquiring firms after M&As. The sample comprised 434 completed M&As initiated by Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges with 2,170 observations over the years 2012 to 2016. On average, the firms performed better after M&As. The results show that the operating performance of public health, information technology, telecommunication and financial service firms within the high-technology sector increased after M&As. This suggests that high-technology firms can benefit from M&As through a more extensive knowledge base and financial synergy. We also found that good governance characterized by board independence affects firm performance positively. Therefore, the acquisition of technology through M&As could be an essential corporate growth strategy in the Chinese...

Results show that highly ethnocentric individuals respond more positively (attitude towards the ad and self-brand congruity) to localization and glocalization advertising strategies compared to a globalization strategy, while lowly ethnocentric individuals do not respond differently to these strategies. The practical and theoretical implications as well as suggestions for further research are discussed.

The banking sector turmoil has produced important structural changes, and generated significant opportunities for banking institutions to initiate mergers and acquisitions. Notwithstanding, many of them fail to anticipate strategic aspects that could affect the outcomes of such transactions. This is a well-established fact, but the main reasons for it are less comprehensible. M&As within the banking sector are not a completely new phenomenon but the new wave of M&As in this sector has brought a lot of attention to these deals. For example, in 2014, CIT Group Inc’s acquisition of OneWest’s ($21.8 billion in assets), and BB&T Corp’s acquisition of Susquehanna Bancshares Inc’s ($18.6 billion in assets). This paper contributes to the management literature by analyzing the motives behind cross-border mergers and acquisitions (M&As) for international banks in order to get an understanding of why they find it necessary to merge and/or take over other banks and the key reasons whereby banks...

Mergers and acquisitions (M&As) scholars have long been interested in the analysis of M&A processes trying to explain how M&As perform and we decided to examine what opinions the authors of some studies expressed regarding M&As success or failure. While classical attempts to explain the M&A performance have focused on strategic and financial factors, this article has sought to synthesize some issues from research on intercultural factors in M&A. Our study proposes an appraisal of the most important intercultural issues that need to be considered in M&A. This study intends to reveal the leading questions in cross border M&A research. This paper uncovers the most important intercultural aspects for the M&A activity. We envisage, also, the relationship between intercultural elements and M&A performance. The main questions that should be answered are: "Which are the intercultural particularities in M&A?", "What is the relationship between intercultural elements and M&A pe...

The corporate sector all over the world is restructuring its operations through different types of consolidation strategies like mergers and acquisitions in order to face challenges posed by the new pattern of globalization. Cross-border mergers and acquisitions (M&As) sharply increased over the last two decades and this is partly the result of financial liberalization policies, government policies and regional agreements. This study aims to highlight the leading questions in M&A research and tries to find ways to overcome the inconsistencies of the research findings. Our study proposes an analysis of the most important reasons for the M&A activity and the main processes during this kind of activity. We focus, also, on performance and success factors of mergers and acquisitions. In this article, we aim to answer the questions "Why companies perform M&A?", "What is actually M&A performance?" and "How to achieve success in M&A?". We intend to contribute t...

Objectives: This study aims to investigate the impact of mergers and acquisitions related events on the shareholders' wealth in Telecom sector of Pakistan. Statistical analysis: Event study methodology has been used to achieve this objective, in which, the short term and long term performance of firms are measured. For short term performance, Abnormal Returns (AR) and Cumulative Abnormal Returns (CAR) are measured while to determine long term performance, Buy-and-Hold Abnormal Returns (BHAR) are measured. Findings: The results revealed that the occurrence of these events has negatively affected the shareholders' wealth and the financial market did not respond to these events in the telecom sector of Pakistan. Application: The study suggests that the telecom sector should choose different strategies to gain market share, to increase revenues, to gain a competitive edge and to diversify risk.

In the past decades, cross-border mergers and acquisitions have increased in popularity, with a significant push in number of transactions in the 1990s. Among other reasons, companies are looking for acquiring targets abroad to participate in fast-growing markets and geographies while increasing their in-house capabilities. The international nature of these transactions poses unique challenges related to the differences in national culture between the parties, which can be reflected in discrepant corporate and working cultures and might directly impact the performance of these deals. In that context, the measurement of national cultural differences is of large interest of cross-regional research and has been applied to study companies’ and employees’ profiles and behaviors. Authors suggest that the national environment (our country) exerts influence in individuals and decision makers, which influences management control systems, leadership attitudes, relationship between workers and...