phd thesis on mergers and acquisitions

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Dissertations / Theses on the topic 'Mergers and acquisition'

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Li, Lu. "The impact of pre-merger disclosure and acquisition experience on mergers and acquisitions." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12902/.

Engelhardt, Jens. "Performance Measurement of Acquisitions and Acquisition Series." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/02606911002/$FILE/02606911002.pdf.

Li, Xi. "Mergers and acquisitions : takeover efficiency, social connection and acquisition performance." Thesis, Durham University, 2018. http://etheses.dur.ac.uk/12460/.

Bi, Xiao Gang. "Stock market driven acquisitions : evidence fro UK mergers and acquisition market." Thesis, University of Exeter, 2008. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.479414.

Lai, Shaojie. "Two Essays on Mergers and Acquisitions." Kent State University / OhioLINK, 2018. http://rave.ohiolink.edu/etdc/view?acc_num=kent1522771083410377.

SOARES, FABIO MAIA. "MERGERS AND ACQUISITION: MODELING THE PROCESS ANALYSIS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7341@1.

Fung, Kam-yiu Tommy. "Mergers & acquisitions : management issues and strategic implications in it organization : case study of acquisition of Midland Bank by Hongkong Bank /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B17956778.

Säisä, Johan, and Daniela Ragnås. "The Infrastructure for Cultural Adoption: An Investigation in the Field of Mergers and Acquisitions." Thesis, KTH, Industriell ekonomi och organisation (Inst.), 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-123807.

Eliasson, Sofie. "Synergies in Mergers and Acquisitions : A Qualitative Study of Technical Trading Companies." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-17881.

Zhu, Jing. "Impact of mergers and acquisition on supply chain performance." Thesis, McGill University, 2012. http://digitool.Library.McGill.CA:80/R/?func=dbin-jump-full&object_id=107642.

Simonova, Olga. "Brand Portfolio Strategy for Mergers and Acquisitions." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194156.

Owen, Sian. "An empirical investigation of recent acquisition activity in the UK." Thesis, Brunel University, 1997. http://bura.brunel.ac.uk/handle/2438/5324.

Hulthén, Andreas, and Kim Selguson. "Mergers and acquisitions : The road to success." Thesis, Linköping University, Department of Management and Economics, 2003. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-2039.

Background: The most common reason to mergers and acquisitions is to generate synergies. Synergies emerge when two collaborating companies show a better result together than they would have done separately. Even though mergers and acquisitions have taken place since the beginning of the 17th century many of them still fail to succeed. There are many reasons why. Despite the fact that the reasons of failure have been known for a long time, new waves of mergers and acquisitions still appear.

Purpose: The purpose of the thesis is to contribute with knowledge about what should be given priority, in the merger and acquisition process, to generate synergies and thereby create shareholder value. This is achieved by investigating mergers and acquisitions in Sweden during the period 1996-2001.

Method: The thesis includes both quantitative and qualitative research. The quantitative research is calculations made to decide each company’s performances compared to index and the qualitative research is interviews made with representatives from the companies.

Result: There are no superior methods that can guarantee success, however there are certain aspects that always should be given priority. According our research those are among others: thorough due diligence, creating a committee of integration in order to keep focus on core business.

Öberg, Christina. "The Importance of Customers in Mergers and Acquisitions." Doctoral thesis, Linköpings universitet, Industriell marknadsföring och industriell ekonomi, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-11933.

Gonçalves, Raquel Filipa de Jesus. "Acquisition of Carrefour-Portugal by Sonae Distribuição." Master's thesis, NSBE - UNL, 2009. http://hdl.handle.net/10362/9640.

Pham, Hong Y., and Karol Duda. "Human and Culture integration in Mergers & Acquisitions : A study of Andersen acquisition by KPMG in Vietnam." Thesis, Mälardalen University, School of Sustainable Development of Society and Technology, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:mdh:diva-6458.

Date             29 May 2009Program        International Business and Entrepreneurship (IB&E)Course          Master Thesis (EFO705).Authors         Karol Duda, 851010 – T317                    Hong Y Pham, 841117 - T153Tutor             Love BörjessonTitle              Human and Culture integration in Mergers & Acquisitions: A study of Andersen acquisition by KPMG in Vietnam.Research problem: What did KPMG Vietnam do to integrate organizational culture and human resource of Andersen during and after its acquisition in 2002?Purpose         The aim of this research was to focus on culture and human resource dimensions by investigating the case KPMG acquired Andersen in Vietnam in 2002.Method          The conducted methodological stance in this report is interpretive research. The qualitative method has also been utilized. This research has mostly based on primary data in which semi-structured interviews and questionnaires were implemented to collect empirical data related to Andersen Vietnam acquisition. Secondary data from books, journals, websites etc has also been gathered.Conclusion     Although KPMG did not employ every tool suggested by researchers, it was proven to perform fair or good in culture integration dimension

Andersson, Maria, and de la Rosa Maja Karlsson. "Realizing synergies in mergers and acquisitions : A case study of WM-data’s acquisition of Atos Origin Nordic." Thesis, Uppsala University, Department of Business Studies, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-9026.

The focus of this thesis is the determinants for synergy realization in a merger or an acquisition. The objective is to describe the actions taken by our case company and relate these to the most important factors in realizing synergies in the new entity. We have chosen to study WM-data; a company widely experienced with merger and acquisition events, which during the last two years have conducted two lager acquisitions with subsequent integrations. Our focus has been last year’s acquisition of Atos Origin Nordic. The data about the event was gathered through interviews with key individuals involved in the acquisition and integration, through a questionnaire distributed amongst a group of employees and through studying published and internal documents covering the event. The model that is used relates combination potential, organizational integration, employee resistance and previous experience to synergy realization. The combination potential is affected by the strategic similarities and complementarities found in the combining companies, both which was found in our case company. Organizational integration is best conducted with a co-competence approach, i.e. a high level of integration through a fast and positive process. Also in this area our case company acted in a way that facilitates synergy realization. High employee resistance can reduce the potential for synergy realization. Actions in the areas of communication, culture and career can reduce resistance. Even if our case company used many of the techniques recommended, some employees still had a negative attitude towards the acquisition. Even more emphasis could have been put on communication about the event and forthcoming career implications. Experience of previous mergers and acquisitions activities can facilitate synergy realization if the combination is taking place in a similar industry setting. Our case company successfully recycled a lot of knowledge from a prior acquisition event, conducted by the Finnish subsidiary. In whole, the case study in this thesis represents a good example of how a company could act to realize synergies in a merger or acquisition. So far, most cost synergies relate to the combination of similar operations. Surprisingly, reducing costs through lay-offs was the primary method to achieve the expected savings. However, this event is still in an early phase, we expect more synergies from the combination to be realized in the future. Key words: mergers and acquisitions, case study, synergy realization, combination potential, organizational integration, employee resistance, M&A experience.

Glazar-Stavnicky, Monika. "Organizational and Systems Factors Leading to Systems Integration Success after Merger and Acquisition." Cleveland State University / OhioLINK, 2016. http://rave.ohiolink.edu/etdc/view?acc_num=csu1472689356.

Maloney, Brendan. "Mergers and Acquisitions: : Their impact on technological performance." Thesis, University of Kalmar, Baltic Business School, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hik:diva-121.

This Thesis examines the impact of mergers and acquisitions (M&As) on the subsequent technological performance of the related firms. The investigated firms are selected according to their strategic choice which consists in seeing M&As as a shortcut for acquiring technological assets and capabilities and therefore the subsequent technological performance. The relatedness issue as well as the resource-based view of the firm are theoretical hints, which effectiveness on technological performance is discussed. A more managerial approach using case studies is also used in order to demonstrate a new organisational form of cooperation, derived from strategic alliances and M&As. With the help of the Renault-Nissan Alliance it is argued that this hybrid form presents many capacities for developing a successful integration process, and subsequently enhancing technological performance.

Hrouda, Jiří. "Leveraged acquisition finance." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74068.

Lyckhult, Maria, and Sabina Olsson. "Fight Global Assimilation! Cultural Clashes in Cross-National Mergers and Acquisitions." Thesis, Jönköping University, JIBS, EMM (Entrepreneurship, Marketing, Management), 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-452.

Cross-national merger and acquisition (M&A) activity is common and is argued to be a strategic tool for the growth of multinational corporations. Yet, M&A activity has a high failure rate which theorists have explained being due to cultural clashes. Previous research has explained these clashes being due to cultural distance. Other studies have focused on the extent to which the firms are culturally integrated and its relation to cultural clashes. In this study we investigate the relation between cultural distance and the extent to which the firms are culturally integrated as we believe that this relation in turn influences how cultural clashes are perceived by managers.

As the human side of M&A has become of great interest within research we stress the importance of understanding what happens with managers in the organization during the post-acquisition process. The purpose of this thesis is therefore to investigate the managers’ perception of cultural clashes, in relation to the perceived extent of cultural integration and perceived cultural distance, in cross-national mergers and acquisitions.

In order to achieve an in-depth understanding of a series of cross-national M&As and to answer the purpose of this thesis, a qualitative case study design was used. Semistandardized interviews were made with ten managers from a Swedish firm that has gone through a series of cross-national M&As involving Swiss, French and German managements.

The findings show that managers’ perception of cultural clashes differs depending on to what extent two firms are culturally integrated and in relation to the cultural distance between the two firms. No matter if high or low cultural distance managers perceive few cul-tural clashes if the extent to which the firms are integrated is low. If the cultural integration, on the other hand, is high and the cultural distance is high, the cultural clashes are perceived as many. Our findings indicate that cultural clashes are perceived differently depend-ing on how they affect the managerial role and the organizational behaviour. We refer to these clashes as implicit agreements and explicit statements. Clashes in implicit agreements are evolved from behaviour deeply rooted in national culture and corporate culture. These clashes have minor effects on the managerial role and the organizational behaviour. Never-theless, managers need to be aware of the differences and adapt to the preferred behaviour when interacting with the acquiring firm’s management. Explicit statements, on the other hand, affect the managerial role and organizational behaviour and lead to cultural clashes that conduce to frustration, lack of motivation and inefficiency. These clashes are more ap-parent when the extent of culturally integration is high. Therefore, the acquiring firm should not attempt to assimilate its target company in cross-national M&As.

Nene, Siphamandla Ebehardt. "The impact of mergers and acquisitions on unemployment in South Africa." Diss., University of Pretoria, 2012. http://hdl.handle.net/2263/23723.

王鳳馨 and Fung-hing Wong. "An HR perspective on mergers & acquisition: an AT & T case study." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1996. http://hub.hku.hk/bib/B31267749.

Wong, Fung-hing. "An HR perspective on mergers & acquisition : an AT & T case study /." Hong Kong : University of Hong Kong, 1996. http://sunzi.lib.hku.hk/hkuto/record.jsp?B18003035.

Liu, Chaoyun. "The Compatibility of National Culture in International Mergers and Acquisitions." ScholarWorks@UNO, 2012. http://scholarworks.uno.edu/honors_theses/27.

Ren, Lijuan S. M. Massachusetts Institute of Technology. "The role of product management in the success of mergers and acquisitions : analyzing Eaton's 2008 Phoenixtec Power Company Ltd. acquisition." Thesis, Massachusetts Institute of Technology, 2013. http://hdl.handle.net/1721.1/80689.

Evran, Mehmet. "The influence of acquisition experience and post-acquisition strategies on the performance of emerging market acquirers : empirical evidence from Turkey." Thesis, Queen Mary, University of London, 2014. http://qmro.qmul.ac.uk/xmlui/handle/123456789/8039.

Masopustová, Tereza. "Analýza fúzí a akvizic v českém finančním prostoru a vyhodnocení jejich efektů." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116403.

Antypas, Nikoloas. "Essays on mergers and acquisitions : acquisition target prediction, CEO deal experience on deal performance, and value creation on a massive scale." Thesis, University of Reading, 2016. http://centaur.reading.ac.uk/68937/.

Pasiouras, Fotios. "Development of bank acquisition targets prediction models." Thesis, Coventry University, 2005. http://curve.coventry.ac.uk/open/items/ecf1b00d-da92-9bd2-5b02-fa4fab8afb0c/1.

Fong, Dominic. "The role of the psychological contract in affecting employee behaviour under the influence of merger and acquisition: a study of local regional managers in Hong Kong." Thesis, Curtin University, 2009. http://hdl.handle.net/20.500.11937/793.

Shabrova, Elena, and Bolaños Juan Manuel Figueroa. "Corporate Governance and Turnaround: Lessons for International Acquisitions of Distressed Firms : The case of Krenholm, Estonian textile manufacturer." Thesis, Linköpings universitet, Företagsekonomi, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-89936.

Kachlík, Brian. "Empirická analýza rysů akvírovaných podniků." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-192925.

Fredriksson, Jens, and Ulrik Weidman. "Understanding how to handle the acquisition process : a case study of ITAB Shop Concept AB." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-23884.

Gomes, Mathieu. "Corporate social responsibility and capital markets : evidence from mergers and acquisitions." Thesis, Université Clermont Auvergne‎ (2017-2020), 2017. http://www.theses.fr/2017CLFAD020.

Thom, Marcel. "Deal shaping in merger-and-acquisition negotiations : an exploration of organizational learning /." [S.l. : s.n.], 2003. http://www.gbv.de/dms/zbw/373230435.pdf.

Lang, Michelle R. "Strategies to Foster Employee Engagement Before, During, and After Organizational Mergers." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7690.

Vásquez, Davila Gabriela Fernanda, and Orquera Virginia Rosales. "The link between Soft Methods and Mergers and Acquisitions : An exploratory study of the application of soft methods during Company Z acquisition process." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet (USBE), 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-52144.

Al-Mwalla, Mona Mamdouh. "The use of financial ratios to predict acquisition targets a study of UK mergers 1980-1986 /." Thesis, Connect to e-thesis, 1992. http://theses.gla.ac.uk/676/.

Carvajal, Moreno Angela Rocio. "Dual Trading and Conflicts of Interest of Stock Exchange Intermediaries : evidence from Mergers and Acquisitions." Thesis, Toulouse 1, 2020. http://www.theses.fr/2020TOU10045.

Minshall, Timothy Herbert Warren. "Japanese innovation strategy and the acquisition of UK information technology firms." Thesis, University of Cambridge, 1997. https://www.repository.cam.ac.uk/handle/1810/269704.

Adel, Nour. "Evaluating and analyzing firms' investment decisions : a study of UK domestic and cross-border acquisitions." Thesis, Brunel University, 2011. http://bura.brunel.ac.uk/handle/2438/5298.

Hoang, Thuy Vu Nga, and Kamolrat Lapumnuaypon. "Critical Success Factors in Merger & Acquisition Projects : A study from the perspectives of advisory firms." Thesis, Umeå University, Umeå School of Business, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-1504.

Mergers and acquisitions (M&A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant ‘mega-mergers’ transacted in recent times. As expert advisory are sought in M&A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger & acquisition projects in the view of merger & acquisition advisory firms” has been raised. A list of ten critical success factors for M&A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager’s competence and commitment, (4) Project team member’s competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&A advisory firm’s resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management.

In an attempt to explore the importance of each factor in the practical context, data have been collected through three research methods. Primarily, the authors conduct a semi-structured interview with six interviewees currently working in three organizations which provide professional services related to M&A projects. Meanwhile, a self-completion questionnaire method is employed, following which a sample of 325 M&A advisory firms based in the U.S. is selected to participate in an online survey. In addition, the authors follow a case study approach based on the three organizations of the six interviewees in order to establish comprehensive knowledge about issues relating to M&A projects.

In response to the research question, the findings strongly indicate that seven out of ten factors in the original list have a positive impact, being the factors listed above as (1), (2), (3), (4), (5), (8), and (9). On the other hand, it revealed the lesser importance of the other three. In addition, three new factors have been discovered from analyzing the data collected, being (i) Having a number of key potential buyers with suitable profile (ii) Right, correct and complete information and data in the data room, and (iii) The quality of the selling company. While as another outcome of this research, further practical insights have been provided regarding the role of M&A advisory firms, the M&A process, common issues faced by M&A projects and the success criteria for M&A projects.

The findings from this research contribute valuable new knowledge to both researchers and practitioners in both project management and M&A fields, while facilitating the achievement of successful M&A projects.

Ewald, Klara, and Philip Wredberg. "Multicultural teams’ post acquisition : Challenges for employees and managers." Thesis, Jönköping University, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-53100.

Kajerdt, Johan, and Andreas Rydberg. "Betting on the jockey rather than the horse : a study on the determinants of mergers of SPAC IPOs." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-433975.

Alhenawi, Yasser. "Essay on the Persistence of Corporate Diversification Discount after Merger and Acquisition Transactions and Essay on the Capital Structure Properties of Real Estate Investment Trusts (REITs)." ScholarWorks@UNO, 2010. http://scholarworks.uno.edu/td/107.

Fong, Dominic. "The role of the psychological contract in affecting employee behaviour under the influence of merger and acquisition: a study of local regional managers in Hong Kong." Curtin University of Technology, Graduate School of Business, Curtin Business School, 2009. http://espace.library.curtin.edu.au:80/R/?func=dbin-jump-full&object_id=128355.

Nupponen, Pertti. "Post-acquisition performance : combination, management, and performance measurement in horizontal integration /." [Helsinki] : Helsinki School of Economics and Business Administration, 1995. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=007078756&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

Deshmukh, Rani. "Mergers and acquisition – post merger IT integration." Thesis, 2012. http://hdl.handle.net/2152/ETD-UT-2012-05-5303.

Carmelino, José Diogo Leal. "BlackBerry’s acquisition by Samsung : mergers & acquisitions." Master's thesis, 2015. http://hdl.handle.net/10400.14/18789.

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Three essays in corporate finance: the determinants of mergers and acquisitions

Hao, Zhiwei (2021) Three essays in corporate finance: the determinants of mergers and acquisitions. PhD thesis, University of Glasgow.

This thesis focuses on the determinants of mergers and acquisitions (M&As) in the US and international market. To begin with, this thesis investigates whether the mega-mergers tend to cluster by time and industry and what is the cause of mega-merger waves. This research finds strong support for capital liquidity theory by Harford (2005). In contrast to the conclusion of Harford (2005), the industry economic shock index is insignificant and does not have explanatory power in the start of mega-merger waves. Capital liquidity is clearly established as causing industry mega-merger waves to cluster in time. Further to this, the mis-valuation factors studied have only a fair explanatory power in predicting mega-merger waves, and they add only marginally to the predictive power of the capital liquidity theory.

Furthermore, this thesis studies the relationship between state visits and cross-border merger and acquisition (M&A) activity. Based on 1,161 official political state visits paid by the head of 19 countries to 49 countries and 11,531 cross-border acquisitions, this research finds that corporations from visiting countries are more likely to acquire corporations in the countries hosting the visit. Domestic acquisitions in the host country or M&As with non-visiting countries are not elevated. Evidence from instrumental variable analysis points towards a causal effect of state visits on M&A activity. Further analysis shows that the elevated M&A activity originating from visiting countries can be attributed to business networking and a reduction in investment uncertainty and cultural barriers.

In addition, this thesis further examines the relationship between political state visits and post-merger short- and long-term performance. This research finds that cross-border deals made during the visit year and the years after generate lower abnormal returns in the long- term than those in the years of non-visits. Cross-border deals during the visit year and years after generate higher abnormal returns in the short-term than those in the years of non-visits. However, the results in the short-term return are not statistically significant, which means that the deals during visit years and non-visit years are not fundamentally different. This research concludes that cross-border deals announced during the visit year and the years after could be driven by political reasons rather than value maximizing.

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IMPACT OF CULTURAL DIFFERENCES ON MERGER AND ACQUISITION PERFORMANCE - A CRITICAL RESEARCH REVIEW AND AN INTEGRATIVE MODEL

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PurposeThe cultural element in M&As' integration process has been identified as one of the key issues that may help explain the failure of many mergers and acquisitions. Yet what needs to be done to improve cultural integration in order to enhance M&As' success has received relatively little attention. This study attempts to examine the role played by culture and provide a framework for enhancing the success of mergers and acquisitions.Design/methodology/approachThis study is based on 32 interviews with senior managers of 16 merger and acquisition deals in the chemical industry.FindingsThe study finds that culture differences between the merging firms are a key element affecting effectiveness of the integration process and consequently the success of M&As. Furthermore, the study finds that, although managers agree that cultural differences create organisational challenges, yet the attention given to cultural integration issues during M&As are at best tenuous and in some case...

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Abstract: The world economies and its markets dynamics continue to develop constantly where the competition and parameters shaping the markets are changing swiftly to the extent that the introduction of new technologies or new products and services can alter entire markets leaving the leading companies behind wondering how they lost their market dominance so easily. The companies are in continuous search for alternative and enhanced solutions not only to secure their survival in the market but also to provide them with a competitive edge over their rivals in the fierce markets they are operating in. One of the strategic solutions that can provide companies with rapid growth is mergers and acquisitions. Despite various desired gains and promising synergies that can be achieved from the mergers and acquisitions deals whether they are domestic or cross-borders, several studies suggested that around half if not more of the mergers and acquisitions deals are considered to have ended in failure. One of the most common reasons behind the deals’ failure is owed to the cultural differences and the lack of cultural compatibility between the involved firms where the impact of cultural differences is usually magnified in the cross-border mergers and acquisitions, leading to unsuccessful integration of the two companies and thus losing the ability of achieving the aimed synergies that were behind the deal in the first place. In this research, a study is conducted on the case of the famous merger DaimlerChrysler that was considered to be the largest deal in history in 1998. Despite the highly promising potential synergies that were expected to be achieved and the enthusiasm met by the stockholders and the financial markets at the time of the deal announcement, multiple factors mainly owing to the cultural differences and management practices in addition to other circumstances, have hindered the achievement of successful integration leading to a sharp decline in morale and motivation towards the new entity that evolved after the merger completion and consequently the loss of realizing the aimed synergies. Keywords: Globalization, National culture, Organizational culture, Cultural Differences, Cultural fit, Cross-borders, Mergers, Acquisitions, Integration, Communication, Leadership, Human-capital, Aimed synergies.

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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 performance?” and “How to be successful in M&A?”. Our contribution to the M&A literature consists in improving the current understanding of intercultural aspects in M&A.

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Mergers and acquisitions (M&A) are the most widespread and most reliable international operations in the strategic market. Theoretically, they can respond to a certain amount of conventional goals like creating intrinsic value and performance. Integrating an organizational culture in an M&A process can help top management from both organizations understand cultural differences as fast as possible, in order to reduce consequences. The question remains as to whether we can go from a theoretical case to a practical one and achieve results beyond expectations. In this 2015 study we took into account cultural changes, communicated them to the members going into the process, and demonstrated the fundamental role that organizational culture plays. By comparing several approaches surrounding organizational culture, we conclude that this concept should extended to further perspectives, such as the importance of acculturation, cultural tolerance and organizational identity, all present before, during, and after the M&A process.

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• Financing and Regulatory Frictions in Mergers and Acquisitions

Financing and Regulatory Frictions in Mergers and Acquisitions Defended on Thursday, 11 January 2018

This dissertation studies how financial frictions and regulatory costs affect mergers and acquisitions (M&A). The first conclusion is that financial distress drives firms to make diversifying acquisitions. Acquisitions made by distressed firms in recent years are economically important. Exploiting a natural experiment, this thesis identifies the causal link between financial distress and acquisitions. The evidence shows that distressed firms acquire to diversify bankruptcy risk, rather than to capture external growth opportunities and revive growth. The second conclusion of the dissertation is that political connections of banks affect the government auctions of distressed banks during the Great Recession. Lobbying financial regulators significantly increases a bidding bank’s probability of winning. The post-acquisition operating performance is worse for lobbying acquirers than for their non-lobbying counterparts, suggesting that lobbying results in a less efficient allocation of failed banks. The results provide new insights into the bank resolution process and its political economy. Thirdly, the dissertation shows that the regulatory review process for M&As poses significant costs and risk for merging firms. An adverse antitrust review outcome reduces shareholder wealth and the probability of deal success. Mitigating such risk via lobbying may benefit shareholders. Consistently, acquirers strategically adjust lobbying expenditures around the merger announcement. The results highlight the role of political connections in corporate investments under regulatory uncertainty.

Acquisitions, financial distress, lobbying, political connections, bank resolution, auction, regulatory friction.

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Effect of cross-border mergers and acquisitions on technological innovations

Sample Thesis Introduction

1. Introduction

1.1. background.

A desire to obtain know how or new technological innovations is often suggested to be one of the main reasons behind merger activities (Jovanovic and Rousseau, 2002). Similar to shocks that shake and heal the economic environment, technological shocks are able to reallocate market factors optimally, and mergers and acquisitions (M&As) act as an effective instrument to settle the new equilibrium (Hall, 1988; Jovanovic and Rousseau, 2002). In such reorganisation periods, companies undertake M&As to attain growth, to get the economies of scale, to mitigate industry competition and implement internal organisational rebuilding. The significance of M&As as a means for fostering and reorganising research and development (R&D) activities was underlined by Cassiman et al. (2005).

M&As can act as a productive channel for technological innovations, or for reinforcing technological core competencies. An acquisition deal may allow the firm to attain the research vanguard in their sphere of competence (Kamien, 1992). Moreover, overlapping research spheres can compel the owners of patents to intensify research efforts (O’Donoghue et al., 1998) and M&As can be undertaken to get access to the patent portfolio of a rival company. Thus, companies can consolidate their technological competencies and reinforce their market power in particular technological spheres via M&As.

Conversely, companies can deem M&As as a means to capture new markets since diversification mitigates risk (Frey and Hussinger, 2006). In addition to this, a certain level of technological diversification is needed to keep pace with fast technological innovations in different spheres (Cantwell et al., 2004).

Technological knowledge in auxiliary spheres on top of key competencies allows companies to implement and integrate technologies developed by rivals. Expertise in non-core technologies enables companies to comprehend nascent technological opportunities and promptly switch to perspective innovative trends (Prabhu et al. 2005). Given a growing significance of timing in innovation process and severe technology rivalry, firms are not always able to accumulate own competencies in proper time. Thus, M&As, in overall, appear to be an effective instrument for both, technological reorganisation and a reinforcement of extant technological competencies. Moreover, M&As allow for optimising the costs of R&D by eliminating duplicate functions.

However, Yoon and Lee (2016) emphasise that empirical evidence on incentives of cross-border mergers connected with R&D motives is rather scarce. Some papers explored the influence of the R&D intensity on the probability of participating in the M&A market in any role (Hall, 1990, Puranam et al., 2006). The common standpoint of these papers seems to be that R&D is a comparatively weak indicator of being a target of acquisition (Hall, 1988). Several papers, both theoretical and empirical, underlined the significance of characteristics of merged companies and their interaction for the success of post-merger innovations (Seth, 1990; Capron, 1999; Banal-Estanol and Seldeslachts, 2005).

Cassiman et al. (2005) explored 31 merger cases regarding the changes in R&D performance in post-merger period to indicate that merger partners with substitutive and complementary technologies exhibited different post-acquisition R&D activities. In particular, merger for companies with complementary technologies tended to stimulate R&D activities while M&A deals for the case of firms with substitutive technologies hindered R&D efforts after the merger. Hussinger (2005) examined the role of technological affinity between the merger partners and concluded that M&As were likely to be preferred by firms from the same industry and with similar technological profile. In this case, M&As were shown to enhance core competencies of the acquirer. Confirming these findings, Stiebale (2013) revealed that after a cross-border acquisition, German companies tender to intensify domestic R&D activities and increase spending in this sphere. In addition, Zhang et al. (2018) made several significant findings on the topic. First, the authors revealed for a sample of Chinese firms, that cross-border M&A deals substantially enhanced the acquirers’ innovation performance. Second, industrial policies were shown to negatively influence the association between cross-border M&As and the acquirers’ R&D activities. Third, the mediating influence of intellectual property protection was exhibited to be unstable. Fourth, the impact of state-owned equity on the linkage between cross-border acquisitions and the acquirers’ innovation efforts appeared to be negative. Finally, Ojanen et al. (2008) indicated that the key goals of most cross-border acquisitions were to expand the market or product portfolio, which were not necessarily related to R&D activities.

1.2. Motivation of Research

Given comparatively scarce empirical evidence on the topic and diversity of reported results, the motivation of the research is the following. It is important not only to estimate the relationship between M&A activities and further innovation performance in cross-border acquisitions, but also to clarify the specific effects and channels through which M&As influence R&D efforts. It is also interesting to understand what particular characteristics of the acquiring companies stimulate post-merger R&D performance. The outcomes of this analysis will be interesting for companies operating on the global scale and firms that are planning to participate in M&A deals for achieving better results.

1.3. Aim and Objectives

The main purpose of the study is to assess the relationship between cross-border M&A activities and further technological innovations of consolidated companies. To attain this aim, the following objectives are pursued:

- To identify the main channels through which M&As affect post-merger R&D activities;

- To estimate the relationship between M&A deals and further acquirers’ performance in the sphere of technological innovations;

- To determine which characteristics of the acquiring companies have a significant impact on the success of R&A efforts in the post-merger period;

- To make recommendations on how to stimulate technological innovations in merged companies.

1.4. Outline

The structure of the thesis is the following. Literature review covers the main theories on which the research is based and reports the most significant findings on the relationship between cross-border M&A activities and R&D performance. The methodology chapter reveals how the research has been conducted. The chapter on results and findings outlines what outcomes of the research have been obtained and how they are interpreted. Finally, conclusions chapter summarises the thesis, outlines limitations and makes recommendations to companies and future researchers.

Banal-Estanol, A. and Seldeslachts, S. (2005) Merger Failures, WZB Discussion Paper No. SPII2005-09, Berlin.

Cantwell, J., A. Gambardella and O. Granstrand (2004) The Economics and Management of Technological Diversification , London: Routledge.

Capron, L. (1999) The Long-Term Performance of Horizontal Acquisitions, Strategic Management Journal, 20, pp. 987–1018.

Cassiman, B., M. Colombo, P. Garrone and R. Veugelers (2005) The Impact of M&A on the R&D Process: An Empirical Analysis of the Role of Technological and Market Relatedness, Research Policy, 34(2), pp. 195-220.

Frey, R. and Hussinger, K. (2006) The Role of Technology in M&As: A Firm Level Comparison of Cross-Border and Domestic Deals, Centre for European Economic Research, Discussion Paper No. 06-069

Hall, B.H. (1988). The Effect of Takeover Activity on Corporate Research and Development. In: Auerbach, A. (ed.). The Economic Effects of Takeover Activity, Chicago: University of Chicago Press.

Hussinger, K. (2005) Did Concentration on Core Competencies Drive Merger and Acquisition Activities in the 1990s? ZEW Discussion Paper No. 5-41.

Jovanovic, B. and P.L. Rousseau (2002). The Q-Theory of Mergers. AEA Papers and Proceedings 92(2), pp. 198-204.

Kamien, M. (1992) Patent licensing, In Handbook of Game Theory (Eds) R. Aumann and S. Hart, North Holland, Amsterdam, pp. 331–354.

O’Donoghue, T., S. Scotchmer, and J.-F. Thisse (1998) Patent breadth, patent life and the pace of technological progress, Journal of Economics and Management Strategy , 7, pp. 1–32.

Ojanen, V., Salmi, P. and Torkkeli, M. (2008) Cross-border acquisitions in technical engineering sector: Motives, trends and effects in Finnish consultancies, International Journal of Management Science and Engineering Management, 3 (2), pp. 151-160.

Prabhu, J. C., Chandy, R.K. and Ellis, M. E. (2005) The impact of acquisitions on innovation: Poison pill, placebo, or tonic? Journal of Marketing, 69 , pp. 114–130.

Puranam, P., Singh, H. and Zollo, M. (2006) Organising for innovation: Managing the coordination-autonomy dilemma in technology acquisitions, Academic Management Journal, 49, pp. 263–280.

Seth, A. (1990) Sources of Value Creation in Acquisition: An Empirical Investigation, Strategic Management Journal, 11(6), pp. 431-446.

Stiebale, J. (2013) The impact of cross-border mergers and acquisitions on the acquirers' R&D Firm-level evidence, International Journal of Industrial Organization , 31(4), pp. 307-321.

Yoon, H. and Lee, J. J. (2016) Technology-acquiring cross-border M&As by emerging market firms: role of bilateral trade openness, Technology Analysis and Strategic Management , 28 (3), pp. 251-265.

Zhang, Y., Wu, X., Zhang, H. and Lyu, C. (2018) Cross-Border M&A and the Acquirers’ Innovation Performance: An Empirical Study in China, Sustainability , 10, pp. 1796-1820.