دانلود رایگان مقاله انگلیسی انگیزه های ادغام و اکتساب و ارزیابی نتیجه - وایلی 2018

Research on merger and acquisition (M&A) outcome often focuses on tangible financial results and the reaction of stock markets. This research attempts to provide a more accurate assessment of M&A performance by linking tangible as well as intangible M&A motives to outcome assessment. The theoretical framework is based on evaluation theory. We analyze four case studies of international M&As conducted by European companies. The findings indicate that M&A outcome can be more accurately measured by aligning it with the motives defined by the acquiring firms. They suggest that M&A outcome assessment should be considered as a process covering both premerger and postmerger stages.

5 | DISCUSSION

The analysis of the four cases shows that acquiring companies were facing difficulties in the premerger phase when defining the motives and the potential assessment of the conducted transactions. Management teams were not always aware of the necessity of defining clear goals. Thus, they attempted to capture new technologies or to increase the market power and did not systematically collaborate with independent consulting companies to evaluate the potential performance of planned operations.

No formal potential assessment was carried out at the time of selection of the target businesses, our inhouse assessment was driven by the need to capture the market before our competitors. (Senior Manager Mergers & Acquisitions, Aone)

The board of directors and related committees did not always have the required experience to evaluate potential targets and were influenced by the enthusiasm shown by management teams.

Decisions of most board members were dependent upon the input of the CEO as they didn’t have an understanding of the business. (Director Mergers & Acquisitions, MT)

Therefore, a lack of clearly defined objectives combined with biased potential assessment and approval-seeking processes can make the outcome assessment of the transaction more difficult. Vaguely defined motives are likely to lead to inaccurate results. Moreover, the outcome assessment function itself is not effective, except for LT Group. It is performed on the basis of financial results by managers who are not part of the team involved in the management of the operation.