دانلود رایگان مقاله انگلیسی خصوصیات سازمانی ادغام و اکتساب برون مرزی: مثالهای تلفیقی از سراسر جهان - امرالد 2017

Abstract

Purpose – Given that several publicly announced international merger and acquisition deals have been abandoned in recent years, the purpose of this paper is to present a synthesis of influential articles that examine organizational characteristics of cross-border acquisition transactions. The synthesis is framed through general traits and resources, learning and prior acquisition experience, and top-level management and governance attributes. Specifically, the paper conceptualizes key organizational attributes influencing the propensity of cross-border negotiations, and the most common characteristics and post-deal effects by illustrating several case examples from around the world. Design/methodology/approach – Owing to fairness and integrity principles of the literature survey studies, the paper adopts an exploratory review design to present a synthesis of several influential articles published in strategy, international business and corporate finance journals. Since case method and storytelling are the best qualitative approaches to conceptualizing extant theoretical contributions, a number of case examples—successful, delayed and abandoned—from around the world have been discussed by leveraging the case information from archival sources. Findings – Drawing on resource-based view, organizational learning, upper echelons and agency theory perspectives, the paper underscores three observations. First, organizational characteristics such as firm age, firm size, ownership structure, slack resources, marketing resources, technological intensity, export intensity and business group affiliation have different impacts on the propensity of publicly announced cross-border deals. Second, firm’s prior acquisition experience and firm’s acquisition experience in the target country have positive or moderating effects on the success of a cross-border merger. Third, top-level management characteristics such as CEO foreign nationality and CEO international career experience, and governance characteristics such as board size, the number of independent directors and directors with overseas experience, have mixed effects on the incidence of cross-border acquisitions. Practical implications – The paper puts forth several recommendations for top-level managers participating in cross-border acquisition negotiations, such as learning from peers in the same industry, learning from predecessors in the target country and learning from failure negotiations in the same industry and other industries. Originality/value – Nested within the organizational, international business strategy and corporate finance literature, the paper presents a synthesis of influential publications that study organizational characteristics affecting the propensity of cross-border acquisitions. The cases discussed in this paper are unique examples from around the world.

6. Discussion

6.1 Contributions

At least three contributions emerge from our study. First, drawing on resource-based view, organizational learning, upper echelons and agency theory perspectives, the paper presents a synthesis of organizational characteristics—general traits and resources, learning and prior acquisition experience, and TMT and governance attributes—influencing the propensity of cross-border acquisition deals. The synthesis of influential publications suggests that ownership structure of the firm, slack resources, marketing, exports and technological intensities, firm’s capabilities to raise external finance and prior acquisition experience have significant positive impacts on the incidence of announced deals. At the same time, TMT and governance characteristics such as CEO international career experience and outside directors’ overseas experience help bidding firms in matters like estimating target’s market value, structuring and negotiating complex deal structures, and dealing with the state affairs.