This thesis sets out to provide a systematic examination of post-acquisition management in China. In particular we are concerned to know what changes take place in acquired companies after acquisition and to examine their impact on the performance of the acquired company. We also examine the rationale for acquisitions, the role of the acquiring companies in managing the post-acquisition change process and their approach towards integrating the acquired company. The thesis uses a dual approach combining case studies and surveys aiming to draw a broad picture of post-acquisition management in China with in-depth explanation. The research design and data analysis followed the approach developed in Child et al's (2001) study of the management of international acquisitions in the UK and allowed us to test whether our findings are representative and robust. This dissertation is divided into three parts. Part one (Chapters 2 to 4) aims to discuss theoretical as well as methodological issues relating to the research reported in the dissertation. Part two (Chapters 5 to 9) presents and discusses empirical data resulting from the research carried out within Chinese companies acquired by both Chinese and foreign companies. Part three (Chapters 10 to 11) reviews the key findings of this study and suggests directions for future research.

Mergers and Acquisitions (M&As) have been on the rise since last three decades and have attracted considerable attention from the research community. Conclusion drawn by some of the studies are that such transactions do not result in better performance or that they erode acquiring firm‘s shareholder value and produce highly volatile market returns. A number of studies have analyzed reasons for such inefficiencies and have pointed out several factors. However, very little attention has been given to business evaluation process as an influencing factor. This study investigates that how the processes involved in the evaluation of a target firm influence the outcome of the M&As? The research objective requires insight of the situations accruing at the time of happening of a particular event by interacting with those involved in the process. Considering the exploratory nature of the research question, the study adopts a comparative Case Study methodology to investigate the impact of business evaluation on the performance of M&As. The findings reveal that processes related to business evaluation have a significant impact on the outcome of the Merger and Acquisition (M&A) transactions. Sounder, controlled and inter linked processes can ensure better chances of their success. Further, the boundaries of the business evaluation processes, for the sake of M&A transactions, need to be elaborated to make performance assessment as its integral part. This would help in shaping the performance of the transactions by taking remedial steps during their implementation. The study complements earlier studies and provides a holistic view on the factors influencing performance of such transactions. Hence, outcome of the study would bring clarity in understanding the relationship and behavior between different components and related factors of business evaluation and M&A performance.

With the increasing liberalisation and deregulation of world trade since the 1980s more and more industries have changed from fragmented and inward-looking into concentrated, outward-looking, international or global industries with only few surviving companies. 'Globalisation', 'global competition', 'global strategies' have become frequently discussed topics for managers and research themes for academics. Major weaknesses of current research are: first, a clear and uniform definition about globalisation and global strategies, second, a more holistic explanation about when, why and how industries and companies globalise and which factors put them at a competitive advantage towards one another and third, more precise suggestions and empirical results about the outcome of the globalisation process in terms of industry competition, the choice of corporate strategies and the resulting performance levels. Regarding the first weakness a new definition for globalisation based on industry concentration is proposed. Regarding the second weakness, the importance of national competitive advantage, strategic groups and strategic fit before and during the globalisation process as interrelated, mutually re-enforcing globalisation factors are pointed out. Apart from their triangular inter-relationship the thesis describes their changing (i.e. dynamic) character or level of significance during different periods of the globalisation process. Government intervention and history are proposed as two independent and decisive conditions of national competitive advantage apart from .Porter's (1990) 'Four diamonds'. A company's membership in a competitive, innovative strategic group and strategy imitation among strategic group members are the most important factors with regard to strategic groups. Regarding the third weakness, a model of globalisation is derived and tested empirically. As part of this model 'global winners' are defined as companies which build dominant market positions in a global industry through the launch of a global, vertically integrated strategy. The branded spirits industry is chosen as the context to explore the model by answering the following, four major research questions: 19 When, why and how did the spirits industry globalise ? Which were the most important factors for the world's top four spirits companies to s\lcceed globally? At which point in time did the world's top four spirits companies fulfill these global success factors? Did the pursuit of 'global strategies' result in significantly higher profit margins and market growth rates ? The study examines the globalisation of the branded spirits industry during the time period of 1982-1995 by focussing on the major industry players of the UK, the US and German spirits industry. In 1995 the major industry players included 6 UK, 5 US and 8 German spirits companies and represented 71.3 % of world market share in the branded spirits industry. In the UK, US and Germany, 47 interviews with senior executives were conducted including the filling out of a questionnaire. The interviews and archival data were the basis for the write-up of four company case studies whereas the questionnaire data and interviews were used for the analysis of the global success factors on a country-basis. Further, quantitative industry data was collected and ANOV A and cluster analysis were performed for a strategic group analysis. The findings of the study are that, first, the globalisation of the spirits industry in 1987 was triggered by the strategic moves and counter-moves of four industry players (IDV, UDG, Allied and Seagram). The pre-conditions for the globalisation of the spirits industry were an emerging global consumer taste, economies of scale and scope, market maturity and the general economic environment. Second, the three most important factors for the UK spirits companies IDV, UDG, Allied and the US-Canadian spirits company Seagram to emerge as the world's top four spirits companies (with a global market share of more than 50%) were strategic groups, 'strategic fit' and national competitive advantage. Regarding national competitive advantage, government intervention and history played a significantly more important role than three (,demand', 'factor' and 'related and supporting industries') out of Porter's 'Four diamonds'. Finally, no statistically significant relationships could be found between strategic group membership and higher profit margins/market growth rates. Similarly, the pursuit of global strategies did not result in significantly higher profit margins/ market growth rates.

Significant prior work exists in both the macroeconomics field and in finance and accounting into determinants of stock returns, although very few studies have tried to link both types of information together. This research seeks to bridge that gap. Seven macroeconomic variables and 15 accounting identities are hypothesised to explain stock returns, using a stepwise multiple regression procedure. Three macrovariables, GDP, real interest rates, and an exchange rate variable, together with four accounting variables are found to explain 3 month returns in an estimation sample. The results are confirmed in a holdout sample, which has similar industry and size characteristics. When the same variables are forced into equations for longer time periods, it is found that the variables are still influential for up to 12 months. An alternative specification, dealing explicitly with systematic risk through beta, shows that similar macroeconomic data, and five accounting variables, explain 3 month abnormal returns. Again results are confirmed in the same holdout sample. A second hypothesis proposes that the explanatory power of the accounting data may be enhanced by conditioning the accounting variables upon the macroeconomic variables in turn. For example, gearing might be more influential in explaining stock returns when real interest rates are historically high than when they are low. A new method, within the OLS tradition is used to model conditionality, and this is tested on randomly generated data in a series of simulations. Results show that a number of conditional relationships improve the explanation of both raw returns and abnormal returns. Nominal contracting theories are therefore supported and investors are clearly shown to interpret value relevant accounting information according to the macroeconomic circumstances.

Some theorists (e.g. Scott, 1987a; Gupta et al., 1994; Geiger and Ittner, 1996) have been suggesting a combined analysis of economic and institutional pressures (coercive, normative and mimetic - DiMaggio and Powell, 1983) to enrich the understanding of the adoption and use of new management accounting systems. The conceptualization of the intertwined roles of technical and institutional environments is an issue that has been neglected in the literature on management accounting change (Carruthers, 1995; Abernethy and Chua, 1996). In fact, little attention has been given to the motives of management accounting changes (Hopwood, 1987; Malmi, 1999). The relationship between technical and institutional factors has had some empirical evidence (e.g. Granlund et aI., 1998; Drennan and Kelly, 2002). Furthermore, Oliver (1991) and Modell (2002) offered frameworks which can partially accommodate the interconnected roles of technical and institutional environments. Oliver's (1991) model of strategic choice in response to institutional pressures offers an approach which is an attempt to connect both environments. On the other hand, Modell (2002) proposes an analytical framework which is primarily based on institutional pressures, but which also assumes the moderating role of contextual factors that characterize the organization's technical environment. While both models constitute interesting theoretical contributions, they should be extended because they do not permit to accommodate the complexity of management accounting change when both technical and institutional environments and their intertwined roles should be considered. Drawing upon evidence related to cost management change in Portuguese manufacturing SMEs, this work offers empirical evidence on the intertwined roles of technical and institutional environments in the adoption of cost management practices. Findings proved that change in cost management practices is influenced by institutional pressures and by the organizations' technical environment. Both types of pressures and the intertwined nature of such influence are relevant to explain these phenomena. !his research project contributes to the literature into two additional ways. Firstly, It shows that technical and institutional environments can be intertwined in some processes of cost management change. This fact calls for an extended version of Modell's (2002) framework. Secondly, it demonstrates that cost management change can take more complex forms which cannot be accommodated into models based ,on an organization's strategic response to institutional pressures (i.e. Ohv~r s, 1991 approach). Accordingly analytical frameworks which go beyond Cont lllua of resistance and pressure must' be used.

Despite the increasing recognition of the importance of the incubation process for new venture creation, the main focal point for scholars has been on other areas such as the outputs of incubation. Little attention has been given to unpacking how the incubation process functions and the variables associated with the incubation process. In this thesis, five important questions central to this gap in understanding are addressed: (1) how does the incubation process function?; (2) how do incubation processes differ?; (3) how does an incubator’s objectives and resources affect how the incubation process functions and influence potential new venture creation?; (4) how does an entrepreneur’s experience and background (e.g. entrepreneurial experience, industrial experience, education and family background) affect their ability to start a new venture in the context of the incubation process?; and (5) how and in what ways do the principal elements of the regional innovation system (RIS) play a role in the incubation process and influence potential new venture creation? These questions are addressed in two steps. First, key literatures on incubation, technology transfer, entrepreneurship education, entrepreneurship and RIS are integrated to position the study and form a conceptual framework for the investigation. Second, in-depth qualitative empirical investigations of three different incubation processes (a regional incubation process, a student incubation process, and a university incubation process) within the same RIS (the North East of the UK) are utilised to unpack these central issues and address the research questions. The thesis’ central contribution is to the incubation literature providing new insights on how the incubation process functions. By adopting an integrated approach, which includes analysing how the process is affected by the objectives and resources of the organisation offering the incubation support, the experience and background of the entrepreneur, the role of the RIS, and the process components, the empirical analysis presents key findings. The empirical analysis highlights the importance of the degree of involvement of incubator managers and the importance of using multiple selection criteria in the effective selection of incubatees to improve the likelihood of new venture creation. It was also found that the broader range of co-production modalities utilised by incubator managers who themselves had entrepreneurial experience, the more effective the business support process, and the more likely new venture creation. In relation to objectives and resources, the findings suggest that the higher degree of resources the incubation process provides to achieve its objectives, the more effective the business support process, and the more likely new venture creation. Entrepreneurial characteristics such as prior entrepreneurial experience, industrial experience, education and family background were found to positively affect the entrepreneur during the incubation process and increased the likelihood of new venture creation. In relation to the RIS, it was found that its principal elements, specifically regional organisations and actors and the socio-economic and cultural setting, play a role in the incubation process and influence potential new venture creation. It was also found that there are clear differences between different incubation process types. Five other inductively-derived constructs (e.g. risk aversion, incubator management learning, duty of care, entrepreneurial knowledge and social capital) were also found to further explain how the incubation process functions which also represents a main contribution of the study. A theoretical model of incubation is presented that better specifies the inter- relationships between the internal and external constructs relating to the form of the incubation process, the entrepreneurs themselves, and the RIS. These insights are articulated as a series of propositions to guide future research. Policy implications are also discussed to provide practitioners with the means to improve the incubation process.

No description available.

Given the recent popularity of Joint Ventures and Strategic Alliances as an organisational form, and the implication of superior performance (versus Sole Ventures); this Research Study attempts to determine the existence of, and reasons for, any differential performance. Underpinning theory was fundamentally identified in four related `core' literatures: Transaction Cost Economics; Theory of the Firm; Interorganisational Theory; Joint Venture/Strategic Alliance Theory. This was supplemented by a fifth discipline focusing on `knowledge management' and `ceativity' - viz. Organisational Learning. A broad range of relevant factors was reviewed - but the research focused on five working hypotheses, derived from the application of intuition to the literature. The Study adopted a holistic approach, attempting to evaluate both the comparative `business' (e. g. input/output quality); and `financial' (e. g. profitability) performance of Joint Ventures versus Sole Ventures. `Business performance' was explored by generating a Survey Instrument from the literature and conducting Key Informant Interviews with highranking, experienced executives (from the Joint Venture-rich Construction and Property Development sectors). `Financial performance' was explored by developing a substantial `convenience sample' of financial data; subjecting it to Ratio Analysis and Descriptive Statistical Analysis; and using it to generate a Survey Instrument which provided the basis for a Key Informant Interview (again with a Construction and Property Development executive). The data produced by the Key Informant Interviews was then grouped under the five Working Hypothesis headings - and discussed in relation to specific hypotheses. An attempt was made to reconcile theory and practice in the Conclusion - again on a structured hypothesis-by-hypothesis basis - where literature `concepts' were compared with empirical `percepts'. The hypotheses were able to provide the basis for some qualified assertions about comparative Joint Venture/Strategic Alliance performance. Thus, the contribution of this Thesis comprises the empirical testing of concepts contained in the five literatures which constitute the theoretical base for the research study. It is hoped that `knowledge conversion' (pure to applied knowledge) will occur via academic and professional conduits; resulting in the operationalisationo f conceptsi n practical joint ventures ettings.

This thesis is an empirical investigation of three related capital structure dynamics of US-based multinationals and their domestic counterparts. Specifically, the thesis examined whether there are differences in capital structure adjustment speed between US-based Multinationals (hereafter, MNCs) and Domestic Corporations (hereafter, DCs), and if so, what theoretical factors contribute to the differences. At an industry level, the thesis examine whether or not industries of US-based Multinationals (MNCs) and their domestic counterparts (DCs) have different speed of capital structure adjustment toward the target level, particularly the manufacturing industry. And at the macro level, the thesis estimates the effect of macroeconomic factors (commercial paper spread, growth in aggregate capital expenditure of nonfinancial firms, and consumer price index (CPI)), and macroeconomic conditions defined by GDP, default spread, unemployment and price-output ratio on capital structure dynamics of US-based MNCs relative to DCs. Various econometric techniques were employed in the thesis to test the hypothesis that capital structure dynamics of US-based MNCs differ from DCs. Using fixed effect instrumental variables (FEIV), the empirical results shows that on average, DCs adjust to target leverage faster than MNCs. Similarly, the results support existences of capital structure differences among industries for MNCs and DCs.

The historic context, characteristics, effects of social and industrial determinants and the tendentious factors of trade union mergers are explored. The literature on trade unionism, its history and merger trends and styles, is reviewed with special reference to the relationship of staff and manual workers. The hypotheses developed concern the reasons for mergers, the capital / labour nexus, merger stiles, and the effects of both internal factors (trade union movement and individual trade union culture) and external (industry and societal) factors. This is then related to the particular merger of APEX/GMB: the significance of a staff union amalgamating with a general, ostensibly manual, union. The hypotheses are reviewed against the historic development, characteristics, structural changes and, more particularly, the culture of the unions. Reviewing the developed themes of culture changes, the actual merger details are analysed, drawing upon interviews of a relevant selected group of senior lay and full-time officials and internal documents. This case study also considers the earlier merger of the Boilermakers' Society and the General & Municipal Workers Union: itself significant in bringing together a craft and general union. Among other conclusions, it is asserted that the future development is the amalgamation - friendly style, managing change as part of the trade union critical application to merge, and the "Super Union", which is "conglomerate" in character. There is no monocausal determinant, however there are interdependent factors. This gives direction to probable development for the 1990s. Although concerned with the developing British trend it also points to the factors' relevance to a broader arena of the trade union centre, the TUC and Europe. (None of this work has previously been submitted for any other degree.).