Mergers and acquisitions (M&A) are one of the fastest strategic options that companies choose to face the global competitive market. This is evident from the number and the amount of growth in the value of the deals, as well as the occurrence of the 'mega–mergers' in recent times. If companies do not adapt to the fast moving and evolving business environment, they will run the risk of becoming obsolete. The key principle behind buying a company is to create shareholder value, which will give the organisation a competitive advantage. The reasoning behind M&A is that one combined company may be more valuable than two separate companies. Despite the popularity of M&A, 60–80% of M&A fail to create value. There are several reasons why M&A fail, such as the insufficient analysis and examination during the planning and early stages of the transaction, overpayment and poor management in the integration phase. In the past 20 years, the volume of cross–border acquisitions has increased nearly three times faster than the volume of domestic acquisitions. Although cross–border M&A have become more popular, it comes with its own challenges and problems. The companies that enter into cross–border acquisitions need to face the issue of cultural differences, which is one of the common reasons of M&A failure. The participants of both companies need to integrate with the national and corporate cultures of the new company. In order for companies to be successful, the management needs to consider the impact and importance of these cultural differences. Organisations frequently struggle with cross–cultural issues and it has been argued that the cultural distance between the country of the acquirer and the acquired is an important determinant of the success of cross–border acquisitions. In the example of the German company Daimler Benz and the American company Chrysler Corporation the fact that these two companies have very different cultural backgrounds and that their structures differed significantly complicated the merger. The company's choice of languages, images, metaphors and rhetorical strategies had a huge impact on the acceptance of the merger by the employees. Hofstede investigated the social dimensions of culture in order to develop a comprehensive model of culture. The model was developed on data collected from the IBM study of work–related attitudes of 116,000 employees in over 50 countries and three regions. The first four dimensions of culture were derived from this study namely, Power Distance Index (PDI), Individualism (IDV), Masculinity (MAS), and Uncertainty Avoidance Index (UAI). Gray extended Hofstede's earlier cultural framework to an accounting perspective and suggested that accounting values are derived from cultural dimensions. Gray summarised his accounting values as: Professionalism versus statutory control, uniformity versus flexibility, conservatism versus optimism and secrecy versus transparency. The research question and objective of this study was to investigate the potential impact of cultural differences of cross–border acquisitions on companies from an accounting perspective. In order to answer the research question there were three objectives set. The first objective is to investigate the impact that cultural differences have on a company using Hofstede's cultural dimensions, the second objective is to investigate the impact that cultural differences have towards an accounting perspective using Gray's accounting values. The third and final objective of this research is to interpret the potential impact of a cross–border acquisition on a company taking the cultural differences into account. Considering the cultural differences, it was evident that there are differences between cultures, which may lead to cultural conflict and may hamper the success of cross–border mergers or acquisitions. The cultural differences that were observed, which was extended to an accounting perspective indicated that cultures do have an effect on the way accounting is done form one country to another. The conclusion can be made that companies do need to take the cultural differences into account before entering into cross–border mergers and acquisitions, and that proactive measures needs to be in place in order for the cross–border merger and acquisition to be a success. / Thesis (M.Com. (Management Accountancy))--North-West University, Potchefstroom Campus, 2011.

Mergers and acquisitions (M&A) are one of the fastest strategic options that companies choose to face the global competitive market. This is evident from the number and the amount of growth in the value of the deals, as well as the occurrence of the 'mega–mergers' in recent times. If companies do not adapt to the fast moving and evolving business environment, they will run the risk of becoming obsolete. The key principle behind buying a company is to create shareholder value, which will give the organisation a competitive advantage. The reasoning behind M&A is that one combined company may be more valuable than two separate companies. Despite the popularity of M&A, 60–80% of M&A fail to create value. There are several reasons why M&A fail, such as the insufficient analysis and examination during the planning and early stages of the transaction, overpayment and poor management in the integration phase. In the past 20 years, the volume of cross–border acquisitions has increased nearly three times faster than the volume of domestic acquisitions. Although cross–border M&A have become more popular, it comes with its own challenges and problems. The companies that enter into cross–border acquisitions need to face the issue of cultural differences, which is one of the common reasons of M&A failure. The participants of both companies need to integrate with the national and corporate cultures of the new company. In order for companies to be successful, the management needs to consider the impact and importance of these cultural differences. Organisations frequently struggle with cross–cultural issues and it has been argued that the cultural distance between the country of the acquirer and the acquired is an important determinant of the success of cross–border acquisitions. In the example of the German company Daimler Benz and the American company Chrysler Corporation the fact that these two companies have very different cultural backgrounds and that their structures differed significantly complicated the merger. The company's choice of languages, images, metaphors and rhetorical strategies had a huge impact on the acceptance of the merger by the employees. Hofstede investigated the social dimensions of culture in order to develop a comprehensive model of culture. The model was developed on data collected from the IBM study of work–related attitudes of 116,000 employees in over 50 countries and three regions. The first four dimensions of culture were derived from this study namely, Power Distance Index (PDI), Individualism (IDV), Masculinity (MAS), and Uncertainty Avoidance Index (UAI). Gray extended Hofstede's earlier cultural framework to an accounting perspective and suggested that accounting values are derived from cultural dimensions. Gray summarised his accounting values as: Professionalism versus statutory control, uniformity versus flexibility, conservatism versus optimism and secrecy versus transparency. The research question and objective of this study was to investigate the potential impact of cultural differences of cross–border acquisitions on companies from an accounting perspective. In order to answer the research question there were three objectives set. The first objective is to investigate the impact that cultural differences have on a company using Hofstede's cultural dimensions, the second objective is to investigate the impact that cultural differences have towards an accounting perspective using Gray's accounting values. The third and final objective of this research is to interpret the potential impact of a cross–border acquisition on a company taking the cultural differences into account. Considering the cultural differences, it was evident that there are differences between cultures, which may lead to cultural conflict and may hamper the success of cross–border mergers or acquisitions. The cultural differences that were observed, which was extended to an accounting perspective indicated that cultures do have an effect on the way accounting is done form one country to another. The conclusion can be made that companies do need to take the cultural differences into account before entering into cross–border mergers and acquisitions, and that proactive measures needs to be in place in order for the cross–border merger and acquisition to be a success. / Thesis (M.Com. (Management Accountancy))--North-West University, Potchefstroom Campus, 2011.

Zugl.: Bayreuth, Universiẗat, Diss., 2008.

Univ., Diss. u.d.T.: Bauch, Clea: Planung und Steuerung von Unternehmensintegrationen: praktisch-normative Empfehlungen zur Post Merger-Integration--Fribourg/Schweiz, 2004.

Zugl.: Köln, Dt. Sporthochsch., Diss., 2009 u.d.T.: Lara T. Mohr: Instantane-rationale Emotionalität.

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La reprise des opérations de rapprochements entre des groupes bancaires européens a suscité un questionnement quant aux justifications d’un mouvement vers une consolidation bancaire paneuropéenne. Cette recherche s’inscrit dans le cadre des essais d’analyse des logiques des fusions et acquisitions (F&A) bancaires paneuropéennes en examinant la pertinence des arguments de l’analyse traditionnelle de ce processus. Dans une perspective de renouvellement des concepts d’analyse de ces stratégies bancaires, les sources classiques de création de valeur sont remises en cause, particulièrement, dans le cas des fusions et des acquisitions bancaires paneuropéennes. Cette critique est au cœur de notre problématique. Nous cherchons, dès lors, à mieux appréhender la logique des fusions bancaires transfrontalières dans l’UE en prenant en considération les spécificités de ces opérations et l’évolution du cadre conceptuel des approches d’analyse des métiers de la banque. Nous proposons une grille d’analyse des déterminants de F&A transfrontalières dans l’UE qui permet de focaliser les analyses sur deux principaux critères en faisant référence à leurs cadres théoriques respectifs. Le premier critère d’analyse de ces stratégies bancaires concerne l’aspect géographique relatif aux marchés d’expansion transnationale. Le deuxième critère est lié à la nature des métiers bancaires des parties engagées dans une opération de F&A transfrontalière. L’idée est d’évaluer la pertinence des stratégies de diversification des activités bancaires et de type géographique dans le cas européen. L’apport de notre étude est de valider cette grille en adoptant trois approches différentes. Dans un premier lieu, nous proposons d’appliquer cette grille au cas européen dans le cadre d’une approche analytique des deux critères à la fois. Ensuite, nous voudrions évaluer empiriquement le cadre théorique de chaque critère d’analyse des raisons des F&A transfrontalières des banques de l’UE, séparément, en envisageant deux essais empiriques. Dans un premier essai, nous analysons les déterminants d’une activité de consolidation bancaire paneuropéenne selon une approche macroéconomique. L’idée principale est d'identifier certains pays et leurs caractéristiques qui affecteront la tendance des F&A transfrontalières bancaires dans l’UE. Cette identification nous permet de vérifier les hypothèses d’internationalisation dans le cas européen. Dans le second essai, nous évaluons empiriquement la pertinence des arguments de performance en envisageant une analyse microéconomique des logiques stratégiques des F&A transfrontalières sur un échantillon des principales banques de l’UE. Nos essais empiriques permettent de mettre en évidence les deux critères d’analyse des raisons des F&A transfrontalières et paneuropéennes tout en prenant en considération leurs logiques stratégiques de diversification. / Considering the acceleration in the process of European banking integration, an important concern arises about the driving forces behind the current banking consolidation wave in Europe in the context of international banking expansion. This dissertation spans the fields of the literature on banking internationalisation and cross-border M&A to consider the specific features of these strategies considering the explanations provided by the traditional analysis of banking consolidation. In prospect of proposing new concepts to analyse the patterns of cross-border banking activities in European Union, we identify other vectors in international banking business that create value for shareholders besides economies of scale, with regard to the difficulties to generate cost cuttings in the case of transnational deals. We suggest focusing the analyses of the determinants of cross-border banking mergers and acquisitions (M&As) in the European Union that will allow focusing the analyses on two main criteria regarding their respective theoretical framework. The first criterion of analyzing cross-border banking M&As is related to characteristics of market expansion. The second criterion is linked to the features of cross-border banking activities. These criteria are identified as the variables that affect the banking internationalization. The purpose is to assess the validity of strategic arguments of diversification as the determinants of cross-border banking M&As in Europe. This approach allows us to validate our proposal criteria using three different approaches. First, we provide empirical evidence about both criteria by considering analyses banking structures and characteristics of banking activities in Europe. Then we examine macroeconomic determinants of cross-border banking activities in European countries. We identify receiving and investing countries of cross-border banking investments in Europe, considering the characteristics of countries. Our results allow us to test if the arguments of banking internationalization theories will be sufficient to explain the pan European consolidation. On the other hand, we analyze the strategic motivations of cross-border banking M&As and performance arguments of these transactions by considering a microeconomic analysis on a sample of major banks in the European Union. We provide empirical evidence on theoretical framework of each analysis criterion of cross-border banking M&A in the EU considering their strategic motivations.

Quels sont les effets des institutions du marché du travail et de la culture nationale sur l’activité en matière de fusions et acquisitions ? Cette thèse propose d’apporter des réponses à cette question tout au long de trois chapitres. Le premier chapitre s’intéresse aux effets des institutions du marché du travail, sous l’angle de la négociation collective, sur ces opérations. Il met en évidence que les fusions et acquisitions augmentent en nombre avec la force des syndicats et la capacité de négociation des employés des pays. La négociation collectiveaccroît l’activité en fusions et acquisitions parce que les acquéreurs potentiels peuvent retirer des gains d’opportunité plus élevés en s’appropriant les montants des « rentes » accaparées par les employés. Les chapitres deux et trois étudient comment les cultures nationales affectent les résultats des opérations de fusion et acquisition. Ils montrent que les firmes de pays fortement « orientés vers la quête de résultats » ont moins tendance à réaliser des fusions transfrontalières, à mener à terme les négociations annoncées et à devenir cibles. Quand ces opérations ont lieu, les cibles connaissent des rendements anormaux cumulés élevés à l’annonce de l’opération. Les firmes appartenant à des pays « orientés vers la tradition » ont moins tendance aussi à réaliser des fusions transfrontalières, à mener à terme les négociations annoncées et à devenir cibles. Quand ces opérations ont lieu, les cibles connaissent des rendements anormaux cumulés plus faibles à l’annonce de l’opération. Les firmes appartenant à des pays « orientés vers les personnes » ont plus tendance à réaliser des fusions transfrontalières et à mener à terme les négociations annoncées. / What are the effects of labor market institutions and national culture on mergers and acquisitions activity? The thesis proceeds in answering this question along three chapters. The first chapter investigates the effects labor market institutions defined as collective bargaining on mergers and acquisitions (M&A) activity. It provides evidence that M&A activity increases in countries with strength of labor unions and high bargaining coverage. Collective bargaining increase M&A activity because potential acquirers have greater gains opportunities sourced from reappropriation of employee ‘rents’. Second and third chapters explore effects of national culture on different M&A outcomes. They show that firms from result-oriented countries are less likely to make cross-cultural acquisitions, to complete announced deals, to become targets, and target firms experience higher CAR around announcement date. Firms from people-oriented countries are less likely to make crosscultural acquisitions, to complete deals and are more likely to become targets and target firms experience lower CAR. Firms from people oriented countries are more likely to make crossculturalacquisitions and complete announced deals.

La concurrence est considérée, dans la littérature en finance d'entreprise, comme un mécanisme de gouvernance. En effet, celle-ci permet en théorie de réduire les comportements opportunistes des dirigeants aux dépens des actionnaires. Comment se phénomène se traduit-il dans la réalité et quelles sont les conséquences concrètement observées à l'échelle des entreprises? Ainsi pourrait-être résumée la question transversale qui anime les recherches présentées dans cette thèse. Un premier chapitre dresse un état des lieux des mesures de concurrence existantes, en identifie les limites et propose une approche alternative basée sur les rendements financiers. Un second chapitre étudie l'effet de la concurrence sur le marché des fusions et acquisitions. Le troisième chapitre examine l'impact de l'intensité concurrentielle sur la performance sociale et environnementale des entreprises. Les résultats empiriques manifestent que -1- la concurrence entre deux firmes se traduit sur les marchés financiers par des mouvements boursiers négativement corrélés, -2- les opérations de fusions et acquisitions sont plus efficientes lorsque la concurrence s'intensifie, -3- les initiatives socialement responsables ont un caractère stratégique plus prononcé dans un environnement compétitif. Ces conclusions sont cohérentes avec l'argument théorique statuant que la concurrence exerce une pression sur les dirigeants d'entreprise à agir de manière efficiente, et plus précisément dans le meilleur intérêt des actionnaires. Le troisième chapitre de la thèse soulève néanmoins qu'un marché concurrentiel n'entraîne statistiquement pas d'amélioration de la performance sociale des entreprises vis-à-vis de l'environnement et de la société en général (parties prenantes éloignées). / Product market competition is considered, in corporate finance, as a governance mechanism. It indeed theoretically reduces managerial opportunism at the expense of shareholders. How is this phenomenon actually reflected in reality and what are the concrete consequences at the firm level? This thesis proposes an investigation of this transversal question through three studies. The first chapter reviews existing measures of competitive intensity, identifies their limitations and proposes an alternative method based on financial returns. The second chapter studies the effect of competition on mergers and acquisitions. The third chapter examines the impact of competitive pressure on corporate social and environmental initiatives. The empirical results suggest that -1- intense competition between two firms leads to negative correlations of their stock returns, -2- mergers and acquisitions are more efficiency-driven when competition becomes more intense, and -3- socially responsible initiatives are more strategic under competitive pressure. These conclusions support the theoretical argument that competition exerts a pressure on managers to make efficient decisions, and more specifically to act in the best interest of shareholders. Nevertheless, the third chapter of the thesis raises that intense competition is not statistically associated with better social performance towards the environment and society at large (peripheral stakeholders).

The school library resource centre and the collection of trade books that classroom teachers gather in their classrooms were the focus of an exploratory, descriptive study designed around the first stages of an action research model. Little research had been done on how effective classroom teachers have been at acquiring trade books for their classroom collections, and on how teacher-librarians, working in partially or fully integrated school library resource centre programs, helped make trade books accessible to elementary teachers and students. One instrument, The Survey of Elementary Classroom Collections. was designed to examine four descriptive areas: the contents and size of classroom collections, the source of trade books for these collection, the organization and management of classroom collections, and the use classroom teachers make of these trade books. The 205 elementary English language classroom teachers in one school district were sent a Survey and 80% responded. The series of interviews that followed were conducted with a stratified random sample of 30 classroom teachers, nine principals and seven teacher-librarians. The stratification was organized by Phases 1, 2 or 3 of school library program development, which were determined by the score on a second instrument. The Profile of School Library Resource Centre Programs. and from information on staffing, resources and teacher-librarian experience. Results were analyzed under the four areas explored in the Survey, by grade level and by Phase. A detailed description of the classroom collections led to the development of the Independent, Interactive and Integrated models for classroom collections. Each reflected a different concept of the classroom collection, its role in the literacy program and its relationship with the school library resource centre program. Indications were that a collaborative approach to trade book provisioning emerged in schools where the school library resource centre program was more fully integrated into the school curriculum. Details on a school-based/district-wide strategy to build a collaborative approach were given, as well as suggestions for a plan of action for individual schools and for further research to explore questions raised by this study. / Education, Faculty of / Language and Literacy Education (LLED), Department of / Graduate