D.Comm. / The purpose of this study was to build a comprehensive, holistic people integration process model for people integration during mergers and acquisitions (M&As). M&As is a popular and frequently used strategic initiative by organisations to grow their business. It has been estimated that 80% of M&As are unsuccessful in producing any shareholder value. In many cases lack of culture integration, a people aspect, is mentioned as one of the main reasons for M&A failure. Poor people integration during M&As is thus a major cause of M&A failure and motivated this research. The research objective was firstly, to build a model from current best practice in the M&A field. In building this model (Model P) inputs were received during interviews from experts and practitioners in the M&A field. The second research objective was to build a theoretical model (Model T) based on an in-depth literature review. The third research objective was to verify Model T with experts and practitioners in the M&A field. A questionnaire was distributed to experts and practitioners in the M&A field. The findings from the verification process were integrated with the findings from a comparison between Model T and Model P and a final model (Model TP) was built. The last research objective was to apply Model TP to two case studies in order to demonstrate the practical use of Model TP. The research process was completed upon arriving at Model TP and illustrated its practical use in the M&A field. The overall conclusion in the study was that the main difference between Model T and Model P turned out to be in the model design. Model T was based on an organic model design whereas Model P had a linear design. An organic model design was also chosen for Model TP. The reasons for choosing an organic model design were that this design emphasised the complex interrelationships and dynamic tension of the building blocks within the people integration model. That means that a change in any of the building blocks would impact on the other elements of the model. The contents of the models, i.e. the actual building blocks of the practice model and the theory model, were very similar. This implies that experts and practitioners in the M&A field have the necessary knowledge of what a successful people integration process entails. A comprehensive, holistic people integration process may not have been documented academically, but practitioners do have the knowledge of effective integration of people during M&As.

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This paper uses a two-stage, dynamic partial adjustment model which accounts for potential mean-reversion, with the Arellano-Bover GMM estimation technique, to observe the effect of various macroeconomic variables on the speed at which South African listed firms adjust toward their target capital structures. Employing two definitions of financial constraints, these effects were also compared for financially constrained and unconstrained subsamples. Using a sample of listed firms spanning from 2000 to 2010, the findings of the study show some indication that firms adjust faster in unfavourable macroeconomic states relative to favourable states. There is also evidence to suggest that the adjustment dynamics of unconstrained firms differ from that of constrained firms. In addition, higher adjustment speeds are generally observed when using short-term debt relative to other debt definitions. However, the evidence is largely inconclusive as adjustment speed estimates are highly sensitive to the definition of financial constraints used, and to the inclusion of extreme leverage observations.

The thesis examines the influence of institutional, macroeconomic, industry and firm characteristics on financing decisions of firms in nine select countries in Africa. It develops a battery of econometric models and examines 10 year (1999-2008) data pertaining to 986 non-financial firms and sample countries using various estimation procedures. The results suggest that financing decisions of firms in Africa is not only determined by firm characteristics (such as firm size and profitability, growth opportunities, asset tangibility and/or maturity, earnings volatility, dividend payout and non-debt-related tax-shield) but also by industry, macroeconomic (income group of the country, size of the overall economy and its growth, inflation and taxation) and institutional (legal origin, investor rights protection and law enforcement) factors. The research also demonstrates that firms in Africa face adjustment costs and/or benefits in rebalancing their capital and debt maturity structures to the optimal and such costs depend on select firm, industry, macroeconomic and institutional factors. Our findings signify that firms in Africa are concerned about transaction, agency and bankruptcy costs; information asymmetry and adverse selection problems; financial flexibility and access to finance issues; tax regimes, investor rights protection and law enforceability, among others in making their financing decisions. It is strongly recommended that governments, policy makers, and other stakeholders should pull their efforts together to come up with legislations, policies and directives that enhance investor rights protection and law enforcement which will in turn boost the confidence of market participants. The study also recommends that governments should use interest rate restraints and reserve and liquidity requirements to enhance financial deepening which will in turn enhance investors’ confidence.

University of Macau / Faculty of Business Administration. / Department of Accounting and Information Management

by Stanley Chu Kam Po. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1989. / Bibliography: leaves 84-87.

by Ho Lap-kar, Clare, Ng Shuk-kuen, Josephine. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1988. / Bibliography: leaves 95-97.

Li Xi. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 42-44). / Abstracts in English and Chinese. / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review / Chapter 2.1. --- Literature on Mature Markets --- p.6 / Chapter 2.2. --- Evidence from China --- p.8 / Chapter 3. --- Theoretical Rationale for the Main Hypotheses / Chapter 3.1. --- Institutional Settings --- p.10 / Chapter 3.2. --- Theoretical Argument --- p.11 / Chapter 3.3. --- Hypotheses --- p.13 / Chapter 4. --- Data / Chapter 4.1. --- Data Description --- p.16 / Chapter 4.2. --- Summary Statistics / Chapter 4.2.1. --- Pre-acquisition Characteristics --- p.18 / Chapter 4.2.2. --- Post-acquisition Operating Performance Dynamics --- p.19 / Chapter 5. --- Methodology / Chapter 5.1. --- Control Group Matching --- p.20 / Chapter 5.2. --- Comparison Analysis / Chapter 5.2.1. --- The Sample Group and the Control Group --- p.22 / Chapter 5.2.2. --- The Subgroups --- p.22 / Chapter 5.3. --- Post-acquisition Activities / Chapter 5.3.1. --- Restructuring Activities --- p.23 / Chapter 5.3.2. --- Financing Activities --- p.24 / Chapter 5.4. --- Pooled Regression / Chapter 5.4.1. --- Whole Sample Analysis --- p.26 / Chapter 5.4.2. --- Subgroups Analysis --- p.28 / Chapter 6. --- Empirical Results / Chapter 6.1. --- Post-acquisition Operating Performance Comparison --- p.29 / Chapter 6.2. --- Post-acquisition Restructuring Activities --- p.30 / Chapter 6.3. --- Post-acquisition Financing Activities --- p.32 / Chapter 6.4. --- Effectiveness of Takeovers --- p.33 / Chapter 6.5. --- Hypothesis Testing on Financing --- p.35 / Chapter 7. --- Discussion and Extension --- p.37 / Chapter 8. --- Conclusion --- p.41 / Chapter 9. --- References --- p.42 / Chapter 10. --- Tables --- p.45 / Chapter 11. --- Figures --- p.65

Thesis (Ph.D.)--Massachusetts Institute of Technology, Alfred P. Sloan School of Management, 1982. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Bibliography: leaves 160-168. / by Scott Howard Williamson. / Ph.D.

Lau Po Shan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 62-63). / Abstracts in English and Chinese. / Chapter 1. --- Introduction --- p.1 / Chapter 2. --- Literature Review and hypotheses --- p.4 / Chapter 3. --- Sample Selection and methodology --- p.9 / Chapter 4. --- Valuation Results --- p.15 / Chapter 5. --- Additional analysis of spinoffs and mergers --- p.28 / Chapter 6. --- Conclusion --- p.41 / Chapter 7. --- Tables --- p.43 / Chapter 8. --- Bibliography --- p.62