L’obiettivo del presente elaborato è verificare se le caratteristiche della struttura proprietaria delle società quotate italiane hanno contribuito a incrementare la creazione di valore per tutti gli azionisti nelle operazioni di fusione e acquisizione effettuate dalle stesse società nel periodo dal 1999 al 2006. In particolare si verifica se, in un contesto che era caratterizzato da un basso livello di corporate governance, con elevata concentrazione della proprietà, con presenza di strutture proprietarie piramidali e azioni senza diritti di voto, esiste una relazione tra la profittabilità delle operazioni di acquisizione per tutti gli azionisti e la struttura proprietaria della società bidder. A tal fine è stato considerato un campione iniziale di 319 eventi di fusione e di acquisizione relativo alle operazioni annunciate dal 1999 al 2006 da società italiane quotate; è stato quindi effettuato uno standard event study per stimarne la profittabilità e sono state inoltre raccolte e classificate le informazioni relative alla struttura proprietaria e all’azionariato della società bidder. / The aim of the paper is to verify if the ownership structure of Italian listed firms was able to increase all the shareholders’ wealth in the M&A activity from 1999 to 2006. In particular, notwithstanding the characteristics of the Italian contest (weak level of corporate governance, high ownership concentration, pyramidal structures and the presence of non-voting shares), I investigate the relation between the M&A activity performance for all the shareholders and the ownership structure of the bidders. I consider a sample of 319 M&A operations made by Italian bidders from 1999 until 2006. I use the standard event study approach to estimate the performance which has been investigated in relation to ownership information of the bidder.

In the lead up to the Year 2000 dot.com crash of publicly traded high-technology equities, Information Communication Technology (ICT) Companies proudly displayed inter-firm allegiances on their newly created websites. These collaborative relationships were in reality licensing agreements to develop or market new products internationally. Phenomena associated with ICT product development - collaboration, innovation, and internationalisation - are the core tenets of the accompanying dissertation. Leading scholars have suggested these phenomena challenge conventional economic theories of the firm. This study commences with tracing the evolution of trade and production theories from absolute advantage through to competitive advantage and introduces the concepts of non-adversarial collaborative advantage. Within the framework of the technology cycle, this dissertation then seeks to answer why firms engage in international collaborative innovation. The cycle of technological innovation is investigated and this leads to postulating a period of technological overlap and its implications for collaboration. One of the shortcomings acknowledged in the literature is the generic application of the term collaboration to cover a wide scope of inter-firm agreements. Within the literature this is referred to as a problem of multidimensionality. A model is developed in this dissertation that identifies the choices available to the firm and addresses the problem of defining collaboration. The choices provided in the developed model are more complex than simply choosing between external and internal intermediate markets. As a separable form of industry organisation, the success rates of alliance collaboration are compared to Mergers and Acquisitions (M&As) to validate issues of sustainability before examining the impact of location on innovation and collaboration. Again, theory is tested by recent events that require explanation. These events include the relocation of early stage foreign R&D to both developed and lesser-developed nations. The final chapter assesses the findings throughout this study and identifies separate and distinct roles for large and small firms in the international and collaborative commercialisation of new innovations. This central conclusion requires empirical validation and suggests the need investigate how firms shape the cycle of innovation from a reflected vantage point to the evolutionary perspective taken in this study. Further research is warranted because the literature on international innovation and collaboration is at an early stage and gaps in understanding remain.

企業進行併購的目的是要將企業之間各自擁有的資源和優勢結合、互補產生綜效，最終達到增強企業競爭力、擴大企業規模之目標。全球化的趨勢之下，企業搶占市場最快的方法之一就是靠國際併購。然而，併購併並不是簡單的買賣而已，研究顯示其失敗率約為70-90%。有效的併後整合（Post Merger Integration, PMI）不但是決定企業併購案是否成功的主要因素，也更是最複雜且失敗率最高的部分。成功的併後整合在實務上，必須要有嚴謹的計劃與執行，投入足夠的財務及管理資源，重視文化上的整合，更重要的是高階管理的參與，讓整合的指令與工作能貫徹執行，減少失敗風險。 本研究個案為一臺灣企業併購德商的併後整合之研究，主併公司期望除了透過併購買回品牌在當地的商標權之外，更重要的是擴大市場佔有率及銷售的實質成長。過程中，經由併購協商，訂定出併後整合之目標，形成雙方共識。而由於兩國經濟發展、民族及文化上的差異，雙方文化的融合與兼容並蓄是一個重要的課題。因此主併公司透過建立正式與非正式的溝通管道，由專人負責併後整合與管理，將併購的目標透過日常的溝通與合作中貫徹執行。個案主併公司在這項國際併購案中，設法留住人才，並投入相當資源以穩定軍心，也鼓勵員工發揮讓併購的成果極大化，更在併後的人力資源與管理上達到100%留住人才，且得到員工對併後整合感到滿意的成果。 研究發現，若能事前縝密的規劃併後整合計畫，交由適當的專人領導管控團隊監督整個整合過程，相互尊重雙方組織與當事者母國文化，遇到困難或問題能適時溝通、調整流程、平息雙方可能的歧見，將能更順利地完成併後整合，並且達到新組織設定的預期目標。 / The purpose of mergers and acquisitions (M&A) is to combine and complement two companies' own resources and advantages to create a synergy, and ultimately achieve the goal via enhancing the competitiveness and expanding the business scale. Under the trend of globalization, one of the fastest ways for companies to seize the market is to rely on international M&A. However, M&A is not simply buy and sell only. Research shows that the failure rate of international M&A is about 70-90%. Effective Post Merger Integration (PMI) is not only the main factor determining the success of a M&A. Successful PMI practices must be rigorously planned and implemented, be invested sufficient resources, pay attention on cultural integration, and involve high-level management, so that the integrated instructions and work can be implemented. The case is a study of a Taiwanese business merging a German firm. The Taiwanese company wanted to buy back the trademark rights in European market and also to expand the market share with sales growth. In the process, through the negotiation process of acquisition to set goals for PMI, then mutual consensus was reached. Due to the economic conditions and cultural differences between two countries, the integration and compatibility of both cultures is an important issue. Therefore, via building formal and informal communication channels and the PMI management team to implement the goal of M&A through daily communication and operations. Company tried to retain talents and invested considerable resources to stabilize the morale of employees. They also encouraged employees to contribute their talents for maximizing the results of M&A. After those efforts which company has made, employees are all satisfied with the results of current stage of PMI. The study found that if PMI projects can be properly planned in advance, appropriate management teams could be assigned to supervise the entire integration process, mutual respect for both parties’ cultures involved can lead to timely adjustment of the process in case of difficulties or problems. Suppressing the possible disagreements between the two sides will enable them to complete the PMI process more smoothly and achieve the expected goals set for the new organization.

跨國購併為企業持續成長的重要策略之一，學者針對此議題亦有諸多探討， 而過去的多數研究皆著重於—企業執行跨國購併後，企業策略與國家文化對於後 續整合的影響。然而，本研究認為文化的影響自企業開啟跨國購併談判以來，便 始終存在。此外，購併談判為跨國購併之起始，其重要性不亞於購併後的整合。 因此，本研究以企業跨國購併歷程為主體，藉此探討跨國購併企業雙方之文化差 異對於整體購併行為之影響。 本研究之目的為探討企業實際購併個案研究，讓企業未來在實際執行購併策 略時，能持續思考國家文化差異之影響，並依據其購併階段之不同，而有相對的 因應方式。 本研究以次級資料作為質性研究依據，藉由廣泛地蒐集資料，撰寫成鴻海購 併夏普之跨國購併個案。透過此篇實際個案研究，發現家文化差異對於企業能否 順利進行購併談判有重大影響，並提出企業依其所屬之購併階段不同，處理相對 應需著重之文化構面，可提高企業跨國購併談判之效率及成功率。 / Cross-border mergers and acquisitions (M&A) are one of the most important strategies for sustainable growth of a company. Many scholars had various discussions on this issue. Most of researches concentrated on how corporate strategy and national culture affect the integration after cross-border M&A. However, this study suggests that cultural impacts have long existed from the very beginning of cross-border M&A negotiations. In addition, M&A negotiation is the start point of cross-border M&A. It is equally important in the integration stage after M&A. Therefore, this study focuses mainly on the process of cross-border M&A in order to explore overall influence on the cross-border M&A due to cultural differences between the enterprises. By analyzing a real M&A case, the purpose of this study is to make enterprise consider the impact of cultural difference when they are having cross-border M&A negotiation. Besides, through this study company can understand what the most important dimension of national culture is while having M&A project. This study is a qualitative research based on extensively searching secondary data of Hon-Hai and Sharp M&A. This case study found that cultural differences between nations affect -whether the enterprise can successfully carry out M&A negotiations. This study also shows that company may generate different strategies corresponding to the difference between national culture dimensions in accordance with different M&A negotiation stage. Doing so may lead to smooth and successful M&A negotiation.

文化常被認為是跨國併購失敗的重要原因，許多文化因素在研究與調查中仍屬薄弱。在本論文中，國家文化是衡量跨境併購文化差異的重點，我們使用了Hofstede 六維度來分析兩種家公司併購情況，即使聯想案例文化維度距離高於TCL案例，但聯想理解在最短時間內和解文化差異，聯想最終解決了問題並變成了利潤。研究表明，溝通是必要的，大大提高了併購的成功性，管理層在合併前，文化評估是必要決策收購的成敗的重要因素。 / The failure rate of cross-border M&As is still high and culture is often blamed for hampering performance. If substantial research has been devoted to investigating M&As performance, cultural factors remain largely unexplained. In this research, national culture is the focus to measure cultural differences in cross border M&As. we used Hofstede 5 dimensions to analyzes two cases, even though Lenovo case cultural dimension distance is higher than TCL case, but Lenovo understand reconciling cultural differences in the shortest time, Lenovo eventually solved the problems and turn into profit. The studies reveal that communication is a necessity, drastically improving the success of a merger, and a cultural assessment of both fit and potential are important factors for providing direction and guidance for necessary decision making and planning initiatives required by management throughout all stages of a merger or acquisition. The purpose of this conceptual paper is to highlight the tensions generated by national culture in cross-border M&As and Chinese enterprises want to increase the success rate of Cross-border M&As, they have to pay close attention on the cultural problems, make a good cultural assessment and manager the cultural integrating work in the cultural integrating process.

Förvärv av företag sker till höger och vänster, i alla länder, branscher och kategorier. Motiven till förvärv må vara av varierande art, men det som är av betydelse för ett företag är vilket värde ett förvärv kan generera. Denna studie undersöker marknadsreaktioner vid olika typer och kombinationer av förvärv; däribland horisontella, vertikala och branschspecifika förvärv, med huvudsaklig inriktning på värdet som skapas vid gränsöverskridande och nationella förvärv. Detta görs i syfte att kartlägga eventuella överlägsna typer av förvärv. Klassiska teorier i form av effektiva marknadshypotesen och “random walk”-teorin i kombination med insiderhandel utgör den vetenskapliga utgångspunkten i studien. Metoden är en eventstudie, där den abnormala avkastningen vid dessa förvärv beräknas, för att kunna analyseras i förhållande till tidigare forskning. Vidare testas studiens hypoteser med hypotesprövning och samband analyseras med hjälp av enkla linjära regressioner som sedan tolkas. Resultatet visar på att gränsöverskridande förvärv ger den högsta genomsnittliga kumulativa abnormala avkastningen (CAAR), och vidare är horisontella förvärv att föredra över vertikala av samma anledning. Offentliga sektorn och tjänstesektorn ger de högsta CAAR sett till branscher. / Merger and acquisitions is happening everywhere; in all countries, industries and in all categories. The motives of acquiring other companies may differ, but what is truly meaningful is the value an acquisition can bring. This study deals with different types and combinations of acquisitions; amongst horizontal, vertical and industry specific acquisitions, with main focus on the value created in Cross Border and national acquisitions. The aim of the study is thereby to plot superior types of acquisitions. Classic theories like the Efficient market hypothesis and the Random walk theory will be used as a theoretical framework, along with the idea of Insider trading. The method used is an Event study, where the abnormal return is calculated at the announcement day of acquisition and is later analyzed in association to prior studies. Deduced hypothesis are then processed in hypothesis testing and correlations are being studied through simple linear regressions. The result show that Cross Border acquisitions give the highest value (CAAR) to acquirer and the horizontal acquisitions are superior to vertical ones for the same reason. The public sector and the service sector yield the highest CAAR when industries are being studied.

Magister Public Health - MPH / Over the years major changes have occurred in the focus, approach and application of monitoring and evaluation systems as a result of increased levels of emphasis towards achieving results (outcomes) as opposed to activities and outputs. As the focus of management changes from activities to results, so too has the focal point of M&E shifted from the traditional M&E system of progress monitoring that only deals with assessing inputs and implementation processes, to a results-based M&E system that emphasizes the need to assess the contributions of intervention to development outcomes. Nowadays funders, stakeholders and donor agencies want to see the difference that development initiatives make in the livelihood of project beneficiaries.Results-based M&E systems are essential components of most organisational structures responsible for development services and this is very fundamental as it provides vital information and empowers policy makers to take better informed decisions. The foundation of an M&E system is the very first step which is in essence called a ‘readiness assessment’. Such an assessment must be conducted before the actual establishment of an M&E system. Just as a building must begin with a foundation, constructing an M&E system must also begin with the establishment of a readiness assessment. Without this assessment and an understanding of the preparedness and commitment of the organisation, establishing an M&E system may be fraught with difficulties and failure.The Monitoring and Evaluation (M&E) of the Early Childhood Development (ECD) Programme of Ikamva Labantu has always been in the form of a reporting-type check list. The Centre is in a process of establishing an effective M&E system. The problem being investigated in this study is whether Ikamva Labantu has achieved a sufficient level of readiness to establish a results-based monitoring and evaluation system. However, the study shall also highlight crucial aspect of PM&E and RBM&E that will have to be taken into consideration with the establishment of the actual M&E system.With the use of the qualitative research method, the aim of this study is to analyse and assess the readiness assessment phase for establishing a monitoring and evaluation system in the Early Childhood Development (ECD) Programmes of Ikamva Labantu Centre, Khayelitsha.

We examine the impact of Mergers & Acquisitions on credit- and investment risk using a sample of 402 acquisitions by 215 Swedish firms from 2000 to 2020. We find significant evidence that, on average, M&A increases the credit risk and inversely decreases the investment risk of the acquiring firm. Our results indicate that firm credit risk however is positively correlated with investment risk. After controlling for specific deal- and firm characteristics, our findings suggest that managerial hubris decreases the level of credit risk and increases the level of investment risk in acquiring firms. Our results are consistent with the asymmetric information hypothesis that managers may exploit the volatility of their stock price to hide risk-increasing activities. We also observe that acquirers with high pre-deal credit risk undertake acquisitions that decrease credit risk and increase investment risk. We find no significant impact from neither method of payment nor valuation errors.

В течение последнего десятилетия значительная доля сделок по слияниям и поглощениям была обусловлена быстрым развитием передовых технологий. Передовые технологии – и в их числе цифровые технологии – стали движущей силой возможностей неорганического роста для компаний. Однако до сих пор остаётся неизученным то, как сделки слияний и поглощений в целом (не только в высокотехнологичных отраслях, или сделки с целями, имеющими цифровые технологии) влияют на цифровизацию компаний и на уровень её цифровой трансформации. Целью данной работы является оценка влияния активности компании на рынке сделок слияний и поглощений на глубину её цифровизации. Объектом исследования послужила выборка из 1242 российских промышленных компаний. Выбор компаний был обусловлен тем, что каждая из них обладает некими цифровыми компетенциями (технологиями), которые являются основой данного исследования. Предметом исследования является механизм взаимосвязи между активностью компании на рынке сделок слияний и поглощений (в виде факта участи в сделке M&A) и глубиной цифровой трансформации этой компании. Новизна исследования заключается в том, что было проведено первое подобное исследование по крупным российским компаниям, оперирующим в 20 отраслях промышленности, с использование эконометрическое модели, которая одновременно рассматривает множество факторов, влияющих на глубину цифровой трансформации. Практическая значимость исследования состоит в том, что его результаты и представленные рекомендации могут быть полезны для собственников компаний, планирующих сделку слияний и поглощений в эпоху цифровизации, а также для органов государственной власти, активно поддерживающих и развивающих цифровизацию в нашей стране. / Over the past decade, a significant share of M&A has been driven by rapid advances in advanced technology. Advanced technologies - and digital technologies among them - have become the driving force behind inorganic growth opportunities for companies. However, how M&A deals in general (not only in high-tech industries, or deals with targets with digital technology) affect the digitalization of companies and its level of digital transformation remains unexplored until now. The purpose of this paper is to assess the impact of a company's activity in the M&A market on the depth of its digitalization. A sample of 1,242 Russian industrial companies was used as an object of research. The choice of companies was due to the fact that each of them has some digital competencies (technologies), which are the basis of this study. The subject of the study is the mechanism of relationship between the activity of the company in the M&A market (in the form of the fact of participation in the M&A transaction) and the depth of digital transformation of this company. The novelty of the study lies in the fact that the first such study was conducted on large Russian companies operating in 20 industries, using an econometric model that simultaneously considers many factors affecting the depth of digital transformation. The practical significance of the study lies in the fact that its results and the recommendations presented may be useful to company owners planning M&A deals in the era of digitalization, as well as to government authorities that are actively supporting and developing digitalization in our country.

Digitalisation has fundamentally changed the way we communicate, conduct trade and consume goods and services. It has also enabled new business models to evolve. Some firms in the digital sector have developed and are now operating large conglomerate-like networks commonly referred to as ‘digital ecosystems’. Most digital ecosystems involve several autonomous, yet interdependent, firms. They offer diverse sets of different goods and services that often are technologically or economically interlinked and thus provide more value when bought or used together. Ecosystem business structures exist in many industries but a distinct feature of those in the digital sector is that the interdependencies within them are driven by digital technology and data connectivity. This affects how digital ecosystems function and how they need to be assessed under competition law. One of the ways in which digital ecosystems can expand and broaden their product portfolios is through mergers and acquisitions. The world’s five largest digital ecosystem operators – Alphabet (formerly Google), Apple, Meta (formerly Facebook), Amazon, and Microsoft – have together acquired over 800 firms during their relatively short lifetime. The intense merger and acquisition activity observed in the digital sector in the past years has raised concerns about the ability of European Union merger control to ensure that competition in this sector is not distorted by digital ecosystems’ expansion strategies. These concerns relate both to the adequacy of the current procedural system and to the precision of the analytical framework for assessing digital ecosystem mergers. This paper focuses mainly on the latter issue, and more specifically, on the theories of harm that have been applied in assessments of acquisitions by the five digital ecosystem operators mentioned above as well as on the need for alternative approaches or theories of harm for these mergers. It is shown that the assessments largely follow the traditional analytical framework of European Union merger control but that many of the special characteristics of digital markets and digital ecosystems are also taken into consideration. Yet, it is argued in this paper that there is a need for alternative approaches and theories of harm to better account for the competitive implications of digital ecosystem mergers.