<p>In the last decade, there has been a great increase in the number of mergers and</p><p>acquisitions all over the world. This enhancement of the number of transactions is</p><p>included in the most of the previous studies but moreover, many of these studies show</p><p>that the majority of the mergers and acquisitions fail in the objective of creating value</p><p>for the shareholders. This failure ratio is the reason which leads us to the next research</p><p>question: why do the majority of mergers and acquisitions fail?</p><p>In this study, we introduce the basic concepts that must be known before answering the</p><p>research question and the reasons that other authors have pointed out for explaining this</p><p>failure ratio.</p><p>After this theoretical background, we conduct a comparative research of four cases,</p><p>some of them with a successful result and some others with a failure one, in order to</p><p>determine the key factors that explain the reasons why some of the mergers and</p><p>acquisitions fail or success.</p><p>The study shows that there is a wide range of features when determining this failure or</p><p>success. The analysis of the four case studies indicates that most of the reasons for this</p><p>failure or success were previously considered by other authors, but some new reasons</p><p>will be presented.</p>

In the last decade, there has been a great increase in the number of mergers and acquisitions all over the world. This enhancement of the number of transactions is included in the most of the previous studies but moreover, many of these studies show that the majority of the mergers and acquisitions fail in the objective of creating value for the shareholders. This failure ratio is the reason which leads us to the next research question: why do the majority of mergers and acquisitions fail? In this study, we introduce the basic concepts that must be known before answering the research question and the reasons that other authors have pointed out for explaining this failure ratio. After this theoretical background, we conduct a comparative research of four cases, some of them with a successful result and some others with a failure one, in order to determine the key factors that explain the reasons why some of the mergers and acquisitions fail or success. The study shows that there is a wide range of features when determining this failure or success. The analysis of the four case studies indicates that most of the reasons for this failure or success were previously considered by other authors, but some new reasons will be presented.

Aim: The aim of our research is to explore and narrate the post-merger effects on employees' motivation and effective managerial role for the motivation management in the staff in Post-Merger Phase. Methodology: The research is qualitative and covers both, the managerial and employees’ approach through application of Herzberg (1966) motivational theory to assess certain changes in employees’ motivation level during the Post-Merger phase. Primary data is sourced from face to face interviews of respondents and narrated in empirical findings. Analysis and conclusion are derived on the basis of the State of Art theories. Conclusion: Merger affects the employees’ motivations by ignoring their motivational factors, communication and information sharing management. Managerial role is important to answer the employees’ job insecurities and maintain the level of their motivation effectively. Optimum employees-organization relationship can be secured through effective information and communication management for the success of corporate objectives and employees’ satisfaction. Contribution: The research greatly contributes towards knowledge in management studies and relevant information is useful for business management students, managers, and Merger implementing management about certain aspects of consequential organizational changes and motivational factors of the workforce. The repeated research to periodically observe the staff's motivation and effective managerial implements can enhance in-depth knowledge of potential effective remedies especially for new and possibly merging organizations. Through such kind of research works, Merger failure rate can be reduced and overcome gradually that result due to employee’s diminishing motivations at workplace and management's’ failure to take cognizance of Post-Merger changes in employee’s behaviour

Företagsförvärv har blivit allt mer förekommande i Sverige eftersom konkurrensen och betydelsen av ekonomisk tillväxt och effektivitet ökat under de senaste åren. Företagen behöver vara uppmärksamma samt förutse konsumenternas kommande behov. Denna studie fokuserar på att belysa vikten av introduktionen hos konsultverksamheter som genomför förvärv. Detta då personalen inom denna typ av verksamhet spelar en viktig roll när det kommer till kompetens och kundrelationer. Tidigare forskning kring förvärv har, till största del, fokuserat på ekonomiska aspekter där de hårda värdena är det som mäts. Det finns på så vis ett mindre utforskat område inom organisationskultur relaterat till organisationsförändringar där det finns en problematik med att inte lyfta fram den mänskliga sidan av förvärv. På uppdrag av ett konsultföretag, som kallas Företaget i denna studie, undersökte vi hur förvärvade medarbetare upplevde introduktionen och inkludering samt organisationskulturen på Företaget efter att ha blivit uppköpta. Denna studie är en induktiv, kvalitativ studie där empirin består av data från intervjuer. Resultatet av denna studie visar att övergången till Företaget varit svår och att den interna introduktionen på kontoren är bristfällig. Det har även funnits en avsaknad av stöd under den första tiden och att inkluderingen med nya kollegor varierat från kontor till kontor. En egen tolkning av krav, kontroll- och stödmodellen har skapats som förslag under introduktionen.

In the first chapter I investigate the change in operating performance, efficiency and value addition of US bank merger and acquisition after GLBA. I extend the previous research by combining all the previous methodology used in merger literature and added a new methodology namely Expected EVA improvement. I will test whether these performance metrics have similar results or the performance of merger vary depending on the measurements. I will also examine the factors that have significant impact on the change in the banks’ performance. My results show that industry-adjusted operating performance of merged banks increases significantly after a merger.I also find that the acquirer expected EVA improvement increase significantly after the merger. Revenue enhancement opportunity appears to be more profitable if there exist more opportunity for cost cutting such as geographic focus and diversified merger. Product diversification merger increase the industry adjusted performance more than product focused merger. The efficiency or profitability of targets has either positive or no effect change in acquirer performance. In the second chapter I examine how diversifying away from traditional lending activity into noninterest income has affected banks efficiency and value. Does this activity or product diversification affect the bank’s production efficiency and excess value? How does this efficiency translate into excess value for the firm or how excess value increase is related to diversification and efficiency? I find that diversifications significantly reduce the value of banks measured in excess value and vice versa regardless of which measures diversification or excess value I use. Both revenue and asset diversification also significantly reduce all measures of efficiency scores. But the impact of efficiency on diversification is mixed. Only efficiency scores computed based on variable return to scale have negative on revenue diversification and other efficiency scores have no impact on diversifications. I also find that increasing efficiency will increase the excess value of the banks significantly and vice versa. So increasing diversification will reduce the excess value and hence will lower the excess value or BHC with lower diversification will have lower excess value and are more efficient.

Orientador: Fernando Sarti / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-14T12:03:33Z (GMT). No. of bitstreams: 1 Valente_FredericoSantosPedrozaFerreira_M.pdf: 1108498 bytes, checksum: 646b1bf4faf023d08d248823de4ee7be (MD5) Previous issue date: 2009 / Resumo: Este trabalho analisa e discute os movimentos de fusões e aquisições na indústria mundial do petróleo a partir da década de 90, sob a ótica da dinâmica de acumulação de capital das empresas líderes. O objetivo é fornecer uma visão integrada de tais movimentos que possa ser utilizada para discutir seus impactos sobre o padrão de concorrência da indústria. Para tanto, julga-se ser fundamental resgatar a contribuição de Steindl para o entendimento da dinâmica industrial e discuti-la no âmbito dos processos de consolidação e reestruturação de estruturas de mercado oligopolísticas que ocorrem através de movimentos amplos de fusões e aquisições. Trata-se de mostrar a forma pela qual é possível descrever teoricamente certos padrões sistêmicos para os movimentos de fusões e aquisições a partir da estrutura analítica steindliana. / Abstract: This dissertation analyzes and discusses the merger and acquisition processes in the global oil industry since the early 90's, from the perspective of capital accumulation dynamics of the leader companies. The aim is to depict an integrated explanation of such processes that could be used to understand its impacts on competition trends in industry. Accordingly, it is essential to recollected Steindl's contribution in order to understand the industrial dynamics, as well as to apply its concepts to discuss the process of consolidation and restructuring in the oligopolistic market that occur through large mergers and acquisitions. It means to demonstrate that it is possible to describe in theoretical terms certain systemic patterns to merger and acquisition processes through the steindlian analytical framework. / Mestrado / Teoria Economica / Mestre em Ciências Econômicas

As the global markets are becoming increasingly competitive, companies need to find a way to maintain their relevance and competitiveness. Studies have found that companies engaging in Mergers and Acquisitions are more likely to remain competitive. (Choi &amp; Chang, 2020) However, current literature focuses a lot more on other factors that motivate companies to engage in Mergers and Acquisitions, such as Synergy benefits, Increasing market shares, and expansions. Studies have found that there have been several historic waves of M&amp;A activity. This thesis aims to expand further the understanding of how big European companies invest in new companies. What are the longitudinal patterns amongst the different acquisitions? What kinds of companies do they acquire and where the target companies are located? With the help of publications and annual reports provided by the five analyzed companies, the study found that there are some clear trends of what kinds of companies the acquiring firms are investing in. The regions are mostly the bigger markets and not the markets with the highest growth potential.(Radulescu et al., 2014)With this information, I conclude that the bigger companies are buying target companies in markets that they know and are familiar with. Companies are investing in companies that have a leading position in a desired market and invests into market shares and increasing their own product offering.

<p>How do firms decide which corporate social responsibility (CSR) initiative to take on and when? The extant research has not been able to give definitive answers to these questions. As a result, despite CSR being an integral part of doing business today, many executives remain unsure about integrating CSR considerations into core strategy and decision makings. CSR is often considered in silos and not in conjunction with core corporate activities.  The three empirical essays in this dissertation seek to understand the role of CSR in corporate strategy, particularly in strategic alliance and mergers and acquisitions (M&A) contexts, and identify means through which CSR can be integrated into core strategic decision making. </p> <p><br></p> <p>The first essay, titled “Honor by Association: Does a Partner’s CSR Matter in Strategic Alliances?” investigates the role of partner’s CSR in strategic alliances, i.e. whether CSR of a partner affects the focal firm’s value creation from the alliance. Drawing on the stakeholders-based view of strategic alliances and advancing relational capabilities perspective on CSR, I argue and provide evidence that, faced with information asymmetry and collaborative challenges, a focal firm can rely on CSR performance of the partner to make judgements about value creation potentials from the alliance.</p> <p><br></p> <p>The second essay, titled “CSR Learning: Does a Firm’s CSR Influence Its Partner’s CSR?”, extends my first essay and puts forth the notion of CSR-learning through CSR knowledge and capabilities transfer in strategic alliances. A central argument is that the extent of CSR engagements and practices of a firm has an impact on those of its partner(s) in an on-going alliance. </p> <p><br></p> <p>Last but not least, the third essay is co-authored with Professor Ozmel and is titled “CSR in M&A: Does Relativity Matter?" This study examines the impact of relative CSR, <em>defined as the extent to which a target’s CSR resources and capabilities are superior to those of the acquirer</em>, on an acquiring firm’s value creation from M&A.  We contend that relative CSR matters in M&A as acquiring firms can gain access to superior CSR resources and capabilities to unlock relational and non-market synergies, resulting in additional value creation.</p>

隨著經濟走向自由化、國際化，且台灣亦公布企業購併法後，合併及收購等外部成長模式逐漸受到重視，而台灣證券交易市場目前資本來源比重也與過去以散戶為大宗的情況有別，近年來機構投資人交易扮演重要的角色，故本論文希冀探討機構投資人交易與台灣上市主併公司購併宣告效果的關聯。 本論文以台灣購併案件為探討對象，排除金融業相關案件，取樣自2003年至2012年間宣布購併的交易案件，以三大法人（外資法人、投信公司、證券自營商）為機構投資人代表，並且採用其每日買（賣）超股數占總流通股數比例做為交易指標，分別以市場模型及市場指數調整模型計算累積異常報酬率，探討機構投資人交易是否隱含對投資標的經營團隊品質的認證價值，進而反應在主併公司在（-1,+1）、（-2,+2）、（-3,+3）事件窗口下之購併宣告效果。 實證結果主要有以下幾點發現：首先，本研究發現三大法人累積淨買（賣）超與主併公司購併宣告累積異常報酬率在即期事件窗口（-1,+1）及（-2,+2）下均呈現顯著正向關係；第二，獲得三大法人累積淨買超之主併公司之購併宣告累積異常報酬率在（-1,+1）期間顯著高於三大法人累積淨賣超之主併公司，顯示機構投資人交易對主併公司經營團隊有品質認證價值；第三，三大法人中外資法人累積淨買（賣）超與主併公司購併宣告效果有顯著正向影響，而投信公司、證券自營商則與主併公司購併宣告後累積異常報酬率無顯著關係。 / This study investigates the relationship between institutional trading and the announcement effect of merger and acquisition. The research is based on acquiring firms listed in Taiwan which announced merger and acquisition between 2003 and 2012. We use cumulative net buying of three representative institutional investors including foreign institutions, mutual funds, and brokers to examine acquirer’s short-run stock performance around the announcement of merger and acquisition. First, the results indicate that cumulative net buying of total institutional investors is positively related to the short-run stock performance of acquirers. Second, acquirers with increase in institutional holdings prior to the merger and acquisition have better short-run stock performance than acquirers with decrease in institutional holdings. Third, the relationship between cumulative net buying of foreign institutions and the announcement effect of acquirers is significantly positive while cumulative net buying of mutual funds or brokers has no significant relationship with the short-run stock performance of acquirers.

Denna studie syftar till att bidra med kunskap om hur HR arbetar med att integrera nya medarbetare i samband med företagsförvärv. Detta görs genom forskningsfrågorna “Hur ser processen ut för kunskapsöverföring i samband med företagsförvärv?”, “Hur ser HR- specialister på utmaningar och problem i processen för kunskapsöverföring i samband med företagsförvärv?” samt “Hur påverkar HR:s delaktighet i processen utfallet?”.Tidigare forskning belyser en ökning av företagsförvärv men problematiserar detta då företagsförvärv inte allt för sällan misslyckas (Laux, 2012). Studier som undersökt vad detta grundar sig i har funnit att kulturella skillnader och en dåligt genomförd integrering är primära anledningar till att förvärv misslyckas (Schuler &amp; Jackson, 2001). Integrationsprocessen hanteras ofta till stor del av HR-avdelningen som ställs inför en rad utmaningar som uppstår när en större mängd individer från en dag till en annan skall integreras i ett företag. Undersökningen har genomförts genom semistrukturerade intervjuer med sju informanter från olika arbetsplatser med erfarenhet av arbete med företagsförvärv. Resultatet har analyserats genom en tematisk analys med grund i studiens teoretiska ramverk; organisatoriskt lärande, kunskapsöverföring, socialisering, förändringskurvan och Lewins trestegsmodell. Resultatet visar att HR:s arbete med att integrera förvärvade medarbetare i samband med företagsförvärv handlar om att hantera medarbetarnas upplevda oro och osäkerhet. Denna oro och osäkerhet har resultatet visat förhindras genom en gedigen plan samt genom fokus på god kommunikation och hög närvaro. Sammantaget upplever informanterna att hinder i integreringen av förvärvade medarbetare grundar sig i bristande kommunikation, medarbetarnas avhållsamhet till den nya organisationen, kulturella skillnader samt begränsade möjligheter till ett gediget förarbete. / The aim of this study is to contribute with knowledge about how HR integrates new employees in company acquisitions and fusions. This is done through the research questions; "How is knowledge transferred to the employees in company acquisitions?", "How does HR specialists view challenges and problems in the process of knowledge transfer in company acquisitions?" and "How does HR's participation in the process affect the outcome?". Previous research highlights an increase in company acquisitions, but questions this as Merger &amp; Acquisitions tend to fail (Laux, 2012). Studies that has examined what this is based on have found that cultural differences and poorly implemented integration are primary reasons to why acquisitions fail (Schuler &amp; Jackson, 2001). The integration process is often handled to a large extent by the HR department who faces numerous challenges when integrating the employees. The study was conducted through semi-structured interviews with seven informants from different companies, all with experience from working with M&amp;As. The result was analyzed through a thematic analysis and found that HR's work with integrating acquired employees is a complex process and that the main focus is managing the employees perceived concerns and uncertainties. Moreover, the result indicates that this can be prevented by a solid plan and by focusing on good communication and high presence. Overall, the informants feel that barriers in the integration of acquired employees are based on lack of communication, employees' restraint, cultural differences and lack opportunities for a substantial preparation.