Health system mergers and acquisitions (M&As) have increased exponentially in recent years as a result of the Affordable Care Act (Brown, Werling, Walker, Burgdorfer & Shields, 2012). M&As are consummated as a way to control for interdependencies within the market, control costs and leverage debt, and negotiate better rates among health insurers (Bolman & Deal, 2013; Cooper & Finkelstein, 2010; Mirc, 2013). Regardless of the impetus for a merger, the largest predictor of the success or failure of a M&A lies within the organizational culture (Brown, et al., 2012; Cooper & Finkelstein, 2010; Kastor, 2010; Ovseiko, Melham, Fowler & Buchan, 2015). The purpose of this research was to assess the organizational culture of two competing health organizations prior to a planned merger and understand whether there were significant differences in pre-merger culture compared to a post-merger preferred organizational culture using the Competing Values Framework (CVF). The population included all employees of both health systems with the survey respondent sample stratified by the following employee types: (Tier 1), entry-level employee; (Tier 2), supervisory level, and, (Tier 3), executive level. Statistical procedures included independent t tests, one-way and two-way analyses of variance. Findings indicated a statistically significant difference existed between the current cultures of the health systems prior to the merger; however, both systems sets of employees preferred a post-merger organizational culture that was not statistically different from each other. Further, there were significant differences in the cultural perceptions of Tier 1 employees and Tier 2 employees and no significant differences between Tier 3 employee perceptions of culture as compared to Tier 1 or Tier 2.

Αν και από τα μέσα της δεκαετίας του 1980 στην χώρα μας, παρατηρήθηκε ένα αξιόλογο “κύμα” εξαγορών και συγχωνεύσεων τόσο από ξένες πολυεθνικές επιχειρήσεις, όσο και από εγχώριες εταιρίες, οι συνέπειες τους στην αποτελεσματικότητα των επιχειρήσεων στόχων κρίνεται ότι δεν έχουν διερευνηθεί επαρκώς. Αποτελεί γεγονός ότι οι περισσότερες έρευνες που έχουν γίνει μέχρι σήμερα για τις επιπτώσεις των εξαγορών εστιάζουν κυρίως στις αποδόσεις των αγοραστριών εταιρειών, ενώ μόνο μια μικρή μερίδα αυτών των ερευνών εξετάζει και τις επιπτώσεις στις επιχειρήσεις στόχους. Έτσι, η παρούσα εργασία φιλοδοξεί να συνδράμει στην κάλυψη αυτού του «κενού» στην βιβλιογραφία. Η εργασία χωρίζεται σε δύο μέρη, στο πρώτο μέρος γίνεται μια θεωρητική επισκόπηση του φαινομένου των Ε & Σ. Συγκεκριμένα στο πρώτο κεφάλαιο παρουσιάζονται οι λόγοι που ωθούν τις επιχειρήσεις στην πραγματοποίηση εξαγορών και συγχωνεύσεων. Αναφέρονται οι κίνδυνοι που αντιμετωπίζονται στα διάφορα στάδια υλοποίησης της Ε ή Σ καθώς και οι λόγοι που, όπως θα δούμε παρακάτω, το μεγαλύτερο ποσοστό των Ε & Σ οδηγείται σε αποτυχία. Στο δεύτερο κεφάλαιο γίνεται μια σύντομη παρουσίαση της ιστορίας των Ε & Σ στο διεθνές και αλλά και ελληνικό οικονομικό γίγνεσθαι. Αναλύεται το φαινόμενο των «κυμάτων» των Ε & Σ. Στην συνέχεια γίνεται αναφορά των επιπτώσεων της πρόσφατης χρηματοπιστωτικής κρίσης, του 2008, στην διεθνή αλλά και ελληνική αγορά των Ε & Σ. Το κεφάλαιο κλείνει με μια σύντομη παρουσίαση των μελλοντικών προοπτικών για Ε & Σ στην Ελλάδα. Στο τρίτο κεφάλαιο ασχολούμαστε με την αξιολόγηση της επιτυχίας των Ε & Σ. Γίνεται μια συζήτηση με βάση αποτελέσματα παλιότερων εμπειρικών ερευνών και αξιολογείται ο ρόλος των διευθυντικών στελεχών στο καθορισμό της επιτυχίας της εξαγοράς ή της συγχώνευσης. Στην συνέχεια παρουσιάζονται οι δύο σημαντικότερες μέθοδοι υπολογισμού των επιπτώσεων των Ε & Σ. Η πρώτη μέθοδος είναι αυτή των έκτακτων/μη κανονικών αποδόσεων (abnormal returns) που καλείται να μετρήσει τις χρηματοοικονομικές επιπτώσεις οι οποίες οφείλονται στην ανακοίνωση της επικείμενης Ε ή Σ. Υπολογίζει τις έκτακτες χρηματιστηριακές αποδόσεις των μετοχών των εμπλεκόμενων στην Ε ή Σ επιχειρήσεων για ένα βραχυχρόνιο διάστημα μετά την εξαγορά. Η δεύτερη, είναι η μέθοδος αξιολόγησης λειτουργικής απόδοσης βάσει λογιστικών στοιχείων (Αccounting based operational performance evaluation), επιχειρεί να υπολογίσει τις, πιο μακροπρόθεσμες, λειτουργικές επιπτώσεις των εξαγορών και συγχωνεύσεων. Βασίζεται στην άντληση και επεξεργασία στοιχείων από τις λογιστικές καταστάσεις των επιχειρήσεων, μετράει τα λειτουργικά αποτελέσματα (operational performance) χρησιμοποιώντας κάποιες μεταβλητές όπως αριθμοδείκτες, δείκτες τάσεις κλπ. Και για τις δύο μεθόδους γίνεται αναλυτική παρουσίαση του τρόπου χρησιμοποίησης τους, ενώ στην συνέχεια παρατίθενται αποτελέσματα παλαιότερων εμπειρικών ερευνών, τα οποία μας οδηγούν στην διεξαγωγή κάποιων χρήσιμων συμπερασμάτων. Το δεύτερο μέρος της εργασίας, αποτελεί μια εμπειρική έρευνα η οποία βασισμένη στην μέθοδο αξιολόγησης λειτουργικής απόδοσης, βάσει λογιστικών στοιχείων επιδιώκει να δώσει μια απάντηση στο ερώτημα εάν υπήρξαν συνέργιες στις ελληνικές εισηγμένες επιχειρήσεις, οι οποίες κατά την περίοδο 2002 – 2006 αποτέλεσαν στόχο εξαγοράς. Απώτερη επιδίωξη της έρευνας μας είναι να παρουσιάσει την σημασία των εξαγορών στη μεταβολή της αξίας των επιχειρήσεων στόχων. Για να απαντήσουμε σε αυτό το ερώτημα εξετάσαμε ένα δείγμα 19 ελληνικών εισηγμένων επιχειρήσεων οι οποίες αποτέλεσαν στόχο εξαγοράς από ελληνικές ή διεθνείς επιχειρήσεις την περίοδο 2002 – 2006. Η ανάλυση έγινε με στοιχεία που αντλήθηκαν από τις λογιστικές καταστάσεις αυτών των επιχειρήσεων (ισολογισμούς και καταστάσεις ταμειακών ροών). Η εργασία ολοκληρώνεται με την παράθεση των συμπερασμάτων που προέκυψαν έπειτα από την ανάλυση των αποτελεσμάτων της έρευνας. / -

This thesis deals with the subject of mergers and acquisitions in the information and communication technologies industry. The first part contains general definition and classification of mergers and acquisitions and defines the generic process of mergers and acquisitions both theoretically and with practical suggestions. The second part includes the particularities of the information and communication technologies industry itself and an analysis of world-wide and Czech Republic’s transactional data.

隨著台灣加入WTO的無關稅障礙及全球化的無國界政策，台灣傳統產業面臨的營業環境，將從國內轉變為國際化的競爭，企業體不能奢望在政府的保護傘下從事營利活動，應順應時代的潮流，從事合併的工作，從世界著名重電機廠商ABB及Schneider最近幾年相繼併購小廠，證明傳統產業為了生存，併購是必經的途徑。 本文以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，實證結果發現： （一）提高資產週轉率、降低進貨成本，確有助創造企業價值提升。 （二）銷售成長率、加權平均資金成本與企業價值不相關。 （三）現金稅率愈高，企業價值愈高。 （四）增加投入資本反而有損企業價值，爰此引證，傳統產業應注重資產的管理，而不是一昧的追求營收的成長，對於未能賺取正的超額報酬率的產業，不當的投資及營收成長，反而造成企業價值的不增反減效果。 本研究再以能增加企業價值的財務因子，以進貨/營收作規模經濟效益分析及以資產週轉率作效率分析發現，與樂士電機、東元電機、亞力電機、士林電機公司合併後，分別增加的營運綜效為102%、65%、17%、4%，爰此證明，合併確能增加綜效，也是目前環境下企業價值創造必經的過程。 從財務報表發現，最近三年重電機產業營運紛紛虧損、投資報酬率低於資金成本、產能過剩、資產週轉率偏低的情況下，如維持現況即是在耗損企業價值，企業應將價值納入規劃中，瞭解價值驅動因子，建立以價值導向的管理系統，朝向內部改善及外部改善，以水平合併的方式，勿支付超額成交溢酬，管理併購後的整合工作，創造潛在的企業價值。 / Joins WTO along with the non-customs duty barrier and the globalization non-national boundary policy, the business running environment for Taiwanese traditional industry will extend from domestic to global competitions. The enterprises cannot hope to seek and make profit under government's protection. They should follow the trend to engage in the merger work. Within these several years the world famous heavy electric machinery companies ABB and Schneider continue to merge and acquire the small factories and companies, which proved that merger and acquisition are the essential ways for the traditional industry to survive. This paper based on the viewpoint of the value measuring, and used Economic Value Added (EVA) as the benchmark. The study results are: 1. Increasing asset turnover and reducing costs is helpful to create the enterprise value. 2. Sales growth rate, the weighted average cost of capital (WACC), and the enterprise value are not related. 3. The higher the tax rate, the greater the enterprise value. 4. Rising invested capital will harm the enterprise value. The evidences show that the traditional industry must pay great attention to the asset management, not only focus on sales growth. Regarding those unable to earn economic profit industries, the improper investments and the sales growths will cause the destroying the enterprise value instead of enhancing. Our studies also use the financial factors to increase the enterprise value. Using cost/sales to do economic scale and benefit analyses and using asset turnover to do efficiency analyses, we discovered that after merged and acquired with LUX Electric Co., TECO Electric Co., ALEX Electric Co., and Shih-Lin Electric Co, the operating synergies for each company grow up 102%, 65%, 17%, and 4% individually. The evidences prove that merger could increase the synergies. It is the path for the value creation under the present environment. From the financial statement we could find out that in the pass three years heavy electric machinery industry companies lost money one after another. The return on invested capital is lower than cost of capital. Because of surplus production and low asset turnover, to maintain the companies’ present situation is consuming the enterprise value. The enterprise should put the value into planning, understand the drivers of value, and develop value-oriented management system for the internal and external improvements. Enterprises could use horizontal mergers, not over premiums paid, to manage post-merger integration and create the potential value.

This study is to investigate how acquiring firms within the Swedish construction industry work towards successful post-acquisition integration during the early stages of post-acquisition and which factors they consider when doing so. When researching the five cases, the study adopted a qualitative approach, using semi-structured interviews with five managers from acquiring firms to gather in-depth, first-hand data for thematic analysis. The empirical findings highlight the significance of corporate culture, organizational structure, and leadership structure in the integration process. Acquiring firms prioritize cultural compatibility, recognizing that differences can hinder successful integration. They also emphasize the positive impact of similar business models and the creation of new leadership groups combining resources and capabilities. Supportive leadership plays a crucial role in smoothening the integration process. To achieve a successful post-acquisition integration, firms in the Swedish construction industry focus on assessing corporate culture compatibility, restructuring leadership, and effective integration planning. They aim to integrate cultures, develop thorough integration plans, and ensure employee satisfaction and financial success. The studied cases challenges theories that emphasize organizational structure as the main obstacle in acquisitions, suggesting that cultural factors are more critical. Similarly, it contradicts theories highlighting directive leadership, emphasizing the importance of supportive leadership instead. The study contributes to the understanding of integrating human resources, cultural factors, and clear integration plans as essential elements for acquisition success.

Yes / This paper examines whether and how bidders' conservative tone in 10-K filings influences the subsequent mergers and acquisitions (M&A) investment decisions of these US firms from 1996 to 2013. Based on 39,260 firm-year observations, we find, consistent with behavioural consistency theory, that conservative bidders are less likely to engage in M&A deals. Further, those that decide to engage in M&As are likely to acquire public targets and within-industry firms. These bidders are inclined to employ more stock acquisitions than cash acquisitions. Our results also indicate that conservative bidders experience abnormally poor stock returns around the announcements of M&A investments. This provides new insights on the mechanism through which bidders' sentiments influence shareholders' wealth. Overall, these findings highlight the implications of the textual sentiment of corporate disclosure for the forecasting of corporate investment and financing decisions. Our results have practical implications, since they shed light on the value relevance of the information content of major Securities Exchange Commission (SEC)-mandated 10-K filings.

Nichtstationarität ist eines der häufigsten, jedoch nach wie vor ungelösten Probleme in der Zeitreihenanalyse und ein immer wiederkehrendes Phänomen, sowohl in theoretischen als auch in angewandten Arbeiten. Die jüngsten Fortschritte in der ökonometrischen Theorie und in Methoden des maschinellen Lernens haben es Forschern ermöglicht, neue Ansätze für empirische Analysen zu entwickeln, von denen einige in dieser Arbeit erörtert werden sollen. Kapitel 3 befasst sich mit der Vorhersage von Mergers & Acquisitions (M&A). Obwohl es keinen Zweifel daran gibt, dass M&A-Aktivitäten im Unternehmenssektor wellenartigen Mustern folgen, gibt es keine einheitlich akzeptierte Definition einer solchen "Mergerwelle" im Zeitreihenkontext. Zur Messung der Fusions- und Übernahmetätigkeit werden häufig Zeitreihenmodelle mit Zähldaten verwendet und Mergerwellen werden dann als Cluster von Zeiträumen mit einer ungewöhnlich hohen Anzahl von solchen Mergers & Acqusitions im Nachhinein definiert. Die Verteilung der Abschlüsse ist jedoch in der Regel nicht normal (von Gaußscher Natur). In jüngster Zeit wurden verschiedene Ansätze vorgeschlagen, die den zeitlich variablen Charakter der M&A-Aktivitäten berücksichtigen, aber immer noch eine a-priori-Auswahl der Parameter erfordern. Wir schlagen vor, die Kombination aus einem lokalem parametrischem Ansatz und Multiplikator-Bootstrap an einen Zähldatenkontext anzupassen, um lokal homogene Intervalle in den Zeitreihen der M&A-Aktivität zu identifizieren. Dies macht eine manuelle Parameterauswahl überflüssig und ermöglicht die Erstellung genauer Prognosen ohne manuelle Eingaben. Kapitel 4 ist eine empirische Studie über Sprünge in Hochfrequenzmärkten für Kryptowährungen. Während Aufmerksamkeit ein Prädiktor für die Preise von Kryptowährungenn ist und Sprünge in Bitcoin-Preisen bekannt sind, wissen wir wenig über ihre Alternativen. Die Untersuchung von hochfrequenten Krypto-Ticks gibt uns die einzigartige Möglichkeit zu bestätigen, dass marktübergreifende Renditen von Kryptowährungenn durch Sprünge in Hochfrequenzdaten getrieben werden, die sich um Black-Swan-Ereignisse gruppieren und den saisonalen Schwankungen von Volatilität und Handelsvolumen ähneln. Regressionen zeigen, dass Sprünge innerhalb des Tages die Renditen am Ende des Tages in Größe und Richtung erheblich beeinflussen. Dies liefert grundlegende Forschungsergebnisse für Krypto-Optionspreismodelle und eröffnet Möglichkeiten, die ökonometrische Theorie weiterzuentwickeln, um die spezifische Marktmikrostruktur von Kryptowährungen besser zu berücksichtigen. In Kapitel 5 wird die zunehmende Verbreitung von Kryptowährungen (Digital Assets / DAs) wie Bitcoin (BTC) erörtert, die den Bedarf an genauen Optionspreismodellen erhöht. Bestehende Methoden werden jedoch der Volatilität der aufkommenden DAs nicht gerecht. Es wurden viele Modelle vorgeschlagen, um der unorthodoxen Marktdynamik und den häufigen Störungen in der Mikrostruktur zu begegnen, die durch die Nicht-Stationarität und die besonderen Statistiken der DA-Märkte verursacht werden. Sie sind jedoch entweder anfällig für den Fluch der Dimensionalität, da zusätzliche Komplexität erforderlich ist, um traditionelle Theorien anzuwenden, oder sie passen sich zu sehr an historische Muster an, die sich möglicherweise nie wiederholen. Stattdessen nutzen wir die jüngsten Fortschritte beim Clustering von Marktregimen (MR) mit dem Implied Stochastic Volatility Model (ISVM) auf einem sehr aktuellen Datensatz, der BTC-Optionen auf der beliebten Handelsplattform Deribit abdeckt. Time-Regime Clustering ist eine temporale Clustering-Methode, die die historische Entwicklung eines Marktes in verschiedene Volatilitätsperioden unter Berücksichtigung der Nicht-Stationarität gruppiert. ISVM kann die Erwartungen der Anleger in jeder der stimmungsgesteuerten Perioden berücksichtigen, indem es implizite Volatilitätsdaten (IV) verwendet. In diesem Kapitel wenden wir diese integrierte Zeitregime-Clustering- und ISVM-Methode (MR-ISVM) auf Hochfrequenzdaten für BTC-Optionen an. Wir zeigen, dass MR-ISVM dazu beiträgt, die Schwierigkeiten durch die komplexe Anpassung an Sprünge in den Merkmalen höherer Ordnung von Optionspreismodellen zu überwinden. Dies ermöglicht es uns, den Markt auf der Grundlage der Erwartungen seiner Teilnehmer auf adaptive Weise zu bewerten und das Verfahren auf einen neuen Datensatz anzuwenden, der bisher unerforschte DA-Dynamiken umfasst. / Nonstationarity is one of the most prevalent, yet unsolved problems in time series analysis and a reoccuring phenomenon both in theoretical, and applied works. Recent advances in econometric theory and machine learning methods have allowed researchers to adpot and develop new approaches for empirical analyses, some of which will be discussed in this thesis. Chapter 3 is about predicting merger & acquisition (M&A) events. While there is no doubt that M&A activity in the corporate sector follows wave-like patterns, there is no uniquely accepted definition of such a "merger wave" in a time series context. Count-data time series models are often employed to measure M&A activity and merger waves are then defined as clusters of periods with an unusually high number of M&A deals retrospectively. However, the distribution of deals is usually not normal (Gaussian). More recently, different approaches that take into account the time-varying nature of M&A activity have been proposed, but still require the a-priori selection of parameters. We propose adapating the combination of the Local Parametric Approach and Multiplier Bootstrap to a count data setup in order to identify locally homogeneous intervals in the time series of M&A activity. This eliminates the need for manual parameter selection and allows for the generation of accurate forecasts without any manual input. Chapter 4 is an empirical study on jumps in high frequency digital asset markets. While attention is a predictor for digital asset prices, and jumps in Bitcoin prices are well-known, we know little about its alternatives. Studying high frequency crypto ticks gives us the unique possibility to confirm that cross market digital asset returns are driven by high frequency jumps clustered around black swan events, resembling volatility and trading volume seasonalities. Regressions show that intra-day jumps significantly influence end of day returns in size and direction. This provides fundamental research for crypto option pricing models and opens up possibilities to evolve econometric theory to better address the specific market microstructure of cryptos. Chapter 5 discusses the increasing adoption of Digital Assets (DAs), such as Bitcoin (BTC), which raises the need for accurate option pricing models. Yet, existing methodologies fail to cope with the volatile nature of the emerging DAs. Many models have been proposed to address the unorthodox market dynamics and frequent disruptions in the microstructure caused by the non-stationarity, and peculiar statistics, in DA markets. However, they are either prone to the curse of dimensionality, as additional complexity is required to employ traditional theories, or they overfit historical patterns that may never repeat. Instead, we leverage recent advances in market regime (MR) clustering with the Implied Stochastic Volatility Model (ISVM) on a very recent dataset covering BTC options on the popular trading platform Deribit. Time-regime clustering is a temporal clustering method, that clusters the historic evolution of a market into different volatility periods accounting for non-stationarity. ISVM can incorporate investor expectations in each of the sentiment-driven periods by using implied volatility (IV) data. In this paper, we apply this integrated time-regime clustering and ISVM method (termed MR-ISVM) to high-frequency data on BTC options. We demonstrate that MR-ISVM contributes to overcome the burden of complex adaption to jumps in higher order characteristics of option pricing models. This allows us to price the market based on the expectations of its participants in an adaptive fashion and put the procedure to action on a new dataset covering previously unexplored DA dynamics.

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.

Mergers and acquisitions (M&A) have been widely used as a key strategy for achieving corporate growth and market expansion. However, due to their complex and challenging nature, more than 60% of M&A transactions fail to create value and capture synergies. Hence, it is important to investigate and understand the factors that can contribute to the success and failure of these transactions. This thesis will shed light on one non-operating factor that is considered essential and influential in developing any business relationship and plays a crucial role in the success of M&A transactions, namely trust. The aim of the thesis is to draw on the organizational trust literature and explore factors that affect the process of building and maintaining trust between different parties involved in M&A transactions. Also, the thesis will examine the relationship between trust and organizational structure and discuss how decentralized and centralized structures affects and get affected by trust. In order to fulfill the aim, the study implements a qualitative approach to cope with the subjectivity of trust and to obtain a deeper understanding of the subject. Therefore, seven interviews with professionals with various roles have been conducted and the results were obtained by using a thematic analysis. Furthermore, the results are discussed and analyzed through the lenses of social capital theory, agency theory, information asymmetry theory, and institutional theory. The findings revealed five factors that can influence the process of building trust between buyers and sellers in M&A context namely personal relations, stereotypes, transparency, reputation, and corporate culture. Moreover, the findings highlight that the implementation of a decentralized organizational structure can have a positive effect on trust and minimize the overall uncertainties associated with M&A transactions. On the other hand, the findings suggest that the implementation of a centralized organizational structure can have a mixed effect on trust. In some cases, centralization can create a sense of stability and predictability and thereby minimize uncertainties and foster trust, while in othercases, centralization may lead to frustration and dissatisfaction, resulting in mistrust. The implications and limitations of the thesis are discussed and the need for further research is pointed out in order to improve the understanding of this complex and multifaceted concept. / Sammanslagningar och förvärv (M&A) har använts i stor utsträckning som en nyckelstrategi för att uppnå företagstillväxt och marknadsexpansion. På grund av deras komplexa och utmanande karaktär misslyckas mer än 60% av M&A transaktioner i att skapa värde och fånga synergier. Därför är det viktigt att undersöka och förstå de faktorer som kan bidra till framgång och misslyckande för dessa transaktioner. Denna masteruppsats kommer att belysa en icke-operativ faktor som anses vara väsentlig och inflytelserik för att utveckla alla affärsrelationer och som spelar en avgörande roll för framgången av M&A-transaktioner, nämligen tillit. Syftet med masteruppsatsen är att dra nytta av den organisatoriska tillitlitteraturen och utforska faktorer som påverkar processen att bygga och upprätthålla tillit mellan olika parter involverade i M&A-transaktioner. Masteruppsatsen kommer även att undersöka sambandet mellan tillit och organisationsstruktur och diskutera hur decentraliserade och centraliserade strukturer påverkar och påverkas av tillit. För att uppfylla syftet implementerar studien ett kvalitativt metod för att hantera tillits subjektivitet och för att få en djupare förståelse av ämnet. Därför har sju intervjuer med professionella kandidater med olika roller inom området genomförts och resultaten analyserats med hjälp av en tematisk analys. Vidare diskuteras och analyseras resultaten utifrån sociala kapitalteori, agency teori, informationsasymmetriteori och institutionell teori. Resultaten avslöjade fem faktorer som kan påverka processen att bygga tillit mellan köpare och säljare i M&A-sammanhang, nämligen personliga relationer, stereotyper, transparens, rykte och företagskultur. Dessutom visar resultaten att implementering av en decentraliserad organisationsstruktur kan ha en positiv inverkan på tillitt och minimera den övergripande osäkerheten i sambandmed M&A-transaktioner. Å andra sidan tyder resultaten på att implementering aven centraliserad organisationsstruktur kan ha blandad effekt på tillit. I vissa fallkan centralisering skapa en känsla av stabilitet och förutsägbarhet och därigenom minimera osäkerheter och skapa tillit, medan centralisering i andra fall kan leda till frustration och missnöje, vilket leder till misstro. Uppsatsens implikationer och begränsningar diskuteras och behovet av ytterligare forskning påpekas för att förbättra förståelsen av detta komplexa och mångfacetterade koncept.

Mergers and acquisitions(M&A) are strategic route for companies to grow inorganically. Despite its complex nature and higher failure rate, companies continue to pursue this route. A plethora of research is available on mergers and acquisitions. However, most of them are either quantitative studies focused on financial aspects, or some qualitative studies done to explore the aftermath of post-merger integration (PMI). This qualitative case study aims to explore the motivations for companies to choose M&A as a strategic route for growth, and also highlight the key lessons derived from previous experiences of both pre- and post- acquisition phases. While doing so, it also sheds light on Human Resource Management (HRM) technology market where currently M&A is a dominant strategy for growth. The literature review is divided into two parts: motivations and M&A process which covers both pre- and post-acquisition phase. The case study is conducted in an organization that continues to pursue this route and has significant experience of M&A. People from senior leadership, management were interviewed, and a data-driven thematic analysis was conducted. The findings were discussed in relation to the existing theory as well as three dimensions: strategic logic, organizational behavior, and finance. These dimensions are used as a theoretical guidance to interpret the motivations and lessons with regards to the M&A performance. Some of the findings resulted in association with more than one dimension, highlighting the multi-dimensional nature of M&A and that its success or failures should be viewed in combination of these dimensions rather than only focusing on one aspect. In addition to it, the findings also reveal the opportunities and potential for M&A in the HRM technology market emphasizing on the need for more studies of M&A in this field.