This thesis addresses the critical issue of incorporating Environmental, Social, and Governance (ESG) considerations in the context of mergers and acquisitions (M&A) integration. As companies face increasing pressure to align their business strategies with sustainable practices, understanding how different MA integration modes can facilitate the implementation of ESG enhancements within merged companies becomes imperative. The objective of this research was to investigate the effect of two MA integration modes, absorption integration, and symbiotic approach, on enhancing ESG performance. Using a multiple case study approach, four MA cases from Orbis and Nordic Compass databases were examined. The findings reveal that the absorption integration leads to more efficient and effective implementation of ESG strategies compared to the symbiotic approach. The results contribute to the existing knowledge by highlighting the crucial relationship between post-merger integration (PMI) approaches and the improvement of ESG practices. / Denna avhandling behandlar den kritiska frågan om att integrera miljömässiga, sociala och styrelserelaterade (ESG) överväganden i sammanhanget av sammanslagningar och förvärv (M&A). I takt med att företag står inför ökande press att anpassa sina affärsstrategier efter hållbara metoder blir det viktigt att förstå hur olika M&A integrationsmetoder kan underlätta implementeringen av ESG-förbättringar inom sammanslagna företag. Syftet med denna forskning var att undersöka effekten av två M&A-integrationsmetoder, absorptionsintegration och symbiotiskt tillvägagångssätt, på förbättring av ESG-prestanda. Genom att använda en fler fallsstudieundersökning analyserades fyra M&A-fall från databaserna Orbis och Nordic Compass. Resultaten visar att absorptionsintegrationen leder till mer effektiv och framgångsrik implementering av ESG-strategier jämfört med det symbiotiska tillvägagångssättet. Resultaten bidrar till den befintliga kunskapen genom att belysa det viktiga sambandet mellan postfusionsintegrering (PMI)-metoder och förbättring av ESG-praktiker.

Cross-border mergers and acquisitions (M&A) have become a prominent internationalization and growth strategy of today’s global business landscape. However, the practice faces significant failure in terms of value creation. To this end, the post-merger integration of information systems (IS) is critical for the failure rate of M&As due to the complexity and ambiguity of how and what systems should be consolidated. Research has been carried out to provide frameworks illustrating IS integration methods and the relationship between business strategies and IS integration strategies but omits potential factors that influence the level of IS integration. Hence, the aim of this study is to examine what factors influence how information systems are integrated in cross-border M&As. This was carried out through a qualitative multiple-case study of 9 Swedish multinational corporations with recent M&A activity. The study finds that there are five IS integration methods, one of which was added by this study in order to cover all levels of how IS are integrated. Additionally, a mixture of factors was found to influence specific IS integration methods where the M&A context, design of the IS integration, and organizational characteristics were on a general level found to be most influential. This suggests previous findings focused on alignment of business strategies and IS integration strategies need a nuanced view to further explain the failure rates of M&As.

Through mergers and acquisitions, automotive manufacturers can gain access to intellectual property and the ability to release advanced products and services at a faster pace and a decreased cost. This is achieved through integrating the product development capabilities of the merged or acquired companies. This study aimed to identify key success factors and challenges in product development integration by using the Traton Group as a case study, specifically two collaborations between their subsidiaries, Scania and Navistar. Interviews were performed with key product development resources at all three companies, as well as employees working in roles to enable collaboration within the Traton Group. The results confirm the importance of all success factors found in previous research on R&D integrations and how the success factors impact each other. They also show how the collaborations between Scania and Navistar have evolved and improved over time. Finally, they highlight the importance of common IT tools as enablers of collaboration, particularly in collaborations with intensive software development work. The study compares Traton’s integration strategies against previous research, and concludes that Traton is on the right track. However, the interviewees' responses indicated a desire for increased involvement from the corporate parent Traton in the collaboration work. / Genom företagsförvärv kan fordonstillverkare få tillgång till immateriella rättigheter och möjligheten att släppa avancerade produkter och tjänster i snabbare takt och lägre kostnad. Detta uppnås genom att integrera produktutvecklingskapaciteten hos de sammanslagna eller förvärvade företagen. Denna studie syftade till att identifiera viktiga framgångsfaktorer och utmaningar i produktutvecklingsintegration genom att använda Traton Group som en fallstudie, närmare bestämt två samarbeten mellan deras dotterbolag Scania och Navistar. Intervjuer utfördes med produktutvecklingsresurser på alla tre företagen, samt anställda som arbetade att möjliggöra samarbete inom Traton Group. Resultaten bekräftar vikten av alla framgångsfaktorer som hittats i tidigare forskning om FoU-integrationer och hur framgångsfaktorerna påverkar varandra. De visar också hur samarbeten mellan Scania och Navistar har utvecklats och förbättrats över tid. Slutligen lyfter de fram vikten av gemensamma IT-verktyg som möjliggörare av samarbete, särskilt i samarbeten med intensivt mjukvaruutvecklingsarbete. Studien jämför Tratons integrationsstrategier med tidigare forskning, och drar slutsatsen att Traton är på rätt väg. Intervjupersonernas svar tydde dock på en önskan om ökat engagemang från företagsföräldern Traton i samverkansarbetet.

Mergers and acquisitions (M&A) are today two common ways to expand and grow businesses. However, studies report that around 50-75% of all M&A transactions fail to yield expected results. This study focuses on the value creation realized in the post merger integration. During the post merger integration, organizational structures, IT systems and work routines need to change and integrate in order to achieve the desired synergies. Often when processes need to change or new ways of working are implemented, artifacts are utilized to facilitate the change. However, managers often fail to recognize the social perspective of organizational change. This study analyzes how a warehouse management system was used in a post merger integration to drive organizational change and establishing a common way of working between employees from different companies. The researchers have conducted a case study at a private equity firm that recently acquired and merged six companies in the fast moving consumer goods industry. As part of the case study, interviews and observations were made. This thesis presents two main results. First, that the choice to adopt a system-first-approach and neglecting human and task integration in the PMI resulted in several obstacles. The case company focused solely on system integration to realize the most obvious synergies of the different companies. This caused employee resistance and lack of trust and confidence towards managers and their intentions. It also yielded an ungiving and unhelping culture between employees that previously belonged to different companies. This indicates the importance of mixing employees from different companies after the merger. Moreover, the importance of creating cultural-unity under one brand is discussed. The results indicate that there should be a balance between human integration and task integration when merging several companies. Consequently, we present a two-by-two matrix that outlays the dependency of company characteristics on integration focus. Secondly, managers at the case company put too much faith and emphasis on artifacts and systems to change organizational behavior and neglected the perspective of sociomaterialism. This resulted in a failed implementation of the warehouse management system due to neglecting the employees’ perspective and ways of working. As a result, employees developed workarounds to the system and later abandoned the system. Consequently, managers should have adopted a technochange perspective when driving organizational change with IT systems. This means that the implementation of an IT system should be consider in conjunction with employees and their routines. / Fusioner och förvärv är två vanliga metoder som idag används av företag för att växa och ta nya marknadsandelar. Trots detta visar studier att 50-75% av alla förvärv misslyckas med att realisera förväntade synergier. Denna uppsats fokuserar på värdeskapandet som sker i integrationsfasen efter sammanslagningen. Under integrationsfasen integreras IT system, arbetsprocesser samt organisationsstrukturer för att realisera synergier. I samband med att företag ändrar på arbetsrutiner brukar artefakter användas för att stödja förändringsarbetet. Denna uppsats studerar hur företag kan använda sig av IT system under integrationsfasen för att driva förändring samt för att etablera ett gemensamt arbetssätt hos anställda med olika företagsbakgrunder. Denna uppsats är skriven tillsammans med ett riskkapitalbolag som tidigare köpt upp och slagit ihop sex företag inom industrin för snabbrörliga konsumentvaror. Som en del av fallstudien utfördes intervjuer och observationer på portföljbolaget. I denna uppsats presenteras två huvudresultat. Det första; bristen av fokus på integration av anställda från olika bolag ger upphov till motstånd och lågt förtroende till beslutsfattande. Det resulterade även i en fientlig och icke-hjälpande kultur mellan anställda med olika företagsbakgrunder. Resultaten påvisar vikten av att blanda anställda från olika företag i nya arbetssätt för att skapa tillhörighet och hjälpsamhet. Resultaten indikerar också att det är viktigt att ha ett gemensamt varumärke som alla anställda kan ställa sig bakom. Därför diskuteras balansen mellan integrering av anställda samt processer i en sammanslagning. I uppsatsen presenterar vi en två-gånger-två matris för att illustrera förhållandet mellan ett företags industriella karaktärsdrag samt integreringsfokus. Det andra huvudresultat visar att ledning samt styrelse hade för stort förtroende på artefakter för att förändra organisationellt beteende, det sociomaterilaistiska perspektivet följdes inte. Detta resulterade i en misslyckad implementering av ett IT system som ämnade att förändra beteendet hos anställda och realisera synergier. Anledningen hänvisas till försummelsen av de anställdas perspektiv samt arbetssätt. Detta resulterade i att de anställda utvecklade egna lösningar och i ett senare skede slutade använda systemet helt och hållet. Följaktligen borde företaget ha anammat ett “technochange” perspektiv för att driva förändring genom IT system inom företaget. Detta innebär att IT systemet måste ses som ett ekosystem tillsammans med anställda och arbetsprocesser, inte som ett självständigt system.

<p>In theory, the phrase "mergers and acquisitions" (abbreviated M&A) refers to buying, selling and combining different companies in order to gain improved financial performance, create a global presence, and face the global competitive market. Nevertheless, many researches have underlined the high rate of failure among M&A, and the difficulty to achieve expected results and synergies. Among the reasons of failure, many analysts have pointed out the determinant influence of the cultural aspect in the success or the failure of a cross-border merger. However, the cultural issue in M&A is often neglected and too less stressed.</p><p>In order to have a better understanding of the cultural aspect in the merger and acquisition process, and point out its influence on the merger process as well as the corporate culture, we first present a theoretical part introducing the cross-border merger and acquisition concept with the perspective of the national culture, and the role that leaders could play in order to limit the negative impact of culture and the clashes on cross-border M&A. Therefore, a part including three cases of "cultural failure" in the merger process illustrates the concepts explained in the theoretical part. Those well-known cases are: DaimlerChrysler, UpJohn & Pharmacia, and Volvo – Renault. The cases show how the cultural issue had been underestimated and had implied cultural clashes and extra-costs for the companies involved.</p><p>After concluding our findings, we end the thesis with a prospective part based on the possible evolution of the merger and acquisition market. Indeed, we believe that our research topic will gain importance in the future, and the influence of culture on M&A deals may increase.</p>

在現今競爭激烈且日益趨向全球化的市場上，企業追求成長的壓力不斷的增加，企業若是無法持續成長，就可能隨時被市場淘汰，而併購是企業追求成長的重要方式之一，企業併購通常被認為可以帶給企業獲利、加速發展、提升市場占有率、實現規模經濟、掌握上下游資源、取得專利技術等諸多好處，但看似美好的背後往往潛藏著許多看不見的危機，嚴重的話更可能帶來併購失敗的災難性後果。而企業合併後馬上面臨許多整合問題，包含人事安排、組織改造、市場整合以及品牌定位等重要項目。跨國的企業併購更需要考量不同的國情文化、法律以及政治問題，併購成功與否的關鍵也更加複雜。 本研究欲探討的是國際併購的動機、併購整合的關鍵成功因素，有鑑於全球半導體產業已趨成熟，競爭也越來越白熱化，特別以半導體產業的國際併購為研究的主題，採用深入訪問，重視研究中的第一手資料，解析個案公司如何從併購初期評估到併購後管理的決策與執行過程，如何以尊重和執行力來重新組織被併公司的制度並保存優良的原有企業文化、增加生產力，讓併購後組織能快速提升運作效率與維持彈性，併購後資源的共享、技術及智財的交流，持續提升研發創新能力、增加員工歸屬感及信賴感都是重要的因素，巧妙融合人性化管理，才是真正戰力升級的關鍵，此個案值得作為國際企業併購決策者對於併購評估與提升經營效率之學習標竿。 / Nowadays, due to the highly competitive and gradually-globalized market, the pressure on enterprises to pursue growth increases continually. If enterprises failed to continue to grow in the market, they would be eliminated through competition. M&A (merger and acquisition), as one of the most important ways to pursue business growth, is generally thought to bring corporate profits, accelerated development, increased market share and achieve economies of scale, master upstream and downstream resources, patented technology and many other benefits. However, there are also many invisible crises that can bring enterprises catastrophic consequences. Once the M&A is decided, the enterprise will immediately face lots of issues, including personnel arrangements, reconstruction of organization, market integration and brand positioning. When it comes to cross-border M&A, the key to the success is much more complex, as the different national cultures, legal and political issues need to be considered by the enterprise at the same time. In this study, the motivation of international M&A, and the critical factors of successful merger integration were explored. In view of the global semiconductor industry has matured and the competition has become increasingly intense, the research topic was focused on the international M&A in the semiconductor industry. By using in-depth interviews as the first-hand research data, the case company’s early acquisition evaluations and post-merger management decisions were resolved in detail. In conclusion, the keys to upgrading a company’s competitiveness are how to reorganize and keep the acquired company's system and original excellent culture through a respectful way, how to quickly improve operational efficiency and increase productivity of the merged corporation without sacrificing organization flexibility, continuing to enhance research and innovation capacity by sharing and exchanging technologies and intellectual property resources, and increasing employees’ sense of belonging and trust via integrating humane management. This case is worth as an important reference to international M&A decision makers for evaluation and enhancing the operational efficiency in the future.

受到全球化的影響，人類的生活環境和模式與過往出現了很大的不同，國與國之間無論是文化、經濟、資源的交流方便且頻繁。在商場上，企業要面對的不再只是國內的競爭對手，而是來自全球各地的挑戰。彼此的競爭和合作不再受時空條件限制，規模也不可同日而語。對此，企業要擁有能夠幫助自己建立優勢地位的關鍵性資源，打造出自己的核心競爭能力和差異性，才能脫穎而出，而「品牌」是當前產、官、學界公認有力的武器之一，是企業重要的無形資產。 　　代工製造利潤式微，兩岸目前在整體產業環境和政府政策上，都出現產業轉型、建立自有品牌、打造國際品牌的產業升級意識，但品牌自創難度和成本極高，是一段漫長且有風險的道路。加上亞洲國家在品牌行銷能力上相對較弱，以及國際對亞洲國家的刻板印象等劣勢因素，亦不利兩岸自創之本土品牌的建立與國際推廣。故近幾年，向外併購歐美知名品牌逐漸形成趨勢。 　　本研究試圖觀察以併購作為經營發展策略的兩岸企業，在併購活動中所帶有的品牌佈局策略性思維，探討以品牌資產之取得作為併購動機與標的。並以個案研究方式，選擇「安邦保險收購紐約華爾道夫酒店」與「晶華酒店併購麗晶品牌」進行個案分析，從中瞭解併購後如何整合運用該品牌資產，讓品牌權益得以發揮並提升主併企業之核心競爭力，幫助主併企業立足全球市場、永續經營。最後根據分析結果，給予企業關於品牌併購及品牌經營的相關建議。 　　研究顯示，被併購標的的品牌權益確實會成為主併企業的優勢競爭資源，甚至帶動主併企業本身價值和企業品牌之權益增值。而要收併購綜效，最重要的是必須擁有與經營核心目標相符的品牌策略，並以此帶領整個品牌併購活動的規畫到執行，才能借力使力獲得市場力量。同時，也建議有意發展品牌之企業，除了有品牌專責經營團隊，也要將品牌策略傳遞組織各部門，落實到產品或服務提供的每個環節，以打造成功而強勢的品牌。

In theory, the phrase "mergers and acquisitions" (abbreviated M&amp;A) refers to buying, selling and combining different companies in order to gain improved financial performance, create a global presence, and face the global competitive market. Nevertheless, many researches have underlined the high rate of failure among M&amp;A, and the difficulty to achieve expected results and synergies. Among the reasons of failure, many analysts have pointed out the determinant influence of the cultural aspect in the success or the failure of a cross-border merger. However, the cultural issue in M&amp;A is often neglected and too less stressed. In order to have a better understanding of the cultural aspect in the merger and acquisition process, and point out its influence on the merger process as well as the corporate culture, we first present a theoretical part introducing the cross-border merger and acquisition concept with the perspective of the national culture, and the role that leaders could play in order to limit the negative impact of culture and the clashes on cross-border M&amp;A. Therefore, a part including three cases of "cultural failure" in the merger process illustrates the concepts explained in the theoretical part. Those well-known cases are: DaimlerChrysler, UpJohn &amp; Pharmacia, and Volvo – Renault. The cases show how the cultural issue had been underestimated and had implied cultural clashes and extra-costs for the companies involved. After concluding our findings, we end the thesis with a prospective part based on the possible evolution of the merger and acquisition market. Indeed, we believe that our research topic will gain importance in the future, and the influence of culture on M&amp;A deals may increase.

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.

大多數關於企業併購的研究焦點著重於財務考量、人力資源管理或併購案之操作及流程管理，而本論文嘗試以整合性的方式，討論併購案之所有重要面向，包括許多被忽略的主題，例如：企業變革和重整、商業策略、工業關係、無形資產鑑價等。 / Most researches on mergers and acquisitions (M&A) focus on financial matters, human resource management, or the operation and process management of the deal. This thesis tries to bring together all the essential elements of each domain, including subjects that are often overlooked or treated superficially by others, under an integrated aspect. Factors including corporate change and reorganizing, business strategy, industrial relations, assumptions-driven planning, entrepreneurship, post-merger integration, business alliances, deal structuring and strategies, financial modeling and simulation, and valuing intangible assets such as intellectual properties are integrated into a feasible model from the perspective of due diligence. Practical examples and contemporary business cases and figures in the Western world are used for analyzing how mergers and acquisitions can be successful with win-win solutions through due diligence. Five real cases excerpted from three Taiwan high tech companies are examined in their M&A activities and are discussed as a series of interdependent movements in which each activity actually occurs. Suggestions and implementation are then proposed. While intended for reference of companies in pursuit of mergers and acquisitions, this thesis also aims to have broader application for market appeal in both executive development and training programs. For those who are hoping to become or who are actively pursuing careers as financial analysts, chief financial officers, corporate treasurers, operating managers, investment bankers, business brokers, portfolio mangers, investors, as well as corporate development and strategic planning managers, this thesis and referred literatures can work as handy and useful references. Bank loaners, venture capitalists, business appraisers, actuaries, government regulators and policy makers, and entrepreneurs will also be the beneficiaries of the study.