Ce travail doctoral porte sur l'accroissement des investissements directs à l'étranger dans les pays développés par les entreprises des marchés émergents (EMEs) et leur besoin à attirer et retenir les salariés de talents à l'Ouest. Au moyen de deux enquêtes distinctes nous abordons cette question avec trois études différentes mais complémentaires. La première étude se réfère à la théorie de « organization attractiveness » : Les EMEs ont-elles un handicap d'« emergingness » qui réduit leur attractivité en tant qu'employeur ? Dans le deuxième essai, nous nous appuyons de recherche relatif au « capital psychologique » : Les salariés ayant des niveaux plus élevés de capital psychologique sont-ils moins touchés par le handicap d'« emergingness » ? En utilisant la méthode du « policy capturing » le troisième essai répond à la question : Le handicap d'« emergingness » des EMEs a-t-il un impact sur la décision des salariés de talents de quitter leur emploi après une acquisition? Les résultats suggèrent que les EMEs ont une attractivité organisationnelle significativement plus faible que les entreprises des marchés développés et que les salariés ayant des niveaux plus élevés de capital psychologique sont plus attirés par des sociétés multinationales, et cela quel soit leur origine et que les EMEs subiront une perte de personnel post- acquisition plus élevée. Cette recherche met en évidence l'impact négatif du handicap d'« emergingness » rencontré par les EMEs sur les marchés occidentaux. Notre recherche suggère que les gestionnaires des EMEs devraient prendre en compte ce handicap en se concentrant sur les individus ayant des niveaux élevés de capital psychologique. / This doctoral research focuses on emerging market multinational corporations' (EMNCs) increasing outward foreign direct investment into developed countries and their need to attract and/or retain key Western talent. Using two separate surveys we address this lacuna with three research studies. The first essay uses theory from the organization attractiveness literature to answer the research question: Do EMNCs have a liability of emergingness lowering their attractiveness as employers? In the second essay, we draw upon the rising field of psychological capital to address the research question: Are individuals higher in psychological capital less affected by the liability of emergingness bias? Finally, using policy capturing modeled from the merger and acquisition literature stream, the third essay answers the research question: Does EMNC liability of emergingness impact post-acquisition turnover intentions? Findings in the first essay suggest that EMNCs have significantly lower organizational attractiveness than developed market firms. In the second essay, we find individuals higher in psychological capital more attracted to multinational corporations regardless of their origin. The third study suggests that EMNCs will have higher post-acquisition turnover than developed market firms. Theoretically, this research highlights the negative impact of the liability of emergingness faced by EMNCs in Western markets. Our research further suggests that EMNC managers responsible for recruiting and retention should recognize this bias by focusing on individuals with high levels of psychological capital.

Problem: Communication is critical but neglected and underestimated by leaders during PAI, which is furthermore considered a key reason for acquisition failure. In connection to this problem is the lack of case studies conducted on cross-border M&amp;A. This study therefore attempts to bridge this gap by doing a qualitative multiple case study on four global Swedish cross-border acquirers. Purpose: This thesis investigates how Swedish cross-border acquirers utilize leadership communication in the execution of PAI, if there are key challenges within this scope and how they could be managed based on theoretical guidelines. Method: To achieve the purpose the method of this study is based on an explanatory abductive approach with an interpretivist research paradigm. Furthermore, qualitative research has been conducted in the form of collecting primary data through semi-structured interviews with five firm leaders with experience of PAI working for global Swedish cross-border acquirers. Furthermore, this study includes a pre-study on management consulting firms working with PAI. Secondary data is collected from annual reports and other information from the firms’ websites. Finally, the empirical findings are thematically analysed through testing the conceptual framework. Results: The results of this study highlights implications in the form of seven sub-themes needed to be managed by leaders utilizing communication for successful PAI. Furthermore, based on this sample, Swedish cross-border acquirers are generally equipped with how to utilize communication from leaders in PAI. However, results also highlight that neglecting PAI leads to negative results. / Problem: Kommunikation är kritiskt men försummat och underskattat av ledare under PAI, vilket dessutom anses vara en viktig anledning till förvärvsmisslyckande. I koppling till detta problem råder det även brist på fallstudier inom cross-border M&amp;A. Denna studie försöker därför fylla detta gap genom att genomföra en kvalitativ flerfallstudie på fyra globala svenska cross-border förvärvare. Syfte: Denna studie undersöker hur svenska cross-border förvärvare nyttjar ledarskapskommunikation vid genomförandet av PAI, om det finns nyckelutmaningar inom detta tillämpningsområde samt hur dessa kan hanteras baserat på teoretiska riktlinjer. Metod: För att uppnå syftet är metoden i denna studie baserad på ett förklarande abduktivt tillvägagångssätt med ett interpretivistiskt forskningsparadigm. Dessutom har kvalitativ forskning genomförts i form av insamling av primärdata genom utförandet av semi-strukturerade intervjuer med fem ledare med erfarenhet av PAI som arbetar för globala svenska cross-border förvärvare. Fortsättningsvis inkluderar denna studie en förstudie på managementkonsultbolag som arbetar med PAI. Sekundärdata har samlats in från årsredovisningar och annan information från firmornas hemsidor. Slutligen analyseras det empiriska resultatet i form av en tematisk analys genom att testa det konceptuella ramverket. Resultat: Resultaten av denna studie upplyser implikationer i form av sju underteman som behöver hanteras av ledare genom kommunikation för framgångsrik PAI. Vidare, baserat på detta urval av svenska cross-border förvärvare är att de är generellt välrustade med hur de kan hantera kommunikation från ledare inom PAI. Dock visar resultatet även på att försummad PAI leder till negativa resultat. / <p>One respondent opted to not take part of the study just prior to publication. This means that the uploaded version of this thesis is without one of the case firms.</p><p>En respondent valde att inte vara en del av studien precis innan publicering. Detta innebär att den uppladdade versionen av detta examensarbete är utan ett fallföretag.</p>

KPMG has recognized that large manufacturing corporates in Sweden are experiencing impaired growth possibilities and have therefore started to turn to startups to help with innovation. Corporates have traditionally focused on growth through product improvement or market expansion but have recently started to shift their focus to acquisitions and partnerships with high potential startups. However, since there are many differences between corporates and startups the collaboration can be difficult to handle, especially when it comes to integration. This study aims to investigate what types of startups large corporates are currently looking to collaborate with and to create a practical framework that can act as a guide to increase the chance of successfully integrating a startup into a corporate's operations. This study is a qualitative study that examines several Swedish manufacturing companies by delving into their specific cases. A thematic analysis, document and literature review is presented, and the results indicate that Swedish manufacturing corporates want startups with technologies that boost digital transformation (AI, IoT, digital twins) to increase predictability, traceability, and optimization. They also want to increase sustainability initiatives in terms of both technologies and materials. This is followed by a framework for how a successful corporate-startupintegration should be done. The results from the study contribute to the work of improving collaboration between startups and corporates and the results from this study can help create economic benefits, promote social sustainability, and address environmental challenges more effectively. / KPMG har uppmärksammat att stora tillverkningsföretag i Sverige upplever försämrade tillväxtmöjligheter och har därför börjat vända sig till startups för att få hjälp med innovation. Företag har traditionellt fokuserat på tillväxt genom produktförbättringar eller marknadsexpansion, men har nyligen börjat skifta fokus till förvärv och partnerskap med startups med hög potential. Då det finns stora skillnader mellan stora företag och startups kan samarbetet vara svårt att hantera, särskilt när det gäller integration. Denna studie syftar till att undersöka vilka typer av startups som stora företag vill samarbeta med och att skapa ett praktiskt ramverk som kan fungera som en guide för att öka chansen att framgångsrikt integrera ett startup i företagets verksamhet. Denna studie är en kvalitativ studie som undersöker flera svenska tillverkningsföretag. En tematisk analys, dokument- och litteraturgranskning presenteras, och resultaten indikerar att svenska tillverkningsföretag vill ha startups med teknik som främjar digital transformation (AI, IoT, digitala tvillingar) för att öka förutsägbarhet, spårbarhet och optimering. De vill också öka hållbarhetsinitiativen när det gäller både teknik och material. Detta följs av ett ramverk för hur en framgångsrik integration mellan företag och startups bör gå till. Resultaten från studien bidrar till arbetet med att förbättra samarbetet mellan startups och företag och resultaten från denna studie kan bidra till att skapa ekonomiska fördelar, främja social hållbarhet och hantera miljöutmaningar mer effektivt

併購是企業成長最快捷的手段，題企業經營的大戰略，然而併購決策可能隱含著經理人或制股東的自利動機，而不是為長遠的股東權益著想，可能作出錯誤的併購決策而讓股東血本無歸。本研究探究主併企業之公司治理機制可否有效監督管理階層作出審慎的併購決策，從股權結構觀點出發，以發生於1996年至2003年間，主併公司為公開發行公司之併購案件共112件為研究樣本，探討主併公司各種股權結構與併購後長期財務績效的關聯性。 實證結果顯示，未擔任董監事的經理人持股比例與併購後績效呈現顯著的正相關，與利益一致假說相符，機構持股比例與併購後績效亦呈顯著的正相關，符合效率監督假說，衡量控制股東負面侵佔誘因的席次盈餘偏離倍數則與併購後績效呈現顯著的負相關。此實證結果隱喻，控制股東是否具有強烈的侵佔誘因係影響併購決策優劣最重要的因素。 / Mergers and acquisitions are one of the most efficient ways to meet the need of corporation expansion, and therefore are the most important business strategies. Nevertheless, the past studies indicate managerial incentives as well as self-interests of controlling stockholders may drive some mergers that ultimately reduce the long-run value of the firm. This study examines whether corporate governance mechanism helps management make acquisition decisions based on stockholders’ interests. Using a sample of 112 acquisition cases during the period of 1996 to 2003 which the acquiring firms are public traded firms, the study empirically investigates the effect of ownership structure of acquiring firms’ on post-acquisiton long-run financial performance. The primary empirical results show that the shareholdings of managers who don’t serve as directors or supervisors of the board have a positive impact on post-acquisiton performance, institution ownership also has a positive impact on post-acquisiton performance, while the deviation between the seat-control rights ratio and cash-flow rights of controlling stockholder has a negative impact on post-acquisiton performance. The results thus imply that whether the controlling stockholder has strong incentive of expropriation is the key to the quality of acquisition.

There is a paradox in the literature where the amount of cross-border M&amp;As are increasing, even though there is a high volume of unsuccessful cross-border M&amp;As. According to researchers, it can be due to lack of knowledge regarding the knowledge transfer process. Therefore, this study aims to grasp the technological knowledge transfer process and how enablers and constraints influence it during the post-acquisition phase. To fulfil the aim, data was collected through a qualitative case study where eight interviews were held with managersand non-managerial employees that had an important role in the studied technological knowledge transfer process. In addition, case documents were provided by the case company and a site visit was conducted. The results indicate that the technological knowledge transfer process is complex and dynamic, making it difficult to distinguish different phases as they overlap. The results also show that the technological knowledge transfer process is influencedby certain enablers and constraints, which in turn either facilitate or challenge the process. However, the enablers and constraints can vary depending on if the perspective of the senderor receiver of knowledge is applied.

Cross-national merger and acquisition (M&amp;A) activity is common and is argued to be a strategic tool for the growth of multinational corporations. Yet, M&amp;A activity has a high failure rate which theorists have explained being due to cultural clashes. Previous research has explained these clashes being due to cultural distance. Other studies have focused on the extent to which the firms are culturally integrated and its relation to cultural clashes. In this study we investigate the relation between cultural distance and the extent to which the firms are culturally integrated as we believe that this relation in turn influences how cultural clashes are perceived by managers. As the human side of M&amp;A has become of great interest within research we stress the importance of understanding what happens with managers in the organization during the post-acquisition process. The purpose of this thesis is therefore to investigate the managers’ perception of cultural clashes, in relation to the perceived extent of cultural integration and perceived cultural distance, in cross-national mergers and acquisitions. In order to achieve an in-depth understanding of a series of cross-national M&amp;As and to answer the purpose of this thesis, a qualitative case study design was used. Semistandardized interviews were made with ten managers from a Swedish firm that has gone through a series of cross-national M&amp;As involving Swiss, French and German managements. The findings show that managers’ perception of cultural clashes differs depending on to what extent two firms are culturally integrated and in relation to the cultural distance between the two firms. No matter if high or low cultural distance managers perceive few cul-tural clashes if the extent to which the firms are integrated is low. If the cultural integration, on the other hand, is high and the cultural distance is high, the cultural clashes are perceived as many. Our findings indicate that cultural clashes are perceived differently depend-ing on how they affect the managerial role and the organizational behaviour. We refer to these clashes as implicit agreements and explicit statements. Clashes in implicit agreements are evolved from behaviour deeply rooted in national culture and corporate culture. These clashes have minor effects on the managerial role and the organizational behaviour. Never-theless, managers need to be aware of the differences and adapt to the preferred behaviour when interacting with the acquiring firm’s management. Explicit statements, on the other hand, affect the managerial role and organizational behaviour and lead to cultural clashes that conduce to frustration, lack of motivation and inefficiency. These clashes are more ap-parent when the extent of culturally integration is high. Therefore, the acquiring firm should not attempt to assimilate its target company in cross-national M&amp;As.

<p>Cross-national merger and acquisition (M&A) activity is common and is argued to be a strategic tool for the growth of multinational corporations. Yet, M&A activity has a high failure rate which theorists have explained being due to cultural clashes. Previous research has explained these clashes being due to cultural distance. Other studies have focused on the extent to which the firms are culturally integrated and its relation to cultural clashes. In this study we investigate the relation between cultural distance and the extent to which the firms are culturally integrated as we believe that this relation in turn influences how cultural clashes are perceived by managers.</p><p>As the human side of M&A has become of great interest within research we stress the importance of understanding what happens with managers in the organization during the post-acquisition process. The purpose of this thesis is therefore to investigate the managers’ perception of cultural clashes, in relation to the perceived extent of cultural integration and perceived cultural distance, in cross-national mergers and acquisitions.</p><p>In order to achieve an in-depth understanding of a series of cross-national M&As and to answer the purpose of this thesis, a qualitative case study design was used. Semistandardized interviews were made with ten managers from a Swedish firm that has gone through a series of cross-national M&As involving Swiss, French and German managements.</p><p>The findings show that managers’ perception of cultural clashes differs depending on to what extent two firms are culturally integrated and in relation to the cultural distance between the two firms. No matter if high or low cultural distance managers perceive few cul-tural clashes if the extent to which the firms are integrated is low. If the cultural integration, on the other hand, is high and the cultural distance is high, the cultural clashes are perceived as many. Our findings indicate that cultural clashes are perceived differently depend-ing on how they affect the managerial role and the organizational behaviour. We refer to these clashes as implicit agreements and explicit statements. Clashes in implicit agreements are evolved from behaviour deeply rooted in national culture and corporate culture. These clashes have minor effects on the managerial role and the organizational behaviour. Never-theless, managers need to be aware of the differences and adapt to the preferred behaviour when interacting with the acquiring firm’s management. Explicit statements, on the other hand, affect the managerial role and organizational behaviour and lead to cultural clashes that conduce to frustration, lack of motivation and inefficiency. These clashes are more ap-parent when the extent of culturally integration is high. Therefore, the acquiring firm should not attempt to assimilate its target company in cross-national M&As.</p>

Mergers and acquisitions have become increasingly popular as a method for enabling growth, and in 2021, global M&amp;A value hit an all-time high. However, as mergers and acquisitions are complex organizational events, an estimated 70-90% of acquisitions fail to deliver value and prove to be a significant waste of time and resources. This study aims to expand the knowledge on acquisitions and their underlying success factor. Specifically, the study adopts the human perspective of employee retention and investigates two main issues; How managers of acquisitions work to retain key employees and what factors affect key employees’ willingness to remain in an acquired company. Data was collected by conducting semi-structured interviews with seven respondents from six different tech consultancy firms. The respondents all work for firms that operate in Sweden and conduct international business activities. Furthermore, all firms were involved in an acquisition deal in 2020 on the Swedish market as either being an acquiring firm or an acquired firm. The study found that to retain key employees in an acquisition, managers focus on primarily using financial and non-financial incentives, communication to instill trust in the acquisition, and creating a sense of belongingness and identity in the new company. On the other hand, for key employees, primary motivating factors for staying in an acquired company were non-financial incentives in the form of development opportunities, a strong vision and commitment communicated by acquisition managers, and identification with the company.

This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.

This doctoral thesis consists of three articles: one literature overview and two empirical articles. The first article provides a literature overview about industrial diversification, corporate acquisitions and the intersection of both research areas. This thesis secondly analyzes whether conglomerates invest externally differently from focused firms. This investigation provides new insights on the question how industrial diversification influences corporate investment. It allows to draw conclusions whether internal investment is independent from external investment in diversified firms, or whether weak internal investment in conglomerates is (at least partially) offset by more efficient external investment, or even whether value-destructive internal investment is accompanied by external investment eliciting the same effects. In this case weakly managed multi-segment firms could be also identified by their behavior and success in corporate acquisitions. Third, the thesis copes with the question how conglomerates are perceived and treated as potential targets of corporate acquisitions. This analysis adds further aspects to the question whether multi-segment firms are discounted due to their organizational form. Assuming that the sum of the single segment of a diversified company is higher valued than the conglomerate as a whole, one could expect that investors should strive to acquire such companies, to dismantle them subsequently in order to create additional value by reshaping these inefficiently composed entities. However, there are also contradicting effects of lower synergies and higher integration costs compared to the acquisition of stand alone firms. New insights in these discussions allow us to draw conclusions whether a diversification discount potentially being harvested by a bust up takeover outweighs lower synergies and higher integration costs.:List of Tables … vi List of Figures … viii List of Abbreviations … ix List of Symbols … x Introduction … xiii I. Literature review … 1 1. Literature review about diversification and corporate transactions … 2 1.1. Introduction … 5 1.2. Impact of diversification … 7 1.2.1. Diversification and firm value … 8 1.2.2. Diversification and investment … 15 1.2.3. Diversification and further firm characteristics … 20 1.3. Corporate transactions … 29 1.3.1. Drivers of acquisitions … 29 1.3.2. Characteristics of acquisitions … 40 1.3.3. Impact of corporate transactions … 47 1.4. Intersection between diversification and transactions … 54 1.5. Conclusion … 56 II. Diversification and acquisitions … 74 2. Diversification and the likelihood of acquisitions … 75 2.1. Introduction … 78 2.2. Theoretical background … 81 2.2.1. Diversification and the likelihood of acquisitions … 81 2.2.2. Diversification and deal characteristics … 84 2.2.3. Diversification and deal performance … 86 2.3. Data and methodology … 87 2.4. Descriptive statistics … 91 2.5. Diversification and corporate transactions … 92 2.5.1. Diversification and transaction probability … 92 2.5.2. Diversification and deal characteristics … 95 2.5.3. Diversification and post-acquisition performance … 98 2.6. Conclusion … 100 III. Diversification and takeover likelihood … 109 3. Do acquirers of conglomerates benefit from the diversification discount? … 110 3.1. Introduction … 113 3.2. Theoretical background … 115 3.2.1. Corporate performance, diversification and takeover probability … 115 3.2.2. Entrenchment, diversification and takeover probability … 117 3.2.3. Synergies, integration costs and takeover probability … 119 3.2.4. Bid premiums and post-acquisition returns … 120 3.3. Data and methodology ... 123 3.4. Descriptive statistics … 127 3.4.1. Successful bids and diversification … 127 3.4.2. Bids and conglomerates: univariate analysis … 129 3.5. Diversification and the likelihood of being acquired … 130 3.6. Diversification and the bid premiums paid … 134 3.7. Diversification and the CAR of the acquirer … 138 3.8. Conclusion … 140