Universiẗat, Diss.--Wuppertal, 2006.

The thesis is covering an analysis of a concrete acquisition case from CEE. Based on the review of theory a conceptual framework was created and then applied to the acquisition case in order to analyze the process of post-merger integration. As a result, recommendations were created for similar future transactions.

The problem areas of the 'human side' of mergers andacquisitions as well as post-merger integration are focusedupon in this study. An extensive review of merger-relatedliterature points to the problematic nature of this area oforganisation. Through the analysis of two international casemergers, their post-merger integration processes and theirproblem areas, the nature and causes of these problem areas areinvestigated. The results of the investigation indicate thatexpectations influence mergers and post-merger integration.What seems to be expected of mergers, post-merger integration,of the management of these processes as well as the involvedparties plays a role in the interpretation of and reaction tomerger-related occurrences. If expectations of a merger or anyof its specific features are not met, attitudes towards themerger can get increasingly negative. This evidentlynecessitates 'expectation management' within mergers and theirpost-merger integration processes. KEY WORDS: merger, acquisition, post-merger integration,'human side' of organisations, expectation, experience, casestudy, emergent theory / <p>NR 20140805</p>

Background: In recent years, there has been an increasing recognition of the significance of mergers and acquisitions (M&amp;As) involving family businesses, highlighting their pivotal role in the business landscape. Notably, in the M&amp;A literature, the issue of employees’ trust in the organization emerges as a crucial component in facilitating a successful post-M&amp;A integration. However, existing theories of organizational trust in the post-merger integration process, where the outcome of M&amp;As is ultimately determined, may only partially apply to the distinctive dynamics inherent in family business M&amp;As. This divergence can be attributed to the unique characteristics displayed by family businesses. Hence, this thesis aims to address this research gap by comprehensively examining how organizational trust can be applied in the context of family business M&amp;As.  Purpose: Our research aims to explore how organizational trust influences the post-merger integration process of family businesses. The objective of this dissertation is to offer insights to family businesses concerning M&amp;A endeavors, specifically focusing on the post-merger integration phase, by highlighting the crucial role of organizational trust and its consequential influence on the overall M&amp;A outcome. As a result, the fundamental research question of this thesis is as follows: “How does organizational trust influence the post-merger integration process of family businesses?”  Method: As for the methodology, by leaning towards internal realism as our ontological standpoint and social constructionism as our epistemological standpoint, a more comprehensive understanding of organizational trust in the post-merger integration process of family businesses is achieved. This qualitative study applies the abductive approach as it facilitates the exploration of the phenomena in question and the modification of existing theories by combining previously established knowledge and new observations. A multiple case study is conducted, and data is collected through 12 semi-structured in-depth interviews to reach our aim.  Conclusion: Through combining existing literature and qualitative data, a comprehensive framework on organizational trust is created that is specifically tailored to the context of family businesses that have undergone an M&amp;A and that highlights the significance of the following elements of organizational trust: ability, openness, visibility, and benevolence. This framework holds considerable value as it not only entails visibility as an element, which is novel to the literature, and represents, hence, our main contribution, but it also elucidates how family businesses can leverage their unique characteristics to effectively preserve and nurture employees’ organizational trust even in the aftermath of M&amp;As. By recognizing and harnessing their unique attributes, such as longevity and emotional involvement, family businesses can transform these inherent qualities into strategic assets that sustain employees’ organizational trust, ultimately facilitating a smoother post-merger integration process and an overall successful M&amp;A.

Ein Großteil der globalen Merger & Acquisitions (M&A) finden im Dienstleistungssektor statt. Der Integrationsprozess ist ausschlaggebend für den Erfolg einer M&A. Allerdings tritt die erhoffte Wertschöpfung bei einem Großteil der fusionierten Unternehmen nicht ein. Gerade im Dienstleistungssektor ist das Know-How der Organisation in den Prozessen gebündelt und bildet dadurch den Unternehmenswert, daher kommt der Prozessharmonisierung (PH) eine essentielle Bedeutung für das Gelingen der Post Merger Integration (PMI) zu. Eine effiziente PH und die Etablierung eines gemeinsamen Managementsystems wird in der PMI erschwert durch die oft angespannte Situation des Change Prozesses. Zeitdruck, kulturelle Unterschiede, Interessenskonflikte sowie weitere Störfaktoren können das Vorhaben beeinträchtigen. Insbesondere die Integrationsansätze Absorption und Symbiose erfordern eine neue vereinheitlichte Unternehmensstruktur und beeinflussen Managementsystem und Prozesslandschaft eines Unternehmens erheblich. Gleichzeitig gewinnt die Digitalisierung zunehmend an Bedeutung, so dass im Rahmen der PH eine Modernisierung hinsichtlich Industrie 4.0 / Qualität 4.0 geprüft werden sollte. Die vorliegende Arbeit fasst 10 Einzelbeiträge zum Themenbereich PH in fusionierten Dienstleistungsunternehmen im Zeitalter Industrie 4.0 zu einer kumulativen Dissertation zusammen, mit dem Ziel eine Methode zur PH in der PMI zu entwickeln. Der Forschungsmethode des Design Science Research folgend bauen die Einzelbeiträge aufeinander auf, beginnend mit einer systematischen Literaturanalyse, gefolgt von einer Anforderungsanalyse unter Nutzung der Mixed-Methods-Forschung und der Entwicklung und Anwendung eines Artefakts. Als Artefakt präsentiert die vorliegende Arbeit eine Methode, bestehend aus dem Vorgehensmodell ProMerge! mit zugehörigem Tool ProMergeTool!, das fusionierte Organisationen bei der PH in der PMI methodisch unterstützt. Die Anwendbarkeit und Praxistauglichkeit der Methode wird in einem realen Anwendungsfall demonstriert.:VORWORT I ABSTRACT II INHALTSVERZEICHNIS III ABBILDUNGSVERZEICHNIS V TABELLENVERZEICHNIS VI ABKÜRZUNGSVERZEICHNIS VII 1 MOTIVATION UND PROBLEMSTELLUNG 1 2 FORSCHUNGSDESIGN 3 2.1 WISSENSCHAFTSTHEORETISCHE POSITIONIERUNG 3 2.2 FORSCHUNGSZIEL 4 2.3 FORSCHUNGSMETHODE 5 3 ANFORDERUNGEN AN DAS ARTEFAKT 7 4 AUFBAU DER DISSERTATION 9 4.1 ÜBERBLICK 9 4.2 ZUSAMMENFASSUNG DER EINZELBEITRÄGE 11 4.2.1 Bedarfe zur Prozessharmonisierung in fusionierten Dienstleistungsunternehmen im Zeitalter Quality 4.0 11 4.2.2 Methodologies for process harmonization in the post merger integration phase - a literature review 12 4.2.3 Prozessharmonisierung in der Post Merger Integration – Qualitätskriterien für den Integrationsprozess 13 4.2.4 Process Harmonization Phase Model in Post Merger Integration 13 4.2.5 Significance of Quality 4.0 in Post Merger Process Harmonization 14 4.2.6 Successful Post Merger Process Harmonization in the Triangle of Methodologies, Capabilities and Acceptance 16 4.2.7 Mixed Methods approach as requirements analysis of a method for process harmonization in Design Science Research 17 4.2.8 Creating a Method for Post-Merger Process Harmonization 18 4.2.9 Evaluating a Method for Process Harmonization 19 4.2.10 Prozessharmonisierung in der Post-Merger-Integration mit ProMerge! und ProMergeTool! - ein Anwendungsbeispiel 20 5 DISKUSSION UND FAZIT 21 5.1 DISKUSSION DER ERGEBNISSE 21 5.1.1 Gestaltung als Artefakt 21 5.1.2 Problemrelevanz 22 5.1.3 Suchprozess zur Gestaltung des Artefakts 22 5.1.4 Design Evaluation 22 5.1.5 Kommunikation der Forschungsergebnisse 23 5.1.6 Rigorosität der Forschung 23 5.1.7 Forschungsbeitrag 24 5.2 WISSENSCHAFTLICHER BEITRAG 24 5.3 PRAKTISCHER BEITRAG 25 REFERENZEN 27 ANHANG 1: FRAGEBOGEN FÜR EXPERTENINTERVIEWS 30 ANHANG 2: FRAGEBOGEN QUANTITATIVE ANALYSE 31 ANHANG 3: PROMERGE! 36 ANHANG 4: PROMERGETOOL! - AUSSCHNITTE 37 6 EINZELBEITRAG 1 40 7 EINZELBEITRAG 2 41 8 EINZELBEITRAG 3 42 9 EINZELBEITRAG 4 43 10 EINZELBEITRAG 5 44 11 EINZELBEITRAG 6 45 12 EINZELBEITRAG 7 46 13 EINZELBEITRAG 8 47 14 EINZELBEITRAG 9 72 15 EINZELBEITRAG 10 91

There is a paradoxical realism as the number of cross-border mergers and acquisitions (M&amp;As) increases on a global scale, despite the fact that organizations’ failure rate to generate the expected value from these cross-border M&amp;As remains high. Researchers have argued that these failures have been connected to the post-merger integration (PMI) process in which multiple challenges are imposed. However, the findings within the area are both limited and scattered, and researchers have emphasized the need to enhance the understanding of how different sociocultural factors impact the integration process of merging organizations in an international context.   Therefore, this study was conducted to investigate how sociocultural factors impact the PMI process in cross-border M&amp;As. The empirical data was collected through a qualitative multiple case study from a Swedish company that has conducted numerous cross-border M&amp;As. Four acquisitions in different international settings were examined, and 16 interviews were carried out with employees from both the case company and the acquired firms.   The findings demonstrate that sociocultural factors on four different levels need to be considered; national, company, team and individual. Interestingly, the findings highlight that there is no apparent connection concerning the level of psychic distance between national cultures and the challenges imposed in the PMI process, as previously suggested by research. However, national culture still matters, but this study suggests that the most substantial impact on the PMI process derives from sociocultural factors on a company cultural level. This is surprising as most research on culture has been focusing on the national level, and this suggests that future research should shift focus to incorporate and investigate additional levels of culture as well.

Our purpose is to understand how learnings are drawn from previous experiences of cross-border acquisition integration, to later be utilized for integration of subsequent acquisitions. Elaborately, we intend to empirically study how learnings from previous endeavors are captured and built upon. Thus, there are two research questions given the sequence: learnings are first captured, then utilized. The study aims to extend current body of literature and deepening the understanding on deliberate learning through case study aspects. To answer this, we have constructed two research questions:    (1)  How can learnings be captured from previous experience in integration after cross-border acquisition?    (2)  How can learnings from previous experience of cross-border acquisition integration be utilized in subsequent deals?   The founding pillars of our literature review are perspectives on M&amp;A and perspectives on learning. More specifically, the first perspective focuses on cross-border aspects and post-merger integration phases. Regarding the perspective on learning, our study particularly focuses on deliberate learning theory. Beyond named focus is dynamic capabilities, serial acquirers and previous experience discussed due to its connection to deliberate learning theory and our study. The literature review concludes in a theoretical tool, which summarizes the literature and is portrayed through a model.   The case study method was constructed with a qualitative and interpretive approach, which we found appropriate to reach a deeper in-depth understanding regarding the purpose and to answer our research questions. Six semi-structured interviews with managers were conducted to understand how they operated. We collected primary data by using snowball sampling and received secondary data of documentation from the studied firm. Further, this was qualitatively analyzed from a coding procedure of categories.    Our findings disclose how previous experience of post-merger integrations in cross-border acquisition is deliberately captured by our case company through learning mechanisms discussed in deliberate learning theory. The mechanisms are accordingly articulation, codification, sharing and internalizing. However, the findings disclosed a discrepancy between the literature and our empirical case due to the rotation of integration team members, which caused a disruption in sharing and internalizing of previous experience.    The contributions are both theoretical and managerial. First, the theoretical contribution is given through our revised theoretical tool, in which the findings regarding the different mechanisms are discussed and elaborated. The managerial findings provide recommendations in the assembling of an M&amp;A integration team to preserve experience from previous endeavors and disseminate to new members.

Malgré l’engouement des organisations pour les fusions-acquisitions (F/A), leur taux d’échec élevé invite à continuer la recherche en proposant de nouvelles clés de lecture. De nombreux travaux soutiennent que les F/A nécessitent de nouvelles approches pour appréhender la complexité et le dynamisme de ces opérations, et plus spécifiquement de l’intégration post-fusion. Notre recherche propose une analyse des dynamiques inhérentes au cours du processus et plus particulièrement lors de l’intégration. Cette étude se place dans une logique intégrative, appréhendant la multiplicité des dynamiques à l’œuvre dans le but de comprendre comment ces dynamiques engendrent ou entravent la réussite de l’intégration. Nous utilisons ces dynamiques comme un moyen pour parvenir à capter la complexité inhérente au processus de fusion, et comme une opportunité pour capter le dynamisme de l’intégration. Une manière de rendre intelligibles ces dynamiques inter-reliées dans un espace-temps défini est de recourir au concept de paradoxe. Les paradoxes offrent en effet un cadre pour décrypter les dynamiques inhérentes aux organisations. Ainsi, la lecture paradoxale permet une analyse globale des dynamiques à l’œuvre. La question de recherche suivante est posée : « Comment la gestion des paradoxes favorise-t-elle l’intégration post-fusion ? ». La thèse s'appuie sur une méthodologie qualitative d’une étude de cas longitudinale en temps réel d'une fusion sur 24 mois. Il ressort de la thèse que la nature évolutive des paradoxes au cours d’une intégration, ainsi que leur multiplicité, permet de comprendre en quoi ces dynamiques interfèrent dans la réussite du processus d’intégration post-fusion. / Despite the number of mergers and acquisitions (M&As), their high failure rate calls to continue research by proposing new reading keys. Many studies argue that M&As require new approaches to understand the organizational complexity and dynamism of these operations, and more specifically concerning post-merger integration (PMI) process. This phase is defined as a crucial one because it determines the success or failure of the merger. Our research provides an analysis of the dynamics inherent in the process, and especially during the PMI. This study is based on an integrative logic, considering the multiplicity of dynamics at work to understand how they engender or hinder the success of PMI. We use these dynamics as a means to capture the complexity inherent in the merger process, and as an opportunity to capture the dynamics of PMI. The concept of paradox allows us to make intelligible these inter-related dynamics within a defined temporal framework. Paradoxes provides a framework to decipher the dynamics inherent in organizations. The paradoxical reading allows a comprehensive analysis of the dynamics at work in the merger process. This leads us to ask the following research question: "How does the management of paradoxes benefits post-merger integration? ". The thesis is based on a qualitative methodology of a longitudinal and real-time case study of a 24-month merger, once the operation has been signed. It emerges from the thesis that the evolutionary nature of paradoxes during the post-merger integration, as well as their multiplicity (categories, actors, levels), allows us to understand how these dynamics interfere in the success of the PMI process.

The objective of this thesis is to provide a comparison of theoretical knowledge, mapping processes in the post-merger integration, including the perspective of professionals and an assessment of the post-merger integration in selected company in terms of achieving the objectives of the integration project. Further objective of the thesis includes an analysis of the integration from the perspective of corporate culture, perception of employees and basic information on analyzed acquisition. The primary benefit is to create a theoretical basis for the integration process for further detailed research and theoretical preparation for the implementation of the post-merger integration. At the practical level following thesis should serve as a general guide on how to proceed in this process. The practical part contains a comprehensive analysis of the integration phase and its impact on the selected company, comparison with the best practices and general recommendations. Furthermore the thesis provides a high level perspective on the acquirer's future development and its long-term profile. Research methods were mainly driven by interviews with the management of the company, analysis of internal documents and questionnaire.

Univ., Akad. avh.--Göteborg, 2007.