"Submitted in partial fulfillment of the requirements for the degree of Master of Business Administration from the Naval Postgraduate School, December 2006." / Advisor(s): Engelbeck, R. Marshall. ; Rendon, Rene G. "December 2006." "MBA professional report"--Cover. Description based on title screen as viewed on June 12, 2009. DTIC Identifiers: Far(Federal Acquisition Regulation), Riff(Rapid Identification Friend Or Foe) Test Kit, Gsr(Gunshot Residue), Mou(Memorandum Of Understanding), Define And Validate Need. Author(s) subject terms: Coordinative acquisition, acquisition reform, acquisition architecture, streamlined acquisition, Gunshot-residue (GSR) Testing, Rapid Identification Friend or Foe (RIFF) test kit, Defense Acquisition Performance Assessment. Includes bibliographical references (p. 67-69).

Thesis (Ph. D.)--University of Texas at Austin, 2000. / Vita. Includes bibliographical references (leaves 226-242). Available also in a digital version from Dissertation Abstracts.

<p>Based on Hofstede's findings, this study breaks down Kogut and Singh's index of cultural distance, examining implications for acquisition performance of each individual dimension. Hypotheses are formulated, and based on deal data covering 488 acquisitions with American companies as acquirers, tested through linear regression. We find support for a positive relationship between cultural distance of power distance and performance, and an inverse relationship between cultural distance of masculinity and performance. Significant results are not obtained for the remaining dimensions.</p>

Based on Hofstede's findings, this study breaks down Kogut and Singh's index of cultural distance, examining implications for acquisition performance of each individual dimension. Hypotheses are formulated, and based on deal data covering 488 acquisitions with American companies as acquirers, tested through linear regression. We find support for a positive relationship between cultural distance of power distance and performance, and an inverse relationship between cultural distance of masculinity and performance. Significant results are not obtained for the remaining dimensions.

Thesis (Ph. D.)--University of Texas at Austin, 2004. / Supervisor: Elaine K. Horwitz. Vita. Includes bibliographical references. Also available from UMI.

Post-crisis market realities in Greece are expected to lead to increased M&A activity in the coming years, little evidence is provided in the academic literature on Greek M&A post-acquisition performance and its driving factors. The overall aim of this thesis is to complement and enhance the existing M&A literature by examining the impact of two post-acquisition actions, of asset divestiture and resource redeployment on the long-term performance of Greek M&A deals over the period 2005-2009. The conceptual framework of this thesis draws on the strategic management perspective. Using the cost efficiencies argument, the thesis examines how cost savings, due to asset divestiture affect the post-acquisition performance of both the target and the acquiring firm. In addition, by drawing on the resource-based view of the firm and the dynamic capabilities perspective, the thesis explores the effects of post-acquisition resource redeployment from acquirers to targets and vice versa, on revenue-enhancing capabilities. The findings revealed that the divestiture of the acquirers’ assets does not reduce costs. In addition, the importance of revenue-based synergies was shown, through the mediating variables of market coverage and innovation capabilities. Finally, acquirer’s resource redeployment has a positive and significant effect on cost savings and the same holds true for the resource redeployment to the target. These results indicate that resource redeployment contributes in achieving higher cost efficiency. The originality of this study is that it tries to obtain new insights on the subject of the post-acquisition performance using arguments from the cost-based and resourcebased synergies, the resource-based view (RBV) of the firm and the dynamic capabilities perspective. In addition, this is a large-scale empirical study conducted in Greece drawing on detailed primary data on a high range of post-acquisition actions followed by the managers of the acquiring companies rather than secondary data.

In the last decade, the number of mergers and acquisitions (M&A) activities by emerging market firms has rapidly increased to exploit growing markets at home and abroad. In order to be successful in their M&A goals, these firms need to develop a specific M&A capability and manage post-M&A processes effectively. Drawing on the dynamic capabilities view, I develop a theoretical framework for emerging market acquirers that outlines the development of the acquisition capability mechanisms. I first examine the influence of prior acquisition experience on acquisition performance. I then go on to study the integration capability of emerging market firms and examine the effect of post-M&A integration strategies on the performance of acquisitions by emerging market firms. The overall results indicate that a firm‘s focal acquisition performance positively relates to prior acquisition experience that is similar to the focal acquisition. Moreover, post-M&A integration strategies vary depending on the geographical similarity of the focal acquisition. Replacing the target‘s top manager is a particularly important determinant of acquisition performance in domestic M&A. Finally, in this research, I also extend the organisational learning view and develop a multi-level analysis that examines the role of business groups alongside firm-level learning from acquisitions. The usual focus in emerging market studies is on the big emerging economies of Brazil, Russia, India and China (BRIC). I focus instead on the country case of Turkey, one of the second tier of ―biggish‖ growing economies of ―MIST‖ (Mexico, Indonesia, South Korea and Turkey). The empirical results are based on a unique hand-collected dataset of acquisitions in Turkey culled from publicly available data. The final dataset consists of 279 acquisitions between 1998 and 2011.

Empirical research findings on the consequences of post-M&amp;A performance have generated several result, although most of which are inconsistent. The relation of such post-M&amp;A performances to non-listed and listed companies can be relative especially when considering the companies economic and financial structure and other prevailing factors associated to the host country. However, most of these have been attributed to the choice of performance measurement indicators. This paper analyses and evaluates existing performance indicators that have been employed in the literature. It is argued that to overcome the limitations found in financial indicators of performance, a need to pursue multiple measures of performance in post-M&amp;A research is needed. It also argues that the motives for the transaction should also be included as performance indicators. This hybrid approach will allow researchers and practitioners to measure the overall success of merger and acquisitions.

This study examines the effect of using toeholds in domestic and cross-border acquisitionprocesses on the bidder’s acquisition performance. The sample constitutes 1,701 acquisitionsof European listed firms over the period 2003-2016. Results reveal significant evidence of anadverse effect of toeholds on the bidder’s acquisition performance. However, in cross-borderacquisitions, the use of toeholds results on average in significantly higher abnormal returns.Finally, the use of toeholds is found to be more efficient in target countries with a civil-lawsystem compared to countries with a common-law system. Overall, these findings increase ourunderstanding of management actions about the application of toeholds as an acquisitionstrategy.

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