Thesis (Ph.D.)--Georgetown University, 2009. / Includes bibliographical references.

Thesis (Ph. D.)--Harvard University, 2005. / Includes bibliographical references.

Thesis (Ph.D.)--Hong Kong University of Science and Technology, 2005. / Includes bibliographical references. Also available in electronic version.

<p>Purpose — this thesis aims at finding out the extent to which transformational leaders exercise the required competencies during the process of change within an organization. It’s simply meant to highlight the pros and cons that are evidenced within transformational leaders during the change process.</p><p>Design/ methodology/approach — the thesis relies on two cases involving mergers, notably HP-Compaq merger, and Volvo-Renault merger are used for the analysis. The reliance on models and concepts is employed, to test the empirical findings.</p><p>Findings — this paper illustrates that although transformational leaders competently fulfil their, there is a certain level of incompetence that arise during the process of change.</p><p>Originality/Value — this paper provides a detailed analysis of the transformational leader’s virtue and short comings during the process of change.</p>

Thesis (M. Div.)--St. Vladimir's Orthodox Theological Seminary, 2006. / Abstract. Includes bibliographical references (leaves [61-63]).

Thesis (Ph. D.)--Ohio State University, 2007. / Title from first page of PDF file. Includes bibliographical references (p. 92-98).

Thesis (Ph. D.) University of Missouri-Columbia, 2006. / The entire dissertation/thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file (which also appears in the research.pdf); a non-technical general description, or public abstract, appears in the public.pdf file. Title from title screen of research.pdf file (viewed on August 1, 2007) Includes bibliographical references.

This thesis provides empirical evidence on the relation between concentrated ownership and the long term operating performance of acquiring firms. Large shareholders are generally viewed as beneficial monitors of corporate performance but high levels of concentration can lead to potential expropriation from minority shareholders via managerial entrenchment, tunneling, or sub-optimal investment decisions. This problem is potentially greater in firms with separation of voting and ownership rights. This thesis investigates the performance around takeovers in English origin countries other than the US by following the classification of La Porta, Lopez-de-Silanes, Shleifer and Vishny (1998). While generally considered similar to the US, these countries vary with respect to ownership concentration and investor protection. This thesis controls a broad set of corporate governance mechanisms including first generation governance measures like CEO positions, board characteristics, and other blockholders. Furthermore, this thesis also examines whether different degrees of second generation governance mechanisms such as anti-director rights, accounting standards, legal enforcement, and extra-legal institutions lead to different levels of M&A performance. In addition, this thesis includes the new legal indexes recently developed by Djankov, La Porta, Lopez-de-Silanes and Shleifer (2006); these measures have yet to be examined through empirical research. By using an accounting based methodology, this thesis presents Healy, Palepu and Ruback (1992) abnormal post cash flow return regression-based results and results of a change model (Ghosh 2001). Moreover, this thesis refers to the sample matching techniques in Barber and Lyon (1996) and develops the industry, size, and pre performance benchmark. The principal finding of this thesis is that M&A transactions should improve the long-term financial and operating performance of merging firms to reflect that accounting performance can capture real economic creations. After controlling for well documented governance mechanisms and deal characteristics, the relationship between concentrated ownership and the level and change in operating cash flow returns after takeovers is non-linear. Value creating deals are associated with higher levels of concentration consistent with decreasing agency costs as the large shareholder’s wealth invested in the acquiring firm increases. Further, separation of ownership and voting rights leads to greater value destruction; acquiring firms with controlling CEO make significant improvements in post acquisition performance after controlling pre-performance; and the presence of CEO-Chairman duality and board size are both significantly negatively associated with acquisition operating performance. This thesis also finds, although all acquiring firms are from English origin countries, that the greater investor protection, as measured by the initial anti-director right index in La Porta et al. (1998) and revised anti-director rights index in Djankov et al. (2006) has a positive impact on operating cash flow returns from acquisitions. However, this thesis does not document any differential performance with respect to the extra- legal systems of Dyck and Zingales (2004) and the anti-self-dealing index of Djankov et al. (2006).

abstract: This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and personal experience, and reduce the cost of information gathering for both firms. I find supporting evidence for these two non-mutually exclusive hypotheses. Consistent with the agency hypothesis, interlocked acquirers underperform non-interlocked acquirers by 2% during the announcement period. However, well-governed acquirers receive higher announcement returns and have better post-acquisition performance in interlocked deals. The proportional surplus accrued to an acquirer is positively correlated with the interlocking agent's ownership in the acquirer relative to her ownership in the target. Consistent with the information hypothesis, when the target's firm value is opaque, interlocks improve acquirer announcement returns and long-term performance. Interlocked acquirers are also more likely to use equity as payment, especially when the acquirer's stock value is opaque. Target announcement returns are not influenced by the existence of interlock. Finally, I find acquisitions are more likely to occur between two interlocked firms and such deals have a higher completion rate. / Dissertation/Thesis / Ph.D. Business Administration 2012

Many companies use mergers to achieve their growth goals or target technology position. To realise synergies that justify the merger transaction, an integration of the merged companies is often necessary. Such integartion takes place across company business areas (such as finance or sales) and across the layers of management consideration, which are strategy, human resources, organisation, processes, and information technology. In merger integration techniques, there is a significant gap regarding the management of operational level issues. Yet, especially for the finance business area, an integration of processes and information technology is of high importance and often required swiftly after the merger. The author therefore presents an approach designed for managing the operational level merger in the finance business area. To close the gap in considering operational level issues, the author has developed a model for integraring finance processes and information technology of merging companies. For such model development, literature resources have been used along with merger experiences of the author, and interviews with merger experts. Validation of the developed model has been conducted by using in-depth case studies for showing the effects of applying the model. Further validation interviews have been conducted to support the generality of the approach. Accommodating the significant increase of task complexity during mergers compared to normal business operation, the presented approach focuses on managing interdependencies instead of project detail. Features of this approach comprise: An organisational proposal to settinmg up merger programme management; An interdependency model, vertically interconnecting the finance business area with strategic and organisational merger decisions, and horizontally interconnecting the finance business area with other business areas. It could be shown that the presented model improves merger integration quality by reducing complexity of merger management. The model is most applicable for larger companies, and can be used in any merger phase.