Download or read book Predicting Post acquisition Performance written by David R. King and published by . This book was released on 2002 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Merger and acquisition (M&A) activity represents a major force in the global business environment, whether measured by the number or the value of deals. Even though existing research finds acquisitions, on average, do not improve firm performance, the dominant explanation for why firms pursue acquisitions is that they seek increased performance. There is a recognized need to model post-acquisition performance to help distinguish between acquisitions that will fail and those that will succeed. By addressing methodological shortcomings in existing post-acquisition performance research, the present research develops a model for predicting when acquisitions of high-technology targets result in improved performance. Implications for both theory and managerial practice are identified.

Download or read book Acquisition in Unlisted Target Analyst Forecast and Post acquisition Performance written by 蔡明澤 and published by . This book was released on 2013 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2013-07-24 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume brings together the best research in acquisition strategy by leading scholars in the field of mergers and acquisitions. Important new findings in this volume detail how cultural considerations and differences help to predict the success or failure of an acquisition strategy.

Download or read book Predicted Change in Operational Synergy and Post acquisition Performance of Acquired Businesses written by Thomas H. Brush and published by . This book was released on 1994 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Predicting Success written by A. D. Cosh and published by . This book was released on 1990 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Are Acquisitions Worthwhile An Empirical Study of the Post Acquisition Performance of Privately Held Belgian Companies Involved in Take Overs written by Tine De Langhe and published by . This book was released on 2001 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Few studies have addressed the performance of smaller unquoted companies involved in take-overs, especially in the Continental European countries. Therefore this study addresses the post-take-over financial characteristics of privately held companies involved in 143 Belgian take-overs between 1992 and 1994. Specifically, this paper examines the financial performance of the acquiring firm after the take-over, using statistical analysis of industry-adjusted variables. Our findings show that following the take-over, the profitability, the solvency and the liquidity of most of the combined companies decline. This decline is also reflected in the failure prediction scores. With respect to the added value, take-overs are found to be accompanied by increases in the labour productivity, caused by the general improvement of gross added value per employee of Belgian companies in the last ten years and partly caused by laying off the target's workers. So it seems that, contrary to the general expectations and beliefs, take-overs usually do not seem to improve the acquirer's financial performance.

Download or read book Enhancing Post acquisition Organisational Performance written by Athina Vasilaki and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the issues that post-acquisition integration fails to achieve the intended benefits is attributed to poor leadership (Covin et al, 1997; Graebner, 2004; Haspeslagh and Jemison, 1991; Javidan et al, 2004; Nemanich and Keller, 2007; Marks and Mirvis, 1998; Pablo, 1994; Sitkin and Pablo, 2004). These studies point to the fact that effective leadership will lead to the harmonisation of the post-acquisition integration process and that in turn will yield enhanced acquisition performance. However, the association between leadership and post-acquisition performance is not clear, as it is a phenomenon that has not been studied thoroughly and the existing studies indicate conflicting results. Moreover, this association is often complicated by various influences such as the intended level of integration of the two entities, as well as a range of contingency factors such as the motives of the acquisition, acquisition experience, size and relatedness (Birkinshaw et al, 2000; Chatterjee et al, 1992; Datta, 1991; Weber, 1996). Therefore, against this background the main aim of this study is to investigate the relationship between leadership and post-acquisition organisational performance. The objectives of this study arc; (a) to extend the literature on leadership-performance relationship in dynamic environments by empirically investigating the extent to which leadership influences performance in the context of acquisitions, (b) to establish how leadership styles act as a determinant of performance under different acquisition conditions. In meeting this objective the companies that were selected were from both the service and manufacturing industries and had engaged in both domestic and cross-border acquisitions, (c) to establish the extent the relationship between leadership style and performance is contingent upon the degree of integration adopted by the acquiring firm. In meeting this objective this study seeks to further integrate the study of leadership with the literature on the acquisition process. In order to meet these objectives a thorough review of the literature on the post-acquisition integration process was carried out. This review revealed that there are four schools of thought in the literature. After a critical assessment, it was concluded that this study will focus on the process school of thought but will also draw from the organisational behaviour school of thought and the culture school. This enables for a multidisciplinary assessment of the predictors of performance and the role that leadership plays in this context. Established constructs were used to assess the predictors and performance was measured by employing both financial and non-financial indicators overcoming limitations that were present in the literature. This mixture of indicators will allow for a more coherent assessment of performance moving away from the traditional finance literature that has dominated M & A research. The study's variables are: the motives for the acquisition, relatedness (organisational. strategic and organisational culture fit), relative size, previous acquisition experience, transfer of resources, capabilities and knowledge, leadership styles and post-acquisition organisational performance. To identify potential respondents for participation in the study certain criteria were established. The total population that met these criteria was 764. The response level consists of 139 acquisitions (18.7%) and is satisfactory. In order to investigate this relationship multiple and hierarchical regression analyses were used. To meet the second objective the sample was split into two sub-groups according to their industrial classification and market/geographic relatedness. To meet the third objective the sample was divided according to the degree of integration between the acquiring and the target organisation. Finally, backward deletion regression was used to find out the most significant determinants of post-acquisition organisational behaviour in different settings. The results from testing the first objective indicated that leadership has an important role in managing the post-acquisition integration process and enhancing post-acquisition organisational performance. Moreover, following Bass's (1985) classification of leadership styles further investigation of what attributes constitute an effective leader in the post-acquisition integration process were assessed. The results from testing the second and third objective indicated that in different settings different emphasis on leadership will be placed. It was found that in domestic acquisitions leadership does not emerge as a predictor of performance whereas, in cross-border acquisitions leadership has a significant role in achieving higher results. Similarly, in manufacturing firms there were other significant predictors of performance and not leadership, whereas, in service firms leadership was the most significant predictor. The reasons for these differences arc explicitly analysed in the implications of this study. This research contributes to the existing body of knowledge in four distinct areas. It covers the gap in the literature regarding the role of leadership in enhancing post-acquisition organisational performance. It extends and further contributes to the understanding of the process school of thought in acquisitions. It also provides an integrated model of measuring post-acquisition organisational performance combining both financial and non-financial indicators. Finally, it contributes to the literature on the relationship between leadership and performance in dynamic environments. Few studies have focused on this relationship and most of them have been conducted in stable environments (Bass et al, 2003; Nemanich and Keller, 2007) and not in dynamic processes such as an acquisition. This study has successfully placed the study of leadership within the literature on the acquisition process.

Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2018-05-18 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: The chapters published in this volume provide cutting edge ideas by leading scholars, and help to inform mergers and acquisitions research around the world.

Download or read book Predictive Power written by Philip E. Morgan and published by . This book was released on 2018 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern corporations utilize mergers and acquisitions as strategies to develop shareholder value today more than ever before, yet the need for understanding firms’ rationale and strategy is critical in predicting post-merger stock performance for all investors. I apply the interpretive power of textual analysis and regression to a corpus of SEC mergers and acquisitions public company filings between 1994-2017. Not only do I challenge the statistically significant correlation between word content and post-transaction abnormal stock returns, but I also characterize the effects of time segments, transaction size, and industry variation across time. As a final application, I consider sentiment analysis using Diction software packages across the corpus, and measure correlation across economic cycles to assess post-filing stock performance.

Download or read book The Handbook of Mergers and Acquisitions written by David Faulkner and published by OUP Oxford. This book was released on 2012-06-07 with total page 774 pages. Available in PDF, EPUB and Kindle. Book excerpt: With its inception at the end of the nineteenth century as a means of consolidation and reorganization, mergers and acquisitions (M&A) have since become quasi-institutionalized as one of the primary strategic options for organizations, as they seek to secure their position in an ever more competitive and globalizing market place. Despite the optimism surrounding M&A as strategic moves, research on post-merger company performance suggests that most firms engaging in M&A activity do not achieve the sought-after performance targets, either immediately or in the years following the deal. What is it that drives M&A activity when research results do not support the performance expectations of these undertakings? Alternatively, have M&A scholars got it all wrong in the way that M&A performance is measured? Is the topic too complex, enduring, and multifaceted to study? The Handbook argues that the field of M&A is in need of a re-rooting: past research needs to be critically reviewed, and fundamental assumptions revisited. A key issue preventing efforts in the practice and study of M&A from achieving dynamic syntheses has been the disciplinary gulf separating strategy, finance, and human relations schools. The Handbook aims to bridge the hitherto separate disciplines engaged in the study and practice of M&A to provide more meaningful results. Toward this end, the Handbook brings together a set of prominent and emerging scholars and practitioners engaged in the study of M&A to provide thought-provoking, state of the art overviews of M&A through four specific 'lenses' - strategic, financial, socio-cultural, and sectorial approaches. By summarizing key findings in current research and exploring ways in which the differing approaches could and should be 'synthesized', it aims to highlight the key issues facing M&A practitioners and academics at the dawn of the third millennium.

Download or read book Information Revelation in Merger Waves written by Pablo Moran and published by . This book was released on 2017 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the hypothesis that, during merger waves, a bidder's actions are informative for other bidders and the market. I develop a real options model to explore the interplay between acquisition timing and the market reaction to these events in the context of merger waves. The model predicts a pattern of declining announcement returns along the merger wave and novel forms of contagion returns. I take these contagion predictions to the data in a sample of U.S. industries that underwent regulatory changes in the 1990s. Consistent with the model's predictions, I find that the dispersion in bidders' post-acquisition performance declines along the merger wave and that the start of a merger wave is associated with an increase (decrease) in the conditional correlation of bidders' stock returns and the stock returns of other bidders (a broad stock index). These theoretical and empirical results suggest that a rich set of channels of contagion returns and deal anticipation are at play during merger waves.

Download or read book Advances in Mergers and Acquisitions written by Cary L. Cooper and published by Emerald Group Publishing. This book was released on 2012-01-02 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focuses on the studies of the advances in mergers and acquisitions from scholars in different countries, with different research questions, relying on different theoretical perspectives. This title helps scholars think about mergers and acquisitions in different ways.

Download or read book Value Creation in Mergers Acquisitions and Alliances written by Kathrin Bösecke and published by Springer Science & Business Media. This book was released on 2009-09-30 with total page 203 pages. Available in PDF, EPUB and Kindle. Book excerpt: Kathrin Bösecke analyses the factors that determine the success of business combinations. Based on her analysis of 126 acquisitions and 66 alliances in the European utility industry, she identifies the origin of the participating firms as well as the target country as essential determinants of value creation.

Download or read book A Research Agenda for Mergers and Acquisitions written by David R. King and published by Edward Elgar Publishing. This book was released on 2024-05-02 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Research Agenda poses unique questions and perspectives on how to generate impactful research on mergers and acquisitions. Bringing together a mix of established and emerging scholars, it outlines how future research in the field can enable managers to make better decisions and improve mergers and acquisition success.

Download or read book Investigating the Integration of Acquired Firms in High Technology Industries Implications for Industrial Policy written by and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acquisition activity persists despite evidence that acquisitions do not improve firm performance. Further government policy toward the defense industry has advocated consolidation in the name of nominal cost savings. We explore the role acquisitions play toward technology transfer and begin to identify factors associated with acquisition success through a review of existing research on post-acquisition performance that primarily considers acquiring firm stock performance. Using this research as a foundation we build a model to analyze post-acquisition performance using a sample of high-technology firms. Results suggest critical success factors associated with post-acquisition stock performance are poorly understood. We conclude that proactive government policy toward high-technology industry mergers and acquisitions may be misguided due to difficulty in predicting acquisition outcomes.

Download or read book Knights Raiders and Targets written by John C. Coffee and published by Oxford University Press. This book was released on 1988 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mergers Acquisitions written by Annette Risberg and published by Routledge. This book was released on 2013-04-15 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mergers and acquisitions remain one of the most common forms of growth, yet they present considerable challenges for the companies and management involved. The effects on stakeholders, including shareholders, managers and employees, must be considered as well as the wider implications for the economy, the level of competition and employment. By drawing on classic research perspectives and placing them alongside more recent alternatives, this book provides readers with a focused yet far-reaching introduction to the study of M&As. Each paper is set in context by editorial commentaries and reflects the important organizational and behavioural aspects which have often been ignored in the past. By providing this in-depth understanding of the mergers and acquisitions process, the reader understands, not only how and why mergers and acquisitions occur, but also the broader implications for organizations. The book is structured clearly into sections concerned with the issues that arise before, during and after the mergers and acquisitions process including motives and planning, partner selection, integration, employee experiences and communication. A unique collection of selected readings and contextualising commentary, this volume will greatly appeal to MBA and graduate students as well as experienced practitioners.