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Author : Hitesh B. Patel
Publisher :
ISBN 13 :
Total Pages : 69 pages
Book Rating : 4.:/5 (426 download)
Download or read book Learning in Diversification Decisions and the Impact on Post-acquisition Performance written by Hitesh B. Patel and published by . This book was released on 1999 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (946 download)
Download or read book Exploring the Diversification Discount: A Focus on High-Technology Target Firms written by and published by . This book was released on 2003 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: When firms choose to acquire others, those acquisitions can either be considered diversifying or non-diversifying. Whether the firm diversifies or not has been shown to affect the post-acquisition performance of that firm. Past merger and acquisition (M & A) research has identified a "diversification discount" when firms diversify through M & A activity. However managers continue to diversify, posing the question, "Why do firms continue to diversify in the face of research indicating negative post-acquisition performance"? The answer may be found in that much of the past research has treated all acquisitions the same by analyzing a wide cross-section of acquisitions from industries of all types. This assumption may be wrong, as not all acquisitions are the same. The present research attempts to build on past research by analyzing only a single segment of M & A activity the high-technology industry between the years 1994 and 1998. In addition, this study differs from past research by analyzing firm post-acquisition performance over a longer three-year period. The present research did achieve significant results that may help eliminate some of the clouds over diversification's true impact on M & A activity. A "diversification discount" was identified by the present research, confirming the findings of much of the past M & A literature.
Author : Hema A. Krishnan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Top Management Team Complementarity's Impact on the Diversification-Performance Relationship written by Hema A. Krishnan and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examined the impact of complementary top management teams (defined as functional experience differences between the acquiring and acquired firms) on post-acqusition performance. Based on a sample of 147 acqusitions between 1986-88, we find that complementary backgrounds have a positive impact on post-acquisition performance in both related and unrelated acqusitions. Another major finding is that complementarity is negatively related amongst top management team turnover of acquired managers. Finally, top management team turnover among acquired managers is negatively related to post-acquisition performance.
Author : Malcolm S. Salter
Publisher : New York : Free Press
ISBN 13 :
Total Pages : 362 pages
Book Rating : 4.4/5 (91 download)
Download or read book Diversification Through Acquisition written by Malcolm S. Salter and published by New York : Free Press. This book was released on 1979 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael A. Hitt
Publisher : Oxford University Press
ISBN 13 : 0199923612
Total Pages : 241 pages
Book Rating : 4.1/5 (999 download)
Download or read book Mergers & Acquisitions written by Michael A. Hitt and published by Oxford University Press. This book was released on 2001-03-22 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999, MCI WorldComm and Sprint agreed to merge. Valued at $129 billion, this expected transaction was the largest in history. However, it fell victim to regulators in Europe concerned with the potential monopoly power of the merged firm. This M&A action was merely the latest in a growing trend of "blockbuster" mergers over the past several years. Once a phenomenon seen primarily in the United States, mergers and acquisitions are increasingly being pursued across national boundaries. In short, acquisition strategies are among the most important corporate-level strategies in the new millennium. The need for clear, complete, and up-to-date guide to successful mergers and acquisitions had never been greater. This book more than fills that need. Looking at successful--and unsuccessful--mergers and acquisitions in a number of different industries, Mergers and Acquisitions: A Guide to Creating Value explains how to conduct an acquisition and how to avoid pitfalls that have doomed many such ventures. The authors take the reader step-by-step through the process, starting with the elements of a successful merger, due diligence to ensure that the target firm is sound and fits well with the acquiring firm, and how mergers and acquisitions are financed. They move on to explore how firms find partners/targets for acquisitions that have complementary resources and how to find partners with which integration and synergy can be achieved. Finally, they discuss the potential hazards found in M&A's and how to avoid them, how to conduct successful cross-border acquisitions, and how to ensure that ethical principles aren't breached during the process. Based on 15 years of research, this essential guide goes beyond specific case studies to cover all aspects of these ventures, making it required reading for all managers seeking to build a successful strategy.
Author : John Paul Dory
Publisher :
ISBN 13 :
Total Pages : 274 pages
Book Rating : 4.3/5 (512 download)
Download or read book The Domestic Diversifying Acquisition Decision written by John Paul Dory and published by . This book was released on 1978 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (742 download)
Download or read book Exploring the Diversification Discount: A Focus on High-Technology Target Firms written by and published by . This book was released on 2003 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: When firms choose to acquire others, those acquisitions can either be considered diversifying or non-diversifying. Whether the firm diversifies or not has been shown to affect the post-acquisition performance of that firm. Past merger and acquisition (M & A) research has identified a "diversification discount" when firms diversify through M & A activity. However managers continue to diversify, posing the question, "Why do firms continue to diversify in the face of research indicating negative post-acquisition performance"? The answer may be found in that much of the past research has treated all acquisitions the same by analyzing a wide cross-section of acquisitions from industries of all types. This assumption may be wrong, as not all acquisitions are the same. The present research attempts to build on past research by analyzing only a single segment of M & A activity the high-technology industry between the years 1994 and 1998. In addition, this study differs from past research by analyzing firm post-acquisition performance over a longer three-year period. The present research did achieve significant results that may help eliminate some of the clouds over diversification's true impact on M & A activity. A "diversification discount" was identified by the present research, confirming the findings of much of the past M & A literature.
Author : Cary L. Cooper
Publisher : Emerald Group Publishing
ISBN 13 : 1786353938
Total Pages : 191 pages
Book Rating : 4.7/5 (863 download)
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 2016-07-15 with total page 191 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Mergers and Acquisitions stands out from the competition due to its focus on three key characteristics: studies from scholars in different countries, with different research questions, relying on different theoretical perspectives.
Author : Anna Cherkas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Understanding the Impact of CEO Motivations for M&As on Post-Acquisition Target Performance written by Anna Cherkas and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The market for mergers and acquisitions (M&As) is growing steadily, yet scholars claim that acquisitions can destroy a firm's value and reduce operating performance (King, Dalton, Daily, & Covin, 2004). Many researchers argue that top managers have personal motives to undertake M&As that can jeopardize the shareholders' gains (Morck, Shleifer, & Vishny, 1990). However, research has also demonstrated that managerial ownership of the firm tends to restrain managers from acting in their personal best interests (Datta, Iskandar‐Datta, & Raman, 2001; Bliss & Rosen, 2001). Higher compensation that CEOs receive after an acquisition and the reduction of the job-related risks by diversification into unrelated businesses are often cited as factors that lead to top managers' decision to undertake M&As (Harford & Li, 2007; Amihud & Lev, 1981). Despite such advances of knowledge in the current literature on M&As, it is still unclear how CEO motivations for an M&A are linked to post-acquisition underperformance of a target. To address this gap in the literature, this study examines the impact of self-serving motivations of top managers to undertake an M&A on the post-merger operating performance of a target firm. This study also investigates how CEO ownership affects the post-merger target performance. The results show that, on average, an increase in the total yearly compensation to CEOs does not have a significant impact on target performance one year after deal completion. Thus, large rewards granted to CEOs after M&As may not motivate them to achieve higher profits one year post-merger. Acquisition of an unrelated target, on the other hand, has a positive effect on target performance following a merger. This result provides evidence that CEO motives to diversify personal risks with an acquisition of unrelated targets do not impede post-acquisition profits. Findings also suggest that CEO stock ownership does not improve the post-merger operating performance of targets, mainly due to the very small equity stakes owned by CEOs (1.75% on average). This study contributes to the existing literature on the role of CEOs in understanding the post-M&A performance.
Author : Matthias Knecht
Publisher : Springer Science & Business Media
ISBN 13 : 3658026774
Total Pages : 365 pages
Book Rating : 4.6/5 (58 download)
Download or read book Diversification, Industry Dynamism, and Economic Performance written by Matthias Knecht and published by Springer Science & Business Media. This book was released on 2013-07-01 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: The decision to diversify lies at the core of corporate strategy and is one of the most important decisions for top management. Matthias Knecht introduces a new perspective on corporate diversification that extends the academic discussion and reveals substantial new insights with regards to one of the most pressing questions in strategic management: what makes a diversification strategy successful? The author introduces the dynamism of industries as the dominant force in the firm’s environment that influences the organization on all levels. Due to strategic, organizational, and managerial similarities of businesses competing in similar dynamic environments, synergistic benefits and superior economic performance can be realized through the combination of dynamic-related businesses in the corporate portfolio. This study provides a quantitative, multidimensional operationalization of industry dynamism and an in-depth assessment of the dynamism of a wide range of industries. At the core of the study lies the investigation of the performance impact of dynamic-related diversification strategies. The results provide new insights into successful portfolio construction strategies in the face of today’s dynamic environments.
Author : Ilaria Galavotti
Publisher : Springer
ISBN 13 : 3319949802
Total Pages : 355 pages
Book Rating : 4.3/5 (199 download)
Download or read book Experience and Learning in Corporate Acquisitions written by Ilaria Galavotti and published by Springer. This book was released on 2018-10-25 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses mergers and acquisitions within the broader framework of strategic decisions. Existing studies on corporate acquisitions have produced a variegated and inconclusive spectrum of findings on the strategic mechanisms that contribute to value creation. By building on the widespread recognition that firms substantially differ in their ability to carry out successful acquisitions, this book focuses on the diverse effects of experiential learning. A unique systematic literature review is provided, which thematically highlights the connections between various streams of research. The author aims to systematise our knowledge on experience and learning dynamics in corporate acquisitions, providing a detailed analysis of conceptual implications and presenting potential avenues for future exploration.
Author : David R. King
Publisher : Edward Elgar Publishing
ISBN 13 : 1035319071
Total Pages : 243 pages
Book Rating : 4.0/5 (353 download)
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.
Author : Lois M. Shelton
Publisher : Palala Press
ISBN 13 : 9781378150924
Total Pages : 40 pages
Book Rating : 4.1/5 (59 download)
Download or read book Strategic Business Fits and Corporate Acquisition: Empirical Evidence written by Lois M. Shelton and published by Palala Press. This book was released on 2018-02-20 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author : Sudarsanam
Publisher : Pearson Education India
ISBN 13 : 9788177588705
Total Pages : 622 pages
Book Rating : 4.5/5 (887 download)
Download or read book Creating Value From Mergers And Acquisitions written by Sudarsanam and published by Pearson Education India. This book was released on 2003-09 with total page 622 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hubert Gatignon
Publisher : Cambridge University Press
ISBN 13 : 9780521835718
Total Pages : 486 pages
Book Rating : 4.8/5 (357 download)
Download or read book The INSEAD-Wharton Alliance on Globalizing written by Hubert Gatignon and published by Cambridge University Press. This book was released on 2004-09-20 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt: The INSEAD-Wharton Alliance combines the insights of two leading global business schools to examine the forces that are driving firms to globalize, the consequences - positive and negative - that accompany increasing globalization, and their managerial and political implications. Written by experts in diverse management disciplines - including leadership, finance, marketing, and operations management - the book is an important contribution to contemporary business strategy. In contrast to strident and often heavily rhetorical debates, this volume focuses on the managerial strategies involved in globalizing businesses, including leadership, market entry and managing risks. The non-partisan treatment of the issues will be of interest to managers wrestling with the many challenges of globalizing, to policy makers interested in whether and how to either slow or to accelerate the process, and to those in non-governmental organizations concerned with understanding global business challenges.
Author : Sydney Finkelstein
Publisher : Emerald Group Publishing
ISBN 13 : 1787146928
Total Pages : 234 pages
Book Rating : 4.7/5 (871 download)
Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2017-07-03 with total page 234 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.
Author : Yaakov Weber
Publisher : Edward Elgar Publishing
ISBN 13 : 1781953651
Total Pages : 343 pages
Book Rating : 4.7/5 (819 download)
Download or read book Handbook of Research on Mergers and Acquisitions written by Yaakov Weber and published by Edward Elgar Publishing. This book was released on 2012-12-28 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the last four decades, researchers in various disciplines have been trying to explain the enduring paradox of the growing activity and volume of mergers and acquisitions (M&A), versus the high failure rate of M&A. This book explores how underlying concepts and methodologies contributes towards understanding M&A and its performance.
