Reasons for frequent failure in mergers and acquisitions: a comprehensive analysis
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Wiesbaden
Dt. Univ.-Verl.
2007
|
| Edition: | 1. Aufl. |
| Series: | Gabler-Edition Wissenschaft
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Item Description: | Zugl.: Genf, Univ., Diss., 2006 |
| Physical Description: | XIV, 227 S. graph. Darst. 21 cm |
| ISBN: | 9783835008441 3835008447 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Table
of Contents
1
Introduction
.......................................................................................................1
1.1
Research Interest
.........................................................................................4
1.2
Research Objectives
....................................................................................6
1.3
Foundation of a Comprehensive Model
........................................................8
1.4
Comprehensive Model and Hypothesis
........................................................9
1.5
Research Methodology
..............................................................................11
1.6
Structure
.....................................................................................................12
2
Literature Review
............................................................................................15
2.1
Definitions
..................................................................................................15
2.2
Prior research on M&As performance
.......................................................18
2.3
Rationale for mergers and acquisitions
......................................................37
2.4
Conclusion
.................................................................................................62
3
Why M&A fail so often
-
a comprehensive model
.........................................63
3.1
Criticism of traditional approaches
.............................................................63
3.2
A comprehensive M&A model and hypothesis
...........................................93
3.3
Conclusion
...............................................................................................101
4
Research Methodology
.................................................................................103
4.1
Research design
......................................................................................103
4.2
Questionnaire development
.....................................................................109
4.3
Survey implementation
.............................................................................123
4.4
Sample demographics
..............................................................................126
4.5
Analysis of data
........................................................................................129
4.6
Conclusion
...............................................................................................140
5
Research Findings
........................................................................................141
5.1
Determinant analysis
................................................................................143
5.2
Outer model analysis
................................................................................166
5.3
Inner model analysis
................................................................................174
5.4
Implications
..............................................................................................178
IX
6
Conclusions
...................................................................................................183
6.1
Discussions
of the
major
findings
.............................................................183
6.2
Limitations
of the research
.......................................................................190
6.3
Suggestions for Future Research
.............................................................192
6.4
Concluding Remarks
................................................................................193
7
Annex
.............................................................................................................195
8
References
.....................................................................................................201
Despite the goal of performance improvement, results from
mergers and acquisitions (M&A) are often disappointing.
Numerous empirical studies show high failure rates of M&A
deals. Studies are mostly focused on individual determi¬
nants. The literature therefore lacks a more comprehensive
framework that includes different perspectives.
Using four statistical methods, Thomas
Sträub
shows that
M&A performance is a multi-dimensional function. For a
successful deal, the following key success factors should
betaken into account:
•
Strategic logic which is reflected by six determinants:
market similarities, market complementarities, operational
similarities, operational complementarities, market power,
and purchasing power.
•
Organizational integration which is reflected by three
determinants: acquisition experience, relative size, cul¬
tural compatibility.
•
Financial
/
price perspective which is reflected by three
determinants: acquisition premium, bidding process, and
due diligence.
All
12
variables are presumed to affect performance either
positively or negatively. Post-M&A performance is meas¬
ured by synergy realization, relative performance (compared
to competition), and absolute performance.
This book is essential reading for researchers and students
in the fields of Economics and Business Administration
with a focus on quantitative and comprehensive research
in Strategic Management, Organizational Behavior, Finance,
and M&A performance. It is also of interest to professionals
concerned with the management of M&A, Restructuring,
Takeover, and Change Management.
|
| adam_txt |
Table
of Contents
1
Introduction
.1
1.1
Research Interest
.4
1.2
Research Objectives
.6
1.3
Foundation of a Comprehensive Model
.8
1.4
Comprehensive Model and Hypothesis
.9
1.5
Research Methodology
.11
1.6
Structure
.12
2
Literature Review
.15
2.1
Definitions
.15
2.2
Prior research on M&As' performance
.18
2.3
Rationale for mergers and acquisitions
.37
2.4
Conclusion
.62
3
Why M&A fail so often
-
a comprehensive model
.63
3.1
Criticism of traditional approaches
.63
3.2
A comprehensive M&A model and hypothesis
.93
3.3
Conclusion
.101
4
Research Methodology
.103
4.1
Research design
.103
4.2
Questionnaire development
.109
4.3
Survey implementation
.123
4.4
Sample demographics
.126
4.5
Analysis of data
.129
4.6
Conclusion
.140
5
Research Findings
.141
5.1
Determinant analysis
.143
5.2
Outer model analysis
.166
5.3
Inner model analysis
.174
5.4
Implications
.178
IX
6
Conclusions
.183
6.1
Discussions
of the
major
findings
.183
6.2
Limitations
of the research
.190
6.3
Suggestions for Future Research
.192
6.4
Concluding Remarks
.193
7
Annex
.195
8
References
.201
Despite the goal of performance improvement, results from
mergers and acquisitions (M&A) are often disappointing.
Numerous empirical studies show high failure rates of M&A
deals. Studies are mostly focused on individual determi¬
nants. The literature therefore lacks a more comprehensive
framework that includes different perspectives.
Using four statistical methods, Thomas
Sträub
shows that
M&A performance is a multi-dimensional function. For a
successful deal, the following key success factors should
betaken into account:
•
Strategic logic which is reflected by six determinants:
market similarities, market complementarities, operational
similarities, operational complementarities, market power,
and purchasing power.
•
Organizational integration which is reflected by three
determinants: acquisition experience, relative size, cul¬
tural compatibility.
•
Financial
/
price perspective which is reflected by three
determinants: acquisition premium, bidding process, and
due diligence.
All
12
variables are presumed to affect performance either
positively or negatively. Post-M&A performance is meas¬
ured by synergy realization, relative performance (compared
to competition), and absolute performance.
This book is essential reading for researchers and students
in the fields of Economics and Business Administration
with a focus on quantitative and comprehensive research
in Strategic Management, Organizational Behavior, Finance,
and M&A performance. It is also of interest to professionals
concerned with the management of M&A, Restructuring,
Takeover, and Change Management. |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
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| dewey-ones | 338 - Production |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. Aufl. |
| format | Book |
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| index_date | 2024-07-02T18:55:37Z |
| indexdate | 2024-07-09T21:07:59Z |
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| isbn | 9783835008441 3835008447 |
| language | English |
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| physical | XIV, 227 S. graph. Darst. 21 cm |
| publishDate | 2007 |
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| spelling | Straub, Thomas 1973- Verfasser (DE-588)133263495 aut Reasons for frequent failure in mergers and acquisitions a comprehensive analysis Thomas Straub 1. Aufl. Wiesbaden Dt. Univ.-Verl. 2007 XIV, 227 S. graph. Darst. 21 cm txt rdacontent n rdamedia nc rdacarrier Gabler-Edition Wissenschaft Zugl.: Genf, Univ., Diss., 2006 Mergers and Acquisitions (DE-588)4205916-1 gnd rswk-swf Erfolgsfaktor (DE-588)4197034-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Mergers and Acquisitions (DE-588)4205916-1 s Erfolgsfaktor (DE-588)4197034-2 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016138865&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016138865&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Straub, Thomas 1973- Reasons for frequent failure in mergers and acquisitions a comprehensive analysis Mergers and Acquisitions (DE-588)4205916-1 gnd Erfolgsfaktor (DE-588)4197034-2 gnd |
| subject_GND | (DE-588)4205916-1 (DE-588)4197034-2 (DE-588)4113937-9 |
| title | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis |
| title_auth | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis |
| title_exact_search | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis |
| title_exact_search_txtP | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis |
| title_full | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis Thomas Straub |
| title_fullStr | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis Thomas Straub |
| title_full_unstemmed | Reasons for frequent failure in mergers and acquisitions a comprehensive analysis Thomas Straub |
| title_short | Reasons for frequent failure in mergers and acquisitions |
| title_sort | reasons for frequent failure in mergers and acquisitions a comprehensive analysis |
| title_sub | a comprehensive analysis |
| topic | Mergers and Acquisitions (DE-588)4205916-1 gnd Erfolgsfaktor (DE-588)4197034-2 gnd |
| topic_facet | Mergers and Acquisitions Erfolgsfaktor Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016138865&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016138865&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT straubthomas reasonsforfrequentfailureinmergersandacquisitionsacomprehensiveanalysis |