Key success factors of cross-border acquisitions of Polish firms:
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Poznań
Wydawn. Wyższej Szkoły Bankowej
2005
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 429 S. graph. Darst. |
| ISBN: | 8372052190 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | Witold Nowinski
KEY SUCCESS FACTORS
OF CROSS-BORDER ACQUISITIONS
OF POLISH FIRMS
l u
Wydawnictwo
Wyzszej Szkoly Bankowej
Poznan 2005
IX
List of contents
List of Abbreviations XIII
List of Figures XVI
List of Appendices XVII
1 Introduction 19
Part I Conceptual background 27
2 The concept of M amp;A 27
2 1 Mergers 27
2 2 Acquisitions 29
2 3 Typology of M amp;A transactions 30
2 4 Summary 39
3 M amp;A motives 41
3 1 Review of theories explaining motives of mergers and acquisitions
311 Acquisition motives - a contingency approach 54
312 Motives of cross-border acquisitions 58
3 2 Sellers motives in mergers and acquisitions 68
321 Divestiture reasons and motives 68
322 Privatization motives 73
323 Specific features of privatization in post-communist
economies 76
324 Goals of privatization in Poland 77
3 3 Summary 79
4 Transformation of the Polish economy and its consequences for the
M amp;A market 81
4 1 Institutional background of M amp;A processes in Poland 81
4 2 Overview of economic processes in Poland since the beginning of
transition 85
4 3 Economic outlook 87
4 4 FDI inflows into Poland 88
4 5 Privatization and restructuring processes in Poland 90
4 6 M amp;A transactions in the private sector 95
4 7 Forecasts of M amp;A market developments in Poland 98
X
4 8 Summary 100
Part II Theoretical foundations 103
5 Pre-acquisition processes 103
5 1 Target identification and strategic analysis 103
511 Macro analysis 107
512 Industry level analysis 109
513 Company analysis 117
5 2 Due diligence 123
521 Goals and methods of due diligence 124
522 Legal framework of due diligence 125
523 Scope of due diligence 125
5 3 Valuation in acquisitions 130
531 Valuation functions 131
532 Valuation techniques 132
533 Valuation in Poland 137
534 The price and the acquisition s success 138
5 4 Summary 139
6 Post-acquisition processes 141
6 1 Pre-acquisition determinants of the integration process 142
6 2 Determinants of the degree of integration 145
6 3 Integration problems and facilitating mechanisms 153
6 4 Handling people problems in post-acquisition integration 156
641 Communication 157
642 Cultural differences in acquisitions 158
643 Socialization 161
6 5 Summary 162
7 Cross-border acquisitions in light of international business theory 165
7 1 The eclectic (OLI) paradigm of FDI 165
7 2 Internationalization theory 169
721 Empirical tests and critique of the internationalization model
722 Validity of the internationalization model in CEE 175
7 3 The internalization theory 176
7 4 The resource-base view (RBV) and international business 184
XI
7 5 Summary 189
8 M amp;A processes in CEE and Poland 191
8 1 Previous research on determinants of success in cross-border
acquisitions in CEE 191
8 2 Hypotheses on KSFs in cross-border acquisitions of Polish firms 200
821 Acquirer s capabilities 202
822 Targets market share 205
823 Fit between the acquiring firm and the target firm 207
824 Transaction conditions 212
825 The role of restructuring 214
826 The role of integration 219
827 Human resource management in cross-border acquisitions 222
828 The role of experts in the acquisition process 224
8 3 Differences between expert groups 226
8 4 Hypotheses regarding future changes of KSFs 228
Part III Empirical research 233
9 Survey methodology 233
9 1 Sample choice: 234
9 2 Questionnaire survey 236
921 Conduct of questionnaire research 237
922 Response rate 238
9 3 Interview survey 239
10 Discussion of empirical findings 241
10 1 Relative importance of key success factors 241
10 1 1 Statistical test of the relevance of analyzed KSFs 241
10 1 2 Interpretation of the relative importance of KSFs 244
10 1 3 Additional key success factors 263
10 1 4 Relationships between KSFs 265
10 1 5 Key findings concerning acquisition KSFs 271
10 2 The impact of professional background on evaluation of
acquisition KSFs 274
10 2 1 Analytical procedure 274
10 2 2 Interpretation 278
XII
10 2 3 Key findings regarding differences in assessing KSF
importance by different expert groups 282
10 3 Analysis of potential changes in the relevance of KSFs 283
10 3 1 Results 285
10 3 2 Interpretation 288
10 3 3 Key findings concerning possible evolution of KSF
relevance 295
11 Key findings and conclusions 297
Appendix 305
Bibliography 403
|
| adam_txt |
Witold Nowinski
KEY SUCCESS FACTORS
OF CROSS-BORDER ACQUISITIONS
OF POLISH FIRMS
l u
Wydawnictwo
Wyzszej Szkoly Bankowej
Poznan 2005
IX
List of contents
List of Abbreviations XIII
List of Figures XVI
List of Appendices XVII
1 Introduction 19
Part I Conceptual background 27
2 The concept of M amp;A 27
2 1 Mergers 27
2 2 Acquisitions 29
2 3 Typology of M amp;A transactions 30
2 4 Summary 39
3 M amp;A motives 41
3 1 Review of theories explaining motives of mergers and acquisitions
311 Acquisition motives - a contingency approach 54
312 Motives of cross-border acquisitions 58
3 2 Sellers' motives in mergers and acquisitions 68
321 Divestiture reasons and motives 68
322 Privatization motives 73
323 Specific features of privatization in post-communist
economies 76
324 Goals of privatization in Poland 77
3 3 Summary 79
4 Transformation of the Polish economy and its consequences for the
M amp;A market 81
4 1 Institutional background of M amp;A processes in Poland 81
4 2 Overview of economic processes in Poland since the beginning of
transition 85
4 3 Economic outlook 87
4 4 FDI inflows into Poland 88
4 5 Privatization and restructuring processes in Poland 90
4 6 M amp;A transactions in the private sector 95
4 7 Forecasts of M amp;A market developments in Poland 98
X
4 8 Summary 100
Part II Theoretical foundations 103
5 Pre-acquisition processes 103
5 1 Target identification and strategic analysis 103
511 Macro analysis 107
512 Industry level analysis 109
513 Company analysis 117
5 2 Due diligence 123
521 Goals and methods of due diligence 124
522 Legal framework of due diligence 125
523 Scope of due diligence 125
5 3 Valuation in acquisitions 130
531 Valuation functions 131
532 Valuation techniques 132
533 Valuation in Poland 137
534 The price and the acquisition's success 138
5 4 Summary 139
6 Post-acquisition processes 141
6 1 Pre-acquisition determinants of the integration process 142
6 2 Determinants of the degree of integration 145
6 3 Integration problems and facilitating mechanisms 153
6 4 Handling people problems in post-acquisition integration 156
641 Communication 157
642 Cultural differences in acquisitions 158
643 Socialization 161
6 5 Summary 162
7 Cross-border acquisitions in light of international business theory 165
7 1 The eclectic (OLI) paradigm of FDI 165
7 2 Internationalization theory 169
721 Empirical tests and critique of the internationalization model
722 Validity of the internationalization model in CEE 175
7 3 The internalization theory 176
7 4 The resource-base view (RBV) and international business 184
XI
7 5 Summary 189
8 M amp;A processes in CEE and Poland 191
8 1 Previous research on determinants of success in cross-border
acquisitions in CEE 191
8 2 Hypotheses on KSFs in cross-border acquisitions of Polish firms 200
821 Acquirer's capabilities 202
822 Targets' market share 205
823 Fit between the acquiring firm and the target firm 207
824 Transaction conditions 212
825 The role of restructuring 214
826 The role of integration 219
827 Human resource management in cross-border acquisitions 222
828 The role of experts in the acquisition process 224
8 3 Differences between expert groups 226
8 4 Hypotheses regarding future changes of KSFs 228
Part III Empirical research 233
9 Survey methodology 233
9 1 Sample choice: 234
9 2 Questionnaire survey 236
921 Conduct of questionnaire research 237
922 Response rate 238
9 3 Interview survey 239
10 Discussion of empirical findings 241
10 1 Relative importance of key success factors 241
10 1 1 Statistical test of the relevance of analyzed KSFs 241
10 1 2 Interpretation of the relative importance of KSFs 244
10 1 3 Additional key success factors 263
10 1 4 Relationships between KSFs 265
10 1 5 Key findings concerning acquisition KSFs 271
10 2 The impact of professional background on evaluation of
acquisition KSFs 274
10 2 1 Analytical procedure 274
10 2 2 Interpretation 278
XII
10 2 3 Key findings regarding differences in assessing KSF
importance by different expert groups 282
10 3 Analysis of potential changes in the relevance of KSFs 283
10 3 1 Results 285
10 3 2 Interpretation 288
10 3 3 Key findings concerning possible evolution of KSF
relevance 295
11 Key findings and conclusions 297
Appendix 305
Bibliography 403 |
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