Artykuły w czasopismach na temat „Acquisition”
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Li, Yingmei, Yona Kwon i Seungho Choi. "The Effect of the Acquisition Rate on Post-Acquisition Innovation". Sci 6, nr 3 (1.07.2024): 37. http://dx.doi.org/10.3390/sci6030037.
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Technology acquisitions are one of the most common growth strategies for firms. Firms that have made multiple acquisitions in the past are more likely to make new ones. With previous M&A experience, firms are more likely to make acquisitions. The acquisition rate is the total number of acquisitions a firm has made at a given time. In technology acquisition, the acquisition rate affects innovative firm performance. The more frequent acquisitions a firm makes, the less innovative performance will occur. A high acquisition rate negatively affects post-acquisition performance by dominating the attention of decision-makers and overloading the firm. During the process, there needs to be structural integration between the acquirer and the target firm. This study empirically analyzes 380 cases of technology acquisitions of U.S. publicly traded companies from 1990 to 2005. The results show that a high acquisition rate is negatively related to the post-acquisition innovation performance of the acquirer. Although structural integration has no impact on the negative relationship between post-acquisition performance and acquisition rate, considering the acquisition rate when pursuing M&A allows acquiring firms to avoid detrimental consequences.
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Hutzschenreuter, Thomas, Ingo Kleindienst i Michael Schmitt. "How mindfulness and acquisition experience affect acquisition performance". Management Decision 52, nr 6 (8.07.2014): 1116–47. http://dx.doi.org/10.1108/md-07-2013-0376.
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Purpose – The purpose of this paper is to provide insights to the impact of acquisition experience from prior acquisitions on the performance of subsequent ones. The authors base the analysis on the concept of mindfulness which has recently gained increasing attention in organizational learning theory. The aim is to extend prior research on mindfulness in organizational learning by empirically addressing how mindfulness in knowledge transfer affects task performance in the context of a rare organizational event, i.e. an acquisition, and how it is moderated by the conditions surrounding that event. Design/methodology/approach – Employing a path-related approach, the authors analyzed large acquisitions of multiple US acquirers in a sequence to be able to clearly identify feedback from preceding acquisitions on subsequent ones. The authors adopt individual acquisition events as the unit of analysis to demonstrate the effect of mindfulness on task performance, and follow the widely used approach of measuring acquisition performance by abnormal stock market returns around the time of an acquisition announcement. Findings – The analysis reveals an alternating relationship between an acquirer's acquisition experience and its acquisition performance. This relationship is positively moderated by an acquirer's cash reserves and by the temporal spacing of its acquisitions, but negatively moderated by an acquirer's market-to-book value. Originality/value – Path-related approaches are rarely used in the mergers & acquisitions literature. The paper is based on the concept of mindfulness and identifies an up to now unrecognized pattern in the performance of multiple acquisitions.
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Szypko, Andrzej. "THE COMPLEXITY OF THE ACQUISITION - THE ACQUISITION ALGORITHM". sj-economics scientific journal 9 (30.12.2011): 81–88. http://dx.doi.org/10.58246/sjeconomics.v9i.464.
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External growth of enterprise is a popular way to increase business. Quantity and value of mergers and acquisitions (Mergers and Acquisitions - M & A) increases. However the acquisition of expensive investment. Unfortunately, the high is the quantity of failed acquisitions. It is the result of errors in the complicated process of joining. This article, based on an analysis of the specialist literature, present the complexity of the acquisition and demonstrates the general algorithm for carrying out acquisition. Such an investment, aims at mobilization of efforts for the improvement of the efficiency of its execution. Having a plan, taking into account best practices, increases the chances of success of the acquisition.
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Alessandri, Todd, Daniele Cerrato i Donatella Depperu. "Organizational slack, experience, and acquisition behavior across varying economic environments". Management Decision 52, nr 5 (10.06.2014): 967–82. http://dx.doi.org/10.1108/md-11-2013-0608.
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Purpose – The purpose of this paper is to examine the effects of the organizational slack and acquisition experience on acquisition behavior across varying environmental conditions. Drawing from behavioral theory and the threat-rigidity hypothesis, the paper explores firm acquisition behavior, in terms of type of acquisitions, before and during the recent economic downturn. Design/methodology/approach – Using data on 385 acquisitions in Italy in the period 2007-2010, the paper tests hypotheses on how organizational slack and acquisition experience influence the likelihood of cross-border and diversifying acquisitions relative to domestic, non-diversifying acquisitions prior to and during the economic downturn. Findings – Results suggest that the availability of financial resources and acquisition experience both have an important influence on acquisition behavior. Firms with greater slack and acquisition experience were more likely to make diversifying and/or cross-border acquisitions, compared to domestic non-diversifying acquisitions, particularly during an economic downturn, than firms with lower levels of slack and acquisition experience. Originality/value – The paper extends behavioral theory and threat-rigidity hypothesis, highlighting their applicability to acquisition behavior across varying economic conditions. Slack resources and acquisition experience appear to be particularly salient during challenging economic times.
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Fuad, Mohammad, Vinod Thakur i Ashutosh Kumar Sinha. "Family firms and their participation in cross-border acquisition waves: evidence from India". Cross Cultural & Strategic Management 28, nr 4 (6.07.2021): 791–814. http://dx.doi.org/10.1108/ccsm-05-2020-0107.
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PurposeFrom the socioemotional wealth (SEW) perspective, family firms prioritize non-financial goals and show risk averse behaviour towards conducting acquisitions. In this paper, we study family firms' acquisitive behaviour while participating in CBA waves. Scholars have largely treated the cross border acquisition (CBA) wave and non-wave environments as homogeneous. We theorize that these two environments differ in their uncertainty and risk profiles on account of temporal clustering of acquisition deals. Accordingly, based on the SEW perspective, we examine the preference of family firms to participate in CBA waves.Design/methodology/approach The paper is based on CBAs conducted by Indian family firms between 2000 and 2018. These waves are identified by conducting a simulation based methodology.FindingsOur findings suggest that foreign institutional ownership, firm age and acquisition relatedness moderate the relationship between family control and participation in CBA waves.Originality/valueOur paper contributes towards the acquisitive behavior of family firms and their participation in CBA waves.
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Zhang, Luyue. "Acquisition Analysis: Evidence from Disney's Acquisition of Fox". BCP Business & Management 47 (10.07.2023): 129–38. http://dx.doi.org/10.54691/bcpbm.v47i.5183.
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Contemporarily, the U.S. film and television industry continues to grow, and competition among companies is stimulating. In order to increase its competitiveness and reasonably integrate the industry, the Walt Disney Company has adopted M&A measures. In March 2019, the Walt Disney Company's acquisition of 21st Century Fox was officially announced to be effective. However, M&A is a double-edged sword, and M&A brings benefits as well as risks. This study will further focus on the case of Disney's acquisition of Fox, analyze the acquisition motives, explore the source of acquisition funds, dissect the characteristics of the acquisition, determine the success or failure of the acquisition through a financial comparison before and after the acquisition. In addition, this paper will analyze the impact of the pandemic, providing reference for the development of the film and television industry. According to the analysis, Disney has been affected both positively and negatively by the pandemic and by mergers and acquisitions. Overall, these results shed light on guiding further exploration of the study meets unpredictable events in mergers and acquisitions.
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Yue, Qi, Xing Hua i Jianyuan Li. "Internal R&D and Acquisition Performance of Chinese Pharmaceutical Firms: Moderation Effect of Acquisition Motive and Corporate Ownership". Processes 7, nr 5 (16.05.2019): 292. http://dx.doi.org/10.3390/pr7050292.
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Although corporate capability has been recognized as a key factor affecting corporate acquisition performance, the role of R&D capability in acquisition performance has not been fully explained. The aim of this paper was to research the impact of internal R&D on acquisition performance according to a sample of 215 acquisitions of Chinese listed pharmaceutical companies from 2012 to 2016. First, it was found that R&D has a significant negative effect on acquisition performance. Furthermore, it was confirmed that the acquisition motive and the ownership of the acquiring firm have a moderating effect on the relationship between R&D and acquisition performance. Compared to non-technical acquisitions, the negative effect of internal R&D on acquisition performance was reduced for technical acquisitions. Compared with non-state-owned-enterprise acquisition, the negative effect of internal R&D on the acquisition performance of state-owned enterprises was weakened. Our study enriches the research of the path dependence theory on the acquisition performance of enterprises and also the interpretation of acquisition performance on the basis of internal and external innovation and the institutional theory.
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Lau, Benjamin K. F., Tess Reynolds, Paul J. Keall, Jan-Jakob Sonke, Shalini K. Vinod, Owen Dillon i Ricky T. O’Brien. "Reducing 4DCBCT imaging dose and time: exploring the limits of adaptive acquisition and motion compensated reconstruction". Physics in Medicine & Biology 67, nr 6 (7.03.2022): 065002. http://dx.doi.org/10.1088/1361-6560/ac55a4.
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Abstract This study investigates the dose and time limits of adaptive 4DCBCT acquisitions (adaptive-acquisition) compared with current conventional 4DCBCT acquisition (conventional-acquisition). We investigate adaptive-acquisitions as low as 60 projections (∼25 s scan, 6 projections per respiratory phase) in conjunction with emerging image reconstruction methods. 4DCBCT images from 20 patients recruited into the adaptive CT acquisition for personalized thoracic imaging clinical study (NCT04070586) were resampled to simulate faster and lower imaging dose acquisitions. All acquisitions were reconstructed using Feldkamp–Davis–Kress (FDK), McKinnon–Bates (MKB), motion compensated FDK (MCFDK), motion compensated MKB (MCMKB) and simultaneous motion estimation and image reconstruction (SMEIR) algorithms. All reconstructions were compared against conventional-acquisition 4DFDK-reconstruction using Structural SIMilarity Index (SSIM), signal-to-noise ratio (SNR), contrast-to-noise-ratio (CNR), tissue interface sharpness diaphragm (TIS-D), tissue interface sharpness tumor (TIS-T) and center of mass trajectory (COMT) for difference in diaphragm and tumor motion. All reconstruction methods using 110-projection adaptive-acquisition (11 projections per respiratory phase) had a SSIM of greater than 0.92 relative to conventional-acquisition 4DFDK-reconstruction. Relative to conventional-acquisition 4DFDK-reconstruction, 110-projection adaptive-acquisition MCFDK-reconstructions images had 60% higher SNR, 10% higher CNR, 30% higher TIS-T and 45% higher TIS-D on average. The 110-projection adaptive-acquisition SMEIR-reconstruction images had 123% higher SNR, 90% higher CNR, 96% higher TIS-T and 60% higher TIS-D on average. The difference in diaphragm and tumor motion compared to conventional-acquisition 4DFDK-reconstruction was within submillimeter accuracy for all acquisition reconstruction methods. Adaptive-acquisitions resulted in faster scans with lower imaging dose and equivalent or improved image quality compared to conventional-acquisition. Adaptive-acquisition with motion compensated-reconstruction enabled scans with as low as 110 projections to deliver acceptable image quality. This translates into 92% lower imaging dose and 80% less scan time than conventional-acquisition.
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Thomson, Mary Beth. "The webbed acquisitions librarian: A program from the acquisition section's technology for Acquisition Committee". Library Acquisitions: Practice & Theory 21, nr 1 (marzec 1997): 61–62. http://dx.doi.org/10.1016/s0364-6408(96)00089-0.
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Dube, Sema, John L. Glascock i Rafael Romero. "Does it pay for acquirers to be friendly?" Corporate Ownership and Control 5, nr 2 (2008): 327–42. http://dx.doi.org/10.22495/cocv5i2c3p2.
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Friendly acquisitions have lower premiums and legal fees, entail less disruption of target activities and are typically less controversial than hostile acquisition, but the market does not seem to distinguish between friendly and hostile acquisitions in the short term. We study the long-term performance and risk metrics of acquirers and find that friendly acquisitions, in conjunction with other acquisition characteristics such as method of payment and mode of acquisition, tend to be risk increasing transactions and may also show a decrease in long-term post-acquisition abnormal performance
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Huerta-Sanchez, Daniel, Thanh Ngo i Mark K. Pyles. "Equity versus Asset Acquisitions in the REIT Industry". Journal of Real Estate Research 42, nr 1 (styczeń 2020): 1–35. http://dx.doi.org/10.22300/0896-5803.42.1.1.
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Real estate investment trust (REIT) acquisitions are recurrent capital allocation decisions that impact the value and operations of the firm. Although REIT equity acquisitions have received considerable attention in the literature, the effects of major asset acquisitions require further scrutiny. We examine the impact of acquisition type on REIT market returns and operating performance. The results suggest no significant differences in market reaction to the form of acquisition. We interpret this as evidence in favor of efficiency in REIT acquisition decisions. However, the results suggest a net positive effect in operating performance of asset acquisitions relative to equity acquisitions, conditioned by firm and deal characteristics. Overall, our results suggest that asset acquisitions are more efficient in the long run. We provide evidence that the type of acquisition is relevant to firm operations.
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Harumová, Anna. "Model H application to determine synergic effects on merger and acquisition". SHS Web of Conferences 83 (2020): 01021. http://dx.doi.org/10.1051/shsconf/20208301021.
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Synergistic effects arise as effects of joint action based on mergers or acquisitions. Bundling is a common part of the growth strategy. A merger may acquire forms of merger or merger. Acquisition represents the acquisition of the ownership and management value of one company over another. Theory distinguishes in this case from property acquisitions in which the acquisition of the company's assets and capital acquisitions occurs, in which the acquisition of a decisive share in the voting rights of the company is obtained. Reasons for merger and acquisition are to gain more market share, restructure entities, improve balance of payments, and so on. The success of the merger and the acquisition confirms the emergence of a synergy effect. In determining the value of synergies in this article was used newly created Model H, which is based on a valuation of the business enterprise.
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Ostapchuk, Igor, Taras Gagalyuk i Jarmila Curtiss. "Post-acquisition integration and growth of farms: the case of Ukrainian agroholdings". International Food and Agribusiness Management Review 24, nr 4 (21.05.2021): 615–36. http://dx.doi.org/10.22434/ifamr2020.0188.
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This paper presents a dynamic perspective on the processes of farm restructuring following farm acquisitions by large-scale agroholdings in Ukraine. In particular, the paper employs a large dataset of farm-level data and several quantitative techniques to explore how the acquired farms’ resource bases are integrated after acquisitions and what outcomes an acquisition brings about for farm growth, profitability and productivity. In general, acquisitions positively affect farm growth and productivity while agroholdings use various resource allocation, resource redeployment and investment/divestment instruments for the post-acquisition integration of farms. The variation in achieving profitable post-acquisition growth of farms is contingent upon a number of farm pre-acquisition characteristics, strategic growth orientations and timing of acquisitions.
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Charitou, Andreas, Irene Karamanou i George Loizides. "Intention to Acquire and M&As: Evidence from European IPOs". International Journal of Accounting 55, nr 02 (czerwiec 2020): 2050007. http://dx.doi.org/10.1142/s1094406020500079.
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In this study, we examine whether an IPO’s voluntary disclosure on the intention to engage in future M&A activity affects the market reaction to a subsequent acquisition and whether it is related to the acquisition’s long-run performance. Using a dataset of European IPOs during the period 2001–2017, we first document that disclosers are more likely to engage in future M&A activity than non-disclosers, thus supporting that such costless disclosures are credible. Secondly, we document a less positive market reaction around the announcement of an acquisition for disclosers than for non-disclosers, consistent with the anticipation hypothesis. Additional analyses suggest, however, that the market reaction is stronger and positive for target firms in countries with weak shareholder protection and legal environment and lower information quality. This suggests that when the acquisition is deemed more uncertain, the market perceives the disclosure of the intention to acquire as capturing a more diligent acquisition plan, consistent with the preparation hypothesis. Finally, results show that the long-run performance of the combined entity is more negative for disclosers than for non-disclosers. However, consistent with the market reaction results, this relation is reversed when the acquired company operates in a poor investor protection environment, suggesting that these acquisitions are associated with better long-term performance consistent with the conjecture that these acquisitions are also more carefully planned.
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Sun, Yitian, Qiong Wang i Yushan Gao. "Analysis of JD.com's Acquisition of Deppon". Highlights in Business, Economics and Management 19 (2.11.2023): 261–67. http://dx.doi.org/10.54097/hbem.v19i.11887.
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Nowadays, logistics industry is a valid role in the economic growth. In the dissertation, JD.com’s and Deppon acquisition will be the typical example in the company acquisition. The aim of this dissertation is to analyse whether the acquisition is successful through the comparison of financial data and historical data before and after the acquisition. This will help the acquisition of companies in the future. This dissertation will provide the background of two of the companies. That will make a better understanding of the two companies and the acquisition process. Then, according to the financial data and historical data to analyse the acquisition of JD.com’s and Deppon. Some following suggestions will be given which focus on the future acquisitions, the aim of the dissertation is to help the future similar acquisitions, give them some relative suggestions.
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Woo, Heejin. "New CEOs’ previous experience and acquisition performance". International Journal of Organizational Analysis 27, nr 3 (8.07.2019): 745–58. http://dx.doi.org/10.1108/ijoa-03-2018-1389.
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Purpose This study aims to investigate how new CEOs’ previous experiences in other organizations and other industries create value in acquisitions. Drawing on the upper echelon perspective, this study theorizes that the multiorganizational experience of new CEOs is positively associated with acquisition performance and, in particular, that the multi-industry experience of new CEOs leads to better performance in diversifying acquisitions than in related acquisitions. While new CEOs without multiorganizational experience undergo a cognitive entrenchment in firm-specific experience, new CEOs with multiorganizational experience can lead acquisitions with more flexibility and agility. Design/methodology/approach Acquisition and organizational data were drawn from the US manufacturing industries (SIC 20-39) between 2008 and 2010. The event study method was used to test hypotheses. In 346 acquisitions made by 139 firms, acquisition performance was measured according to cumulative abnormal returns. Findings Consistent with the hypotheses, the multiorganizational experience of new CEOs was positively associated with acquisition performance and, in particular, the multi-industry experience of new CEOs led to better performance in diversifying acquisitions than in related acquisitions. Originality/value This paper contributes to the CEO literature and acquisition literature by suggesting that the multiorganizational experience of new CEOs can be a valuable source of competitive advantages, particularly when implementing corporate strategies involving interorganizational integration processes.
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Etemadi, Amir, i John Kamp. "Acquisition strategy factors related to faster defense acquisitions". Systems Engineering 25, nr 2 (10.11.2021): 144–56. http://dx.doi.org/10.1002/sys.21607.
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Gu, Feng, i Baruch Lev. "Overpriced Shares, Ill-Advised Acquisitions, and Goodwill Impairment". Accounting Review 86, nr 6 (1.07.2011): 1995–2022. http://dx.doi.org/10.2308/accr-10131.
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ABSTRACT We establish that the root cause of many goodwill write-offs is the buyers' overpriced shares at acquisition. Overpriced shares provide managers with strong incentives to exploit the overpricing by acquiring businesses, often paying more than the acquisition's synergies, setting the stage for subsequent goodwill write-offs. In particular, we document the following patterns: (1) Share overpricing is strongly and positively associated with the intensity of corporate acquisitions and the growth of accounting goodwill. (2) Share overpricing predicts goodwill write-offs and their magnitude. (3) Acquisitions by overpriced companies—a strategy often recommended by investment bankers and some academics—are often ill-advised (overpaid for and/or strategic misfit), exacerbating the post-acquisition negative returns of buyers beyond the reversal of the overpricing. Thus, managers' arguments notwithstanding, goodwill write-off is an important event highlighting a dysfunctional investment strategy. Data Availability: Data are available from sources identified in the paper.
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Brander, James A., Edward J. Egan i Sophie Endl. "Comparing CEO Compensation Effects of Public and Private Acquisitions". Journal of Risk and Financial Management 14, nr 4 (1.04.2021): 149. http://dx.doi.org/10.3390/jrfm14040149.
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We estimate the effect of acquisition performance and acquisition activity on CEO compensation for the full set of CEOs of large public U.S. corporations in the Execucomp database over the period 1992–2016. Most previous work has focused on publicly traded acquisition targets. We focus on the comparison between public and private targets, showing significant differences between the two. One primary finding, based on panel data regressions (using both fixed and random effects) is that the performance of private acquisitions, as measured by abnormal announcement returns, has a statistically significant positive effect of plausible economic magnitude on CEO compensation. Public acquisitions exhibit a smaller positive effect that is statistically insignificant. For both, acquisition activity (number of acquisitions) has a statistically significant positive effect on compensation. Our main results suggest that agency considerations are important for both public and private acquisitions but are more important for public acquisitions.
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Ferreira, Manuel Portugal, Felipe Borini, Simone Vicente i Martinho Ribeiro Almeida. "The pre-acquisition process". International Journal of Emerging Markets 12, nr 2 (18.04.2017): 400–414. http://dx.doi.org/10.1108/ijoem-09-2015-0184.
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Purpose The purpose of this paper is to focus on the pre-acquisition process and, specifically, how the complexity involved in the transaction may drive the temporal gap between the formal announcement and the completion of the deal. The authors emphasize the time (in days) between announcement and completion. Design/methodology/approach The empirical setting consists of the cross-border acquisitions (CBAs) of Brazilian firms by multinational corporations announced between 2008 and 2012. Using a sample of 741 acquisitions, the authors examine how institutional (cultural and regulatory) and technological complexity and the predictable mitigating effect of prior acquisition experience in Brazil all impact on the time needed for evaluating the target and negotiating. Findings The results show that these complexity factors do matter for hastening the process and that recent experience with acquisitions in Brazil shortens the time needed to completion. Originality/value This study contributes to the literature on the acquisition process and the uncertainty and complexity factors in CBA in an emerging economy.
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Shi, Yanping. "Analysis of Financial Risks and Preventive Measures in The Process of Reverse Transnational Merger and Integration of Chinese Enterprises". Frontiers in Business, Economics and Management 14, nr 2 (6.04.2024): 171–75. http://dx.doi.org/10.54097/f4kh1523.
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Reverse transnational merger and acquisition is a kind of international operation mode in which enterprises in emerging markets merge or acquire enterprises in advanced countries, so as to obtain strategic resources. This is also a "springboard" for enterprises in emerging economies to obtain foreign resources and quickly move to the international market. The Chinese government plays an important role in cross-border mergers and acquisitions, and the integration process is becoming more difficult and the merger is becoming more likely to fail. In addition, Chinese enterprises show new characteristics in many aspects, such as the object of merger and acquisition, the object of merger and acquisition, the industry and the way of merger and acquisition. Through cross-border mergers and acquisitions, enterprises can expand overseas markets, achieve transformation and upgrading, and improve the core competitiveness of enterprises. Based on the case of Geely Auto's acquisition of Volvo, this paper analyzes various financial risks it faces in overseas mergers and acquisitions, and puts forward corresponding countermeasures for Chinese enterprises to prevent and guard against financial risks in overseas mergers and acquisitions and promote the smooth progress of mergers and acquisitions.
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Lee, Kyunghee, Kunsoo Han, Animesh Animesh i Alain Pinsonneault. "Does IT Matter to Acquisitions? The Impacts of IT Distance on Post-Acquisition Performance". MIS Quarterly 46, nr 4 (1.12.2022): 2261–88. http://dx.doi.org/10.25300/misq/2022/16039.
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Although researchers have examined the role of dyadic dynamics (i.e., interactions between the acquirer and the target firm) in the success of acquisitions, little attention has been devoted to the role of information technology (IT). In this study, we extend this literature by examining how pre-acquisition IT distance (i.e., the difference between the enterprise IT systems of the two firms that reflects the system incompatibility and resulting costs of system integration) affects the acquirer’s post-acquisition performance. To measure IT distance, we used a word-embedding technique to map each firm’s IT systems portfolio to a low-dimensional embedding space and calculate the distance between the firms in that space. Using data on U.S. firms’ acquisition activities over seven years, we found that IT distance is negatively associated with the acquirer’s post-acquisition performance. Also, the adverse effect of IT distance is stronger for acquisitions motivated by operational synergies, compared to those seeking non-operational synergies. This finding supports our fundamental premise that IT distance disrupts post-acquisition synergy creation, and more so when the combined firm has a greater need for tight integration to create acquisition synergies. This research contributes to the merger and acquisition (M&A) literature in management and IS by introducing a novel concept of IT distance and by theorizing and empirically examining its performance implications in acquisitions. The findings of this study can inform practitioners on how to devise IT strategies in corporate acquisitions to mitigate IT risks and achieve greater post-acquisition performance.
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Harp, Nancy L., i Beau Grant Barnes. "Internal Control Weaknesses and Acquisition Performance". Accounting Review 93, nr 1 (1.04.2017): 235–58. http://dx.doi.org/10.2308/accr-51780.
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ABSTRACT This study examines internal control weaknesses (ICWs) reported under Sarbanes-Oxley (SOX) Section 302 in the context of mergers and acquisitions. We predict that problems in an acquirer's internal control environment have adverse operational implications for acquisition performance. We argue that acquirers with low-quality internal information needed to select profitable acquisitions will make poorer acquisition decisions. We also argue that ICWs impede effective monitoring and are likely to hinder integration tasks that are important to acquisition profitability. We find that ICWs disclosed prior to an acquisition announcement predict significantly lower post-acquisition operating performance and abnormal stock returns. Poorer post-acquisition performance is concentrated in ICWs that are expected to impede acquisition activities (i.e., forecasting/valuation, monitoring, and integration). Our findings contribute to the literature linking ineffective internal control over financial reporting to negative operational outcomes. We also contribute to the SOX cost-benefit debate by documenting a previously unidentified benefit of ICW disclosures.
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Song, Jiaxuan. "ANTA Keep Moving: Analysis of Anta’s acquisition of FILA". Highlights in Business, Economics and Management 14 (12.06.2023): 34–39. http://dx.doi.org/10.54097/hbem.v14i.8959.
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Acquisitions of business practices occur frequently among enterprises. Successful acquisitions will not only greatly enhance the earnings of enterprises, but also improve the visibility of enterprises and increase their resources. Conversely, due to too much of a premium for insufficient funds and other reasons acquisitions can sometimes fail and can have a great impact on the strategy of the enterprise. Nowadays, on account of many factors the sports footwear industry is booming and domestic famous brands (e.g., Anta) are rising rapidly. It started the acquisition in 2009, which paved the cornerstone for its success, and the acquisition of FILA in 2009 was the starting point. This study will introduce the development history of the two companies, the mode of acquisition, the source of funds for the acquisition and the process of acquisition. Data collection and calculation are utilized to derive revenue, share, ROA, and market share, and visualize these data to reflect the change of data more intuitively. Subsequently, this research will make suggestions to Anta's strategy and the sports footwear industry according to the real situation. According to the analysis, Anta's acquisition of FILA is successful. Overall, these results shed light on guiding further exploration of the acquisition in clothing industry.
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Nuansari, Shindy Dwita. "PERFORMANCE OF MERGER AND ACQUISITION, DIRECTOR EXPERIENCE, AND MODERATION EFFECTS OF BOARD CHARACTERISTICS, BIDDER CHARACTERISTICS, AND TYPE OF MERGER AND ACQUISITION". Manajemen Bisnis 10, nr 1 (27.08.2020): 41. http://dx.doi.org/10.22219/jmb.v10i1.10788.
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This research focuses on influence of the experience of independent directors (two tier systems) on mergers acquisitions performance and considers several other factors as moderation. Purpose of this study was to determine the effect of the experience of independent directors to be moderated by board characteristics, bidder characteristics, and types of merger acquisitions on merger and acquisition performance and to be controlled by independent director’s age. Research obtained from the company's financial and annual report data in 2009 - 2019. The dependent variable used in this study was merger and acquisition performance. Independent variable used in this study is independent director experience. Moderating variables in this are board characteristics, bidder characteristics, mergers and acquisitions types. The results of this study proves that the experience of director experience positively influences performance of merger and acquisition, board and bidder characteristics, type of merger and acquisition strengthen the positive influence of the experience of independent directors on merger and acquisition performance.
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Holland, Katrina E., Rebecca Mead, Rachel A. Casey, Melissa M. Upjohn i Robert M. Christley. "“Don’t Bring Me a Dog…I’ll Just Keep It”: Understanding Unplanned Dog Acquisitions Amongst a Sample of Dog Owners Attending Canine Health and Welfare Community Events in the United Kingdom". Animals 11, nr 3 (25.02.2021): 605. http://dx.doi.org/10.3390/ani11030605.
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Understanding the factors that result in people becoming dog owners is key to developing messaging around responsible acquisition and providing appropriate support for prospective owners to ensure a strong dog–owner bond and optimise dog welfare. This qualitative study investigated factors that influence pet dog acquisition. Semi-structured interviews were conducted with 142 sets of dog owners/caretakers at 23 Dogs Trust community events. Interviews focused on the motivations and influences that impacted how people acquired their dogs. Transcribed interviews and notes were thematically analysed. Two acquisition types were reported, that each accounted for half of our interviewees’ experiences: planned and unplanned. Whilst planned acquisitions involved an intentional search for a dog, unplanned acquisitions occurred following an unexpected and unsought opportunity to acquire one. Unplanned acquisitions frequently involved a participant’s family or friends, people happening upon a dog in need, or dogs received as gifts. Motivations for deciding to take the dog included emotional attachments and a desire to help a vulnerable animal. Many reported making the decision to acquire the dog without hesitation and without conducting any pre-acquisition research. These findings present valuable insights for designers of interventions promoting responsible acquisition and ownership, because there is minimal opportunity to deliver messaging with these unplanned acquisitions. Additionally, these findings may guide future research to develop more complete understandings of the acquisition process. Further studies are required to understand the prevalence of unplanned acquisitions.
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Tseng, Chiung-Hui, i Tony Kuo. "Do Chinese acquirers paying premiums in large international acquisitions experience negative market reactions as Western counterparts?" Journal of Asia Business Studies 12, nr 3 (6.08.2018): 307–17. http://dx.doi.org/10.1108/jabs-04-2016-0061.
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Purpose This study draws on behavioral finance and signaling theory to investigate market reactions to Chinese acquirers when they made premium payments in large cross-border acquisitions. Paying high premiums has been considered an inferior acquisition decision that engenders negative market reactions in previous studies examining Western acquirers. Moving beyond previous work, this paper aims to propose that the premiums paid by Chinese firms in large international acquisitions will yield positive market reactions. Design/methodology/approach This paper applies an event study method and tests hypotheses on a sample that comprises large international acquisitions made by Chinese acquirers between 2007 and 2012. Findings The acquisition premium paid by a Chinese acquirer in a large cross-border acquisition positively affects its stock market return to the acquisition announcement. That is, investors rely on the managers’ judgment about the synergistic and value-creating potential of the acquisitions, as inferred from the premiums paid. Moreover, it was found that the relationship between acquisition premiums and stock market returns is moderated by whether the transactions are tender offers, in that the positive relationship is weaker when acquisitions are tender offers. Originality/value Different from previous research focusing on Western companies and proposing a negative linkage between premiums paid and investor reactions to the acquisitions, this study sheds light on Chinese acquirers who paid premiums in large international acquisitions and, based on the logic of behavioral finance and signaling theory, posits a positive association in the context of Chinese acquirers.
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Wang, Longjie, Guangyu Xu i Yuhang Zhao. "Preventing Merger and Acquisition Risks: Evidence from Tianqi Lithium's Leveraged Acquisition of SQM". Highlights in Business, Economics and Management 14 (12.06.2023): 53–61. http://dx.doi.org/10.54097/hbem.v14i.8962.
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With the deepening of China's opening-up process and the promotion of the "Belt and Road" initiative, the wave of cross-border mergers and acquisitions by multinational corporations has officially started. Leveraged buyouts, as a special way for companies to carry out cross-border mergers and acquisitions, have also attracted the attention of enterprises and have been widely used. On this basis, this paper selects the 2018 Tianqi Lithium acquisition of SQM case, introduces the background and details of the acquisition, and analyzes the financial and non-financial risks brought by the acquisition. Furthermore, the paper investigates how the company solved the debt crisis and the impact of the acquisition on its profitability. Based on the above analysis, there are significant risks in pricing, financing, and debt repayment for the Tianqi Lithium acquisition. Recommendations for relevant enterprises on how to prevent financial risks are also provided. Overall, the analysis of the Tianqi Lithium-SQM leveraged buyout case sheds light on identifying and managing financial risks associated with cross-border leveraged buyouts, guiding further exploration of this topic.
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Astapov, K. L. "Strategy of M&A deals in oil industry (on example of «Rosneft» and «Bashneft» deal)". Russian Journal of Industrial Economics 13, nr 2 (2.07.2020): 137–48. http://dx.doi.org/10.17073/2072-1633-2020-2-137-148.
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I analyzed merges and acquisitions’ transactions and their influence on strategy and development of oil company. For analyses the deal I chose acquisition by Rosneft of Bashneft, which took place in October 2016, applying both traditional and real option models. Real option model is more difficult, but better methodology, because it allows to valuate different scenarios of acquisition, choose more optimal scheme (acquisition time, amount of acquired shares). After building decision tree I calculated NPV of cash flows, which are generated in the deal (in scenarios of high and low oil prices, high and low synergy effects in two periods 2017–2018 and 2019–2020).The main results are the following. Acquisition deals create value for shareholders, only if acquisitions correspond to strategy of bidder company and culture of target company. Under some hypotheses the acquisition of Bashneft creates additional value for Rosneft in most scenarios (except scenario with low oil price and low synergy). Postponing the decision about complete acquisition till 2019 increases probability of successful acquisition as well as maximizes NPV.
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Du, Kui, i Yuan-May Jaw. "Pacing international acquisitions: emerging markets as the new success stories". Journal of Business Strategy 39, nr 4 (16.07.2018): 3–10. http://dx.doi.org/10.1108/jbs-05-2017-0072.
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Purpose The purpose of this paper is to investigate how to manage the pace of international expansion through acquisitions based on a case study of a Chinese conglomerate, Wanda Group. Design/methodology/approach The paper is a qualitative study based on the analyses of the series of international acquisitions made by Wanda Group in the global cinema and film studio markets from 2012 through the middle 2017. Comprehensive qualitative data have been collected from public sources, including company press releases, media reports and interviews, for each and every major acquisition made by Wanda during this period. The collected materials are then analyzed to reveal the patterns of Wanda’s serial acquisitions. Findings When expanding globally through acquisitions, firms need to carefully pace their different types of acquisitions; managing the speed of post-acquisition integration can be critical; and managing public relations and communications in host countries is also important. Research limitations/implications The research is limited to one single case, so the generalizability of its findings needs further validation. The research contributes to cross-border acquisition studies by discussing the pacing of acquisitions and their affiliated activities. Practical implications The research offers an example of how firms pace their series of international acquisitions, whose lessons are potentially transferrable to other global acquirers. Originality/value The research takes a rarely used angle by studying serial acquisitions as a whole and focuses on the pacing of them. It is one of the very few in the acquisition literature to highlight the temporal patterns among serial acquisition moves.
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Lin, Liang-Hung. "Exploration and exploitation in mergers and acquisitions". International Journal of Organizational Analysis 22, nr 1 (4.03.2014): 30–47. http://dx.doi.org/10.1108/ijoa-06-2011-0493.
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Purpose – The central concern of organizational learning and corporate strategy has, in recent decades, focused on the rational choice and appropriate balance between exploration and exploitation. Dividing mergers and acquisitions (M&As) into related and unrelated M&As, this study applies the exploration vs exploitation construct to examine how different M&A strategies affect exploration and exploitation of the combined firm, how post-acquisition integration affects exploration and exploitation of the combined firm, and how organizational ambidexterity affects post-acquisition performance. The paper aims to discuss these issues. Design/methodology/approach – Organizational and industry level data were drawn from the top 1,000 Taiwanese electronic and computer firms reported by 2009 China Credit Information Service, an authorized credit-rating company in Taiwan. The companies are classified into four industries: computer and associated equipments manufacturing (SICs 271x, 274x, 276x); integrated circuits (SIC 261x), opto-electronics and telecommunication (SICs 264x, 272x, 277x) and electronic components (SICs 262x, 263x, 264x, 269x, 275x). Questionnaires were distributed to general managers of the top 1,000 electronics companies. Findings – This investigation of Taiwanese electronic and computer firms revealed that related acquisitions with high degrees of acquisition integration positively affect the combined firm's exploitation; unrelated acquisitions with high degrees of R&D expenditure and acquisition experience positively affect the combined firm's exploration. The firm's ability of simultaneously pursuing exploitation and exploration positively affects its post-acquisition performance. Originality/value – The contribution of this study is to understand how acquisitions influence exploitation and exploration. With regard to the relationship between acquisition and exploitation/exploration, this study finds that unrelated acquisitions enhance exploration, whereas related acquisitions enhance exploitation.
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Brews, P. "Corporate growth through mergers and acquisitions: Viable strategy or road to ruin?" South African Journal of Business Management 18, nr 1 (31.03.1987): 10–20. http://dx.doi.org/10.4102/sajbm.v18i1.992.
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Corporate growth through mergers and acquisitions is strategy adopted by many South African companies to achieve their growth objectives. However, research in both the United Kingdom and the United States of America has found that most mergers and acquisitions do not meet expectations. Many fail and are divested, at considerable human and financial cost. To date, little research on the viability of growth through mergers and acquisitions has been done in South Africa. In the light of this, in-depth interviews were recently held with 20 senior South African executives, concerning the practices adopted by their organizations in the execution of mergers and acquisitions. This article presents the findings of the research in three specific areas: the formulation of a merger and acquisition strategy; the formulation of an acquisition profile; and the viability and critical success factors in adopting a growth through mergers and acquisitions strategy. Broadly speaking, it was found that the sample interviewed had a good understanding of the acquisition profile, but tended to be less focused in their reasons why their organizations elected to pursue a growth through merger and acquisition strategy. In addition, mergers or acquisitions seem to be more successful in the South African context than in other countries, where similar research has been conducted. A number of reasons for success or failure enumerated in the literature were confirmed. The main finding was that corporate growth through mergers and acquisitions can be either a viable strategy or road to ruin. Companies that systematically plan and manage their merger or acquisition programmes are likely to be successful; ad hoc approaches are likely to fail. The article provides aspects of a framework within which such a merger or acquisition programme may be structured to ensure success.
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Yue, Qi, Ping Deng, Xing Hua i Luan Jiang. "EFFECT OF ACQUISITION TYPE ON INDUSTRIAL DEVELOPMENT IN EMERGING MARKETS: EVIDENCE FROM CHINA". Journal of Business Economics and Management 23, nr 2 (28.01.2022): 238–62. http://dx.doi.org/10.3846/jbem.2022.16044.
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In this paper, we proposed a model of how corporate acquisition influences industrial performance by exploring industry-level and firm-level ownership characteristics in emerging markets. Based on a database of 1,934 acquisitions of listed firms in China, we examined the relationship between corporate acquisition type and industrial performance and the moderating effects of industrial and firm ownership characteristics. The study generated three major findings: 1) compared with cross-industry acquisitions, intra-industry acquisitions of firms have a stronger positive effect on industrial performance; 2) corporate ownership and industrial ownership variables exert different moderating impact on the relationship between acquisition type and industrial performance; and 3) firm ownership and industrial ownership have a joint moderating effect on the relationship between acquisition type and industrial performance. By conceptually arguing and empirically verifying how multi-level factors influence industrial performance in the context of emerging economies, we contributed to the study of the relationship between the micro-level firm acquisition and the macro-level industrial development in several distinct ways.
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Erickson, Merle M., Karen Ton i Shiing-wu Wang. "The Effect of Acquirer Net Operating Losses on Acquisition Premiums and Acquirer Abnormal Returns". Journal of the American Taxation Association 41, nr 2 (1.02.2019): 103–24. http://dx.doi.org/10.2308/atax-52395.
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ABSTRACT This study examines whether acquirer NOL-related tax benefits generated in an acquisition are shared with the target. For a sample of 1,959 acquisitions, we find that acquisitions of profitable targets by acquirers with NOLs are associated with higher acquisition premiums than acquisitions by non-NOL acquirers. This result indicates that potential post-acquisition tax benefits from use of acquirer NOLs are shared with the target in the form of higher transaction prices. We also find that the acquirer's merger announcement stock price response is positively associated with these tax benefits, which is consistent with the conclusion that acquirers retain part of these potential tax benefits.
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Pereira, Teresa M. C., Raquel C. Conceição, Vitor Sencadas i Raquel Sebastião. "Biometric Recognition: A Systematic Review on Electrocardiogram Data Acquisition Methods". Sensors 23, nr 3 (29.01.2023): 1507. http://dx.doi.org/10.3390/s23031507.
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In the last decades, researchers have shown the potential of using Electrocardiogram (ECG) as a biometric trait due to its uniqueness and hidden nature. However, despite the great number of approaches found in the literature, no agreement exists on the most appropriate methodology. This paper presents a systematic review of data acquisition methods, aiming to understand the impact of some variables from the data acquisition protocol of an ECG signal in the biometric identification process. We searched for papers on the subject using Scopus, defining several keywords and restrictions, and found a total of 121 papers. Data acquisition hardware and methods vary widely throughout the literature. We reviewed the intrusiveness of acquisitions, the number of leads used, and the duration of acquisitions. Moreover, by analyzing the literature, we can conclude that the preferable solutions include: (1) the use of off-the-person acquisitions as they bring ECG biometrics closer to viable, unconstrained applications; (2) the use of a one-lead setup; and (3) short-term acquisitions as they required fewer numbers of contact points, making the data acquisition of benefit to user acceptance and allow faster acquisitions, resulting in a user-friendly biometric system. Thus, this paper reviews data acquisition methods, summarizes multiple perspectives, and highlights existing challenges and problems. In contrast, most reviews on ECG-based biometrics focus on feature extraction and classification methods.
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Pablo, Amy L., Sim B. Sitkin i David B. Jemison. "Acquisition Decision-Making Processes: The Central Role of Risk". Journal of Management 22, nr 5 (październik 1996): 723–46. http://dx.doi.org/10.1177/014920639602200503.
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This paper builds upon the work of organizational and strategic management scholars who have conceptualized acquisitions as decision-making processes, We suggest that behavioral concepts of risk, specifically decision-maker risk perceptions and propensities, are key to understanding the process by which acquisition candidates are selected, the characteristics of pre-acquisition evaluation and negotiations, and approaches to post-acquisition integration. By drawing upon past work concerning the effects of these risk-related variables in other decision-making contexts, we develop propositions that conceptualize their impact on acquisition decision processes. Incorporation of risk as a key variable in process theories of acquisitions provides a stronger theoretical grounding for these theories, and suggests some important practical implications for managers.
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Cheong, Kaman, Fanrui Guo i Jinshi Lu. "Analysis of Huaxing Yuanchuang M&A Based on PEG and EVA Valuation Model". Advances in Economics, Management and Political Sciences 36, nr 1 (10.11.2023): 53–65. http://dx.doi.org/10.54254/2754-1169/36/20231785.
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In the process of expanding operations, enterprises often encounter bottlenecks in terms of capital, technology, management, and other aspects. In order to tackle these problems, enterprises often choose to issue bonds, go public, mergers and acquisitions, etc. to expand their production and business scope, update management models, and improve their competitiveness. Due to the short introduction of the merger and acquisition mechanism, the analysis and research of mergers and acquisitions by various enterprises are relatively shallow, and the success rate of mergers and acquisitions by Chinese enterprises is low. This study conducts a research and analysis on the first merger and acquisition case on the Science and Technology Innovation Board, i.e., the case of Huaxing Yuanchuang's acquisition of Olyto. Based on PEG and EVA valuation models, it analyzes the motivation and results of Huaxing Yuanchuang's acquisition of Olyto's business behavior. By valuing and comparing the stock price of Huaxing Yuanchuang before and after the merger and acquisition behavior, the conclusion that the merger and acquisition behavior is not successful is drawn. Research has found that under the PEG valuation model, the stock price of Huaxingyuan Chuang after the merger is slightly overvalued, while under the EVA valuation model, the stock price is greatly underestimated.
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Andersson, Patric, Johan Graaf i Niclas Hellman. "Sell-side analysts and corporate acquisitions: case study findings". Qualitative Research in Financial Markets 12, nr 4 (10.06.2020): 437–64. http://dx.doi.org/10.1108/qrfm-08-2019-0094.
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Purpose This paper aims to investigate how sell-side analysts form expectations on, analyse, and communicate the effects of corporate acquisitions. Design/methodology/approach The paper reports on case studies of three listed firms who are frequent acquirers. The case data comprise semi-structured interviews and content analysis of analyst reports and corporate reports. Findings The paper reports three sets of findings. First, the analysts viewed acquisitions as heterogeneous events and, therefore, also treated acquisitions differently depending on factors such as size and acquisition strategy and the perceived “authenticity” of the acquisition (i.e. whether parts of the acquisition would be more accurately described as organic growth and regular capital expenditure (CAPEX) investments). Second, the authors find that analysts struggle with analysing the effects of acquisitions at the announcement date because of a mismatch between the analysts’ need of and the analysts’ access to relevant information. Although clients demand evaluations of announced acquisitions, relevant accounting information is not published until much later and the information at hand only allows for cursory analyses. Finally, the authors find that the analysts’ valuation models were too inflexible to fully incorporate the effects of the acquisition. In sum, the analysts, therefore, developed acquisition-driven investment cases without supporting accounting information and without converting expected acquisitions into forecasts. Originality/value By adopting a qualitative case study research design, the paper contributes to the ongoing efforts to open the “black-box” of sell-side analyst behaviour. In particular, the unique research design focusses on effects related to specific corporate events (acquisitions) rather than analysts’ everyday work.
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Gandamihardja, Satriana, i Ellen Rusliati. "KINERJA KEUANGAN SEBELUM DAN SESUDAH AKUISISI PADA PERUSAHAAN NON-KEUANGAN". Vol 12 No 1 (2020): Edisi April 12, nr 1 (28.04.2020): 24–30. http://dx.doi.org/10.23969/jrak.v12i1.4042.
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A phenomenon in the company’s strategy in carrying out business development is mergers and acquisitions. In fact, the company prefers acquisition as its strategy, but it still lacks synergies after making acquisitions. The purpose of this study is to compare the financial performance before and after the acquisition of non-financial companies listed on the Indonesia Stock Exchange in 2012. The population are 31 companies that make acquisitions. The method used is descriptive and verification methods, with paired sample t-test. Based on the hypothesis test, the results showed that the current ratio, total asset turnover, debt to equity ratio did not have a significant difference between before and after the company made the acquisition, while the return on assets has a difference, but was decreasing. The acquirer needs to measure the performance of the company being acquired and project the performance and risk after the acquisition.
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Nanda, Prateek, i Arun Kumar Gopalaswamy. "Post-Acquisition Changes in Agency Cost of Acquirers: Effect of Target Companies". Journal of Risk and Financial Management 17, nr 1 (25.12.2023): 11. http://dx.doi.org/10.3390/jrfm17010011.
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Acquisitions constitute substantial corporate investments, often leading to changes in ownership and top management giving rise to possible conflicts of interest. The impacts of such conflicts following an acquisition are absorbed by the acquirer and are referred to as agency costs. This study focuses on exploring the influence of the target companies on changes in the post-acquisition agency costs of acquiring companies. A panel fixed effects model is used to analyze acquisitions that took place between 2008–09 and 2019–20. The study’s findings indicate that post-acquisition changes in the agency costs of acquirers significantly vary based on the presence of domestic and foreign promoters in the target company. Further promoter groups such as domestic promoters and foreign promoters contribute to conflicting interests, exacerbating post-acquisition agency costs. The monitoring role assumed by foreign promoters of target companies plays a pivotal part in reducing the post-acquisition agency costs of acquirers. Foreign promoters also positively influence post-acquisition profitability by adversely affecting operating expenses, suggesting that they mitigate agency costs by exerting control over management through the monitoring of debt, cash, and profitability. The post-acquisition utilization of the target’s cash reserves positively correlates with the operating expenses of the acquirer. It is observed that the acquisition of larger targets magnifies agency costs.
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Malone, Christopher B., i Zicheng Ou. "Acquisition actions in Australia: a test of acquisitions theory". International Journal of Managerial Finance 4, nr 3 (27.06.2008): 220–31. http://dx.doi.org/10.1108/17439130810878802.
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Roy, Asim. "Optimal Acquisition Fraction and A Theory For Partial Acquisitions". Journal of Business Finance & Accounting 15, nr 4 (grudzień 1988): 543–55. http://dx.doi.org/10.1111/j.1468-5957.1988.tb00153.x.
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Rahayu, Sinta, i Diah Lestari Mumpuni. "PERBEDAAN KINERJA KEUANGAN SEBELUM DENGAN SESUDAH AKUISISI TERHADAP PERUSAHAAN YANG TERDAFTAR DI BEI". MANAJEMEN DEWANTARA 2, nr 2 (17.11.2018): 122. http://dx.doi.org/10.26460/md.v2i2.3156.
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The purpose of this study was to know (1) the difference Operating Profit Margin before with after acquisition (2) the difference Earning Per Share before with after acquisition, and (3) the Debt to Equity Ratio before with after acquisition.This Study classified as a quantitative research. The population is a company listed on the Indonesia Stock Exchange (IDX), do acquisitions in 2013. The samples were companies listed on the Stock Exchange during the study and the companies that make acquisitions in 2013 with years of observations from 2011 to 2015, the date the acquisition is clear, available reports Detailed financial five quarterly before and after each company. Methods of data collection using the method of documentation, while data analysis techniques using testing T (T-test).The results showed that the Operating Profit Margin, Earnings Per Share before and after the acquisition was not a significant. The different results obtained in Debt to Equity Ratio before to after the acquisition there are significant differences.Keywords: Operating Profit Margin, Earning Per Share, Debt to equity Ratio, acquisition.
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Lu, Siyuan. "Analysis of Grand Pharmaceutical Co., Ltd.'s Successive Acquisitions of Two Companies Within Two Years". Advances in Economics, Management and Political Sciences 46, nr 1 (1.12.2023): 302–9. http://dx.doi.org/10.54254/2754-1169/46/20230359.
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Since the 21st century, the phenomenon of acquisition and merger of enterprises has become more and more intense. The benefits of the enterprises acquisitions include cost savings, increased revenue, and improved market competitiveness. However, there are risks involved, so it's critical to select the ideal acquisition company and execute an effective acquisition plan. In this paper, Grand Pharmaceutical has acquired two enterprises in the past two years as an example of analysis and research, using scientific valuation methods, to draw a successful conclusion of the acquisition, to provide experience for the future acquisition of enterprises. Grand Pharmaceutical Co., Ltd.s acquisition is forward-looking, and no major company has committed to exploring the amino acid market before, thus filling the gap in the industry and market. In addition to interests, entrepreneurs must also be concerned with market rules and legal norms. When making acquisitions, an enterprise should design a solid development plan while also abiding by market regulations and engaging in competitive activity within appropriate bounds. These results shed light on guiding further exploratio of enterprises M&A.
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Zhao, Lingya. "Analysis of LVMH Group's Business Operation Model and Marketing Strategy - A Case Study Based on Group Mergers and Acquisitions". Advances in Economics, Management and Political Sciences 53, nr 1 (1.12.2023): 25–36. http://dx.doi.org/10.54254/2754-1169/53/20230781.
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This article aims to introduce the situation of LVMH Group and its industry-leading position in the global luxury goods market supply chain. Since its establishment, LVMH Group has expanded its business map through continuous acquisitions and expansion, leveraging its strong capabilities and strategic vision. The focus is on analyzing two acquisition cases carried out by LVMH: the Tiffany & Co. acquisition case and the Dior acquisition case. For these two cases, the background, motives, process, and key steps are introduced, and the effects and impacts of the acquisitions are discussed in depth. At the same time, a detailed analysis of LVMH's acquisition strategy is conducted, including acquisition targets, selection criteria, post-acquisition integration and management, etc. Finally, the research findings are summarized, and future development directions are proposed. Since the gradual control of the pandemic, the luxury goods market has witnessed a recovery in consumption and significant growth in sales. This article has certain reference values for understanding trends in the luxury goods industry, corporate strategies, and market competition.
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Soundarya, M. Baby, S. Moghana Lavanya i S. Hemalatha. "Merger and Acquisition of Business Organization and Its Impact on Human Resources". Journal of Business Strategy Finance and Management 1 and 2, nr 1 and 2 (28.12.2019): 69–72. http://dx.doi.org/10.12944/jbsfm.01.0102.07.
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There is an assumption that, when merger and acquisition takes place, two companies join together will have greater value than the companies functioning alone, ie., to create synergy. Merger and acquisition among the companies are gaining its momentum, due to the enhanced competition among the corporates in domestic and the global market. This paper discusses about merger and acquisition and the motives behind it. Some mergers and acquisitions are unsuccessful due to some factors like financial, marketing and operational issues. Human resource problems in the merged companies also resulted in the failure of the mergers and acquisitions. So, this article proposes to discuss about HR issues at each phase of merger and acquisition, strategies to overcome the issues were also discussed.
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Putri, Nuril Kusumawardhani Soeprapto. "Akuisisi dan Budaya Knowledge Sharing". ComTech: Computer, Mathematics and Engineering Applications 2, nr 1 (1.06.2011): 505. http://dx.doi.org/10.21512/comtech.v2i1.2795.
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Large companies which are experiencing barriers in innovation often take a radical step to acquire knowledge, namely acquisition. Though innovation is not the only reason, acquisition will result in the company wishes to achieve competitive advantage affected by the creation of ideas, creativity and innovation. The three points can be achieved more easily when the knowledge sharing within the organization / company runs well. However, the acquisition maybe impacts as a counter-attack for the knowledge sharing culture both in the acquisitor and and company which obtains the acquisition. Therefore, a key to succeed the acquisition is a sharing culture among individuals within a company that runs well or even better. Individuals from the acquisitor and those of the company that obtains the acquisition can adapt to each other and have confidence in order not to hinder them to share knowledge. This study discusses in detail the potential impacts of an acquisition upon a knowledge sharing culture in a company.
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Vecchi, Alessandra. "Post-Acquisition Integration Strategies– Some illustrative evidence from Chinese acquisitions of Italian luxury firms". International Conference on Advances in Business, Management and Law (ICABML) 2017 1, nr 1 (24.12.2017): 284–309. http://dx.doi.org/10.30585/icabml-cp.v1i1.27.
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Outward Foreign Direct Investment (OFDI) from emerging economies has begun to increase significantly and has been growing at a faster pace than FDI from the developed world. This research seeks to assess the impact of Chinese acquisitions and their implications for the Italian firms in the luxury sector. By relying on two in-depth case-studies, this paper presents a cross-case analysis of four Chinese acquisitions in order to provide some in-depth insights into the post-acquisition integration strategies implemented by the Chinese investors in the luxury Made in Italy sector. The study contributes to our understanding of how emerging market firms implement post-acquisition integration strategies when acquiring firms from advanced economies. To this end, the benefits and challenges associated with the post-acquisition integrations strategies implemented by the Chinese investors were identified.
Keywords: OFDI, Chinese acquisitions, Post-acquisition strategy, Integration strategy, Made in Italy, luxury manufacturing sector
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Holtström, Johan, i Helén Anderson. "Exploring and extending the synergy concept – a study of three acquisitions". Journal of Business & Industrial Marketing 36, nr 13 (6.04.2021): 28–41. http://dx.doi.org/10.1108/jbim-09-2020-0420.
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Purpose This study aims to contribute with an extended framework on synergy realisation in acquisitions. The study conceptualises synergy realisation after acquisitions, in interaction with other companies in a business network and that synergy can be the result of both intended and not intended actions. Design/methodology/approach The study is based on a company involved in acquisitions, being both the acquirer and the acquired. The data for analysis were collected through semi-structured interviews with managers involved in the described acquisition processes. The semi-structured interviews were guided by overarching themes to cover relevant areas of the described acquisitions. Findings This study develops a framework in which synergy is used as a concept in business networks. The framework offers a more dynamic perspective on acquisition processes and extends the view of acquisition performance beyond more financial and company internal aspects of acquisition processes. Further, the findings show that related companies such as customers and suppliers, play important roles in synergy realisation. Practical implications From a managerial perspective, the study shows the importance of understanding the underlying forces of integration processes. Originality/value The concept of synergy used in this study not only includes the companies integrated in an acquisition but also their business networks. Including the integrated companies and their business networks provides a more dynamic perspective from which to plan and realise synergy.
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Ghayad, Dr Racha, i Maysam Houssam Elddine Al-Zein. "Motives, Valuation, and Pricing Analysis of Small and Medium Enterprises in Lebanon". International Journal of Research and Studies Publishing 3, nr 29 (20.03.2022): 21–43. http://dx.doi.org/10.52133/ijrsp.v3.29.2.
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The objective of this paper is to examine the acquisition processes and get an obvious and clear understanding to motives of buyers and sellers, valuation methods and its difference from the price. Data is collected from interviews, organized, described and used to answer the study questions. Concerning motives of acquisitions in Lebanese SMEs, many factors may trigger or not the business owners to resort to acquisition action for SMEs, where acquisition approach is motivated by enlarging of market power of the organization, and if the company is very profitable to buy and the low prices offered by sellers. The motives for acquisition are the low price of the company, the Profitability of the company, enlarging market share. Synergy and management agency don’t play a significant role in the acquisitions of SMEs in Lebanon. Furthermore, for Seller Company, acquisition can be affected by different motives as Personal circumstances, Good bid from buyer, Dissatisfaction within the company or if the Company is losing.