Artykuły w czasopismach: „Strategy acquisition”

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Georgiev, Venelin. "Modeling Defense Acquisition Strategy". Connections: The Quarterly Journal 9, nr 4 (2010): 53–68. http://dx.doi.org/10.11610/connections.9.4.04.

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Wei Lan, Yu, Dan Lin i Lu Lin. "The Stock Investment Strategy at Company Acquisition". International Journal of Management Science and Business Administration 2, nr 3 (2014): 24–32. http://dx.doi.org/10.18775/ijmsba.1849-5664-5419.2014.23.1003.

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Recent studies in Accounting, Industrial Organizations and Finance often incorporate efficient market hypothesis in event studies. Event studies can be used to examine how changes in company environment affect corporate finance. However, using short-term stock prices to examine mean reversion may face a problem. Specifically, there is no evidence that changes in market values are unbiased estimates of changes in fundamentals. This study adopts program trading to test the mean reversion of an acquisition event (SPIL and ASE Group) between 2015 and 2016 in Taiwan. The results show that investors can use RSI spread and stock price deviation to make abnormal returns. In other words, investors can make profits based on technical analyses. Therefore, the evidence suggests that between 2015 and 2016, the security market in Taiwan did not fully meet the condition of a semi-strong form efficient market.

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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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Lin, Liang-Hung, Yu-Ling Ho i Wei-Hsin (Eugenia) Lin. "Post-acquisition Performance: Contingency of Acquisition Strategy". Procedia - Social and Behavioral Sciences 207 (październik 2015): 59–69. http://dx.doi.org/10.1016/j.sbspro.2015.10.154.

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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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Chang, Chun-Hao, i Chi-Wen Jevons Lee. "Information Acquisition as Business Strategy". Southern Economic Journal 58, nr 3 (styczeń 1992): 750. http://dx.doi.org/10.2307/1059841.

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Yoshikawa, Toru. "Technology development and acquisition strategy". International Journal of Technology Management 25, nr 6/7 (2003): 666. http://dx.doi.org/10.1504/ijtm.2003.003131.

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Longuemare, R. Noel. "United States defence acquisition strategy". RUSI Journal 139, nr 4 (sierpień 1994): 37–39. http://dx.doi.org/10.1080/03071849408445839.

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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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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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Walker, Johann, Jay J. Rotella, Charles R. Loesch, Randy W. Renner, James K. Ringelman, Mark S. Lindberg, Randal Dell i Kevin E. Doherty. "An Integrated Strategy for Grassland Easement Acquisition in the Prairie Pothole Region, USA". Journal of Fish and Wildlife Management 4, nr 2 (1.08.2013): 267–79. http://dx.doi.org/10.3996/052013-jfwm-035.

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Abstract Acquisition of perpetual grassland easements is a principal tactic used by the United States Fish and Wildlife Service (USFWS) and its partners to protect nesting habitat for migratory birds in the Prairie Pothole Region of North and South Dakota, USA. This public–private partnership resulted in the conservation of >344,000 ha of grassland during 1998–2012. Past easement acquisition has been targeted to landscapes with greatest expected accessibility to breeding duck pairs without active consideration of probability of conversion or cost of protection. The rising cost of easement acquisition in recent years indicates that re-evaluation and refinement of the easement acquisition strategy could help to improve programmatic outcomes. We assessed regional patterns of easement acquisition during 1998–2012, evaluated the current targeting strategy, and used a combination of publicly available and proprietary geospatial data to develop an easement-targeting Geographic Information System that integrated information about conversion probability and protection cost with current targeting criteria. Our assessment indicated that grassland protection was negatively affected by rising land prices during 1998–2012. In the 5 y between 2008 and 2012, about 100,000 ha of grassland were protected at a cost of $83 million (U.S. dollars). The 2008–2012 acquisitions represented 30% of total protection during 1998–2012 but composed 47% of the total expenditure. We observed strong evidence that easements were targeted to priority landscapes both before and after formalization of the USFWS conservation strategy in 2004. We also found evidence of an opportunity to increase efficiency of future acquisitions. We identified 0.9 million ha of currently unprotected priority grassland in the region with greater than expected conversion risk and smaller than expected protection cost. We suggest that future grassland easement acquisition be refocused on this refined priority area and that an adaptive approach to future easement acquisition (including targeted acquisitions, directed monitoring, and data-based decisions) provides a logical framework for implementation of this new strategy and will facilitate continued conservation success.

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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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Alluru, Jayanth-Reddy, Pooja Sankararaman i Kathryn Tebbe. "Mittal’s acquisition strategies". Strategic Direction 32, nr 9 (12.09.2016): 22–24. http://dx.doi.org/10.1108/sd-06-2016-0089.

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Purpose The paper highlights the success of ArcelorMittal’s acquisitions. Focusing on the strategy used to achieve smooth post-acquisition integrations of culturally distant state-owned firms. Design/methodology/approach This paper is a result of an exploratory research for qualitative information showing a similarity in the pattern in which post acquisition integrations were executed to successful completion in the history of ArcelorMittal. Findings Mittal’s post-acquisition integration processes began with programs such as the Knowledge Integration Program. These activities reduced pressure on issues related to the differences in the corporate cultures while increasing transparency among the departments of the acquired firms. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

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Aalbers, Rick H. L., Killian McCarthy, Menno Huisman i Jonas Roettger. "Moving motives: How past and present strategy influence the market". PLOS ONE 16, nr 12 (8.12.2021): e0259660. http://dx.doi.org/10.1371/journal.pone.0259660.

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We investigate the market’s reactions to serial acquirers that switch strategy. We collect data on 204 serial acquirers in four high tech industries, and use March’s explore-exploit framework, to classify these firms’ 1,415 acquisitions. We then distinguish, for example, exploration-based acquisitions, conducted after a series of exploitation-based acquisitions. Our results suggest that the market takes a portfolio perspective when reacting to an acquisition. In support of the ambidexterity literature, we show that the market responds positively to a switch from one type of strategy to another. Zooming in on the direction of the shift, we find that the market responds more positively to a switch towards exploration after exploitation, compared with the alternative. In so doing, we contribute to the literature on acquisition motives, by showing that prior announcements matter in explaining market reactions, and we contribute to the literature on ambidexterity, by showing that the market favours firms that oscillate between exploration and exploitation.

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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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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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Margaria, Davide, Fabio Dovis i Paolo Mulassano. "Galileo AltBOC signal multiresolution acquisition strategy". IEEE Aerospace and Electronic Systems Magazine 23, nr 11 (listopad 2008): 4–10. http://dx.doi.org/10.1109/maes.2008.4693984.

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Zhang, Bo, Guo Ying, Dongwei Zhang i Xia Li. "Research on PN Code Acquisition Strategy". International Journal of Future Generation Communication and Networking 8, nr 5 (31.10.2015): 221–30. http://dx.doi.org/10.14257/ijfgcn.2015.8.5.22.

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Walters, Bruce A., i Richard L. Priem. "Business strategy and CEO intelligence acquisition". Competitive Intelligence Review 10, nr 2 (1999): 15–22. http://dx.doi.org/10.1002/(sici)1520-6386(199932)10:2<15::aid-cir4>3.0.co;2-i.

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Pathak, Atul Arun. "Tata Motors’ successful cross-border acquisition of Jaguar Land Rover: key take-aways". Strategic Direction 32, nr 9 (12.09.2016): 15–18. http://dx.doi.org/10.1108/sd-05-2016-0083.

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Purpose This paper aims to focus on Tata Motors, an automobile company from an emerging market, and its successful acquisition of two global marquee car brands in Jaguar and Land Rover (JLR). It traces the evolution of JLR under the stewardship of Tata Motors over an eight-year long period and examines the strategic reasons for the success of the acquisition. Design/methodology/approach The paper approaches strategic issues in cross-border acquisitions using an illustration of a successful deal. It is based on statements of leaders and secondary data about the acquirer and acquired organizations. The paper explores the strategic challenges faced when emerging market firms carry out cross border acquisition deals. It recommends the short-term and long-term strategies that acquirers can follow to improve the chances of a successful acquisition. Findings Any acquisition is challenging. Cross-border acquisitions face greater challenges, especially if the acquirer is from an emerging market country while the target company is from a developed country. Success of the acquisition, especially over the long run, depends on both internal factors that are under the control of the acquirer’s management, as well as external environmental factors that it needs to address. Both patience and luck are required ingredients for success in such contexts. Practical implications While the general temptation in any acquisition is to extract synergies as quickly as possible, the Tata Motors’ acquisition of JLR is an exception. Tata Motors carefully handled short-term challenges and continued to invest in the core competencies of JLR and reaped benefits over the long run. It was also fortunate that a variety of factors in the external environment turned favorable for Tata Motors and JLR in the eight years since the deal took place. Social implications It concedes that during an M&A deal, the leaders of a seller organization may be nervous about their future. JLR trade union leaders were initially not sure whether jobs in UK would remain secure. To ensure success of the deal, the leaders of the acquirer firm need to balance the interests of multiple stakeholders, both in the short-term, as well as over a longer-term perspective. Originality/value The paper considers the Tata Motors’ acquisition of JLR. It is an example of a large, difficult cross-border acquisition by an emerging market based company. While the acquisition proved difficult in the short term, it has yielded excellent dividends to the parent company over the long term. This paper explores the reasons why this cross-border acquisition succeeded and recommends strategies that other companies considering cross-border acquisitions can consider to improve their chances of success.

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Li, Zeyang, Qinghua Tan i Yuchao Xie. "Analysis of Tencent’s Acquisition of Supercell: Competitive Strategy Perspective". Highlights in Business, Economics and Management 2 (6.11.2022): 316–21. http://dx.doi.org/10.54097/hbem.v2i.2380.

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As one of the most successful game companies in China, Tencent has always been essential to its continuous development and growth through frequent and effective overseas mergers and acquisitions. To achieve the same excellent results in mobile games, Tencent spent $8.6 billion in 2016 to acquire an 84.3% stake in a Finnish game developer, taking the world's most successful mobile game developer into its pocket. Therefore, the research and analysis of the representative event of Tencent's acquisition of Supercell can provide valuable suggestions and meaningful references for other game companies' overseas mergers and acquisitions. In this paper, Firstly, Supercell's enterprise model and competitive market advantage are studied in depth. The adaptability of Supercell and Tencent is discussed, Tencent's M&A behavior is evaluated, and suggestions and summaries are given.

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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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Kukko, Marianne. "Knowledge Sharing Barriers of Acquisitioned Growth: A Case Study from a Software Company". International Journal of Engineering Business Management 5 (1.01.2013): 8. http://dx.doi.org/10.5772/56005.

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Acquisition as a growth strategy is often burdened by subsequent unsatisfactory performance. The literature suggests that a potential cause is mismanagement of knowledge. Such mismanagement may occur if the barriers to knowledge sharing in acquisitioned growth are not adequately understood. Hence, the aim of this study is to improve understanding of the potentially most restrictive knowledge sharing barriers in acquisitioned growth. It does so through a case study in the context of the software business. The findings of the study will help companies with a strategy of growing through acquisitions to better prepare for the challenging task of managing such growth. The paper also contributes to the literature on knowledge management by defining knowledge sharing barriers in the context of acquisitioned growth in the software business. A contribution to growth literature is made by touching on the issue of the management of acquisitions from the perspective of knowledge management, and especially knowledge sharing.

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O'Grady, William. "Language acquisition without an acquisition device". Language Teaching 45, nr 1 (11.05.2011): 116–30. http://dx.doi.org/10.1017/s026144481000056x.

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Most explanatory work on first and second language learning assumes the primacy of the acquisition phenomenon itself, and a good deal of work has been devoted to the search for an ‘acquisition device’ that is specific to humans, and perhaps even to language. I will consider the possibility that this strategy is misguided and that language acquisition is a secondary effect of processing amelioration: attempts by the processor to facilitate its own functioning by developing routines of particular sorts.

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Mortlock, Robert. "Studying Acquisition Strategy Formulation of Incremental Development Approaches". Return on Investement (ROI) of New Approaches to Defense Acquisition 27, nr 93 (1.07.2020): 264–311. http://dx.doi.org/10.22594/dau.19-845.27.03.

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This is a study of the challenges that acquisition professionals confront in formulating the Department of Defense’s preferred acquisition–incremental development. The research surveys acquisition professionals to recommend the components of an acquisition strategy associated with a typical acquisition program undergoing program/project milestone review and approval. This work provides insights into how program managers use typical programmatic decision inputs (requirements, technology maturity, risk, urgency, and funding) to formulate the components of an acquisition strategy. The results suggest that acquisition policy should perhaps require a justification for most programs of record if an incremental development approach is not planned. Adoption of the recommended acquisition policy changes would make the defense acquisition system more responsive to the warfighter by fielding improved capability as quickly as possible and reducing risk of the eventual delivery of the full required capability.

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Fitriani, Novi, i Deddy Priatmodjo Koesrindartoto. "Proposed Business Strategy for XYZ Consultant Company to Financial Improvement Through Acquisition Strategy". European Journal of Business and Management Research 6, nr 2 (5.03.2021): 1–7. http://dx.doi.org/10.24018/ejbmr.2021.6.2.559.

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XYZ is a university with the best reputation in Indonesia which has 12 companies engaged in consulting services (construction and non-construction)). The proportion of ownership in this business varies from 20% to 99.99%. This business has several companies that are inefficient and unhealthy because operating costs are greater than revenue. In addition, in 2019, this consulting company experienced a decrease in revenue by 7.11% while the cost of goods sold increased by 7.45%. This study aims to select which companies have good and healthy performance, create new and effective business strategies for the best performing companies, and develop sustainable business and new competitive advantages. This research methodology is qualitative using secondary data in the form of annual financial reports from 12 companies for 2015-2019, websites and other information media. External analysis in this study using macroeconomics, PEST, Porter's Five Forces, and Benchmark Analysis. While the internal analysis uses Financial Ratio Analysis and Altman-Z Score. The tools used to obtain business solutions and strategies from the XYZ consulting firm case are Business Level Formulations, Business Level Strategies, Functional Strategies, and Implementation Strategies. One of the strategies that the author applies in this case is by implementing an acquisition strategy After analyzing and calculating using the Financial Ratio and Altman-Z Score of 12 companies, the result shows that there are only 7 companies that have good and healthy performance so that they are included in the "safe zone" category with a discriminant zone Z> 2.99. The acquisition strategy was created by combining these companies. The first step is to evaluate each company, then calculate the acquisition to find out the synergy value of the acquisition to compare the value when the acquisition was made and what was not. The calculation results show that the company's FCFF accumulation after the next 10 years on 2030, In the event of an acquisition is IDR 124,131,871,981.11. Meanwhile, if there is no acquisition is IDR 117,285,044,723.00. So that we know there have added value of the synergy IDR 6,846,827,258.11.

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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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Chandera, Yane, i Handyanto Widjojo. "Value Creation through Acquisition Strategy: A Study of Volvo’s Acquisition by Geely". International Research Journal of Business Studies 5, nr 2 (1.08.2012): 129–43. http://dx.doi.org/10.21632/irjbs.5.2.129-143.

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Brown, Scott. "Turnaround Delivers on Promise of Acquisition Strategy". Journal of Private Equity 8, nr 2 (28.02.2005): 59–64. http://dx.doi.org/10.3905/jpe.2005.490420.

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Widmaier, Martin, Erik Tijdens, Stian Hegna i Frans Smit. "A strategy for optimal marine 4D acquisition". ASEG Extended Abstracts 2004, nr 1 (grudzień 2004): 1–4. http://dx.doi.org/10.1071/aseg2004ab157.

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Guttentag, Robert E., Peter A. Ornstein i Loneta Siemens. "Children's spontaneous rehearsal: Transitions in strategy acquisition". Cognitive Development 2, nr 4 (październik 1987): 307–26. http://dx.doi.org/10.1016/s0885-2014(87)80010-2.

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Hiremath, Mahantesh. "Systems Engineering in Acquisition Strategy: Change Needed". INSIGHT 11, nr 5 (grudzień 2008): 32–34. http://dx.doi.org/10.1002/inst.200811532.

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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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Quah, Penelope, i Stephen Young. "Post-acquisition Management:". European Management Journal 23, nr 1 (luty 2005): 65–75. http://dx.doi.org/10.1016/j.emj.2004.12.010.

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Yang, Fan, Zhijun Meng, Guangming Wang, Xiye Guo, Enqi Yan i Yufeng Zhang. "A high dynamic weak spread spectrum signal acquisition strategy based on the transfer model". Journal of Physics: Conference Series 2414, nr 1 (1.12.2022): 012009. http://dx.doi.org/10.1088/1742-6596/2414/1/012009.

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Abstract To solve the problem of low Earth orbit (Leo) satellite constellation link spread spectrum signal acquisition in the high dynamic weak environment, this paper proposes a acquisition strategy based on transfer model. In this paper, we analyze the dynamic characteristics of link signal. An improved method of parallel code phase search acquisition based on transfer model acquisition strategy is introduced, the improvement of the proposed acquisition strategy to the traditional acquisition algorithm is illustrated through theoretical analysis. Simulation results verify the superiority of the acquisition strategy based on the transfer model for high dynamic weak signal acquisition.

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Tang, Yijia, i Yiding Yao. "A Business Analysis of Cross-Border M&A in the Context of Sustainable Development Strategy——A Case Study of ANTA & FILA". BCP Business & Management 20 (28.06.2022): 1002–9. http://dx.doi.org/10.54691/bcpbm.v20i.1092.

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Transnational mergers and acquisitions are an essential part of economic globalization. In recent years, it has also become a new trend in corporate development. More and more companies seek international sustainable development through cross-border mergers and acquisitions. However, cross-border mergers and acquisitions obtain more efficient income and bear a certain degree of risk. Making a suitable merger and acquisition plan, selecting the merger and acquisition target, and the enterprise's operation and development after merger and acquisition have essential research value. This article uses quantitative analysis and qualitative analysis methods to study the case of ANTA's purchase of FILA, starting from the initial stage of the merger, the status quo and the development forecast. After the merger and acquisition, according to the indicators of Revenue Share, Return on Equity (ROE), Current assets turnover rate in the financial data, the results show that both FILA and ANTA have significant improvement in profitability and operating capacity, and have long-term development potential. On the other hand, from the point of the business model and brand positioning, this paper analyzes the positive impact of the acquisition on brand management and brand development. Thus, this Sub-cross-border mergers and acquisitions case has a positive impact and promotes a win-win result. Finally, this article will combine the topic itself, and according to the status quo of brand development and market trends, some views and recommendations are also put forward for the further development and operation of enterprises. It is hoped that the case study can provide useful case references for more entrepreneurs and academic researchers.

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Zhao, Leyan, Ye Wang i Zhitong Yang. "Key Successful Factors of M&A". Highlights in Business, Economics and Management 2 (6.11.2022): 468–74. http://dx.doi.org/10.54097/hbem.v2i.2405.

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In order to reduce costs and increase revenue, expand strength, develop rapidly in a very short period of time, and establish its market advantages and brand advantages, enterprises often have to use their own brands to continuously acquire more similar companies to make cross-media and Multi-level service gets a best play. Mr. Redstone, chairman and CEO of Viacom, has developed his family business, National Entertainment Corporation, into the second largest media group in the world in just 15 years. Its development history is the true portrayal of capital mergers and acquisitions in the media field. This article starts from the analysis of Viacom-CBS mergers and acquisitions, which is a intricate, complex and lengthy large-scale business mergers and acquisitions cases, and studies how to estimate the exact value of business acquisitions through understanding business culture and corporate strategy before business acquisitions. In the acquisition process, negotiation skills, preparation and negotiation strategy are making a great difference to the negotiation. After the successful acquisition, the efficient operation and cooperation of the enterprise play an important role in the long-term development of the enterprise. The research of this paper is of great significance for enterprise acquisition, increasing business interests and improving the efficiency of enterprise management.

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Bick, Patty, Matthew D. Crook, Andrew A. Lynch i Brian Walkup. "Proximity to urban centers in mergers and acquisitions". Managerial Finance 43, nr 11 (13.11.2017): 1292–308. http://dx.doi.org/10.1108/mf-01-2017-0014.

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Purpose The purpose of this paper is to examine the impact firm proximity to financial centers has on announcement returns and time to deal completion for mergers and acquisitions. Design/methodology/approach Using a data set of merger and acquisition activity from 1986 to 2014, target and acquiring firms are classified as rural or urban based on their geographic proximity to major financial centers. The impact of this proximity on short-term acquisition announcement returns and on the amount of time required to complete the transaction are tested. Findings Markets react more favorably to the acquisition of firms headquartered in a rural area, likely due to increased information advantage on the part of the acquiring firm. Furthermore, the acquisition of a rural firm requires greater time to completion. Practical implications Acquiring firms may be able to use information asymmetry to their advantage when acquiring firms located in a more rural setting with higher levels of information asymmetry. However, this requires the acquiring firm to generate an informational advantage and will also require a greater time commitment on average to complete the deal. Originality/value While prior literature has demonstrated that the distance between target and acquirer can affect acquisition returns and time to deal completion, this study adds to the literature by demonstrating that the geographic location of the target firm relative to major financial hubs can have a unique effect on mergers and acquisitions as well.

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Lin, Liang-Hung. "Organizational Structure and Acculturation in Acquisitions". Journal of Management 40, nr 7 (26.04.2012): 1831–56. http://dx.doi.org/10.1177/0149206312442385.

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A congruence model of organizational design suggests that the consistency among strategy, structure, and culture enhances organizational performance. In this study, the author attempts to understand which strategy-structure and strategy-culture contingencies facilitate superior postacquisition performance. From the perspective of task interdependence, the author argues that different acquisition strategies (i.e., unrelated, vertical, related) require different levels of headquarters centralization and interdivisional integration in the organizational structure, as well as different degrees of acculturation in the organizational culture. Based on input/output (I/O) analysis, the author develops theoretical measures for different acquisition strategies to test these arguments. The results from a two-stage model capture the author’s arguments by using a sample of 154 acquisitions in the Taiwanese electronics and information sector.

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Gomez-Mejia, Luis R., Pankaj C. Patel i Thomas M. Zellweger. "In the Horns of the Dilemma: Socioemotional Wealth, Financial Wealth, and Acquisitions in Family Firms". Journal of Management 44, nr 4 (17.11.2015): 1369–97. http://dx.doi.org/10.1177/0149206315614375.

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We posit that family firms often face a dilemma in their strategic decision making: whether to maintain current socioemotional wealth or pursue prospective financial wealth. Applying such a mixed gamble perspective to acquisitions, family owners assess potential acquisitions with regard to their impact on both wealth dimensions. In line with this reasoning, our results show that family control implies a general reluctance to acquire and, when an acquisition happens, a preference for related targets. Because financial and socioemotional viewpoints lead to largely incompatible predictions about the occurrence and relatedness of acquisitions, family firm owners use their firm’s vulnerability as a signal. Increased vulnerability leads to a heightened propensity to prioritize financial over socioemotional wealth problem framing, which is reflected in the acquisition of unrelated targets. Empirical results are supportive of these predictions.

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Wonder, Nicholas, i Claire Lending. "Acquisitions and the shareholder base". Managerial Finance 45, nr 10/11 (14.10.2019): 1416–32. http://dx.doi.org/10.1108/mf-12-2017-0502.

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Purpose The purpose of this paper is to study the impact of acquisitions on the number of shareholders of the acquirer (the shareholder base) and relate that effect to the method of payment and the ratio between the target’s and acquirer’s shareholder bases prior to the acquisition. Design/methodology/approach Using 348 acquisitions from 1993 to 2013 for which both parties are public, American firms, the paper measures changes in the acquirer’s shareholder base from before announcement through to four years after completion. OLS regressions, together with an instrumental variables approach addressing the endogeneity of acquisition payment, indicate the determinants of those changes. Findings Acquisitions completed partly or entirely in stock lead to large increases in the shareholder base, and the increases mostly endure over the four-year window examined in the study. Regression results indicate that the target to acquirer shareholder ratio has a much greater impact on the acquirer’s base for stock acquisitions than for cash acquisitions. The ratio is also associated with changes in beta. Practical implications Because existing theoretical and empirical literature shows that the shareholder base impacts the risk, liquidity, and market value of stock, managers evaluating potential targets and modes of payment may wish to consider the likely impact on their firms’ shareholder bases, as may investors contemplating the effects of an acquisition announcement. Originality/value This is the first work documenting both a short- and long-term impact of acquisitions on the shareholder base and the first to investigate the determinants of the change in the base.

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Amawate, Vibhas, i Madhurima Deb. "Post acquisition brand identity: acquisition of Flipkart group by Walmart Inc." Emerald Emerging Markets Case Studies 11, nr 2 (23.06.2021): 1–21. http://dx.doi.org/10.1108/eemcs-12-2018-0274.

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Learning outcomes The learning outcomes are as follows: factors to be considered in devising the best post-acquisition brand identity and outline market research techniques, which can be used to identify the best-suited post-acquisition brand identity strategy. Case overview/synopsis The case study discusses the brand strategy, which Walmart Inc needs to adopt post its acquisition of Flipkart Pvt. Ltd (Flipkart) Group in India. Flipkart had acquired Myntra Designs Pvt. Ltd (Myntra) and Novarris Fashion Trading Private Limited (Jabong), but had kept their brand identity intact; Walmart Inc was faced with the decision on moving ahead with the brand strategy of keeping individual brand identities or merging all of these into a single brand identity. The study aims to provide valuable insights into the decision-making process adopted by Walmart Inc. It includes also the role of cause-related marketing in the positioning of Myntra as a socially responsible brand. The case study opted for an exploratory research design study using the qualitative research method of in-depth interviews. In total, 10 experts in the area of marketing, market research and marketing communication were interviewed. The qualitative data were analyzed using a template approach, which analyzes the text using a codebook or an analysis guide. The analysis guide already has clearly defined themes or categories. As the qualitative interviews progress, these themes get revised. These themes are analyzed qualitatively rather than statistically. The case study suggests to the management of Walmart Inc that they need to merge Myntra and Jabong based on the degree of similarity of consumer demographics, income/social class of buyers, brand identity and buying behavior. Myntra needs to retain as opposed to Jabong, as Myntra is perceived to be a socially responsible brand that creates a purchase disposition in the minds of the consumers. A more extensive quantitative study would offer better generalizability. It was not feasible to conduct a quantitative study due to time constraints. This research would have used advanced brand imagery assessment techniques such as multi-dimensional scaling to suggest if an overlap exists between consumer segments of Myntra and Jabong. The case study provides a decision-making framework to firms and individuals who are part of organizational teams to create a post-acquisition brand strategy in the e-commerce market. The case study fulfills a need for many academicians and practitioners to understand the decision-making process followed in devising a post-acquisition brand strategy in India. Complexity academic level Senior undergraduates; Master of Business Administration; Executive Master of Business Administration. Supplementary materials Teaching Notes are available for educators only. Subject code CSS 8: Marketing.

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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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Ronnie, Linda. "The Buyout at Tru-Foods For You". Emerald Emerging Markets Case Studies 9, nr 3 (7.11.2019): 1–18. http://dx.doi.org/10.1108/eemcs-05-2019-0093.

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Learning outcomes Learning outcomes are as follows: to appreciate the people challenges imbedded in an acquisition; to assess and analyse the impact of an acquisition process; to propose appropriate strategies for managing an acquisition; to explore the advantages and disadvantages of mergers and acquisitions; to describe the main reasons for the failure of M&As. Case overview/synopsis Often mergers and acquisitions fail because of the inability to either manage or consider organisational and people management issues. It has also been acknowledged that during a process of extreme change or transition, such as a merger and acquisition (M&A), employees view the past as a time of safety and security with the future appearing as uncertain and confused. This teaching case study highlights these challenges and the change processes imbedded in an acquisition. The acquiring firm is Marshall Foods, a well-established branded continental distribution company with a strong emphasis on nutritional whole food products based in South Africa, and the target firm is Tru-Foods For You, a small Cape Town online company that sold natural and organic foods. The case study explores the challenges faced by the Tru-Foods For You owner and staff as a result of the acquisition process. The case describes the background to the acquisition, the processes during this phase and the resultant outcomes. Complexity academic level Business students who are studying at postgraduate or MBA level and executive short courses in strategy and change management. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 11: Strategy.

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Chowdhry, Bhagwan, i Narasimhan Jegadeesh. "Pre-Tender Offer Share Acquisition Strategy in Takeovers". Journal of Financial and Quantitative Analysis 29, nr 1 (marzec 1994): 117. http://dx.doi.org/10.2307/2331194.

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Han, Tao, i Xavier Martin. "Merger and acquisition purposes and external communication strategy". Academy of Management Proceedings 2021, nr 1 (sierpień 2021): 16570. http://dx.doi.org/10.5465/ambpp.2021.16570abstract.

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LU, Weijun, Yanbin ZHANG, Dengyun LEI i Dunshan YU. "Efficient Weak Signals Acquisition Strategy for GNSS Receivers". IEICE Transactions on Communications E99.B, nr 1 (2016): 288–95. http://dx.doi.org/10.1587/transcom.2015ebp3114.

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Vijayakumaran, S., i T. F. Wong. "A Search Strategy for Ultra-Wideband Signal Acquisition". IEEE Transactions on Communications 53, nr 12 (grudzień 2005): 2015–19. http://dx.doi.org/10.1109/tcomm.2005.860074.

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Bourne, Lyle E., William D. Raymond i Alice F. Healy. "Strategy selection and use during classification skill acquisition." Journal of Experimental Psychology: Learning, Memory, and Cognition 36, nr 2 (2010): 500–514. http://dx.doi.org/10.1037/a0018599.

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Xiao, Lei, Minghui Xu, Jun-Jun Zheng i Song Huang. "Inducing manufacturer’s quality enhancement via retailer’s acquisition strategy". Omega 93 (czerwiec 2020): 102032. http://dx.doi.org/10.1016/j.omega.2019.02.001.

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