Mergers and Acquisitions Creating Integrative

This book reviews both successful and unsuccessful mergers and acquisitions, exploring the reasons why so many fail to live up to expectations. An exploration of why mergers and acquisitions succeed or fail, based on rigorous scholarly research. Stretches the boundaries of what we know about these complex phenomena. Presents original ideas about the merger and acquisition strategy, the effects of mergers and acquisitions on performance, and the critical processes involved in implementation and integration. Explores new areas, such as the role of culture and leadership, and the importance of knowledge transfer and learning. Includes contributions from both highly respected scholars and up-and-coming stars in the field.

Amy L. Pablo is Associate Professor of Strategic Management in the Haskayne School of Business at the University of Calgary.

Mansour Javidan is Professor of Strategic Management and Chair of the Department of Strategy and Global Management in the Haskayne School of Business at the University of Calgary.

List of Figures

ix

List of Tables

x

List of Contributors

xi

Introduction

xiv

Amy L. Pablo and Mansour Javidan

Part I M&A Performance

1 The Secrets of Merger and Acquisition Success: A Co-Competence and Motivational Approach to Synergy Realization

3

(17)

Rikard Larsson, Kenneth R. Brousseau, Michael J. Driver, Patrick L. Sweet

Introduction

3

(2)

Synergy Factors that Transcend the Performance Controversy

5

(6)

A Co-Competence and Motivational Approach to Acculturation in M&A

11

(1)

A Co-Competence and Motivational Approach to Communication in M&A

11

(3)

A Co-Competence and Motivational Approach to Career Development in M&A

14

(2)

Conclusion

16

(4)

2 Mind the Gap: Key Success Factors in Cross-Border Acquisitions

20

(25)

Noa Erez-Rein, Miriam Erez, Shlomo Maital

Introduction

20

(2)

Review of the Literature

22

(4)

Method

26

(3)

Findings

29

(8)

Discussion

37

(8)

Part II M&A Strategy

3 Cross-Border Mergers and Acquisitions: Challenges and Opportunities

45

(15)

Michael Hitt, Vincenzo Pisano

Introduction

45

(1)

Opportunities

46

(3)

Challenges in Cross-Border Acquisitions

49

(3)

Making Cross-Border Mergers and Acquisitions Work

52

(3)

Conclusions and Future Research

55

(5)

4 Firm Competitiveness and Acquisition: The Role of Competitive Strategy and Operational Effectiveness in M&A

60

(22)

Paul A. Mudde, Thomas Brush

Introduction

60

(2)

Previous Empirical Research

62

(3)

Theory and Hypotheses Development

65

(4)

Model and Sample Description

69

(2)

Results

71

(4)

Discussion and Conclusions

75

(7)

5 Acquisition of Entrepreneurial Firms: How Private and Public Targets Differ

82

(23)

Jung-Chin Shen, Jeffrey J. Reuer

Introduction

82

(2)

Background Literature

84

(2)

Theory and Hypotheses

86

(4)

Methods

90

(5)

Results

95

(2)

Discussion

97

(8)

Part III Merger Implementation and Integration

6 The Role of the Corporate Academy in Mergers and Acquisitions

105

(8)

L. Todd Thomas, Shlomo Ben-Hur

Introduction

105

(1)

Corporate Academies in M&A

106

(5)

Conclusion

111

(2)

7 Managing the Acquisition Process: Do Differences Actually Exist Across Integration Approaches?

113

(22)

Kimberly M. Ellis

Introduction

113

(2)

Integration Approaches

115

(4)

Purpose of Study

119

(1)

Methodology

120

(3)

Results

123

(3)

Discussion

126

(3)

Conclusion

129

(6)

Part IV M&A Knowledge Transfer and Learning

8 Mergers and Acquisitions in Technology-Intensive Industries: The Emergent Process of Knowledge Transfer

135

(21)

Danna Greenberg, P.J. Guinan

Introduction

135

(1)

Literature Review

136

(4)

Methodology

140

(2)

Results

142

(9)

Discussion

151

(5)

9 Does It Pay to Capture Intangible Assets Through Mergers and Acquisitions?

156

Asli Musaoglu Arikan

Theoretical Background and Hypotheses

157

(3)

Methodology

160

(9)

Results

169

(5)

Discussion

174

(7)

Part V Culture and Leadership in M&As

10 Leadership and the M&A Process

181

(13)

Sim B. Sitkin, Amy L. Pablo

Introduction

181

(1)

Attention to Leadership in the M&A Literature

182

(4)

A Leadership Framework Applied to the M&A Process

186

(5)

Discussion

191

(1)

Conclusion

191

(3)

11 The Role of CEO Charismatic Leadership in the Effective Implementation of Mergers and Acquisitions

194

(18)

David A. Waldman

Introduction

194

(2)

CEO Charismatic Leadership in an M&A Implementation

196

(3)

Organizational and Cultural Integration

199

(10)

Conclusions

209

(3)

12 The Impact of Perceived Uncertainty on Culture Differences in the Post-Acquisition Process to Strategy Realization

212

(23)

Vera Hartog

Introduction

212

(1)

Impact of Culture on the Post-Acquisition Integration Process

213

(6)

Hypotheses

219

(1)

Methodology

219

(5)

Results

224

(2)

Discussion and Implications

226

(9)

Part VI Research in M&As

13 When We Study M&A, What Are We Learning?

235

(10)

Joseph L. Bower

Introduction

235

(3)

Research on M&A

238

(3)

Conclusion

241

(4)

14 Where We've Been and Where We're Going

245

(17)

Mansour Javidan, Amy L. Pablo, Harbir Singh, Michael Hitt, David Jemison

Where We've Been...

245

(7)

Where We're Going...

252

(10)

Index

262

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Mergers and Acquisitions Creating Integrative Knowledge

Summary

Author Biography

Table of Contents

Supplemental Materials