مقاله انگلیسی رایگان در مورد تأثیر صنعت و محیط بازار هدف به رهبری کارآفرینی در ادغام و اکتساب – الزویر 2018

Introduction

Mergers and acquisitions (M&A) are prominent strategic means for corporate development. Companies use acquisitions to pursue organizational learning and as a consequence drive their innovation performance (Ahuja & Katila, 2001). Their managerial importance is displayed by the annual global transaction volume. With 3.5 trillion US$ the global transaction volume was similar to the GDP of Germany in 2014 (Thomson Reuters, 2014). Despite their popularity, outcomes are contradicting. On the one side, failure rates are high and reported to range between 40% and 60% (Christensen, Alton, Rising, & Waldeck, 2011) and on the other side, there is evidence that firms regularly engaging in M&A activities display increased survival rates (Almor, Tarba, & Margalit, 2014). Even though research investigating M&A performance and success has enjoyed increasing popularity during recent years, key success factors remain poorly understood (Gomes, Angwin, Weber, & Yedidia Tarba, 2013; Weber, Tarba, & Reichel, 2011). Most M&A research is either focused on pre-merger issues or on post-merger integration (Bauer & Matzler, 2014) with the upcoming agreement that value is created after deal closing (Haspeslagh & Jemison, 1991). Integration research usually investigates internal aspects like integration approaches (Weber & Tarba, 2011), integration typologies (Angwin & Meadows, 2015), different types of integration (Birkinshaw, Bresman, & Håkanson, 2000), speed of integration (Bauer, King, & Matzler, 2016), integration measures (Bauer, Dao, Matzler, & Tarba, 2017), sociocultural and human factors (Stahl et al., 2013; Stahl, Mendenhall, & Weber, 2005), or communication during acquisitions (Angwin, Mellahi, Gomes, & Peter, 2016; Schweiger & Denisi, 1991). During acquisition implementation, which can last for years (Bauer & Matzler, 2014; Bucerius, 2005, 2006;), organizations are not only internally disrupted but also vulnerable and exposed to uncertainties of the external environment (Angwin, 2004). Recently, research has begun to reflect on such environmental and competitive issues impacting M&A (Clougherty & Duso, 2009; Keil, Laamanen, & McGrath, 2013; Lebedev, Peng, Xie, & Stevens, 2015) indicating that the relation to the environment is a fruitful avenue for a better understanding of pertinent integration measures (Bauer et al., 2017) and acquisition performance (Clougherty & Duso, 2009; Lebedev et al., 2015; Schriber, 2016). Environmental hostility refers to a high intensity of competition, rare opportunities and uncertainties in terms of competition, products and markets (Zahra & Covin, 1995). Acquirers are not only confronted with an industry-wide environmental hostility but specifically with the environmental hostility in the market of the acquired target firm that potentially differs significantly (McDougall, 1989; McDougall, Oviatt, & Shrader, 2003; Young, Dimitratos, & Dana, 2003). Especially, when entering new geographic regions, acquirers are confronted with local competitive pressures that generally remain under-investigated (Perri, Andersson, Nell, & Santangelo, 2013).