Contact us
 |
[email protected] |
 |
3275638434 |
 |
 |
| Paper Publishing WeChat |
Useful Links
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Anna Stankiewicz-Mróz
Full-Text PDF
XML 935 Views
DOI:10.17265/2328-7144/2016.02.006
Affiliation(s)
Anna Stankiewicz-Mróz, Ph.D., Faculty of Organization and Management, Department of Management Systems and Innovations, Lodz University of Technology, Lodz, Poland.
ABSTRACT
The aim of this article is to find an answer to the question: Does the similarity of the profiles of companies participating in the acquisition influence the post-transaction integration? While creating a research concept, a hypothesis was adopted that the range and the dynamics of the post-acquisition integration are higher, if the companies are similar as far as their sizes, structures, life cycles, and organizational cultures are concerned. Five acquisitions from the pharmaceutical sectors were examined. The results presented in this paper are a part of wider research on consolidation processes in the pharmaceutical branch. In each case, the research had a retrospective character. In order to assess the integration activities, the research was conducted three years after the transaction. An inductive analysis of case study type was used and the technique of research triangulation was applied. A part of the research used for the needs of this paper was conducted by the means of two methods: individual in-depth interviews with the presidents/managing directors of the companies which were taken over and panel interviews in which the presidents and managing directors as well as director and managers of the development units, managers of organization as well as the directors/managers of human resource units of the acquired companies participated. The analysis of the profiles of similarity of companies-transaction partners showed that although they belonged to the same branch, the analyzed companies are characterized by a low level of similarity, especially as far as the structures and organizational cultures are concerned. The strategy of functioning after the merger is based in the majority of cases on the model of partnership. It takes for granted a low level of integration referring only to some selected areas and is connected with an adoption of a long-term integration perspective foreseen for a period longer than three years of functioning in the merged structure.
KEYWORDS
acquisition, profile of similarity, pace and range of integration
Cite this paper
References
Agrawal, A., & Jaffe, J. (2000). The post-merger performance puzzle. Advances in mergers and acquisitions. Amsterdam: Elsevier.
Aniszewska, G. (2002). Proces integracji w fuzjach i przejęciach. Rola kultury organizacyjnej. In K. Moszkowicz and B. Olszewska (Eds.), Zarządzanie strategiczne w teorii i praktyce (pp. 23-29). Wrocław: Wydawnictwo Akademii Ekonomicznej im. Oskara Langego we Wrocławiu.
Barbour, R. (2011). Badania fokusowe. Warszawa: PWN.
Bengtsson, L., & Larsson, R. (2012). Researching mergers & acquisitions with the case study method: Idiographic understanding of longitudinal integration processes (Center for Strategic Innovation Studies [CSIR], Blekinge Institute of Technology, paper No. 4).
Boschma, R. A. (2005). Proximity and innovation: A critical assessment. Regional Studies, 39, 61-74.
Bower, J. L. (2004). When we study M&A, what are we learning? In A. Pablo and M. Javidan (Eds.), Mergers and acquisitions. Creating integrative knowledge (pp. 235-244). Oxford, UK: Blackwell.
Coffey, J., Garrow, V., & Holbeche, L. (2002). Reaping the benefits of mergers and acquisitions in search of the Golden Fleece. Oxford: Butterworth-Heinemann.
Cooke, P. (2006). Bliskość, wiedza i powstawanie innowacji. Studia Regionalne i Lokalne, 2(24), 21-22.
Czakon, W. (2010). Hipoteza bliskości. Przegląd Organizacji, 9, 16-21.
Epstein, M. (2004). The drivers of success in post-merger integration. Organizational Dynamics, 33, 174-176.
Habeck, M. M., Kröger, F., & Träum, M. R. (2000). After the merger—Seven rules for successful post-merger integration. Edinburgh Gate, Westminster: Pearson Education Limited.
Hess, J. M. (1968). Group interviewing. In R. L. King (Ed.), Marketing and the new science of planning (pp. 193-196). Chicago: American Marketing Association.
Hunt, J. W. (1990). Changing pattern of acquisition behavior in takeovers and the consequences for acquisition processes. Strategic Management Journal, 11(1), 69-77.
Iwai, K. (2002). The nature of business corporation: Its legal structure and economics functions. Japanese Economics Review, 53, 243-273.
Larsson, R., & Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization Science, 10(1), 1-26.
Larsson, R., & Lubatkin, M. (2001). Achieving acculturation in mergers and acquisitions: An international case survey. Human Relations, 54(12), 1573-1607.
Menzel, M. P. (2006). Dynamic proximities. Towards a concept of changing relations. Proceedings from the 5th Proximity Congress, Bordeaux.
Miles, M. B., & Huberman, A. M. (1994). Qualitative data analysis. An expanded sourcebook (2nd ed.). Beverly Hills, CA: Sage.
Pablo, A. L., & Javidan, M. (2002). Thinking of a merger… Do you know their risk propensity profile? Organizational Dynamics, 30(3), 206-222.
Pawlak, J. (2012). Fuzje i przejęcia jako strategia alternatywna dla rozwoju organicznego przedsiębiorstw—Badania długofalowych efektów ekonomicznych na przykładzie sektora motoryzacyjnego, niepublikowana praca doktorska (Wydział Nauk Ekonomicznych, Uniwersytet Warszawski, Warszawa).
Petuzzelli, A. M., Albino, V., & Carbonara, N. (2009). External knowledge sources and proximity. Journal of Knowledge Management, 13(5), 301-318.
Rallet, A., & Torre, A. (1999). Is geographical proximity necessary in the innovation networks in the era of global economy? Geo Journal, 49, 373-380.
Senge, P. (1998). Piąta dyscyplina. Teoria i praktyka organizacji uczących się. Warszawa: Dom Wydawniczy ABC.
Stankiewicz-Mróz, A. (2012). Integracja potransakcyjna jako proces budowania tożsamości organizacji po fuzjach i przejęciach. Acta Universitatis Lodziensis. Folia Oeconomica, 276, 177-187.
Torre, A., & Gilly, J. P. (2000). On the analytical dimension of proximity dynamics. Regional Studies, 34(2), 169-180.
Torre, A., & Rallet, A. (2005). Proximity and location. Regional Studies, 39, 47-59.
Zeller, C. (2004). North Atlantic innovative relations of Swiss pharmaceuticals and the proximities with regional biotech areas. Economic Geography, 80(1), 83-111.