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Article
Publication date: 6 June 2020

Le Wang, Lars Schweizer and Björn Michaelis

In a contribution to the emerging research examining Chinese cross-border acquisitions (CBAs), the authors observe experiential learning applications for enhancing M&A…

586

Abstract

Purpose

In a contribution to the emerging research examining Chinese cross-border acquisitions (CBAs), the authors observe experiential learning applications for enhancing M&A completions. By emphasizing knowledge transfer, the authors reveal how target-to-target industry similarity and bidder-to-target cultural distance affect learning outcomes.

Design/methodology/approach

Using a binary logistic regression model, the authors examine a sample of CBA attempts announced by Chinese companies from January 2002 to December 2012 to identify the variables that affect the completion of CBAs.

Findings

The authors find that foreign acquisition experience but not domestic acquisition experience enhances subsequent acquisition attempts, especially when prior and focal target companies share the dominant industrial logic. Learning transfer is negatively affected when target countries are more culturally distant from China, but learning benefits appear to increase under strong bidder-to-target cultural distance.

Originality/value

By investigating learning in the precompletion stage in Chinese outward CBAs, the authors complement research that uses postacquisition performance to assess learning. The authors’ more fine-grained characterization reveals that acquisition experience increases knowledge transfer through experiential learning. Furthermore, the authors show that dominant industrial logic and cultural distance are underexplored contextual conditions, although they interact with foreign and domestic experience to affect the completion of CBAs.

Details

International Journal of Emerging Markets, vol. 16 no. 4
Type: Research Article
ISSN: 1746-8809

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Article
Publication date: 21 May 2018

Lars Schweizer and Andreas Nienhaus

Sensemaking models generally lack an objective determinant to distinguish between CEO fault and changes in systematic risk caused by exogenous negative shocks like a banking…

218

Abstract

Purpose

Sensemaking models generally lack an objective determinant to distinguish between CEO fault and changes in systematic risk caused by exogenous negative shocks like a banking crisis. The interdisciplinary approach of this paper combines attribution theory with econometric time series analyses to provide an objective measure of exogeneity and persistence of a negative shock to an organization. The purpose of this paper is to address the exploratory research question, of how scapegoating by managers can be avoided by the use of an objective and empirical measurement and if the recent financial crisis can be seen as an exogenous shock to manufacturing firms.

Design/methodology/approach

By testing for stationarity with a structural break with an econometric time series analysis, the model helps to reduce agency costs during organizational crisis by effectively determining crisis causation and avoid scapegoating by managers.

Findings

By combining the sensemaking models of Haleblian and Rajagopalan (2006), Staw (1980), and Weick (1988), an integrated model of sensemaking in performance crises under the specific context of simultaneously occurring external crises is provided. By applying the authors approach the results suggest that the financial crisis of 2008/2009 has true exogenous adverse effects on US manufacturing firms.

Originality/value

The interdisciplinary approach encourages the integration of econometric time series analysis as an objective determinant in sense making models.

Details

Journal of Strategy and Management, vol. 11 no. 2
Type: Research Article
ISSN: 1755-425X

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Book part
Publication date: 15 June 2018

Theresa Goecke, Björn Michaelis and Lars Schweizer

Firms pursue merger and acquisitions in order to gain valuable resources from acquired companies, including employee-held know-how and culture. This study aims to identify reasons…

Abstract

Firms pursue merger and acquisitions in order to gain valuable resources from acquired companies, including employee-held know-how and culture. This study aims to identify reasons employees choose to stay or leave in reaction to acquisitions. Seventeen employees involved in two major acquisitions in the software industry were interviewed for this qualitative study that goes beyond classical turnover variables to indicate that turnover or retention decisions depend on highly critical acquisition-specific variables such as leadership behavior, contact with new colleagues, or appreciation from the acquirer. We develop an acquisition-specific turnover model as a basis for further research on acquisition-specific turnover and to provide guidelines for practitioners dealing with retention and turnover during acquisitions.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78756-136-6

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Book part
Publication date: 24 August 2023

Jean Wang and Lars Schweizer

This study investigates the way in which acquisition-related human factors affect knowledge transfer in the context of Chinese cross-border M&A for strategic assets. The authors…

Abstract

This study investigates the way in which acquisition-related human factors affect knowledge transfer in the context of Chinese cross-border M&A for strategic assets. The authors find that the process of knowledge transfer is reciprocal for revenue and cost synergies, including explicit and tacit knowledge. The establishment of joint ventures (JV) in China after the takeover boosts product-oriented knowledge transfer from overseas-acquired firms in mature markets to Chinese acquirers. The promotion of overseas synergies stimulates complementary knowledge transfer flow, which is reversely transferred from Chinese acquirers to overseas-acquired subsidiaries such as low-saving sourcing and new market applications. This study identifies three acquisition-related human factors that impact overseas knowledge senders for knowledge transfer. These human factors are implemented by Chinese strategic investors as new shareholders during the loosen integration phase. The first facilitator is all-round communication programs with top management involvement, aiming to build up constructive communication channels to boost knowledge transfer. The second facilitator is competence-based trust, which stimulates cooperation and application based on similar professional competence between Chinese acquirers and their overseas-acquired subsidiaries. The impeder is a high turnover of key skilled workers at Chinese acquirers to undermine the effectiveness of knowledge transfer.

Available. Content available
Book part
Publication date: 24 August 2023

Abstract

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-83753-861-4

Available. Content available
Book part
Publication date: 15 June 2018

Abstract

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78756-136-6

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Article
Publication date: 20 July 2015

Lars Schweizer, Shalini Rogbeer and Björn Michaelis

This paper aims to show how researchers can overcome problems of fragmentation and eclecticism in an important strategy paradigm, namely, the Dynamic Capabilities (DC…

1187

Abstract

Purpose

This paper aims to show how researchers can overcome problems of fragmentation and eclecticism in an important strategy paradigm, namely, the Dynamic Capabilities (DC) perspective.

Design/methodology/approach

First, the explanandum of the theory of DC, conceptualized as a theory of strategic change, is generates. Second, four main constituent theoretical perspectives of DC were selected and their explanans on the explanandum of a theory of strategic change was mapped. Third, the explanans of a theory of strategic change was parsed out to derive the critical fragmentation sources as illustrated by the classical papers in DC.

Findings

First, consistent explanans of a theory of strategic change are integrated to build a meta-theory of strategic change. Second, testable propositions based on the meta-theory, in the context of industry convergence, a context which requires the development of dynamic capabilities in an uncertain and changing environmental context are developed.

Originality/value

By developing a meta-theory of strategic change, researchers are provided with the tools to overcome the confusion of fragmentation and eclecticism, specifically in the field of strategy research.

Details

Management Research Review, vol. 38 no. 7
Type: Research Article
ISSN: 2040-8269

Keywords

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Article
Publication date: 7 June 2018

Jörg Döpke and Lars Tegtmeier

The purpose of this paper is, to study macroeconomic risk factors driving the expected stock returns of listed private equity (LPE). The authors use LPE indices divided into…

584

Abstract

Purpose

The purpose of this paper is, to study macroeconomic risk factors driving the expected stock returns of listed private equity (LPE). The authors use LPE indices divided into different styles and regions from January 2004 to December 2016 and a set of country stock indices to estimate the macroeconomic risk profiles and corresponding risk premiums. Using a seemingly unrelated regressions (SUR) model to estimate factor sensitivities, the authors document that LPE indices exhibit stock market βs that are greater than 1. A one-factor asset pricing model using world stock market returns as the only possible risk factor is rejected on the basis of generalized method of moments (GMM) orthogonality conditions. In contrast, using the change in a currency basket, the G-7 industrial production, the G-7 term spread, the G-7 inflation rate and a recently proposed indicator of economic policy uncertainty as additional risk factors, this multifactor model is able to price a cross-section of expected LPE returns. The risk-return profile of LPE differs from country equity indices. Consequently, LPE should be treated as a separate asset class.

Design/methodology/approach

Following Ferson and Harvey (1994), the authors use an unconditional asset pricing model to capture the structure of returns across LPE. The authors use 11 LPE indices divided into different styles and regions from January 2004 to December 2016, and a set of country stock indices as spanning assets to estimate the macroeconomic risk profiles and corresponding risk premiums.

Findings

Using a seemingly unrelated regressions (SUR) model to estimate factor sensitivities, the authors document that LPE indices exhibit stock market ßs that are greater than 1. The authors estimate a one-factor asset pricing model using world stock market returns as the only possible risk factor by GMM. This model is rejected on the basis of the GMM orthogonality conditions. By contrast, a multifactor model built on the change in a currency basket, the G-7 industrial production, the G-7 term spread, the G-7 inflation rate and a recently proposed indicator of global economic policy uncertainty as additional risk factors is able to price a cross-section of expected LPE returns.

Research limitations/implications

Given data availability, the authors’ sample is strongly influenced by the financial crisis and its aftermath.

Practical implications

Information about the risk profile of LPE is important for asset allocation decisions. In particular, it may help to optimally react to contemporaneous changes in economy-wide risk factors.

Originality/value

To the best of authors’ knowledge, this is the first LPE study which investigates whether a set of macroeconomic factors is actually priced and, therefore, associated with a non-zero risk premium in the cross-section of returns.

Details

Studies in Economics and Finance, vol. 35 no. 2
Type: Research Article
ISSN: 1086-7376

Keywords

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Book part
Publication date: 9 October 2020

Sondes Mbarek and Donia Trabelsi

Abstract

Details

Corporate Fraud Exposed
Type: Book
ISBN: 978-1-78973-418-8

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Article
Publication date: 1 February 1999

Thomas Bieger and Christian Laesser

With the introduction of the EUR, a new time of European economy and tourism has begun.

121

Abstract

With the introduction of the EUR, a new time of European economy and tourism has begun.

Details

The Tourist Review, vol. 54 no. 2
Type: Research Article
ISSN: 0251-3102

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