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1 AKTUALISIERT Corporate M&A Modellrahmen und empirische Evidenz Dissertationsvorhaben Moritz Kübel, 30. März 2010

2 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Exkurs: Themenvorschläge für Diplomarbeiten Nächste Schritte Anhang Seite 2

3 Nach intensiver Literaturrecherche ist als Dissertationsvorhaben die Analyse der Akquisitionsfähigkeit von Vielkäuferunternehmen geplant Zusammenfassung Bisherige Aktivitäten Identifizierung potentieller Themenbereiche, Literaturscreening und Festlegung von Themenbereich (M&A-) Detaillierte Literaturrecherche und Einteilung von 106 Veröffentlichungen in 6 Denkschulen: - Finanzökonomik - Verhaltensökonomik - Strategieforschung - Lernforschung - Capabilitiy based View - - & Organisationslehre Identifizierung des Forschungsbedarfs und Prüfung alternativer Forschungsansätze Entwicklung und grobe Planung des vorgeschlagenen Forschungsansatzes Themenstellung Corporate M&A Modellrahmen und empirische Evidenz Dissertationsvorhaben Perspektivenwechsel von der Analyse einzelner Akquisitionen zur Analyse von Mehrfachakquisiteuren Analyse des M&A-s als dynamische Fähigkeit ( dynamic capability ), die eine Anpassung der Ressourcenbasis an neue Umfeldbedingungen ermöglicht Ziel: Entwicklung und Überprüfung eines Strukturgleichungsmodells mit den Bestandteilen, Einflussfaktoren und Erfolgswirkungen einer M&A-Capability Vorläufige Planung: - April - Mai 2010: Qualitative Vorstudie in Form von halbstrukturierten Interviews mit M&A-Managern - Ende Juni - August 2010: Datenerhebung für Kausalanalyse durch Befragung von ca. 700 Mehrfachakquisiteuren - September 2010: Kausalanalyse - Bis Ende 2010: Verfassen der Dissertation Seite 3

4 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Einleitung Stand der Forschung Forschungsvorschlag Exkurs: Themenvorschläge für Diplomarbeiten Nächste Schritte Anhang Seite 4

5 Da ein Großteil aller Akquisitionen von Vielkäuferunternehmen durchgeführt werden, ist deren spezifische Ökonomik von besonderem Interesse Einleitung 100 % 50 % M&A-Aktivität in Europa (Lorenz-Kurve) 1 Akquisitionen n= (kumuliert) 31% aller Akquisitionen durch Vielkäufer (5% aller Käufer ; Ø mind. eine Akquisition p.a.) 0 % 0 % 50 % 100 % Akquisiteure n= (nach Akquisitionshäufigkeit sortiert) Mergers & Acquisitions (M&A): Wichtiges Instrument der Unternehmensführung häufiges Phänomen im Geschäftsleben (> Transaktionen in ) M&A-Forschung 1 : Meist Untersuchung von Einzeltransaktionen Kaum Berücksichtigung übergeordneter M&A- Strategien, -Erfahrungen und -Fähigkeiten der Käuferunternehmen Großteil aller Akquisitionen durch Vielkäufer und somit Bestandteil übergeordneter Akquisitionsserien bzw. -strategien Perspektivenwechsel von der Analyse einzelner Transaktionen zur Analyse der spezifischen Ökonomik von Vielkäuferunternehmen (synonym für multiple/serial acquirer) 1 Alle Transaktionen in Europa während der 6. M&A-Welle ( ) ausgenommen Finanzsektor; Quelle: Accenture Research, eigene Darstellung 2 vgl. Voss, I.; Müller-Stewens, G.: Strategische M&A-Kompetenz im Rahmen von Akquisitionsstrategien, In: Keuper, F. (Hrsg.); Häfner, M. (Hrsg.); Glahn, C. (Hrsg.): Der M&A-Prozess. Konzepte, Ansätze und Strategien für die Pre- und Post-Phase, Wiesbaden, 2006, S Seite 5

6 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Einleitung Stand der Forschung Forschungsvorschlag Nächste Schritte Exkurs: Themenvorschläge für Diplomarbeiten Anhang Seite 6

7 Denkschulen der M&A-Forschung ENTWURF - nur zur Diskussion Es wurden über 100 Veröffentlichungen zu Akquisitionsserien und Vielkäuferunternehmen identifiziert und zu sechs Denkschulen zusammengefasst Literaturübersicht ZUSAMMENFASSUNG Inhalt Basisannahmen Methoden Ergebnisse (Auswahl) Finanzökonomik Auswirkung von Akquisitionsserien auf Marktkapitalisierung Effiziente Märkte Rationalität Structure-Conduct- Performance-Paradigma Quantitative Analysen (meist Ereignisstudien) Keine konsistenten Ergebnisse Vielkäufer tendenziell etwas erfolgreicher als Einzelkäufer Akquisitionsserien mit kleinen Targets erfolgreicher Frühe Akquisitionen in einer Serie erfolgreicher als spätere Märkte antizipieren Erfolge späterer Akquisitionen Verhaltensökonomik Verhalten, Motivation und Entscheidungen von Managern Unvollkommene Märkte Interessenskonflikte Quantitative Analysen (meist Ereignisstudien) Empire Building durch Agency-Probleme Hybris/Überzuversicht insb. bei anfänglichem Erfolg Bedeutung von Agency/Hybris wird angezweifelt Strategieforschung Intendierte oder emergente Inhalte von Wachstums- bzw. Akquisitionsstrategien Unvollkommene Märkte Strategischer Erfolg durch Verbesserung der Wettbewerbsfähigkeit Unterschiedliche Methoden Meist großzahlige Untersuchungen Klassifizierung nach Akquisitionshäufigkeit und Größe der Targets: Die erfolgreichsten Unternehmen akquirieren häufig, regelmäßig und zunächst kleine Targets Inhaltliche Konsistenz und strategischer Fit wichtig lehre Gestaltung des M&A- s Normative Aussagen Übertragbarkeit von Best Practices Identifizierung von Best Practices Organisationsmodelle & -kriterien für M&A- Gestaltungsempfehlungen: Verknüpfung von Wachstumsund M&A-Strategie, Professionalisierung M&A-Prozess Lern- & Wissensforschung Zusammenhang zwischen Akquisitionserfahrung und Akquisitionserfolg Erfahrungskurveneffekte Negative Lerneffekte möglich Quantitative, kapitalmarktorientierte Studien überwiegen Einfache Erfahrungsansammlung unzureichend Explizite und reflektierte Wissenskodierung und Homogenität der Targets wichtig Capabilitybased View Entstehung, Wesen und Einflussfaktoren von M&A-Kompetenzen Erosion von Wettbewerbsvorteilen Unterschiedliche Methoden M&A-Capability als Dynamic Capability (Fähigkeit, die Ressourcenbasis des Unternehmens zu erneuern) Für mehr Details siehe Anhang Quelle: Eigene Auswertung. Die Klassifizierung dient dem vereinfachten Überblick und ist weder überschneidungsfrei noch trennschaft Seite 7

8 Weiterer Forschungsbedarf besteht hinsichtlich des Detailgrads der Untersuchungen und der Entwicklung empirisch fundierter Gestaltungsempfehlungen Kritik und Forschungsbedarf Finanzökonomik Verhaltensökonomik Strategieforschung lehre Lern- & Wissensforschung Capabilitybased View Kritik Ergebnisse uneinheitlich, teils im Widerspruch zu anderen Denkschulen (Lernforschung) Dominanz von großzahligen Untersuchungen und Ereignisstudien Enge Definition von M&A-Erfolg (abnormal returns) und kritikfähige Annahmen Analyse aus der Außensicht, keine Gestaltungsempfehlungen Dominanz von quantitativen Analysen aus der Außensicht Operationalisierung von Hybris- oder Überzuversicht kritikfähig Erkenntnisse eher generisch, keine Gestaltungsempfehlungen Bedeutung von Agency- oder Hybris-Effekten wird angezweifelt Kein eigenständiges, in sich geschlossenes theoretisches Konzept Heterogene, teils inkonsistente Ergebnisse Quantitative Analysen ausschließlich Sekundärforschung auf Basis von Archivdaten Kein eigenständiges, geschlossenes Konzept Theoretische Fundierung oft mangelhaft Geringe empirische Evidenz Modelle zur Integration verschiedener Aspekte organisationalen Lernens (experimentelles, reflektiertes, externes oder negatives Lernen) relativ rudimentär Konkrete Lernmechanismen und -werkzeuge kaum betrachtet Operationalisierung von Lernen und Lernerfolg kritikfähig Konzeptionalisierung von M&A-Fähigkeit meist unkonkret Wenig Gestaltungsempfehlungen für die Entwicklung einer M&A-Fähigkeit Geringe Integration mit Strategieforschung und Verhaltensökonomik Forschungsbedarf Berücksichtigung unterschiedlicher M&A-Strategien Differenziertere Messung von M&A-Erfolg Differenziertere Kennzahlen (z.b. Berücksichtigung strategischer Ziele) Messung des Erfolgs des M&A- Portfolios Tiefere Einblicke in unternehmensinterne Vorgänge und Strukturen Primärforschung und Feldstudien Konkretere Operationalisierung von M&A-Fähigkeit Betrachtung von nicht börsennotierten Unternehmen Stärkere Integration der Denkschulen Aussagefähigere Empirie (z.b. Kausalanalysen) Quelle: Eigene Auswertung Seite 8

9 Dynamic Capabilities sind eine sehr wichtige, aktuelle und noch nicht abgeschlossene theoretische Entwicklung im strategischen Dynamic Capabilities Stand der Forschung Autor, Jahr Teece u.a Eisenhardt, Martin 2000 Zahra, George 2002 Zollo, Winter 2002 Winter 2003 Zahra u.a Helfat u.a Barreto Definitionen (Auswahl) The firm s ability to integrate, build, and reconfigure internal and external competencies to address rapidly changing environments The organisational and strategic routines by which firms achieve new resource configurations as markets emerge, collide, split, evolve, and die Change oriented capabilities that help firms redeploy and reconfigure their resource base to meet evolving customer demands and competitor strategies Learned and stable pattern of collective activity through which the organisation systematically generates and modifies its operating routines in pursuit of improved effectiveness Capabilities that operate to extend, modify or create ordinary capabilities The abilities to reconfigure a firm s resources and routines in the manner envisioned and deemed appropriate by its principal decision maker(s) The capacity of an organization to purposefully create, extend, or modify its resource base The firm s potential to systematically solve problems, formed by its propensity to sense opportunities and threats, to make timely and market-oriented decisions, and to change its resource base Reaktion auf Kritik an dem statischen und gleichgewichts-basiertem Charakter der Resource-based View Seit 1997 starke und weiter zunehmende Beachtung in der betriebswirtschaftlichen Forschung erhalten Theoriebildung noch nicht abgeschlossen: - Definitionen nicht konsolidiert - Charakter (Prozesse/Routinen oder Fähigkeiten), Eigenschaften (idiosynkratisch oder equifinal), Voraussetzungen (dynamisches oder stabiles Umfeld) und Erfolgswirkung (direkt oder indirekt) in Diskussion - Bisher kaum Relevanz in der Praxis Bedarf an empirischer Forschung - Untersuchung der Detailebene - Beobachtung der Anwendung in der Praxis - Betrachtung in einem breiteren Kontext Barreto, I: Dynamic Capabilities: A Review of Past Research and an Agenda for the Future. Journal of 36, S , 2010 Easterby-Smith, M.; Lyles, M.; Peteral, M.: Dynamic Capabilities: Current Debates and Future Directions, British Journal of, Vol. 20, S. 1-8, 2009 Ambrosini, V.; Bowman, C.: What are dynamic capabilities and are they a useful construct in strategic management?, Int. Journal of Mngmt. Reviews, S , 2009 Wang, C.; Ahmed, P.: Dynamic Capabilities: A Review and Research Agenda. International Journal of Reviews, Vol. 9, No. 1, S , 2007 Seite 9

10 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Einleitung Stand der Forschung Forschungsvorschlag Nächste Schritte Exkurs: Themenvorschläge für Diplomarbeiten Anhang Seite 10

11 Ziel der Dissertation ist die Entwicklung und kausalanalytische Überprüfung eines Modells der Akquisitionsfähigkeit Übersicht Dissertationsvorhaben VORSCHLAG Corporate M&A Modellrahmen und empirische Evidenz oder M&A Capability Bestandteile, Einflussfaktoren und Erfolgswirkung Denkschule Capability based View, Dynamic Capabilities Titelvorschläge Forschungsziel Entwurf eines ganzheitlichen, generischen Modells einer M&A-Fähigkeit mit den Determinanten, Einflussfaktoren und der Erfolgswirkung der M&A-Fähigkeit Empirische Untersuchung des Modells Identifizierung von Erfolgsfaktoren und Ableitung von Implikationen für die Umsetzung von M&A-Strategien Zweck Form Umfang Respondenten Anbahnung Qualitative Vorstudie Identifizierung von Modellkomponenten und Zusammenhängen Erhöhung der Validität des Strukturgleichungsmodells Semi-strukturierte Interviews Persönliche Interviews (lokal) oder Telefoninterviews Sprache: Deutsch Ca. 10 Interviews, nur Deutschland Dauer: ca. 2 Stunden M&A-Berater M&A-Manager von Vielkäuferunternehmen Persönliche Kontakte oder persönliche Anbahnung (z.b. Linde, Münchner Rück, E.ON, Vattenfall Europe ) Quantitative Hauptstudie Empirische Überprüfung des Strukturgleichungsmodells Kausalanalyse Schriftliche und internetgestützte Befragung (überwiegend Skalierungsfragen) Sprache: Deutsch, Englisch Kontaktierung von ca. 900 Unternehmen in Europa ca Fragen M&A-Manager von Vielkäuferunternehmen (mind. 5 Akq. in und mind. 1 Akq. in 2009) Zwei-Respondenten-Design Persönliche Adressierung an zuständigen Vorstand oder Unpersönliche Adressierung an M&A-Abteilungen Seite 11

12 Die Dissertation wird einen empirischen Beitrag zu den wichtigsten Diskussionspunkten von Dynamic Capabilities leisten Theoretische Relevanz Eigenschaften von Dynamic Capabilities Erfolgswirkung von Dynamic Capabilities Praxisbezug von Dynamic Capabilities Annahmen Dynamic Capabilities als Prozesse bzw. Routinen Fixkosten durch langfristige Bindung von spezialisierte Ressourcen (vgl. Zollo/Winter 2002, Winter 2003, Pablo u.a. 2007), Gemeinsamkeiten-Paradoxon: DCs sind equifinal und weisen Best Practices bzw. Gemeinsamkeiten auf (vgl. Eisenhardt & Martin 2000) Idiosynkratisch im Detail bzw. in den performativen Merkmalen Fungibilität und Substituierbarkeit von Dynamic Capabilities Multi-dimensionales Konstrukt (vgl. Teece 2007: sensing & shaping opportunities, seizing opportunities, reconfigurating resources) Nicht-dichotomisch (vgl. Barreto, 2010: 270) Fähigkeit als Potenzial (vgl. Barreto, 2010: 273) Indirekte Erfolgswirkung über die neue Ressourcenkonfiguration (vgl. Eisenhardt & Martin 2000, Helfat u.a. 2007) Überwindung von Tautologien durch direkte Erfolgsmessung Relevanz von Dynamic Capabilities bei unterschiedlichen Kontextfaktoren Diagnose von Dynamic Capabilities (vgl. Ambrosini & Bowman 2007: 45) Intendierte Entwicklung von Dynamic Capabilities (vgl. Ambrosini & Bowman 2007: 44) Auswirkung auf Forschungsdesign Analyse der Prozesse und der nutzbaren Ressourcen Aufzeigen der Mikroelemente Analyse der ostensiven Merkmale von Routinen (vgl. Feldman & Pentland 2003 bzw. Ambrosini & Bowman 2009: 44) Outsourcing/Nutzung von M&A-Beratern als Moderator Operationalisierung als formatives Konstrukt (vgl. Barreto, 2010: 273) Abstufungen der Fähigkeit können gemessen werden Potenzial ist keine hinreichende Bedingung für Erfolg Modellierung des Zusammenhangs zwischen M&A-Fähigkeit und M&A-Erfolg sowie zwischen M&A-Erfolg und Unternehmenserfolg Messung des M&A-Erfolgs durch Technical und Evolutionary Fitness (vgl. Helfat u.a., 2007: 9ff) Umfelddynamik als Moderator (vgl. Zahra u.a. 2006) Unternehmenstypen (multinational, diversiviziert) als Kontrollvariable (vgl. Teece 2007, Zollo & Winter 2002) Kriterien und konkrete Merkmale ( Reifegradmodell ) Konkrete Gestaltungsempfehlungen Seite 12

13 Auf Basis der Literaturrecherche und den Ergebnissen der qualitativen Vorstudien kann ein Strukturgleichungsmodell der M&A-Fähigkeit entwickelt werden Skizze des Strukturgleichungsmodells GROBENTWURF Ressourcen, Methoden & Instrumente des M&A- s: Sensing Evolutionary Fitness Personal Organisation Steuerung Prozesse Handbücher, Vorlagen & Modelle Informationssysteme Erfahrung Seizing Reconfigurating M&A-Capability M&A-Erfolg Technical Fitness (Value Capture/ Creation) Unternehmenserfolg Moderatoren: Umfelddynamik, M&A-Strategie Kontrollvariablen: Unternehmenstypen Vgl. Teece (2007) Seite 13

14 Die Dissertation könnte sich in sechs Kapitel gliedern und den angestrebten Umfang von 180 Seiten aufweisen Mögliche Gliederung ENTWURF 1 Einleitung Motivation und Problemstellung Forschungsziel und -fragen Theoretische und praktische Relevanz Methodisches Vorgehen Aufbau der Arbeit 2 Theoretische Grundlagen Akquisitionsstrategien Ökonomik von Vielkäuferunternehmen Dynamic Capabilities 3 Modellentwicklung Bezugsrahmen Ableitung der Modellkonstrukte Beschreibung der Modellkonstrukte Wirkungszusammenhänge und Hypothesenableitung 4 Grundlagen der empirischen Untersuchung Methodische Grundlagen Datengrundlagen Konstruktmessung 5 Ergebnisse der empirischen Untersuchung Modellbeurteilung und Modellgüte Beurteilung der Hypothesentests Fazit der empirischen Untersuchung 6 Zusammenfassung Zusammenfassung der wesentlichen Ergebnisse Implikationen für die betriebswirtschaftliche Forschung Implikationen für die Unternehmenspraxis Limitationen und weiterer Forschungsbedarf Seite 14

15 Es ist das Ziel, die Dissertation im Jahr 2010 zu verfassen; eine Verlängerung bis Ende Februar 2011 ist möglich Konzeptioneller Rahmen Analyserahmen festlegen Modell & Fragebogen entwerfen Qualitative Vorstudie Interviewtermine vereinbaren Interviewleitfaden entwickeln Interviews durchführen & auswerten Modell und Hypothesensystem festlegen Datenerhebung Adressdatenbank anlegen Fragebogen entwickeln Fragebogen testen Fragebogen produzieren Fragebogen versenden Erinnerung versenden Datenanalyse Daten erfassen & aufbereiten Strukturgleichungsmodell implementieren Kausalanalyse durchführen Ergebnisaufbereitung Gliederung festlegen Dissertation verfassen Dissertation redigieren Abstimmungstermine Apr Mai :Abstimmung Methodik & Interviewleitfaden Jun tbd: Abstimmung Fragebogen Jul Aug. Sep tbd: Diskussion der Datenlage u. Gliederung Oct Nov ENTWURF Dec Ostern Pfingsten Fußball-WM Urlaub? Weihnachten Seite 15

16 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Exkurs: Themenvorschläge für Diplomarbeiten Nächste Schritte Anhang Seite 16

17 Eine Analyse der Stellenausschreibungen zu M&A erlaubt empirische Rückschlüsse auf die Ausgestaltung des M&A-s in der Praxis Mögliches Diplomarbeitsthema VORSCHLAG Titel M&A- in der Praxis Eine Analyse von Stellenausschreibungen Beschreibung Aufarbeitung der Literatur zu M&A- (insb. - und Organisationslehre) Ableitung von Hypothesen (z.b. je größer das Unternehmen, desto spezialisierter das M&A- ) Erfassung der Stellenausschreibungen zu M&A in Online-Stellenbörsen, Printmedien und bei Personalberatungen Datenaufbereitung Deskriptive Analyse des Stellenmarktes - Bedarfsträger: Anteil M&A-Dienstleister vs. Private Equity vs. Corporates, - Aufgabeninhalte: Transaktionsunterstützung, Strategieentwicklung, Post Merger Integration - Organisatorische Ansiedlung: M&A-Abteilung, Controlling, Unternehmensentwicklung Interpretation der Ergebnisse Organisatorisches Beginn: Jederzeit Betreuung durch Moritz Kübel Weitere Diplomarbeiten zur Auswertung des erhobenen Datenmaterials ab September möglich (z.b. zu M&A-Strategie) Seite 17

18 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Exkurs: Themenvorschläge für Diplomarbeiten Nächste Schritte Anhang Seite 18

19 Nächste Schritte (bis Mitte April) Abschluss der Literaturanalyse zu Dynamic Capabilities Anbahnung der Interviewtermine Erfassung bisheriger Operationalisierungen Erste Konzeptualisierung von M&A-Capability (Entwurf) Auswertung von Fallstudien in der Literatur und Projektergebnissen aus der Beratungspraxis Entwurf des Interviewleitfadens Seite 19

20 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Exkurs: Themenvorschläge für Diplomarbeiten Nächste Schritte Anhang Literaturliste nach Denkschulen Modelle empirischer Untersuchungen (Auswahl) Seite 20

21 1. Literaturliste: Finanzökonomik (1/3) Author(s), Year Ahern 2008 Rahahleh Wie 2008 Ismail 2008 Laamanen Keil 2008 Klasa Stegemoller 2007 Dobbs et al Laamanen Keil 2006 Rosen 2006 Bradley Sundaram 2005 Journal / Publisher Title Methodology Results University of Michigan University of New Orleans Global Finance Journal Strategic Journal Financial McKinsey on Finance Strategic Journal Journal of Business Duke University The Returns to Repeat Acquirers The Performance of Frequent Acquirers: Evidence from Emerging Markets Will Multiple Acquirers Ever Learn? The US Evidence from Single versus Multiple Acquirers Performance of serial acquirers: Toward an acquisition program perspective Takeover activity as a response to time-varying changes in investment opportunity sets: Evidence from takeover sequences, Are companies getting better at M&A? Performance of serial acquirers: an acquisition program perspective Merger momentum and investor sentiment: the stock market reaction to merger announcements Do acquisitions drive performance or does performance drive acquisitions? A re-assessment of the evidence Diverse measures No evidence for agency, hybris or diminishing opportunity sets Larger acquirer demand larger targets, which are more likely public, leading to declining returns Firms learn from history and choose organizational form of target and method of payment consistent with their best prior returns Cumulative abnormal returns decline over the deal order and it is more pronounced in civil-law countries than in common-law countries Premiums paid by acquirers from civil-law countries with first successful acquisition are higher than those from common-law countries Findings are consistent with agency problems and the hubris hypothesis Single acquirers outperform multiple acquirers Unsuccessful first time acquirers learn, but successful first time bidders suffer from hubris behavior in subsequent acquisitions A high rate of acquisitions and a high variability of the rate are negatively related to performance Acquirer s size, scope of its acquisition program, and acquisition experience moderate the relationship by weakening the negative effects Takeover sequences are made in the context of time-varying changes in an acquiring firm s growth opportunity set They begin subsequent to an expansion of this opportunity set and end when this opportunity set closes off Low quality acquisition is not what causes a takeover sequence to end Value creation and value capture in the merger wave have increased compared to Both a high acq. rate and its variability are negatively related to performance Acquirer's size, acq. program scope, and experience moderate the relationship by weakening the neg. effects The best serial acquirers develop higher order capabilities for managing aq. programs size and wellfocused acq. program scope increase an acquirer's capability Merger momentum: Bidder stock prices are more likely to increase when a merger is announced if recent mergers by other firms have been received well Acquirers that pursued a strategy of growing via small acq. significantly outperformed those that acquired large targets Acquisitions follow good performance Negative announcement effect for public targets and a positive effect for non-public targets Seite 21

22 1. Literaturliste: Finanzökonomik (2/3) Author(s), Year Conn et al Cools et al Leaman et al Ooghe et al Fuller et al Stegemoller 2001 Gammelgaard 2000 Bhabra et al Journal / Publisher Title Methodology Results Cambridge University The Boston Consulting Group Why must all good things come to an end? The performance of multiple acquirers Growing through acquisitions. The successful value creation record of acquisitive growth strategies., operating performance Total shareholder return UBS Where M&A Pays: Who Wins & How? Ghent University The Journal of Finance University of Georgia Copenhagen Business School University of Otago Profile of multiple vs. single acquireres and their targets: A research note What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions The performance of frequent acquirers Time and Path Dependencies in Foreign Acquisition Behaviours. The History of Danish Takeovers Abroad 1888 to 1993 Investment opportunities, leverage, and the wealth gains from acquisition program announcements Accounting data, accounting data Descriptive For acquirers whose first acq. are successful, short and long run performance declines significantly with each subsequent acq. for acquirers whose first acq. are successful Hubris effect For acquirers whose first acq. is unsuccessful, the bid order is positive Learning effects Fast growers outperform slow growers by 6-7% Market rewards growth strategies with a significant number of acq. Investors distinguish between deals conducted by experienced and less experienced acquirers Present 3 acq. strategies: reducing costs relative to competitors, acquiring necessary capabilities, building a new business model Markets reward "serial acquirers" for their growth strategies, providing further empirical support for the advantages of a dynamic M&A strategy over the longer term. Multiple acquirers look for complementary firms in terms of sales and growth Multiple acquirers specifically want to acquire companies with a high sales generating ability in order to improve their own sales generating ability First bids are associated with significantly positive returns, whereas returns to fifth and subsequent bids result in insignificant and sometimes negative returns After making many quick acq. bidders either negotiate less efficiently or create less synergy in later deals The shorter the time period surrounding acq. the lower the acquirer returns Frequent acquirers outperform comparable firms in both accounting and stock market returns Relatively large takeover programs are more successful than smaller programs Each period seems to create new acq. motives and behaviours: (1) direct investment explanation (access to raw materials,...) (2) market or growth perspective (3) setup of foreign production units (4) acq. of competences Firms seem to follow the trend when setting up their strategies Acq. motives are time dependent Significantly positive returns during the announcement period, especially for firms that undertake at least one acq. in the following three years Financial markets capitalize the expected benefits of an acq. program at the time of the announcement Market views high leverage as an inhibiting factor on a firm's ability to profitably undertake investment Seite 22

23 1. Literaturliste: Finanzökonomik (3/3) Author(s), Year Gregory 1997 Leach 1992 Loderer Martin 1992 Balakrishnan 1988 Malatesta Thompson 1985 Asquith Bruner Mullins 1983 Schipper Thompson 1983 Williamson 1975 Journal / Publisher Title Methodology Results Journal of Business Finance & Accounting Review of Financial Studies Financial Strategic Journal Journal of Financial Economics Journal of Financial Economics Journal of Financial Economics Free Press, NY An examination of the long run performance of UK acquiring firms Repetition, Reputation, and Raiding Postacquisition Performance of Acquiring Firms The Prognostics of Diversifying Acquisitions Partially Anticipated Events: A Model of Stock Price Reactions with an Application to Corporate Acquisitions The Gains to Bidding Firms from Merger Evidence on the Capitalized Value of Merger Activity for Acquiring Firms Markets and Hierarchies: Analysis and antitrust implications Diverse measures Qualitative and quantitative (abnormal returns) Diverse measures Both single and regular acquirers experience significantly negative returns Acq. by multiple acquirers are less unsuccessful than those by single acquirers Tender premiums, bid revision rates, and success rates are lower for continuing bidders; success rates vary within a series Reputation building is more likely with highly correlated target valuations Continuing and repeating bidders have incentives to announce acq. programs and to obscure gains from acq. until the series is complete Bidders should be anxious to convince the target and market that related acq. will continue, the market should react positively to a credible announcement of an acq. program Performance over the full 5 years after the acq. is zero, regardless of size Post-acq. performance shows time patterns Acq. could be the culmination of a series of related strategic moves by the acquiring firm to enter a new industry and therefore a significant fraction of the gains from synergy could have been anticipated by the capital market well ahead of the acq. When the acq. is part of an already announced acq. program, there might not be any observable abnormal returns Acquisition attempts are profitable investment projects, investors partially anticpiate these attempts However: fixed costs could offset the benefits from acq. Attempts Model predits the constant announcement effect that Asquith found Bidding firms gain significantly during the 21 days leading to the announcement of each of their first four mergers The entire market reaction to merger bids is not capitalized at the beginning of a merger program Gains during the announecemnt perios are larger for successful mergers Significant positive abnormal returns associated with the announcement of acquisition programs: consistent with a positive average capitalized value of acq. Programs, inconsistent with extreme form of size maximization hypothesis /hubris However: possible that managers seek to acquire more firms than is optimal It is an efficient approach to economic growth when smaller firms initially develop and test new markets, and then are incorporated in larger firms Seite 23

24 2. Literaturliste: Verhaltensökonomik Author(s), Year Aktas et al Croci Petmezas 2009 Billett Qian 2008 Aktas et al Bradley Sundaram 2006 Deighton 2006 Gorton et al Rosen 2004 Journal / Publisher Title Methodology Results Catholic University of Leuven Milan-Bicocca University Science Catholic University of Leuven Duke University Helsinki School of Economics Federal Reserve Bank of Chicago Wharton School The Elapsed Time Between M&A Deals Why Do Managers Make Serial Acquisitions? An Investigation of Performance Predictability in Serial Acquisitions Are overconfident managers born or made? Evidence of self-attribution bias from frequent acquirers Corporate serial acquisitions: An empirical test of the learning hypothesis Acquisitions and Performance: A Re- Assessment of the Evidence Patterns in the performance of successive acquisitions: Evidence from individual CEO acquisitions track records Eat or be eaten: A theory of mergers and merger waves Betcha can't acquire just one: merger programs and compensation Deal frequency Formal analysis Highly valued acquirers and hubris infected (overconfident) CEOs do deals more rapidly More experienced CEO acquirers act faster in the future There exists a significant trade-off between abnormal returns and the abnormal time between deals Evidence that some managers have superior acquisition skills Value-increasing deals offer useful predictions that they will be followed by subsequent valueincreasing deals Strong post-merger-performance makes a subsequent acquisition more likely Program mergers have a significant effect on compensation As a program progresses, bad acquisitions become more likely consistent with self-attribution bias leading to managerial overconfidence Existence of declining returns trend confirmed on average Positive performance trend for CEOs likely to be infected by hubris, negative trend found for CEOs who are more likely to be rational Empirical evidence to suggest that many CEOs learn substantially during acquisition programs Frequent acquirers outperformed infrequent acquirers Good performance begets acquisitions rather than the reverse Target organizational form (private or public) ist most important Hubris and agency costs are perhaps overstated, since they apply only to a small subset of cases where the target is relatively large and publicly traded, and stock is used as the sole medium of exchange. Substantial portion of M&A activity is consistent with shareholder value-maximizing behavior. The first-deal effect is robust using CEO level data Multi-deal CEOs exhibit little statistical evidence of positive performance persistence Merger and merger waves can occur when managers prefer that their firms remain independent rather than be acquired CEO compensation increases more after growth from program acq. than after internal growth or growth from one-off acq. Initially, merger programs are received better by the stock market than are one-off mergers However, as a program processes, the acq. tend to have lower announcement reactions and longterm returns The effect on CEO compensation is smaller for mergers later in a program Managerial motivation for merger programs: compensation Seite 24

25 3. Literaturliste: Strategieforschung (1/3) Author(s), Year Barkema Schijven 2008 Ahern Weston 2007 Motyka 2005 Harding Rovit 2004 Rovit et al Rovit Lemire 2003 Hagedoorn Duysters 2002 Mitchell Capron 2002 Brandimarte et al Marks Mirvis 2001 Journal / Publisher Title Methodology Results Academy of Journal Journal of Applied Finance UBS Harvard Business School Press Strategy & Leadership Havard Business Review Technology Analysis & Strategic EBF McKinsey on Finance The Academy of Executive Toward unlocking the full potential of acquisitions: The role of organizational restructuring M&As: The Good, the Bad, and the Ugly Financial Institutions M&A: Finding Your Strategy Mastering the Merger. Four Critical Decisions that Make or Break the Deal A simple M&A model for all seasons Your Best M&A Strategy The effect of mergers and acquisitions on the technological performance of companies in a hightech environment Managing acquisitions to change and survive Trading the corporate portfolio Making mergers and acquisitions work: Strategic and psychological preparation Quantitative, Accounting Data Literature, quantitative casestudies Total shareholder return Total shareholder return Total shareholder returns Technological performance Qualitative: Multiple case studies Quanitative: TSR Qualitative Acquisition experience enables the acquirer to learn to implement its acquisitions more successfully from the start, thereby postponing the need for restructuring Restructuring experience fosters the acquirer s ability to unlock more synergy when the need for another restructuring does arise M&As alone cannot create a superior firm from a weak one M&A programs conducted over long time periods effectively related to long range plans based on strong core capabilities can help managers achieve superior returns to shareholders Market rewards firms that are able to execute multiple M&A deals over a period of time Serial acquirers perform well in capturing new products or new markets Frequent acquirers outperform and had more consistent results Buy in good and bad times: consistency throughout economic cycles Mastering mergers is an outgrowth of experience with mergers The most successful firms at creating shareholder value are steady and frequent acquirers that maintain a constant program of transactions throughout both economic busts and boom times String-of-pearls/mountain-climbing strategy: Building organizational capability and institutionalize M&A processes Acquirers carrying out more than 20 deals in 15 years outperformed firms that made 1-4 deals by a factor of 1.7 and non-buyers by a factor of 2 Acquirers that buy in specific parts of the economic cycle lag behind constant buyers in performance Most successful buyers start with small deals, insitutionalize their processes, create feedback systems, involve line management early, walk away from risky deals, and build standing M&A teams No evidence of the positive effect of the experience of companies through a larger number on M&As M&As can contribute to improving the technological performance of companies in a high-tech environment Org. and strategic fit are crucial for the technological success of M&As Acq. are a strategic tool in all economic conditions Firms that carry out acq. strateies as regular parts of successful change strategies develop consistent systems that they apply to their typical acq. Necessary to review success and failures of individual acq., as well as the logic of acq. strategy Firms with active, balanced acq. programs create more shareholder value than those with passive M&A strategies and fewer acq. Lessons learned from past combinations are not being applied in a systematic manner In successful acq. programs strategic objectives are translated into specific investment criteria Important criteria: Generic set of criteria that guide a firm's overall combination program and strategy, set of criteria that guide the assessment and selection of a specific partner Seite 25

26 3. Literaturliste: Strategieforschung (2/3) Author(s), Year Còté et al Ashkenas et al Hitt et al Kaplan et al Anslinger Copeland 1996 Bruton et al Haspeslagh Jemison 1992 Harris Nicholls 1989 Hopkins 1987 Journal / Publisher Title Methodology Results Journal of Studies Harvard Business Review British Journal of University of Chicago Harvard Business Review Academy of Journal Campus Verlag, Frankfurt/New York Managerial and Decision Economics Strategic Journal Acquisition Strategy and Dominant Logic in an Engineering Firm Making the deal real: How GE Capital integrates acquisitions Attributes of Successful and Unsuccessful Acquisitions of US Firms A Clinical Exploration of Value Creation and Destruction in Acquisitions: Organization Design, Incentives, and Internal Capital Markets Growth through Acquistions: A Fresh Look Performance of acquisitions of distressed firms Akquisitionsmanagement. Wertschöpfung durch strategische Neuausrichtung des Unternehmens Methodology in International Acquisitions: An Exploratory Study Acquisition Strategy and the Market Position of Acquiring Firms Qualitative: Case study Qualitative: Case study Qualitative: Multiple case studies Qualitative and quantitative (abnormal returns) Total shareholder return Subjective measures Qualitative Qualitative: Case study Qualitative and quantitative (market share) Theoretical models of acq. strategy and performance must make room for both deliberate and emergent strategy, change and determinism GE Capital made acq. integration a core capability and a competitive advantage The pathfinder model includes feedback loops and learning: Strategy formulation is important after deal closure and has to be assessed and adjusted during the whole process Different types of acq.: Portfolio or asset purchase, consolidating acq., fresh territory, hybrid Successful acquirers have change experience: these firms were more flexible, with developed adaptation skills Too much, too fast can cause acquiring firms to lose control of the acq. process It is very difficult to implement a value-creating acq. strategy Managers of the acquiring company did not deeply understand the target company Initial stock-market reaction to the acq. were arguably reasonable Successful acquirers picked a common theme and stuck to it Approaches to implement strategy: Evolve in-house acquisition capabilities, establish a separate subsidiary or outsource Acq. of financially distressed firms, related business combinations in which the acquirers had prior acq. experience performed best However, prior acq. experience and business relatedness had no effect on performance Specialized tacit knowledge about the acq. process is vital to acq. success Six of seven studied companies had well established acq. criteria: acq. in core businesses, strategic fit, obtaining a good management team, leadership position of an acq. candidate in its market, acq. in a growth market, some criteria specidifc to strategic needs (strenghten R&D,...), companies distinguished clearly between different categories of acq. Conglomerate growth was rejected, this reflects the general move away from this growth pattern Many companies avoid small acq. Acq. growth is generally associated with a decline in market position, Marketing-related strategy is associated with a superior position these firms were found in more profitable industries and had higher market shares in their industries Improved market position may be an unrealistic goal to be achieved through a long-term acq. strategy Seite 26

27 3. Literaturliste: Strategieforschung (3/3) Author(s), Year Hopkins 1987 Singh Montgomery 1987 Kusewitt 1985 Lamont Anderson 1985 Roberts Berry 1985 Fray et al Paine Power 1984 Lubatkin 1983 Bane Neubauer 1981 Buckley 1975 Didrichsen 1972 Howell 1970 Journal / Publisher Title Methodology Results Journal of Strategic Journal Strategic Journal Academy of Journal Sloan Review The Journal of Business Strategy Strategic Journal The Academy of Review Strategic Journal Long Range Planning Business History Review (pre- 1986) Harvard Business Review Long-Term Acquisition in the US Economy Corporate acquisition strategies and economic performance An exploratory study of strategic acquisition factors relating to performance Mode of Corporate Diversification and Economic Performance Entering new businesses: Selecting strategies for success Qualitative and quantitative (accounting data) Accounting data Factor analyses (accounting data) Accounting data Qualitative: Multiple case studies Majority of acquisitive firms appear to follow acq. strategies which are consistent over time Consistency of a firm's acq. strategy in general was not associated with better performance Strategies that evidenced strategic fit did show superior performance New acq. strategy categories: mixed-related, related/non-diversified, non-diversified, reversal strategy, composite strategy Acquired firms in related acq. have higher returns than acquired firms in unrelated acq. Acquiring firms do not have significant abnormal returns Some acquiring firms have done extremely well with their acq. programs and others have done poorly Positive relation to acq. performance: industry commonality, acquiree profitability Neg. relation: relative size, acq. rate, timing rel. to market cycle, percentage cash acq. No evidence for advantages of consistent diversification approaches Predominance of internal diversification No one strategy is ideal for all new business development situations Minority investments and small targeted educational acq. form ideal vehicles for building familiarity and are therefore the preferred entry strategies in unfamiliar sectors Successful Acquisition Planning Conceptual A strategy must be developed to guide the program (strategic direction of the firm, size and type of candidate to be acquired), since there seems to be a general lack of acq. planning Three types of acq. approaches: Opportunistic approach, research approach, combination approach Merger Strategy: An Examination of Drucker's Five Rules for Successful Acquisitions Mergers and the performance of the acquiring firm Diversification and the Failure of New Foreign Activities Conceptual Conceptual Failure rate Managers seem to be able to affect the success of acq. by acquiring information and planning Managers need experience and/or skills to make successful acq. acq. of different types and in different industries have different success rates Proposes the grouping of mergers by the level of the acquiring firm's acquisition experience Learning assumption: acquiring firms pursuing a strategy of higher merger activity may outperform less acquisitive firms 29% chance that a foreign subsidiary will eventually fail (be liquidated) within some 20 years Minimize risk by adding new, relatively small activities that build upon each other Growth by acquisitions Qualitative Chances of a successful acq. program are considerably improved by the identification of a company's own capabilities and limitations The development of diversified and conglomerate firms in the United States, Qualitative: Annual reports, news, interviews Acquisitive firms follow consistent long-term acq. strategies lasting as long as 50 years: marketingrelated, technology-related, financially-linked strategies - reflecting certain corporate characteristics The reliance on a special competence is usually evident Plan to integrate your acquisitions Qualitative Definition of three acq. growth strategies: Financial, marketing, manufacturing Different selection/integration processes necessary for each strategy Seite 27

28 4. Literaturliste: lehre (1/2) Author(s), Year Jill Peters 2009 Hinne 2008 Rothenbücher et al Uhlaner West 2008 Borowicz 2007 Cools et al Evans 2007 Borowicz 2006 Madhavan 2006 Müller-Stewens 2006 Journal / Publisher Title Methodology Results Accenture The growth machine: Why it pays to build an in-house M&A capability Gabler Merger & Acquisitions - Bedeutung und Erfolgsbeitrag unternehmensinterner M&A- Dienstleister A.T.Kearney McKinsey on Finance Finance Boston Consulting Group The Deal Strategisches von Mergers & Acquisitions. Gabler University of Pittsburgh Build your own acquisition factory: An unconventional way to sustainable growth and market leadership Qualitative (lessons learned) and quantitative (survey) Survey Qualitative: Lessons learned An in-house M&A machine must span all stages of the deal lifecycle In-house M&A machine must fit M&A strategy M&A depratments are useful for big companies, especially if M&A capabilities are perceived as strategically important Acquisition factories create value by applying an efficient serial acquisition process while also improving mainly the bottom-line performance of the acquired business Running a winning M&A shop Conceptual The persuit of growth through rapid-fire deal making increases the pressure on M&A managers to get the underlying process right: M&A strategy, M&A management specific to deal types, M&A organization and process Erfolg in Serie? Chancen und Risiken von Akquisitionsprogrammen The brave new world of M&A: How to create value from mergers and acquisitions Building M&A capacity at midsize companies Conceptual Diverse measures Qualitative: Lessons learned Special capabilities and path-dependency are strategic advantages of serial acquierers Information asymmetries because of intransparency of acquisition programs allow for abnormal returns of serial acquirers Professionalize M&A like any other business process Understand relative position in industry landscape For the most part, acquisitions fail because of avoidable errors A successful acquisition strategy is largely a function of execution Expertise, proper discipline and strategic focus is required Building a corporate development group is the first step M&A-Aufbauorganisation Conceptual Bundling and evaluation of M&A activities, structures and criteria for organization design of M&A Managing M&A Strategically: From Plug and Pray To Plug and Play1 Conceptual Seven Principles for strategic M&A management, including a process modell to link corporate and M&A strategy and a capability maturity model for M&A to enhance learning from M&As. M&A Review Wettbewerbsvorteil Corporate M&A Conceptual Corporate M&A department influences coporate performance; the corporate M&A department needs to balance standardization and flexibility; complexity and heterogenity of M&A projects biggest challenge for M&A practioners; conflict of roles as manager and consultant at the same time Seite 28

29 4. Literaturliste: lehre (2/2) Author(s), Year Palter Srinivasan 2006 Chakrabarti Mitchell 2005 Cools et al McDonald et al Cullinan et al Sudar-sanam 2003 Lucks 2002 Lucks Meckl 2002 Puranam et al Sauermann 2000 Journal / Publisher Title Methodology Results McKinsey on Finance Advances in Mergers and Acquisitions Boston Consulting Group Journal of Global Business and Technology European Business Journal Prentice Hall Harvard Business Manager Habits of the busiest acquirers A corporate level perspective on acquisitions and integration Successful M&A: The Method in the Madness Planning for a successful merger or acquisition: Lessons from an Australian study Organising for deal success Creating Value from Mergers and Acquisitions M&A: Nur systematisches Vorgehen bringt Erfolg Springer International Mergers & Acquisitions - der prozessorientierte Ansatz Financial Times Deutscher Universitäts Verlag Bringing some discipline to M&A mania Unternehmensinternes M&A- Survey Conceptual Total shareholder return Qualitative Quantitative (diverse measures) and qualitative (case study) Conceptual and qualitative (lessons learned) Qualitative: Lessons learned Consistently successful acquirer balance acquisitions with organic growth, leverage the entire organization to drive the process from start to finish, and understand how to use their own strengths to create value Firms that employ active corporate level integration processes particularly firms that acquire frequently and have interdependent business units can enhance the benefits and eliminate some of the problems of diversity Key ingredients for success are strategic focus, valuation discipline and early cross-functional integration Danger of deal feaver if no clear game plan is in place Corporate strategy (incl. organic and acquisitive growth options) required in advance of any M&A activity Clear alignment between corporate and M&A strategic objectives The value of due diligence was removing managerial ego and justifying the business case Mixed evidence on the value of experience Shop frequently instead of trying to time the markets and buy significantly smaller companies Acquirers should start with small and lower risk deals, build an organisational capability, institutionalise the processes, and create a feedback loop to learn from their mistake Three components stand out in a disciplined deal-making process: The people who make deals happen, the people who evaluate opportunities and how the acquirer prepares to walk away Description of M&A decision process, post acquisition audit and organizational learning Competence in restructuring and business reengineering is crucial part of M&A competence Experience, defined M&A procedures and strict rules are required Gain second opinion by external advisors during due diligence Codification of M&A knowledge should cover project management, core and supporting functions Conceptual Framework for M&A organization: Make or buy, centralize or decentralize, network organization Qualitative: Literature review, lessons learned Conceptual Establish a value range for the target Undertake acquisitions as a business process with defined stages Develop and retain M&A expertise Understand when to walk away from a deal Requirements for M&A management Alternative organization designs for M&A managements and their contingencies Seite 29

30 5. Literaturliste: Lern- und Wissensforschung (1/3) Author(s), Year Ahern 2006 Karim Mitchell 2004 Zollo 2004 Zollo Gottschalg 2004 Zollo Singh 2004 Finkelstein Haleblian 2002 Hayward 2002 Vermeulen Barkema 2001 Journal / Publisher Title Methodology Results University of California: Working Paper Long Range Planning Organization Science INSEAD-Wharton Alliance Strategic Journal Organization Science Strategic Journal Academy of Journal Do acquirers learn? Innovating through acquisition and internal development: A quartercentury of boundary evolution at Johnson & Johnson Superstitious learning revisited: Outcome ambiguity and confidence traps in corporate acquisitions When experience hurts: Experiential learning, perceived task homogeneity, and the confidence trap Deliberate learning in corporate acquisitions: Post-acquisition strategies and integration capability in U.S. bank mergers Understanding acquisition performance: The role of transfer effects When do firms learn from their acquisition experience? Evidence from Learning through acquisitions Qualitative: Case study Survey Quantitative (return on investment) Qualitative and quantitative (return on assets), subjective analyst ratings Survival rate Rejection of agency theories Cost minimization explanation where firms balance integration and search costs Firms learn from history and choose organizational form and payment method consistent with their best prior returns The company commonly looked beyond its boundaries for new resources, acquiring most of its product lines and units during the period, and actively reconfiguring most acquired units in attempts to create new value Dual importance of acq. and internal development as sources of value and innovation for a firm Managers self-attributions of success in previous acquisitions are negatively related to the actual performance of a focal merger This effect increases as they accumulate experience The effect is significantly reduced as the stock of experience becomes more heterogeneous and knowledge is systematically articulated and codified Negative moderating effect of perceived task homogeneity on the relationship between experience accumulation and performance Knowledge codification strongly and positively influences acq. performance, while experience accumulation does not Similar acq. are positively related to acq. performance Second acq. underperform first acq., particularly when first and second targets are from different industries (consistent with theory on negative transfer of past acq. knowledge) Routines established in prior situations transfer to new situations depending on the similarity of industrial environments A firm's focal acq. performance positively relates to prior acq. that are - not highly similar or dissimilar to the focal acq. - associated with small losses - not too temporally close or distant from the focal acq. Acq. appear to enhance the success of a firm's later ventures Over time, surviving firms strike a balance between exploitation and greenfields on the one hand and organizational revitalization and acq. on the other hand Greenfields and acq. should not be judged on their individual performance only Firms may learn from acq. if the latter are related to the current knowledge base of the firm Seite 30

31 5. Literaturliste: Lern- und Wissensforschung (2/3) Author(s), Year Zollo Reuer 2001 Baum et al Zollo Leshchinkskii 2000 Haleblian Finkelstein 1999 Singh Zollo 1997 Chang 1996 Journal / Publisher Title Methodology Results University of Pennsylvania Administrative Science Quarterly University of Pennsylvania Administrative Science Quarterly University of Pennsylvania Strategic Journal Experience spillovers across corporate development activities Making the next move: How experiential and vicarious learning shape the locations of chains' acquisitions Can firms learn to acquire? Do markets notice? The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective Learning to acquire: Knowledge accumulation mechanisms and the evolution of post-acquisition management practices in the banking industry An evolutionary perspective on diversification and corporate restructuring: Entry, exit, and economic performance during , accounting data Diverse measures Qualitative and quantitative (abnormal returns, accounting data, survey) Qualitative and quantitative (accounting and process data) Operational performance Spillover effect of alliance experience on acquisition performance is a function of the decisions made in the post-acquisition phase regarding the level of integration and the replacement of top management. Relationship between alliance experience and acquisition performance is U-shaped, suggesting the presence of negative spillovers across corporate development activities at low experience levels Experiential processes lead chains to replicate themselves by acquiring components geographically and organizationally similar to their own most recent and most similar prior acq. Prior acq. experience does not improve post-acq. performance but the degree to which acquirers articulate and codify their experiences in ad-hoc tools does Financial markets do not seem to be sensitive to any of these predictors in their short-term reactions, but long-term adjustments are significantly impacted by acquirer's integration strategies and codified implementation knowledge Limited market efficiency in the context of complex events such as the announcement of acq. U-shaped relationship between acq. experience and acq. performance The more similar a firm's acq. targets, the better they perform Relatively inexperienced acquirers inappropriately generalize acq. experience to subsequent dissimilar acq. Experience with a dissimilar acq. may not be relevant, yet evidence suggests that firms making multiple acquisitions typically acquire org. from other industrial environments: Firms make an acq. in the same 4-digit SIC code as one of their previous acq. less than 10% of the time Firms with higher levels of knowledge codification and process routinization tend to integrate their acquired units more, and to replicate their resource replacement decisions in a routinized fashion Firms learn from their past entry experience and approach the next entry in a more focused and directed manner over time Firms acquire new knowledge from each entry while applying their existing knowledge base When a firm does not know in advance how to pursue diversification, it may start with small acq. (bounded rationality) 2 kinds of learning: Learning about industries, acq. of additional knowledge Seite 31

32 5. Literaturliste: Lern- und Wissensforschung (3/3) Author(s), Year Pennings et al Fowler Schmidt 1989 Journal / Publisher Title Methodology Results Academy of Journal Strategic Journal Organizational learning and diversification Determinants Of Tender Offer Post- Acquisition Financial Performance Quantitative, accounting data Accumulation of experience takes time Post-acq. performance improved significantly for firms that had previous acq. experience, acquired a higher percentage of a target or were older Seite 32

33 6. Literaturliste: Capability based View Author(s), Year Heimeriks Schijven 2009 Mäkisalo 2009 Schijven 2008 Schijven 2008 Voss 2007 Gates et al Müller-Stewens Voss 2006 Salvato et al Phelan Mantecon 2005 Capasso Meglio 2004 Journal / Publisher Title Methodology Results BPS Academy of Proceedings Master Thesis: University of Helsinki Tilburg University Tilburg University Cuvillier Verlag Göttingen SMG Working Paper Der M&A- Prozess. Gabler Advances in Entrepreneurship, Firm Emergence and Growth Journal of Academy of Business & Economics DASES Working Paper Caution or causation: the underlying mechanism of deliberate learning in the context of post-acquisition integration Developing acquisition program capabilities A stepwise approach to acquisition capability development: the joint importance of experience homogenity and heterogenity The locus of acquisition capability development: Business-unit experience interplay across firm and industry boundaries M&A capability evolution - the art of balancing standardization and flexibility Building M&A integration capabilities: How serial acquirers become master acquirers Strategische M&A-Kompetenz im Rahmen von Akquisitionsstrategien Komponenten, Erfolgsfaktoren und Aufbau Dynamics of external growth in SMEs: a process model of acquisition capabilities emergence Acquisition performance: Experience or competence? Managing the acquisition process: Does an integration capability exist? Survey Qualitative: Case study Diverse measures Diverse measures Qualitative: Case study Survey Conceptual Qualitative: longitudinal comparative case study Qualitative Risk management fully mediates the effect of experience codification on acquisition performance Acquisition experience seems to dampen, tacit M&A tools seem to amplify, but corporate M&A departments do not seem to have an moderating influence on the effect of risk management on acquisition performance A model of key acquisition program capabilities was developed and linked to the corresponding process steps of managing an acquisition program. By first building a strong, though narrow, acquisition capability in its core business, the firm can subsequently use this experience homogeneity as a springboard toward developing a more widely applicable acquisition capability that capitalizes on the experience heterogeneity resulting from acquisitions outside this core business The locus of learning in the context of acquisitions is primarily situated at the level of business unit rather than that of corporate headquarter The "middle-up-down management" approach combines M&A capability evolution cycle, a contingency model of M&A capability evolution and the managerial engineering activities framing and channeling Firms that make effective use of M&A practices increase their chances of success with up to 24% Four key lessons that give master acquirers a leading edge over their occasional counterparts Components and success factors of a strategic M&A capability are presented It is suggested to develop an M&A capability via learning Process model of acq. capabilities development in SMEs, 3 phases: 1. Creation of acq. knowledge, 2. Systematic accumulation of org. memory linked to acq., 3. Creation of structures and managerial practices aimed at correctly recalling org. memory Learning effective when characteristics of companies acquired are not too dissimilar from the acquirer Effects of previous acq. experience can be positive or negative depending on the degree of similarity Acquisition competence is not acquisition experience Evidence for the existence of an acquisition competence Acquisition competence may be an information-based advantage that yields superior performance in the acquisition of private firms and subsidiaries but not in the acquisition of public firms Frequent acquirers could achieve better than average acquisition performances as a result of a superior capacity to learn from previous experience, transferring knowledge inside their organizations Seite 33

34 Inhalt Zusammenfassung Vorstellung des Dissertationsvorhaben Exkurs: Themenvorschläge für Diplomarbeiten Nächste Schritte Anhang Literaturliste nach Denkschulen Modelle empirischer Untersuchungen (Auswahl) Seite 34

35 Modellbeispiel: Heimeriks, Schijven (2009) Modell und Hypothesen Heimeriks, Koen; Schijven, Mario: Caution or Causation: The Underlying Mechanisms of Deliberate Learning in the Context of Post-Acquisition Integration, The Academy of Proceedings, Work in Progress, 2009 Seite 35

36 Modellbeispiel: Zollo (2004) Modell und Hypothesen Experience Heterogeneity Knowledge Codification - H3 - H4 Perception of Performance in Past acquisitions + H2 - H1 ACTUAL PERF. OF FOCAL ACQ. Experience Accumulation Zollo M.: Superstitious learning revisited: outcomes ambiguity and confidence traps in corporate acquisitions. Organization Science Forthcoming Seite 36

37 Modellbeispiel: Zollo/Winter (2002) Modell und Hypothesen Zollo, Maurizio; Singh, Harbir (2004): Deliberate learning in corporate acquisitions: Postacquisition strategies and integration capability in U.S. Bank mergers. In: Strategic Journal, 25. Jg. 2004, Nr. 13, S Seite 37

38 Modellbeispiel: Schielke (2007) Strukturgleichungsmodell EXKURS: ALLIANZFÄHIGKEIT Schilke, Oliver: Allianzfähigkeit Konzeption, Messung, Determinanten, Auswirkungen, Wiesbaden 2007 Seite 38

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