Effects of a merger on the human organization

With the formation of the new company, management is in an excellent position to define and build the kind of climate that will result in organizational excellence. And the creation of a climate for excellence may be the key to profits in the future.     

Fighting the symptoms of merger mania

Hospital mergers and acquisitions create uncertainty and confusion among philanthropists. How can we reassure them about the future use of their gifts?     

Corporate merger and collective bargaining in the UK

Corporate merger since the war has transformed the private sector of the economy in Britain. This has had significant effects on collective bargaining arrangements and outcomes. In this article the authors review these effects and consider their implications for trade union organisation.     

Growing through the merger and acquisition

The paper studies with an endogenous growth model how the merger and acquisition (M&A) affects the aggregate growth rate. We model the M&A as a capital reallocation process, which can increase both productivity and growth rates of firms. The model is tractable and greatly consistent with patterns observed in the M&A at the micro level. Matching our model to the data, we find that prohibiting the M&A would lead to the reduction of the aggregate growth rate of US economy by 0.1% and the reduction of the aggregate TFP by 5%.     

Horizontal alliances and the merger paradox

Mergers and alliances are two organizational forms which allow firms to combine complementary capabilities to realize strategic goals; they are, in many cases, strategic substitutes. Managerial decision‐makers, therefore, require a framework for choosing between the two strategies. This paper contributes to this decision‐making process by highlighting one advantage of alliances over mergers. Specifically, while the profitability of a cost‐reducing horizontal merger is diminished by the resulting expansion of non‐merging competitor(s), an alliance, where partners collaborate to reduce costs but sell their product independently, enables its partners to realize the benefits of merging but avoid the problem of strengthening competitors. A model is developed which demonstrates the profitability of establishing such an alliance compared to a merger. The implications of this strategy for antitrust review are briefly discussed. Copyright © 2005 John Wiley & Sons, Ltd.     

Union absorptions in times of restructuring: the importance of attitude towards merger in predicting post‐merger attachment levels

Unions frequently restructure through merger, most often in the form of absorptions involving one bigger union absorbing a smaller one. However, the individual‐level effects of merger resulting in big amorphous organisations remain unclear. In this article, we highlight the role of the individual member in union absorptions, and investigate the relative importance of being a member of a large absorbing union or a small absorbed union, as well as the attitude of members towards merger in predicting post‐merger member attachment. The results from longitudinal data before and after absorption showed that members' attitude towards merger significantly predicted the members' attachment levels after absorption—this was, however, not the case for union commitment. We also uncovered a significant interaction indicating that the effect of members' attitude towards merger was more strongly related to perceptions of union support and instrumentality among members of the absorbed union.     

企业并购中的马太效应分析

在竞争日益激烈的经济环境中,并购已成为企业发展战略的重要选择熏文章旨在通过分析企业并购中的马太效应,探究并购成败之因,以期给企业的并购实践提供一些有意义的启示。     

Determinants of bank merger premiums

This study examines the merger premiums paid for a sample of 320 bank acquisitions consummated during the period January 1982 through October 1990. The results of the research indicate that higher merger premiums were paid for, (a) smaller size targets, (b) targets with higher return on common equity ratios (pre-merger), (c) targets with higher leverage as measured by the percentage of primary capital to total capital, (d) targets in a different state than the bidder, and (e) transactions carried out through exchange of stock as opposed to a cash purchase.     

The properties of a distance-based segregation index

The relationship between Jakub's recently introduced Distance-based Segregation Index and the Index of Dissimilarity is algebraically specified. The reasons why the distance-based index is substantially less dependent on the size of sub-areas are detailed, and the importance of this property is discussed. Some difficulties which the investigator is likely to encounter with the standardisation procedure are described.     

Efficiency in pre‐merger and post‐merger non‐bank financial institutions

A two‐part process is employed to analyse the role of efficiency in merger and acquisition (M&A) activity in Australian credit unions during the period 1993–1997. The measures of efficiency are derived using the non‐parametric technique of data envelopment analysis. The first part uses panel data in the probit model to relate pure technical efficiency, along with other managerial, regulatory and financial factors, to the probability of merger activity, either as an acquiring or acquired entity. The results indicate that loan portfolio diversification, management ability, earnings and asset size are a significant influence on the probability of acquisition, though the primary determinant of being acquired is smaller asset size. The second part uses a tobit model adapted to a panel framework to analyse post‐merger efficiency. Mergers appear to have improved both pure technical efficiency and scale efficiency in the credit union industry. Copyright © 2001 John Wiley & Sons, Ltd.     

Managing ambiguity: merger activity in the nonprofit housing sector

Merger behaviour in the nonprofit sector has been relatively neglected, yet has considerable marketing implications. This paper draws on a range of sources to explore the nature of merger activity in the nonprofit housing industry. It locates mergers within debates about inter-organisational strategies, and explores the context, extent, motivations for and regulation of mergers in the housing industry. While there are many similarities in environmental stimuli to and processes of negotiating mergers between the profit-distributing and nonprofit sectors, there are some distinctive features. This research explores the ambiguous nature of the merger activity among housing organisations. This ambiguity infects the terminology and record-keeping systems and helps to explain a significant gap between rhetoric and activity. Such ambiguity may be more than a negotiating strategy. It may represent the attempt to manage conflicting pressures to market nonprofit organisations as ‘sensitively serving the needs of society’ by on the one hand being competitive and efficient while on the other remaining value based and locally accountable. Copyright © 1999 Henry Stewart Publications     

浅析我国公司制企业合并

企业合并是资本运营的高级形式,但在我国成功的案例还不多,同时也存在许多问题,文章通过对我国企业合并现状的分析,重点提出企业合并的主要问题———企业合并后的资源整合问题,并就此提出了几点建议。     

企业并购风险问题研究

从20世纪90年代并购在我国发展很快,并购不再是企业扭亏为盈的手段,已经成为企业资本运营的重要手段。但并购是一把“双刃剑”并购也存在着很多风险,本文从并购风险的形成动因,并购风险的种类,衡量并对其进行了实证研究,最后提出了风险防范的措施。以期为并购者提供借鉴,在并购中做出正确的决策,做好各风险的防范,达到并购的效果。     

浅析我国公司制企业合并

企业合并是资本运营的高级形式，但在我国成功的案例还不多，同时也存在许多问题，文章通过对我国企业合并现状的分析，重点提出企业合并的主要问题——企业合并后的资源整合问题，并就此提出了几点建议。     

现代城市社区情感障碍分析

指出社区情感隔离直接阻碍了社区情感发育 ,制约了社区舆论的形成与成长 ,削弱了社区的凝聚力和建设合力 ,探讨了社区情感隔离的成因、危害和排除办法     

How to achieve integration on the human side of the merger

Blake and Mouton use an actual case of a successful merger to show how their Interface Conflict-Solving Model, based on behavioral science principles, can be used to achieve integration. The authors outline the history of the two organizations, give illustrations of the kinds of changes that were necessary to more from the actual state of affairs within each organization to the conditions needed for synergy, and explain how the merging organizations collaborated to develop a model for the interface. The merger is evaluated from the perspective of what happened during the two years following the merger. Blake and Mouton also elaborate on the dynamics of group behavior that they took into consideration in designing the Interface Conflict-Solving Model: the effects of group members' shared history; the natural tensions that typically exist between groups that have a functional relationship and misperceptions and distortions that arise as a result of these tensions; and win-lose competitiveness instead of a win-win mentality as a shared expectation. Finally, the authors show how shared participation can overcome inappropriate and debilitating competition.     

Identification in a model of sorting with social externalities and the causes of urban segregation

This paper discusses nonparametric identification in a model of sorting in which location choices depend on the location choices of other agents as well as prices and exogenous location characteristics. In this model, demand slopes and hence preferences are not identifiable without further restrictions because of the absence of independent variation of endogenous composition and exogenous location characteristics. Several solutions of this problem are presented and applied to data on neighborhoods in US cities. These solutions use exclusion restrictions, based on either subgroup demand shifters, the spatial structure of externalities, or the dynamics of prices and composition in response to an amenity shock. The empirical results consistently suggest the presence of strong social externalities, that is a dependence of location choices on neighborhood composition.     

Quality-improving R&D and merger policy in a differentiated duopoly: Cournot and Bertrand equilibria

We combine a model of product research and development (R&D) and technological spillover with the concept of technological distance and examine horizontal mergers in a duopolistic market with R&D. The results are fourfold. First, a merger can better encourage R&D investment than the competition case. Second, with a small degree of product differentiation (PD), the merger criterion under the Cournot duopoly is stricter than that of the Bertrand case. By contrast, with a moderate or large degree of PD, the opposite is true. Third, with a small technological distance, a merger should be allowable. Finally, with a small degree of PD and moderate technological distance, a merger should be allowable.     

中国钢铁行业并购重组分析

文章依托收集到的关于我国钢铁行业在重组、兼并和联合方面的数据、信息以及相关领域的研究成果,总结、提升而成,概述出钢铁行业重组的背景,对目前已经形成的钢铁行业重组模式,以及理论构想的模式进行了集中介绍和结合实际的研究,并对中国钢铁行业并购遇到的障碍进行了分析,同时提出了可行的解决办法。