Corporate venturing: the origins of Unilever's pregnancy test

Large established corporations face many challenges to develop and sustain dynamic capabilities in innovation and the creation of new businesses because of constraints arising from technological and resource lock-ins, and routine and cultural rigidities. From the 1960s large corporations became increasingly aware of such problems. Heavy research spending was not translated into successful new business creation. The formation of autonomous entrepreneurial units within large corporations was one response. The origins of Unilever's home pregnancy test, Clearblue, which was launched in 1985, is used as a case study to examine the viability of one version of this strategy. Unilever was able to translate its extensive knowledge base in immunology into a successful branded product in medical diagnostics by creating a separate corporate entity, Unipath, with a distinctive culture, shielded from the mainstream Unilever organisation, yet able to draw on corporate capabilities in marketing, and financial resources. Yet the very distinctiveness of Unipath orphaned it within Unilever, and the business was divested in 2001.     

Liability of emergingness and EMNEs’ cross-border acquisition completion: A legitimacy perspective

This paper contributes to the literature on emerging multinational enterprises (EMNEs) by revealing how the conditions in their home countries influence their cross-border acquisitions. The study focuses on the liability of emergingness (LOE). It develops an integrative theoretical framework based on neo-institutional theory and the concept of legitimacy to explain the relationship between LOE and EMNEs’ cross-border acquisitions completion and the situational conditions that shape this relationship. The study uses data on 27,648 announced acquisitions conducted by EMNEs from 24 emerging economies in 175 host countries to estimate the relationships. The results reveal that, while two types of LOE (economic and institutional) have negative impacts on cross-border acquisition completion, the negative impacts become less important or disappear when the host country’s unemployment rate is too high, and the host country’s institutional quality is too low. This finding suggests that EMNEs can mitigate the negative effect of the LOE by carefully choosing a good time and a suitable location to enter into these transactions.     

Analyzing determinants of value creation in domestic and cross border acquisitions in India

The present study seeks to assess the acquiring company announcement gains, and determinants thereof, in domestic and cross border acquisitions in India. For this purpose, 268 acquisitions comprising of 202 cross border acquisitions and 66 domestic acquisitions constitute the sample set. Standard event study methodology has been employed for computing the announcement returns. Further, regression analysis has been conducted to assess the sources of wealth gains in domestic and cross border acquisition. The results of event study indicate that cross border acquisitions have created significantly higher wealth gains than the domestic ones. Further, the results of regression analysis highlight that cross border acquisitions, pursued by the acquiring companies in technology intensive sector, for the target companies also in technology intensive sector, create superior wealth gains. The reason being, such cross border acquisitions provide an opportunity to the acquiring company to combine and judiciously utilize intangible resources of both the companies on a broader scale across new geographies. Thus, the study contributes to the existing literature on internalization theory by extending it to an emerging market like India.     

The Role of Absorptive Capacity in Acquisition Knowledge Transfer

This article examines the role of absorptive capacity in acquisitions. We propose that absorptive capacity is an important determinant of acquisition knowledge transfer. Also, we identify antecedents of absorptive capacity in the specific context of acquisitions. These include contextual (national cultural differences), individual (employee withdrawal), and organizational design level (integration process communication, knowledge processing system) antecedents. We test our hypotheses on a sample of domestic and foreign acquisitions conducted by Finnish companies. This study contributes to the acquisition literature by elaborating on the role of absorptive capacity in acquisitions and to the general absorptive capacity literature by highlighting the importance of previously underexplored antecedents and outcomes of absorptive capacity. © 2013 Wiley Periodicals, Inc.     

Women in Management in Thailand: Advancement and Prospects

Thailand has experienced rapid economic growth over the past two decades. Economic expansion has contributed to an increase in demand for managers and professionals. Changes in legislation to promote gender equality in employment and educational opportunities for women have been implemented. These changes have contributed to Thai women's improved status. The aim of the paper is to assess this progress of women in management in Thailand. There is some evidence suggesting that social class, in addition to education, may play an important role in explaining Thai women's advancement to managerial positions. The contribution examines the changes in legislation and the influence of cultural values, education, and gender on women's access to managerial positions. It identifies the barriers to women's progress and pays attention to social class as another key determinant of women's advancement in management.     

Marketing research in China during the 40-year reform and opening up

China’s reform and opening up policy initiated by the then leader Deng Xiaoping have undergone a 40-year process since 1978. This period was marked by one of the greatest economic reforms in modern history. In this study, we extract literature focused on the Chinese marketization context and marketing practices published in top-tier international marketing journals and Chinese management journals between 1978 and 2018. This study identifies the research questions and research domains investigated in our selected literature. The authors hope to reveal the general landscape and evolution made in the context of this unique period in Chinese history. This thematically focused literature review provides marketing scholars with a snapshot of the academic marketing research in China and gives rise to novel research directions related to the deepening of the economic reform.     

International strategic alliances and national culture: Mapping the field and developing a research agenda

This study focuses on the role of national culture and cultural distance (NC/CD) in international strategic alliances features, management, and evolution. Our integrative literature review combines the results of a Multiple Correspondence Analysis with an in-depth reflection derived from the research team’s thorough study of the selected articles. The key trends within the field are identified and represented in a proximity map. The resulting four thematic regions are deeply analyzed in terms of content and dynamics. Additionally, the study identifies research gaps and proposes avenues for future research.     

“入世”以来我国商业银行海外并购的进展与存在的问题

2001年"入世"以来,通过股份制改革等措施,我国商业银行取得了快速发展。与此同时,商业银行海外并购也进入了一个全新的阶段。商业银行的海外并购为我国企业"走出去"树立了积极的榜样,提供了有力的支撑,也为我国融入全球化、提升国家竞争力等方面作出了重要贡献。尽管如此,我国国有商业银行海外并购依然面临着受国际金融和贸易环境的限制较大、风险评估机制还有待进一步完善、人才的短缺和国内法规和体制难以与国际对接等问题。     

Geoffrey Jones. Renewing Unilever: Transformation and Tradition. Oxford: Oxford University Press, 2005. ISBN 0-19-926943-2, $64.50.

A commissioned study, Renewing Unilever analyzes the historyof one of the world’s largest and, arguably, most importantmultinational enterprises in the years after 1965. Primarilya manufacturer and seller of branded, non-durable, consumergoods, Unilever produced items that could be found in aboutone-half of households globally by the early twenty-first century.Picking up where earlier histories of Unilever by Charles Wilsonended, Geoffrey Jones very ably tells the story of Unilever’srecent activities.     

Exploring sources of value destruction in international acquisitions: A synthesized theoretical lens

By synthesizing two complementary theoretical perspectives ? resource dependence theory (RDT) and the resource-based view (RBV) ? this study explores why acquirers destroy the acquisition value in international acquisitions in high-technology industries. Using a multiple case study approach, we develop a two by three matrix to present the sources of value destruction from two dimensions: environment dynamics and strategic resources, which are drawn from the RDT and RBV, respectively. Our study contributes to the acquisition literature in three respects. First, it answers the call to integrate several theoretical perspectives to examine sources of value destruction, particularly in international acquisitions. Second, it attempts to unlock the black box of why value destruction exists in post-acquisition integration. Third, it advances understanding of the basis of value destruction in terms of non-financial measures.     

Unilever's Latin American Strategy in Yellow Fats,Ice Cream and Teas

Abstract

The article investigates the interplay between the changes in the large corporate strategy of a multinational and changes in the business environment in Latin America. In its international expansion, Unilever has traditionally used a decentralized national responsive strategy where local subsidiaries develop their markets with a great degree of autonomy. In response to globalization, Unilever moved towards greater business coordination and a more focused approach in the nineties. The article examines the impact of this reorganization on the firm's regional strategy in Latin America. We examine the firm's strategy in three food categories: fat oils, ice cream and tea-based products. We conclude that Unilever continues to use a strategy of national responsiveness with no attempt to coordinate its experiences across the region.     

基于“Marketing”的海外企业并购逻辑与模式研究

传统的企业并购理论逻辑与实践已经无法指导目前我国民营企业"以落后的技术和管理体制、弱小和不完善的市场运行机制,全资并购较之自己在管理体制和运行机制方面更先进强大的国外企业"。通过梳理中外企业并购和资源引进的历史沿革,本文研究了传统的企业并购逻辑以及无法指导我国民营企业海外并购的事实,提出了我国企业海外全资并购的新逻辑与新模式。     

Structural models of complementary choices

This article reviews the rapidly growing literature on structural models of complementary choices. It discusses recent modeling developments and identifies promising areas for future research.     

Political Connections,Government Intervention and Acquirer Performance in Cross‐border Mergers and Acquisitions: an Empirical Analysis Based on Chinese Acquirers

The extant literature suggests that the political connections enjoyed by Chinese acquiring firms have both positive and negative effects on their performance in cross‐border mergers and acquisitions (CBMA). We employed firm‐level data on Chinese acquirers from 2001 to 2012, demonstrating that the effect of political connections on mergers and acquisitions performance is determined by external government intervention. Holding the level of political connections constant, the greater the degree of government intervention is, the worse the acquirer's performance in cross‐border mergers and acquisitions will be. We also demonstrated that political connections affect acquirer performance in cross‐border mergers and acquisitions through the channel of preferential access to bank financing, and the acquiring firms' high cash holdings, which are encouraged by the ease of bank financing, have a negative effect on acquirer CBMA performance. Using the Blinder‐Oaxaca decomposition, we investigated changes in the Chinese acquirers' performance following changes in the external policy environment in 2008 and the effect of political connections and other factors on this change.     

Control mechanisms of MNEs and absorption of foreign technology in cross-border acquisitions

This study investigates the impact of control mechanisms exercised by MNEs on knowledge (technology) absorption in cross-border acquisitions (CBAs). The empirical examination was undertaken in Korea, which is a newly industrialized emerging market, where knowledge acquisition from foreign investing firms is particularly important to leapfrog into advanced economies. We find that most of the control mechanisms (i.e., ‘staffing the top management positions’, ‘participation in the policy making and planning process’, ‘interaction of the subsidiary's top management with the MNE’ and ‘participation of foreign expatriates in key functional areas’) have a positive association with organizational learning. In addition, we also uncover that provision of training programs for a fixed period creates more synergy when it is combined with constant and continuous education in daily activities. This study contributes significantly to the body of control mechanism literature and the understanding of CBAs, and also provides practical implications for MNEs intending to enter foreign markets by partially purchasing the equity shares of local firms.     

Corporate Identity and the Advent of Corporate Marketing

This paper places corporate identity studies in a historical context with the writer arguing that there have been four distinct phases in the area's evolution. Currently, there is increasing international and interdisciplinary contact between scholars engaged in identity research. Recent developments have led the writer to postulate that the literature on corporate identity, organisational identity and corporate communication may be regarded as forming the basic building blocks of a new, cognate area of management which in time may be known as Corporate Marketing.

However, the marketing mix as applied to organisations in their totality will need to be rethought. In this paper the 4Ps are extended to 10Ps with philosophy, personality, people, performance, perception and positioning complementing the existing 4Ps. In addition, the author identifies nine key interfaces, which need to be examined by managers and consultants when reviewing an organisation's identity. Such interfaces represent 'moments of truth' for an organisation's senior management when evaluating their organisation's identity.     

Do innovative emerging market cross-border acquirers create more shareholder value? Evidence from India

This study attempts to investigate the role of absorptive capacity of emerging market firms in creating shareholder value from developed market acquisitions. It analyzes the cumulative abnormal return of cross border acquisitions of listed Indian firms in Europe focusing on acquirers’ research intensity. The study discovers a U-shaped relationship between research intensity of Indian acquirers and their cumulative abnormal return following acquisitions in Europe. As such, firms with no research capacity can benefit from the acquisition by accessing advanced targets, although firms with extensive research capacity outperform any of their Indian competitors as these firms have the absorptive capacity to not only exploit but also explore the knowledge base of the acquired target. Furthermore, we found a positive effect of the acquisition of a high-tech target company, regardless of the absorptive capacity of the acquirer. We also found that business group membership has a positive impact on shareholder value, although horizontal acquisitions as compared to vertical and unrelated deals have a significantly negative impact for these companies. This result is again linked to the more explorative nature of vertical and unrelated acquisitions in comparison with horizontal deals that are more based on the exploitation of existing resources and capabilities.     

企业流程再造与ERP成功实施的关系研究

采用企业资源计划(ERP)系统是企业信息化改造的核心,在过去的20年里被国内外企业广泛响应。一部分企业通过应用ERP实现了企业集成、绩效改进及竞争力的提升,而某些企业则投资巨大却没有达到预期的效果。利用分层回归分析方法,对企业管理再造与成功实施ERP的关系进行实证分析,验证了企业管理再造是成功实施ERP的关键因素。     

Have Supermarket Mergers Raised Prices? An Event Study Analysis

Antitrust enforcement of supermarket merger activity during the late 1980s and early 1990s was less stringent than it had been before or has been since. For six announcements of supermarket acquisitions during this period, this study examines the abnormal stock returns of rival firms to determine if investors believed these acquisitions would lead to higher retail prices.These abnormal returns imply that investors expected that the average retail price change associated with these types of acquisitions ranges from a 0.12% decrease to a 0.05% increase. Thus, our results suggest that investors generally did not view these acquisitions as anticompetitive.