Avoiding the loss of a gain: Retaining top managers in an acquisition

The turnover of management following a merger or acquisition is a significant, yet understudied, human resource issue. We propose that the relevant HR question is not merely how to retain top managers, but of equal importance, whether or not top management retention should be an objective. We present a model that integrates the retention process with the overall integration strategy being pursued by the acquiring firm. The model prompts a discussion of those factors that influence the decision as to whether the top management of the acquired firm should be retained. We conclude by identifying appropriate HR tactics for managing the retention process.     

The Practice and Process of Delivering Integration through Strategic Planning

This paper explains how strategic planning is able to deliver strategic integration within organizations. While communication and participation within planning processes are perceived to have an integrative effect, we argue that these effects are unlikely to arise simply from bringing people together. Rather, we suggest that, given the varying interests of actors in different business units, integration will only arise from active negotiations and compromises between these actors. The paper is based upon a case of strategic planning in a multinational that was attempting to develop greater strategic integration across Europe. Drawing upon an activity theory framework, we examine how a common strategy emerges over time through modifications to the planning process and to different actors' roles within it. The findings are used to develop a process model that shows how different business unit characteristics of planning experience and relative power shape different experiences of communication and participation activities and different processes for achieving integration. The paper concludes with a discussion of how this process model contributes to the literature on strategic planning, political processes of strategy-making, and strategy-as-practice.     

知识整合的流程及机制

知识整合对企业具有重要意义,文章首先研究了知识的整合的概念,然后着重探讨知识整合的流程以及整合机制。知识整合流程是由知识搜索、过滤、诊断、编码最后建立新的知识体系一系列过程组成。知识整合流程是一种过程机制,除了这种过程机制可以促进建立完整的知识体系外,还可以通过任务机制、组织机制、和人才培养机制来保证知识的重组与整合。     

Cultural influences and the mediating role of socio-cultural integration processes on the performance of cross-border mergers and acquisitions

This paper reports findings from a longitudinal case study (2005–2011) of a merger between an Austrian and a German energy provider. I develop a model of socio-cultural integration processes based on an analysis of critical incidents expressed in 71 problem-centred interviews and observations with acquired and acquiring employees at four different points of time: immediately before the takeover and during the first negotiation talks, and one, three and six years after the takeover. The findings suggest that the relationship between national and organizational cultural differences and M&A outcomes is mediated by socio-cultural integration processes defined in terms of the formation of interpersonal relationships, trust and shared identity. Based on these findings I formulate specific propositions and build an evidence-based model of M&A socio-cultural integration processes that guides future research and practice.     

The competing risks of acquiring and being acquired: Evidence from Colombia's financial sector

This paper studies the determinants of the probability of participating in a process of merging or acquisition for financial institutions in Colombia. We use survival analysis techniques and competing risks models to estimate the probability of participating in such processes as an acquiring or acquired firm. Using an especially rich database containing financial information of Colombian banks for the period 1990–2007, we find that both macroeconomic and microeconomic variables are important determinants of this probability. However, there are differential effects for the acquiring firm and the acquired firm. Particularly, while firm size and solvency are significant determinants of the probability of being an acquiring firm, efficiency is an important determinant of the probability of being acquired. Also, the concentration index, which plays no role for acquiring firms, plays an important role in the probability of being acquired.     

三网融合解决方案的探讨

本文简单介绍了三网融合的含义、发展前景,分析了三网融合过程中的关键技术及存在的问题。现在兴起的IPTV对三网融合虽然是有力地推动,但是同时也指出三网融合的过程不是一蹴而就的。     

关于幂级数逐项积分的积分下限的讨论

求幂级数和函数的方法与技巧是多种多样的,它的难度较大、技巧较高,对学生来说是一个难点,其中利用逐项积分法计算幂级数和函数的方法,学生在学习时,对积分下限选为0感到困惑,本文讨论了积分下限选为0的原因和积分下限的选取范围。     

Technology integration through international acquisitions: the case of foreign manufacturing TNCs in Sweden

Using unique firm-level data from almost the entire stock of acquired foreign-owned manufacturing affiliates in Sweden in 1993, we analyse the extent to which TNCs are able to tap into foreign sources of technological competence. Far from all TNCs appear to be involved in the coordination and integration of their acquired affiliates’ technology, or to be engaged in the kind of “dynamic technological integration”, that combines firm-specific and country-specific competencies generated by acquired affiliates with technological linkages to local firms, and to TNC units. A logistic regression analysis showed that coordination and integration of technology in TNCs is positively correlated with the length of time the affiliates have been a part of the parent corporation, while dynamic technological integration was positively correlated with affiliates operating in competitive Swedish industry clusters. Case studies suggest that the coordination and integration of technology is developed under external pressure in combination with an “organic” growth of internally gained experience through cross-border learning processes.     

企业自身特性对企业横向整合管理模式的案例分析

企业实施横向整合是其企业获取竞争力的重要途径之一,但是企业在实施横向整合的过程中既受到外部环境的影响也受到企业自身因素的约束。本文通过案例研究的方法,发现:①企业与政府间的关系,是企业实现横向整合的重要渠道;②企业的性质影响了企业的市场定位,决定了企业实行横向整合的范围;③企业的人才资源、产品特性限制了企业权力的下放,倾向于集权的管理模式。     

外部资源利用与企业成长:以中青旅为例

外部资源作为企业提高创新能力和实现企业成长的重要来源,目前正引起越来越多国内外研究者的关注。外部资源利用模式的适时调整对于中青旅长时间保持良好的企业成长性起到了重要作用。旅游企业在成长过程中需要结合自身的特点和优势,充分利用外部资源在经营业务方面实现快速创新和突破。     

Integration and Task Allocation: Evidence from Patient Care

Using the universe of patient transitions from inpatient hospital care to skilled nursing facilities and home health care in 2005, we show how integration eliminates task misallocation problems between organizations. We find that vertical integration allows hospitals to shift patient recovery tasks downstream to lower‐cost organizations by discharging patients earlier (and in poorer health) and increasing post‐hospitalization service intensity. Although integration facilitates a shift in the allocation of tasks and resources, health outcomes either improved or were unaffected by integration on average. The evidence suggests that integration solves coordination problems that arise in market exchange through improvements in the allocation of tasks across care settings.     

What,when, and who: Manager involvement in predicting employee resistance to acquisition integration

Applying sensemaking research to acquisition integration, we outline factors that influence employee resistance to acquisitions. While integration is widely viewed as important to acquisition outcomes, there is limited systematic study of how employees react to the integration process. Using survey data from Chinese acquirers and applying partial least squares structural equation modeling, we examine what changes with human and task integration with the speed of when changes are made to explore relationships with employee resistance. Consistent with a temporal perspective of acquisition processes and sensemaking we find slower task integration may mitigate employee resistance to acquisition integration. However, employee resistance to the speed that changes are made likely varies for who is involved, suggesting different roles for top and middle managers. Specifically, middle management involvement with slow human integration and top management involvement with fast task integration reduces employee resistance following an acquisition.     

Effects of Industry‐ and Region‐Specific Acquisition Experience on Value Creation in Cross‐Border Acquisitions: The Moderating Role of Cultural Similarity

Based on a sample of 222 cross‐border acquisitions by US firms in the service sector, our study examines the effects of acquiring firms' prior cross‐border acquisition experience in the same industry and geographic region as the acquired firm on shareholder value creation. Using the BHAR (buy‐and‐hold abnormal returns) methodology, we find that higher levels of industry‐specific and region‐specific acquisition experience translate into greater shareholder value creation for acquiring firms in subsequent acquisitions. In addition, our results indicate that the effects of industry‐specific acquisition experience on acquisition performance are contingent on the level of cultural similarity between the acquiring and acquired firm countries, with the benefits of prior experience being greater in acquisitions undertaken in culturally similar countries. We also find that the moderating effects of cultural similarity on the relationship between industry‐specific acquisition experience and value creation are contingent on the level of prior region‐specific acquisition experience possessed by the acquiring firm.     

中国企业对日并购策略研究

中国企业对日并购的增加体现出了对核心技术的强烈需求。对日并购是中国企业变大变强的一种成长战略,却不是一件易事,它是一个系统工程,牵涉的要素要比国内的企业并购复杂得多。中国企业对日并购要充分做好并购前的准备工作,加强自我保护,在股权完成交割或资产过户完成后要重点做好文化整合、人事整合、技术整合、营销整合四方面的工作。     

区域旅游一体化与标准化的互动响应

区域旅游标准化不仅是区域旅游一体化发展的产物,而且是推进区域旅游一体化发展的巨大力量。在区域旅游一体化发展的不同阶段,区域旅游标准化应以不同的形式和方法与之互动响应,以期实现区域旅游的持续健康发展。     

航空物流服务供应链整合模式探讨

在航空物流服务供应链整合的过程中,面临核心企业的确定、资源的获取与选择、整合的方式与途径及合作关系的协调处理等四个方面的问题,这四个方面构成了航空物流服务供应链整合模式分析的四个维度。基于航空物流涉及的主体多,流程复杂,在整合模式的选择上可统筹考虑多方面的因素,实施多种模式选择相结合。     

基于消费者评价的品牌整合策略选择研究

品牌整合是一种品牌资源优化配置的方式,其核心是构建强势旗舰品牌,并通过旗舰品牌和一般品牌关联的建立将旗舰品牌资产共享给一般品牌.目前关于品牌整合的研究很少,而且大多集中在品牌整合的内涵和方式上,这与品牌整合在实践中的盛行有较大的落差.因此本研究从品牌整合策略入手,通过分析品牌整合的诱因、目的、作用机理,以及品牌整合策略的分类和目标分析,构建一个较为完备品牌整合体系,并通过消费者评价,筛选影响企业品牌整合策略选择的关键因素.本研究发现,企业选择品牌整合策略主要受四个因素的影响,分别是旗舰品牌感知质量、旗舰品牌与一般品牌形象契合、产品契合以及产品涉入度.其中旗舰品牌感知质量对企业进行品牌整合策略选择有显著影响;旗舰品牌与一般品牌形象契合以及产品契合对企业进行品牌整合策略选择的影响不显著,但是在旗舰品牌感知质量因素的调节下,会对企业选择品牌整合策略产生一定的影响;而产品涉入度作为调节因子对以上因素的调节作用并不明显.     

钢铁自动化生产线信息集成研究

根据钢铁自动化生产线的特点和企业集成模型,建立自动化生产线的三层信息管理的结构模型。分析自动化生产线的信息流,建立了基于专用监控管理装置的自动化生产线信息集成模型,将自动化生产线的任务信息、生产信息和设备信息等有机集成,提高生产线动态调度的准确性和灵活性。在某钢铁企业热轧生产线上实际应用中,取得了良好的应用效果。     

企业并购中的人力资源整合研究探析

伴随经济全球化和知识经济的到来,越来越多的企业已意识到并购对企业的重要性。并购后的人力资源整合已成为决定企业并购成功与否的关键因素。介绍了人力资源整合在企业并购中的重要意义、国内外学者在这一领域的研究状况及存在的主要问题。     

分工、整合与企业战略研究

新经济环境下,分工理论不断演化,基于分工的整合理论研究也获得了较大的发展,并逐渐引起管理学界和企业界重视。以经济学观点探讨了分工理论的基本演进过程,重点讨论了企业整合、市场整合、中间型组织整合等三种整合方式;最后论证了企业选择整合方式的基本原则。