On the discursive contest of an international M&A relationship development process within financial services |
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| Institution: | 1. Department of Business Studies, Uppsala University, Sweden;2. CER, Department of Economic Sciences and Law, Mid Sweden University, Sundsvall, Sweden;3. Dalarna University College, Falun, Sweden;1. School of Business and Economics, Loughborough University, Loughborough, LE11 3TU, United Kingdom;2. Business School, University of Glasgow, Glasgow G12 8QQ, United Kingdom;1. University of Wyoming, College of Business, 1000 E. University Avenue, Laramie, WY 82071, United States;2. Elon University, Martha and Spencer Love School of Business, 100 Campus Drive, Elon, NC, United States;1. University of Bari, Department of Economics, Italy;2. LUMSA, University of Rome, Department of Economic and Political Sciences and Modern Languages, Italy;1. Department of Management, Inje University, Gimhae City, South Korea;2. Fund and Pension Division, Korea Capital Market Institute, Seoul, South Korea;3. Yonsei School of Business, Yonsei University, Seoul, South Korea |
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| Abstract: | The global liberalisation of national regulated financial services’ sectors has opened up a wave of international mergers and acquisitions processes. To succeed with such processes, a positive relationship needs to be developed between involved parties. But actors within and outside involved companies in international mergers and acquisitions may have conflicting interests, not least because of national resistance to changes in domestic financial sectors. In order to study the discourse among such actors, this paper presents a theoretical view based on business relationships, highlighting the concept of legitimacy. The aim is to analyse how different actors communicate in and through the media, in order to legitimise their own actions or to delegitimise the actions of their opponents in the relationship development process. The empirical investigation is a longitudinal study of an acquisition process between two insurance companies from Sweden and South Africa. A discourse analysis shows that the relationship development process is not only a matter of rational arguments. It is rather a struggle between actors drawing on discourses that change over time, as a means to affect perceptions of legitimate behaviours to reach the preferred outcome. |
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| Keywords: | Business relationship Discourse Insurance companies’ M&A Legitimacy/delegitimacy Media |
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