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This paper aims to operationalize and to test the ARCTIC (A – Advantage, R – Relatedness, C – Complexity of Competence, T – Time of Integration, I – Implementation Plan, C – Cultural Fit) framework to assess the prerequisites of competence-based synergy in the acquisition process. The current research provides new analyses of recent acquisitions in the global beauty industry where the ARCTIC framework was satisfied and where the ARCTIC model was NOT satisfied by decisive factors to get the acquisition's synergies. It allows readers to contrast two case studies and grasp how the framework works in greater detail.

The current research relies on an extensive archival search that included financial statements, annual reports, internal documents, industry publications and CEO statements to get at a micro-level understanding. This boosts research data and the operationalization of the ARCTIC framework.

The research identified four steps for investigating whether core competence transfer in an acquisition process would be a source of competence-based synergies. The incorporation of real options into the synergy valuation measures market value-added arising from M&A deals.

The current paper contributes to theoretical and practical issues of global M&As as part of the existing literature of international business and strategic management. The impact on reciprocal synergies of agency problems, external interaction between CEOs in M&A deals, corporate governance systems and an executive compensation theory are promising areas of future research.

El presente artículo pretende poner en práctica y a prueba el esquema ARCTIC a fin de evaluar los requisitos previos de la sinergia basada en las competencias en el proceso de adquisición. Este estudio ofrece nuevos análisis de las recientes adquisiciones acontecidas en el sector de la belleza a nivel mundial en las que se siguió el esquema ARCTIC y en las que NO se siguió por factores decisivos para conseguir las sinergias de la adquisición. Permite a los lectores contrastar dos casos prácticos y comprender con mayor detalle cómo funciona el esquema.

Para el estudio actual se ha llevado a cabo una amplia búsqueda de archivos entre los que se incluyen balances financieros, informes anuales, documentación interna, publicaciones del sector y declaraciones del director general para obtener una comprensión pormenorizada. De este modo, se potencian los datos de la investigación y la puesta en práctica del esquema ARCTIC.

En el estudio se han identificado cuatro pasos que determinan si la transferencia de competencias básicas en un proceso de adquisición sería el origen de sinergias basadas en las competencias. La incorporación de opciones reales en la evaluación de las sinergias mide el valor añadido del mercado derivado de las operaciones de fusión y adquisición.

Este artículo contribuye a los aspectos teóricos y prácticos de las fusiones y las adquisiciones mundiales como parte de la bibliografía existente sobre comercio internacional y gestión estratégica. El impacto de las sinergias recíprocas de problemas del agente-principal, las interacciones externas entre directores generales en acuerdos de fusiones y adquisiciones, los sistemas de gobernanza empresarial y una teoría de la compensación ejecutiva son campos prometedores para futuras investigaciones.

This paper aims to examine the influence of the gender diversity in the corporate board on the decision of announcing a firm acquisition on Friday. Prior evidence found the phenomenon of investor inattention.

A sample of 252 cash-financed acquisitions conducted by listed Spanish firms from 2004 to 2018 is analysed. Probit regressions are used.

Firms with greater gender diversity on the board are less likely to make acquisition announcements of listed targets on Friday, thus avoiding investor inattention. Women directors seem to provide higher quality information and are more concerned about investors.

To the best of the authors’ knowledge, this is the first study that analyses the role of women directors in the publication of information on Friday, so it complements studies on the disclosure of quality information by listed companies. The Spanish market is an adequate scenario to analyse the impact of women's participation in business decision-making because Spain was one of the first countries to legislate on gender diversity.

Este trabajo analiza si la participación de mujeres en el consejo de administración puede influir en el anuncio de adquisición empresarial en un memento de poca atención (viernes) o en otro día de la semana.

Se analiza una muestra de 252 anuncios de adquisiciones en efectivo realizados por empresas españolas cotizadas en el periodo de 2004 a 2018. Se utiliza el análisis probit.

Las empresas con mayor porcentaje de mujeres consejeras tienen menos probabilidad de anunciar la adquisición de una empresa cotizada en viernes, evitando así la inatención del inversor. Los resultados sugieren que las mujeres consejeras comunican información de mayor calidad y tienen una mayor preocupación por los inversores.

Hasta donde sabemos este trabajo es el primero que analiza la influencia de las mujeres consejeras en la publicación de información en viernes y refuerza los estudios sobre la calidad de la información publicada por las empresas cotizadas. El mercado español es el contexto ideal para el estudio de la participación femenina en la toma de decisiones empresariales pues España fue uno de los primeros países en establecer cuotas de género en los consejos de administración.

Talent identification is a critical process of any Global Talent Management system, and little is known about it in Latin American multinationals (multilatinas). This study aims to understand, through the perceptions of Corporate Global Talent Managers, the talent identification strategy in place, the factors involved and the sources of the tools for its implementation.

The sample is made up of 17 multilatinas (Argentina, Brazil, Mexico, Chile and Colombia). Semi- structured interviews were conducted with Corporate Global Talent Managers.

Results reveal that the standardisation strategy constitutes the main trend. This choice is explained by numerous factors such as the new corporate structures, the entry mode via mergers and acquisitions, the national/regional culture, geographical closeness and shared cultural affinity, organizational culture, host country management practices and level of integration between headquarters and subsidiaries. Most of the multilatinas do not rely on “best practices”; they prefer home-made tools instead. Several factors were identified. Conclusions and further research are presented.

This paper attempts to fill a perceived gap in the literature investigating, empirically, the talent identification strategy in multilatinas.

La identificación del talento es un proceso crítico de todo sistema de Gestión del Talento Global, y poco se conoce sobre el mismo en las multinacionales de origen latinoamericano. Este estudio cualitativo tiene por objetivo comprender, a través de las percepciones de los directores globales de talento corporativo, la estrategia de identificación de talento adoptada, los factores involucrados en esas elecciones estratégicas y el origen de las herramientas utilizadas en su implementación.

La muestra de este estudio está compuesta por 17 multilatinas de Argentina, Brasil, México, Chile y Colombia. Entrevistas cualitativas fueron realizadas con los responsables globales de gestión del talento.

Los resultados muestran que la estrategia de estandarización en la identificación del talento constituye la tendencia principal. Esta elección estratégica puede explicarse por diversos factores: nuevas estructuras corporativas, modo de ingreso a través de fusiones y adquisiciones, cultura nacional/regional, cercanía geográfica y afinidad cultural, cultura organizacional, prácticas de gestión de los países de destino y grado de integración entre Casa Matriz y subsidiarias. La mayoría de las multilatinas privilegian las herramientas de diseño propio, en lugar de aquellas “mejores prácticas”. Numerosos factores han sido identificados. Se presentan conclusiones y futuras líneas de investigación.

Este es el primer estudio que examina la estrategia de identificación de talento en las multinacionales latinoamericanas y los factores involucrados, cerrando una brecha en la literatura.

A identificação de talentos é um processo crítico de todo sistema de gestao global de talentos, e pouco se sabe sobre isso em multinacionais de origem latinoamericana. Este estudo qualitativo tenta compreender, através das percepções dos diretores globais de talento corporativo, a estratégia de identificação de talentos adotada, os fatores envolvidos nessas escolhas estratégicas e a origem das ferramentas utilizadas na sua implementação.

A amostragem do estudo foi baseada em 17 multilatinas da Argentina, Brasil, México, Chile e Colômbia. Entrevistas qualitativas foram realizadas com gerentes globais de gestão de talentos.

Os resultados mostram que a estratégia de padronização na identificação de talentos constitui a principal tendência. Essa escolha estratégica pode ser explicada por vários fatores: novas estruturas societárias, modo de entrada por meio de fusões e aquisições, cultura nacional/regional, proximidade geográfica e afinidade cultural, cultura organizacional, práticas de gestão dos países de destino e grau de integração entre Matriz e subsidiárias. A maioria das multilatinas privilegia as ferramentas de seu próprio design, em vez das “melhores práticas”. Diversos fatores foram identificados. São apresentadas as conclusões e futuras linhas de pesquisa.

Este é o primeiro estudo que examina a estratégia de identificação de talentos em multinacionais latinoamericanas e os fatores envolvidos, contribuindo a preencher uma lacuna na literatura

The purpose of this paper is to investigate the issue of efficiency in the Brazilian motor carrier industry, which has undergone significant transformations since the economy deregulation in the mid-1990s. The main research objective is to determine whether or not different types of cargoes and geographic regions serviced significantly impact trucking managerial efficiency levels.

Research objectives are accomplished by applying a two-stage data envelopment analysis model with bootstrapped estimates. Based on an unbalanced panel model, secondary data from the annual study published by Transporte Moderno (years 2002-2010) were collected and analyzed.

Results support anecdotal evidence regarding a heterogeneous impact of cargo mix and route mix on efficiency levels.

A major limitation of this work concerns the fact of working with secondary data instead of primary data, especially with respect to the set of inputs and outputs used in the analysis, which may not cover all aspects relevant to building an efficiency frontier. Despite this limitation, the study has made an important contribution in its use of panel data to demonstrate the impacts of different types of cargoes and geographic regions serviced on managerial efficiency levels in the trucking industry.

Managerial impacts in terms of mergers and acquisitions are addressed.

The contribution of this study is twofold. On the theoretical side, a valuable scale for the measurement of managerial efficiency was built and validated, representing an index toward the most productive cargo/route mix. On the other hand, the managerial implication of this possibility of measuring the efficiency levels is that motor carriers can use it as a basis for establishing future action plans.

Brazil, DEA, Longitudinal study, Efficiency drivers, Trucking industry, Unbalanced panel

 Research paper

El estudio investiga el tema de la eficiencia en la industria del transporte Brasileña, la cual ha experimentado cambios significativos desde la desregulación de la economía a mediados de los años noventa. El objetivo principal de la investigación es determinar si los diferentes tipos de cargas y regiones geográficas que han recibido los servicios impactan significativamente o no los niveles de eficiencia administrativa de las empresas de camiones.

Los objetivos de la investigación se lograron usando un modelo DEA de dos etapas con estimaciones bootstrap. Basado en un modelo de panel no balanceado, se obtuvieron y analizaron datos secundarios del estudio anual publicados por Transporte Moderno (años 2002-2010).

Los resultados apoyan la evidencia anécdota en lo relacionado con el impacto heterogéneo de mezcla de cargas y una combinación de rutas en los niveles de eficiencia.

La limitación más grande de este trabajo es el hecho de trabajar con datos secundarios en vez de usar datos primarios, especialmente en relación con el set de inputs y outputs usados en este análisis, que podrían no cubrir todos los aspectos relevantes en la construcción de una frontera eficiente. A pesar de esta limitación, este estudio hace una importante contribución al usar datos de panel para demostrar los impactos de los diferentes tipos de cargas y regiones geográficas atendidas, en los niveles de eficiencia de la administración de la industria de transporte de camiones.

Se discuten los impactos de administración en términos fusiones y adquisiciones.

La contribución de este estudio es doble. Por el lado teórico, una escala relevante para medir la eficiencia de la administración fue construida y validada, que representa un índice hacia la combinación carga/ruta más efectiva. Por otro lado, las implicaciones administrativas de la posibilidad de medir niveles de eficiencia es que las empresas de transportes pueden usarloa como base para establecer planes futuros de acción.

Estudio longitudinal, Industria camionera, Brasil, DEA, Promotores de eficiencia, Panel no balanceado

 Trabajo de investigación

A pesquisa investiga o tema da eficiência na indústria brasileira de transporte rodoviário, a qual tem experimentado mudanças significativas desde a desregulamentação da economia em meados dos anos noventa. O objetivo principal da pesquisa é determinar se os diferentes tipos de cargas e de regiões geográficas atendidas impactam significativamente ou não nos níveis de eficiência na gestão de cargas rodoviárias.

Os objetivos da pesquisa foram atingidos usando um modelo DEA de dois estágios com estimativas bootstrap. Baseados em um modelo de painel, foram recolhidos e analisados dados secundários publicados no estudo anual da publicação Transporte Moderno (anos 2002-2010).

Os resultados apoiam a evidência baseada no senso comum relacionada ao impacto heterogêneo do mix de cargas e do mix de rotas nos níveis de eficiência.

A maior limitação de esta pesquisa concerne ao fato de trabalhar com dados secundários em vez de dados primários, especialmente em relação com a série de inputs e outputs utilizados na análise, que não puderam cobrir todos os aspectos relevantes para definição da fronteira de eficiência. Apesar dessa limitação, esta pesquisa traz uma importante contribuição ao utilizar dados de painel para demonstrar os impactos dos diferentes tipos de cargas e de regiões geográficas atendidas sobre os níveis de eficiência na gestão do transporte de cargas rodoviárias.

Os impactos da gestão em termos de fusão e aquisição são abordados.

A contribuição deste estudo é dupla. Pelo lado teórico, foi construída e validada uma escala relevante para medir a eficiência de gestão de cargas rodoviárias, que indica um índice para a combinação mais efetiva da combinação entre cargas e rotas. Por outro lado, quanto às implicações gerenciais, a possibilidade de medir os níveis de eficiência criam a possibilidade das empresas de transportes utilizá-los como base para futuros planos de ação.

Estudo longitudinal, Setor de transporte rodoviário, Brasil, DEA, Condutores de eficiência, Dados em painel

 Trabalhos de pesquisa

This paper tries to provide a theoretical explanation from case studies in which I analyzed the impact of firms’ behavior on negotiation processes. Particularly, it concentrates on the impact of the power‐dependence relationship on negotiation behavior choice in joint ventures and (nonhostile) acquisitions. Previous studies have found that negotiation behavior is a key factor in determining the results of negotiations and the subsequent implementation and performance of the strategy. Drawing on interview material from six cases, three acquisition negotiations and three joint venture negotiations, the empirical analysis allowed me to consider that the equilibrium situation of power‐dependence is more associated with integrative negotiation behaviors adopted by all the parties. This situation facilitates win/win agreements (negotiation success). However, the value‐creation basis appears as a key factor to be analyzed because its influence on (1) the perception of dependence and (2) the possible use of a power disequilibrium situation. This factor seems to be especially important in acquisition negotiations. Based upon my analysis, I recommend some issues to be studied and contrasted empirically in future research.

In this paper, we analyze the heterogeneity of acquisition integration processes. Starting with the integration types laid down by Haspeslagh and Jemison (1991), we describe integration processes in terms of their integration level and their integration style. We analyze the postacquisition consequences of integration choice in terms of organizational management analysis, employee turnover, and communication and socialization problems. In a sample of 74 Spanish acquisitions, we demonstrate that management choices about integration level and integration style explain the more relevant consequences of the integration process. They have different consequences in terms of organizational management analysis, employee retention, and communication and socialization.

The paper explores the impact of mergers and acquisitions (M&As) on technological performance. We posit that the post‐acquisition technological performance is positively related to the technological combination potential of the merging firms and to their ability to realize this potential. In turn, the combination potential depends on M&As motives aimed at complementing firms’ technological resources, whereas firms’ ability to realize their potential is significantly influenced by their prior experience in M&As and technology integration.

Cross‐border mergers and acquisitions present significant opportunities for firms wishing to diversify their activities geographically, learn new knowledge, and gain access to valuable resources. Cross‐border mergers and acquisitions present multiple challenges as well. These include the difficulty of evaluating target firms, cultural and institutional differences, and the liabilities of foreignness among others. We compare acquisitions to enter new markets with other market entry mechanisms (strategic alliances and greenfield ventures), and conclude with suggestions for future research to advance our knowledge of this strategy of increasing importance globally.

The aim of this paper is to analyze the influence of intangible assets and similarity of resources on the choice between acquisitions and joint ventures and whether it is different in domestic and European operations. In order to test these relations, a sample of domestic and European growth deals was selected (563 deals, of which 449 are acquisitions and 114 are joint ventures). Results demonstrate that it is more probable that firms will choose acquisitions if there is a close similarity between the resources of the firms. Also, if the operation is domestic, companies with higher proportions of intangible resources prefer acquisitions.