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This paper provides a review of theoretical perspectives and empirical research on the role of culture in mergers and acquisitions [M&A], with a particular focus on the performance implications of cultural differences in M&A. Despite theoretical and anecdotal evidence that cultural differences can create major obstacles to achieving integration benefits, empirical research on the performance impact of cultural differences in M&A yielded mixed results: while some studies found national or organizational cultural differences to be negatively related to measures of M&A performance, others observed a positive relationship or found cultural differences to be unrelated to M&A performance. We offer several explanations for the inconsistent findings of previous research on the performance impact of cultural differences in M&A and develop a model that synthesizes our current understanding of the role of culture in M&A. We conclude that the relationship between cultural differences and M&A performance is more complex than previously thought and propose that, rather than asking if cultural differences have a performance impact, future research endeavors should focus on how cultural differences affect M&A performance.

Compares research and teaching of today′s business economics with its predecessor disciplines before 1890. Describes attempts to organize commercial high schools from 1890 – business economics has its roots in these institutions. Discusses the reasons for the separation of business economics, as a discipline, from political economy. Paramount among these was a quarrel about value judgements.

Although mergers and acquisitions have been a fundamental part of business for the last three decades, they have been increasingly used in recent times as a strategic tool for growth, dealing with excess resource capacity, enhancing the base and scale of operations for competitive advantage and the like. One area of increasing concern in M&A research, however, has been in the area of understanding the integration process and how this might lead to enhanced performance and to the “2+2=5” hoped-for effect of M&As.

The purpose of this paper is to investigate how much the Italian manufacturing companies are ready to be concretely involved in the so-called “Industry 4.0” (I4.0) journey. In particular, this paper focuses on analyzing the knowledge and adoption levels of specific I4.0 enabling technologies, also considering how organizations are involved and which are the main benefits and obstacles.

A descriptive survey has been carried out on a total of 103 respondents related to manufacturing companies of different sizes. Data collected were analyzed in order to answer five specific research questions.

The findings from the survey demonstrate that Italian manufacturing companies are in different positions in their journey toward the I4.0 paradigm, mainly depending on their size and informatization level. Furthermore, not all the business functions are adequately involved in this transformation and their awareness about this new paradigm seems quite low because of the absence of specific managerial roles to guide this revolution. Finally, there are strong differences concerning both benefits and obstacles related to the adoption of I4.0 paradigm, depending on the technology adoption level.

Future research should focus on developing case studies about pilot I4.0 practitioners in order to understand the root cause of successful cases. Both managerial and practical references should be developed, helping Italian manufacturing enterprises to consolidate and strengthen their position in global competitive market. Finally, it would be interesting to carry out the same study in other countries in order to make comparisons and suitable benchmark analyses.

Despite scholars have debated about the adoption of technologies and the benefits related to the I4.0 paradigm, to the best of authors’ knowledge, only a few empirical surveys have been carried out until now on the adoption level of I4.0 principles in the manufacturing sector of a specific country.

The paper aims to estimate the capacity of supreme audit institutions’ (SAIs) audits to deter potentially wasteful year-end procurement spending. It also studies heterogeneous responses to SAIs’ audits depending on whether agencies’ top managers are appointed through a competitive procedure or not.

A letter signed by the head of Chile’s SAI was sent to a hundred randomly chosen agencies two weeks before the end of the fiscal year, with instructions on year-end spending accounting and an audit threat. In addition, a hundred agencies that did not receive the letter were used as a control group.

Agencies that received the letter reduced year-end aggregate procurement spending by 33% relative to controls. Purchases of office supplies, safety equipment, personal care products and paper products experienced the most considerable reductions. The decrease in year-end spending was smaller for agencies with at least one top manager appointed through a competitive procedure.

A SAI’s audit threat significantly reduced year-end procurement spending. Larger reductions in agencies headed by political appointees and across categories of goods that have been flagged as likely to be purchased to exhaust the budget suggest the avoided expenditures would have been wasteful. Further research is needed to determine if the net social value of year-end procurement spending deterred by SAIs audits is negative as suggested.

This paper has implications for the institutional support of SAIs audits and civil service.

This paper provides novel experimental evidence of SAIs’ audits’ deterrence power on public agencies’ year-end procurement spending.

Anxiety, depression and impaired health-related quality of life (HRQoL) are commonly reported in patients with multiple sclerosis (MS) and are of great interest for therapeutic approaches. Based on regional differences a quantitative assessment of these factors in comparison to the general population, and the consideration of demographic cofactors, would be useful when designing specific interventions. We adopted such an approach in a German cohort of MS patients. Anxiety, depression (HADS) and HRQoL (SF-36) were measured in 49 consecutive outpatients with MS and compared to age- and gender-adjusted control groups (n=1330 for HADS; n=5087 for SF-36) extracted from German National Health Surveys. Patients with MS showed significantly increased levels of anxiety and depression as well as decreased HRQoL with the exception of mental health; the effect sizes ranged from 0.39 (depression) to 1.06 (physical functioning). As could be expected, MS patients with relapsing-remitting clinical course had better physical functioning than patients with secondary progressive MS. There were strong relations between anxiety and depression (r=0.54; P<0.01), and between neurological impairment (EDSS) and physical functioning (r=-0.80; P<0.001) as well as depression (r=0.48; P<0.05). This investigation of MS patients confirms the prevalence and impact of anxiety, depression and most of the HRQoL dimensions in MS patients and provides evidence for the usefulness of a quantitative comparison to a region-specific general population as a starting point for therapeutic approaches.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.

The purpose of this research is to identify the impacts of the country of origin of a franchise chain on its commitment in the destination countries, verifying the institutional particularities between the chains from emerging and developed countries.

The research is descriptive and quantitative and involved 724 franchise chains from 10 countries of origin (Brazil, Russia, India, South Africa, Argentina, USA, Germany, Australia, Spain and Portugal), spread over 174 destination countries, totaling 3,513 cases.

The results indicate that institutional preferences do not vary according to the country of origin of the franchise chain but rather vary according to the destination country.

This paper contributes to institutional theory by identifying a set of characteristics that explains the selection of international markets and the commitment of franchise chains.

The results obtained in the study can help managers of franchise chains to make decisions related to the selection of destination countries for international expansion based on the institutional characteristics of the markets and their compatibility with the objectives of the franchise chains.

Companies in emerging countries internationalize according to different management logics from those of companies from developed countries. Thus, it is possible that the process of selecting countries for internationalization is also based on different criteria that reflect different institutional preferences. The thesis defended in the paper is that market potential is more important to franchisees from emerging markets, whereas contract enforcement is more important to franchisees from developed markets.