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The paper investigates the market performance of strategic acquisitions for growth in the fifth and sixth merger waves and outlines the major determinants that affect the performance of acquiring companies in these most complex and most challenging corporate transactions.

To perform the quantitative analysis a unique data sample was built out of acquisitions performed in the 5th and 6th merger waves with an only single purpose – strategic growth. Their performance was first analyzed using the method of market-based event study. In addition, the impact of several non-accounting determinants identified through a thorough literature review was tested using univariate/multivariate regression analysis.

The new findings of the study state that strategic acquisitions for growth created more value for acquiring companies if they were completed internationally and involved an acquisition of a middle-sized company. Moreover, the acquisition of targets in the less related industries (2-SIC) led to stronger performance of acquirers, especially in the international settings.

The study suggests additional directions for future research. The future analysis can investigate the post-merger acquisition performance of strategic acquirers and can focus on additional financial (accounting) determinants in the evaluation of performance. This perspective can not only address the limitations imposed by the assumption of efficient capital markets but also provide additional insights.

The results of current study have important implications for executives performing M&A for growth. They show that the market reaction to M&A announcement can be at least partially anticipated and help managers to plan their strategic moves based on a defined set of variables.

The study contributes to the sustainable, value-creating growth dynamics and encourages Executives to “lead for value.”

(1) In contrast to the existing studies that do not differentiate between the transaction rationale in their analysis, this paper focuses explicitly only on those acquisitions that have strategic growth as their primary objective and responses therefore, to the problem stated by Halpern (1983). This approach helps to mitigate the distortion of results and make a reliable assessment of the strategic move. (2) The results of quantitative analysis also outline that acquisition of mid-sized targets and larger degree of diversification (2-SIC, international focus) code were associated with higher value creation.

本文旨在研究於第五和第六波的併購浪潮中為增長而作出的策略性收購的市場表現;本文亦概述在這些極其複雜的和極具挑戰性的公司交易中影響作收購公司的表現的主要因素.

為了能進行定量分析,研究人員收集在第五及第六波的併購浪潮中以策略性增長為唯一目的的收購個案、建立一個獨特的數據樣本。研究人員首先以基於市場的事件研究法分析那些進行了收購的公司的表現,並以單變量/多變項迴歸分析法去試驗那幾個透過深入的文獻研究而找到的非會計的決定因素的影響.

研究得出的新發現是、如果以增長為目的的策略性收購是於國際間完成及涉及收購中型公司的話,則這收購行動會給進行收購的公司帶來更多價值。而且、如果收購目標的產業與作收購公司的不太相關的話 (2-標準產業分類),收購行動會為進行收購的公司帶來更強的表現、特別是在國際環境下進行這收購行動.

(1) 有別於現時其它於其分析中不區分交易理由的研究，本文明確地表示只集中探討那些以帶來策略性增長為主要目標的收購；因此、本研究對 (哈爾彭，1983年)(Halpern, 1983) 陳述的問題作出了回應。本研究的理念有助於減輕我們對收購結果的曲解，從而讓我們對策略性行動能作出可靠的評估. (2) 定量分析的結果、亦概述了以中型公司為目標的收購及更大程度的多樣化 (2－標準產業分類、以國際為焦點) 代碼與創造更大價值是有關聯的。

本研究的結果對學術界及管理人員均具吸引力，亦為策略規劃提供一個額外的工具.

本研究可帶來可持續的及可創造價值的增長動力，又可鼓勵行政主管採用以價值為本的領導方針.

Using an institution-based view, this study aims to conceptualize how sub-national institutional characteristics are likely to explain location choice of multinationals’ research and development (R&D) subsidiaries.

In a conceptual paper, this study explores specific institutional facets of the regional environments within a country that are capable of explaining, at least in part, the location choices of multinational corporations’ R&D subsidiaries.

This study thus explores the more nuanced influences of the institutional environments at a subnational level and develops propositions to explain location choices based on the differences of the institutional environments.

This study contributes to international business theory by incorporating a location-specific analysis that contrasts to the usual country-level observation on the determinants of firms’ location decisions.

This study aims to shed light on the relationship between gender diversity and group performance by considering the moderating role of relative cultural distance. Drawing from the categorization–elaboration model (CEM), the authors hypothesize that gender-diverse collaborative learning groups perform better when a low level of relative cultural distance in country-level individualism–collectivism or power distance exists among group members.

To test this hypothesis, the authors conducted a study on 539 undergraduate students organized into 94 groups. The assessment of group performance was based on scores given by external raters.

The authors found that relative cultural distance significantly moderated the gender diversity–group performance relationship such that gender diversity was positively related to group performance when the collaborative learning group included members who similarly valued individualism–collectivism or power distance (i.e. relative cultural distance was low) and was negatively related to group performance when the collaborative learning group comprised members who differently valued individualism–collectivism or power distance (i.e. relative cultural distance was high).

This study contributes to understanding when gender diversity is positively associated with group performance by expanding the range of previously examined diversity dimensions to include relative cultural distance in country-level individualism–collectivism and power distance.

This research analyzes the development of logistics outsourcing market in two countries, Estonia and Finland, with different paths as members of the single European market. The purpose of this paper is to examine whether the two markets have become more similar or whether their logistics costs and logistics markets have developed differently over time.

The development of the logistics market is addressed through two survey-based variables. Logistics costs are used to measure the size of the logistics market, whereas logistics outsourcing is analyzed to measure the development phase as well as the market potential for logistics service provision.

Estonian logistics outsourcing market was found to be underdeveloped and small compared to the Finnish market. At the same time, the logistics costs of Finnish companies are high and rising, whereas the costs of Estonian firms are declining.

The results imply that the level of outsourcing might explain the visibility of logistics costs, which should be taken into account when making estimates on logistics costs both at the firm as well as on country level.

Logistics sector is an important source of national competitiveness and employment. This research identifies subareas for the two countries on how to develop competitiveness through the logistics market.

This research provides a unique method to estimate the size of logistics outsourcing market in these two countries. It also represents as one of the rare works to provide multiyear comparison between countries in logistics costs.

The purpose of this paper is to analyse international business (IB) scholarship and present current gaps and new realities to enhance scholarly discourse.

The paper divides the scholarship into three distinct sections. First, it interrogates the changing definitions of the field from the 1880s to date. Secondly, IB paradigms are cross-examined while highlighting the understudied emerging interaction paradigm. Lastly, literature gaps, methodological gaps and new realities in IB are presented.

This research shows that IB inquiry has concentrated on firm-level paradigms, leaving the emerging interaction paradigm understudied. As a result, there is a deficit of novel ideas and limited research on critical emerging issues affecting IB. Further, simplistic methodologies are prevalent, making IB scholarship weak. Additionally, a majority of studies concentrate on the Americas, Europe and Asia, leaving Africa understudied.

This research augments the need for scholars to cross-examine the best approach to apply in IB discourse and presents gaps calling for new insights and future research directions.

This study aims to investigate patterns in international travel behavior of scientific staff depending on the categories of gender, scientific field and scientific seniority level. The learning from salient differences possibly revealed may inform measures for reducing travel greenhouse gas (GHG) emissions, especially for high-emitting staff groups, and help strengthen the equality between scientists of different categories concerning their travel behavior.

The study collected and used novel empirical data on travel GHG emissions from University of Graz scientific staff for five consecutive years (2015–2019) and used statistical analysis and inference to test and answer three distinct research questions on patterns of travel behavior.

The travel footprint of scientific staff, in terms of annual GHG emissions per scientist, exhibits various highly significant differences across scientific fields, seniority and gender, such as male senior natural scientists showing ten times higher per-person emissions than female junior social scientists.

The five-year travel GHG emissions data set across all fields from natural sciences via social sciences to humanities at a large university (Uni Graz, Austria, about 2,000 scientific staff) and across seniority levels from predocs to professors, both for female and male scientists, enabled a robust empirical study revealing distinct differences in travel GHG footprints of academic staff. In this way, the study adds valuable insights for higher research institutions toward effective GHG reduction policies.

This paper aims to examine the hypotheses of main international theories (realism, liberalism and constructivism) and the development of these theories toward the behavior of foreign policy of small states in the developing world. The theories of international relations, especially the realistic theory, face a theoretical debate and a fundamental criticism. The hypotheses of these theories are not able to explain the external behavior of some small states, especially those in the developing world such as Qatar. In particular, these small states do not have the elements of physical power through which they can play this role. However, they are based on the internal determinants (such as political leadership and the variable of perception) and non-physical dimensions of power to play an effective and influential external role.

This topic sheds light on the hypotheses of theories of main international relations, which explain the behavior of foreign policy of small states. This is due to the increased number of such states after the disintegration of Soviet Union, the practice of some countries an effective foreign role and the transformation of the concept of power from the hard power to soft power, and then to smart power

The theories of international relations, especially the realistic theory, face a theoretical debate and a fundamental criticism. The hypotheses of these theories are not able to explain the external behavior of some small states, especially those in the developing world such as Qatar. In particular, these small states do not have the elements of physical power through which they can play this role. However, they are based on the internal determinants (such as political leadership and the variable of perception) and non-physical dimensions of power to play an effective and influential external role.

The importance of the study comes from its interest in small countries in general and the Qatar situation in particular. The small country emerged as a player independent of the Gulf Cooperation Council, unlike what prevailed before, which led to the discussion of a regional role for Qatar despite its small power compared to the strength and size of other factions in the region such as Turkey, Israel and Iran.

This study aims to explore the challenges and complexities of interaction in international stakeholder networks within the context of projects focused on the implementation of sustainable development goals (SDGs). In particular, it examines the challenges faced by stakeholders in a network from a developed country during interaction in the context of a developing country.

Using a qualitative approach, this study analyses interview data collected from the key managers of an international consulting company in charge of a water supply and sanitation project in Nepal. The primary data is triangulated with secondary data, such as project reports and related academic articles.

This study illustrates how interaction in international stakeholder networks affects and is interrelated with SDGs, as well as how aiming to achieve one specific goal can stimulate the implementation of other sustainable goals. Further, this research shows how project managers from a developed country had to adapt to the specifics of the developing country context and how their sustainability project influenced the well-being of local communities by improving environmental and social sustainability.

The research suggests that challenges in stakeholder interaction may arise because of differences in process management methods used by the international stakeholders involved in the project and country-context specifics, such as corruption, imperfect national regulations, cultural specifics, effects of climate change, etc.

The paper contributes to the literature on international multi-stakeholder interaction between actors from developed and developing countries. Furthermore, it adds to the literature on stakeholder networking by highlighting the importance of engaging in a dialogue with local communities during the conceptualisation stages of both sustainability and SDG implementation because of diverging worldviews and practices.

National cultures significantly explain cross-country differences in the relation between asset growth and stock returns. Motivated by the notion that managers in individualistic and low uncertainty-avoiding cultures have a higher tendency to overinvest, this study aims to show that the negative relation between asset growth and stock returns is stronger in countries with such cultural features. Once the researchers control for cultural dimensions, proxies associated with the q-theory, limits-to-arbitrage, corporate governance, investor protection and accounting quality provide no incremental power for the relation between asset growth and stock returns across countries. Evidence of this study highlights the importance of the overinvestment hypothesis in explaining the asset growth anomaly around the world.

Studies about product customization decision are especially relevant for organizations that decide opening a subsidiary overseas. This scenario requires the company to decide which products should be customized and which products should be standardized when selling products in international markets. The main purpose of this paper is to identify which factors influence the decisions on the customization of industrial products and consumer products to a particular country in the marketing function of a global company.

To do so, a literature review was conducted addressing the following topics: internationalization, international marketing and product customization factors. With regard to methodological aspects, an initial qualitative phase was conducted with four exploratory case studies. In the quantitative phase, an online survey was developed, obtaining 123 records of an intentional non-probabilistic sample.

As a result, six factors were deemed essential to the product customization decision: customers’ characteristics, sustainable return on investment, sustainable profit, legal requirements, sales of other products in the portfolio and weather differences.

The authors expect that the results of this research contribute academically for the management knowledge about the meanings that product customization can assume in internationalized companies, and, additionally, in a business way, the authors expect that they help companies make strategic decisions on the appropriate measure to take regarding product customization in international markets, whether industrial products or consumer products. With these findings, the authors expect to make a valid contribution about product customization decision and suggesting future studies from other perspectives.