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Article
Publication date: 6 September 2018

Timothy Galpin

Mergers and acquisitions (M&As) have become the preferred growth strategy for many executives. However, simply “doing deals” is not enough to create a competitive…

Abstract

Purpose

Mergers and acquisitions (M&As) have become the preferred growth strategy for many executives. However, simply “doing deals” is not enough to create a competitive advantage for their companies. Only focusing on M&A as a financial transaction is too narrow of an approach, which is easily duplicated across firms. Using Woodward, Inc. as a case example, this article shows how using an actionable, end-to-end process model, and embedding integrated capabilities within the organization, across the entire process, managers can make M&A a core competence to provide a valuable, rare, and inimitable advantage for their firms.

Design/methodology/approach

A mixed-methods approach, combining action research with a narrative synthesis of empirical and practice literature was used to develop a comprehensive M&A process model - the Deal Flow Model - consisting of ten stages across three phases. The resource-based view, core competencies, and the VRIO framework provide a theoretical foundation for the model. An application of the Deal Flow Model using Woodward Inc. as a case example is also presented.

Findings

Only focusing on M&A as a financial transaction is too narrow of an approach, which is easily duplicated across firms. Instead, using an actionable, end-to-end process model, and embedding integrated capabilities within the organization across the entire M&A process provides a valuable, rare, and inimitable advantage for firms.

Research limitations/implications

Researchers will find the Deal Flow Model useful as a structure to examine the M&A process as a whole or to frame single-stage, single-discipline research in the broader context of the overall M&A process.

Practical implications

A practice-oriented Deal Flow Model, providing a cross-disciplinary, end-to-end view of the M&A process is presented. The model is designed to be actionable by managers, who can apply the process to build the M&A competence of their organization.

Originality/value

The Deal Flow Model is unique as it is designed to be actionable by managers, who can apply the process to build the M&A competence of their organization. Likewise, researchers will find the model useful as a structure to examine the M&A process as a whole or to frame single-stage, single-discipline research in the broader context of the overall M&A process.

Details

Strategy & Leadership, vol. 46 no. 5
Type: Research Article
ISSN: 1087-8572

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Book part
Publication date: 24 September 2018

Melanie E. Hassett, Riikka Harikkala-Laihinen, Niina Nummela and Johanna Raitis

In this chapter, we focus on virtual teams and emotions during postmerger and acquisition (M&A) integration. Our main research question is “How to manage emotions and…

Abstract

In this chapter, we focus on virtual teams and emotions during postmerger and acquisition (M&A) integration. Our main research question is “How to manage emotions and virtual teams following cross-border M&A?”. We answer this question through the following research subquestions: (1) What virtual interaction can be identified post-M&A?; (2) What emotions arises from virtual communication; and (3) What emotions and challenges do virtual teams encounter following cross-border M&As? This research is based on a single case study. The main findings imply that emotions, trust, and cultural differences play an important role in virtual interaction following a cross-border M&A.

Details

Individual, Relational, and Contextual Dynamics of Emotions
Type: Book
ISBN: 978-1-78754-844-2

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Book part
Publication date: 30 December 2013

Adi Lazar

The chapter suggests two methodologies to measure inequality of opportunity in health in Israel, an ex-ante and an ex-post approach. In both cases, following the strategy…

Abstract

The chapter suggests two methodologies to measure inequality of opportunity in health in Israel, an ex-ante and an ex-post approach. In both cases, following the strategy recently suggested by Trannoy, Tubeuf, Jusot, and Devaux (2010), the chapter starts by introducing the production function of health, taking into account circumstances (the father’s years of education, his country of birth, the religion of the individual, his or her country of birth, age and gender) as well as effort variables (the level of education of the individual, his or her occupation and a variable describing his or her smoking habits).

The chapter also suggests then a decomposition of the overall health inequality into a legitimate and an illegitimate component, using the mean logarithmic deviation as inequality index, such a breakdown being applied to both the ex-ante and the ex-post approaches to equality of opportunity.

Details

Health and Inequality
Type: Book
ISBN: 978-1-78190-553-1

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Book part
Publication date: 26 March 2020

Charlotte Allen

The role of M in the Bond films has altered radically in the modern Bond franchise – due in part to the casting of Dame Judi Dench as M. This chapter argues that M as

Abstract

The role of M in the Bond films has altered radically in the modern Bond franchise – due in part to the casting of Dame Judi Dench as M. This chapter argues that M as portrayed by Dench asserts a monarch-like power and authority in her role as Bond’s commander, an authority that can be compared to that of the current monarch Queen Elizabeth II in both her real and imagined performances. It will examine how M as depicted by Dench fits into the legacy of the male M’s that came before her. It then compares the problematic relationship for both women with motherhood; their common refusal to employ emotive feminine manipulation to maintain their authority and how this authority utilises language and address. In doing so it will assert that both Dench’s M and Queen Elizabeth II put duty and their professional lives first – devoting themselves to the service of others.

Details

From Blofeld to Moneypenny: Gender in James Bond
Type: Book
ISBN: 978-1-83867-163-1

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Book part
Publication date: 13 October 2016

Yipeng Liu and Andrew Isaak

As the developing nations grow and experience rapid institutional transformation, research has begun to investigate the roles of culture, cognition and institutional…

Abstract

As the developing nations grow and experience rapid institutional transformation, research has begun to investigate the roles of culture, cognition and institutional context on entrepreneurship and innovation. This chapter aims to advance the entrepreneurial cognition literature by juxtaposing entrepreneurial effectuation, domain-specific expertise and ambiguity. By conducting a qualitative study of Chinese high-tech domestic and returnee entrepreneurs, the authors propose a spectrum between causation and effectuation and argue that the entrepreneur’s perceived level of ambiguity may better explain differing logic orientations among entrepreneurs, contributing to our understanding of entrepreneurial cognition. The authors theorize that (1) individual actors and the level of institutional development jointly comprise the entrepreneur’s logic orientation; (2) the level of perceived ambiguity mediates the strategy adopted by high-tech entrepreneurs; (3) the entrepreneur’s logic orientation can be regarded as a continual spectrum from effectuation to causation. Finally, the logic orientation concept is applied to the context of cross-border mergers and acquisitions (M&A) from a process perspective and the implications and fit of logic orientation with the stages of cross-border M&A are discussed.

Details

Mergers and Acquisitions, Entrepreneurship and Innovation
Type: Book
ISBN: 978-1-78635-371-9

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Book part
Publication date: 30 June 2004

Jerald Greenberg, Marie-Élène Roberge, Violet T Ho and Denise M Rousseau

In response to demands and opportunities of the labor market, contemporary employers and employees voluntarily are entering into highly customized agreements regarding…

Abstract

In response to demands and opportunities of the labor market, contemporary employers and employees voluntarily are entering into highly customized agreements regarding nonstandard employment terms. We refer to such idiosyncratic deals as “i-deals,” acknowledging that these arrangements are intended to benefit all parties. Examples of i-deals include an employee with highly coveted skills who is compensated more generously than other employees doing comparable work, and an employee who is granted atypically flexible working hours to accommodate certain personal life demands. The nonstandard nature of i-deals is likely to prompt questions about the fairness of the arrangement among three principal stakeholders – employees who receive the i-deal, managers with whom the i-deal is negotiated, and the co-workers of these employees and managers. We analyze issues of fairness that arise in the relationships among all three pairings of these stakeholders through the lenses of four established forms of organizational justice – distributive justice, procedural justice, interpersonal justice, and informational justice. Our discussion sheds light on previously unexplored nuances of i-deals and identifies several neglected theoretical issues of organizational justice. In addition to highlighting these conceptual advances, we also discuss methods by which the fairness of i-deals can be promoted.

Details

Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-0-76231-103-3

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Abstract

Details

Evaluating Companies for Mergers and Acquisitions
Type: Book
ISBN: 978-1-78350-622-4

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Book part
Publication date: 26 August 2014

Christina Öberg

Customers are important stakeholders for any company; yet, they seem not to be widely discussed in merger and acquisition research. This chapter synthesizes the current…

Abstract

Customers are important stakeholders for any company; yet, they seem not to be widely discussed in merger and acquisition research. This chapter synthesizes the current body of research on customers in mergers and acquisitions through presenting a systematic literature review. The chapter is based on a systematic literature review resulting from a search in EBSCO Host for any research item that refers to “customer” and “consolidation or merger of corporation.” All articles were coded to specify how customers are described, with a focus on whether customers are expected to affect and/or be affected by the merger or acquisition. Articles were compared with regard to their year of issue and research disciplines of publishing journals. The review indicates how customers continue to be discussed only to limited extent. The customer roles array from them as an acquirable customer base to customers as actors, whose activities become the very reason to merge or acquire. Literature also refers to them as victims and affected by the merger or acquisition, and reacting parties. In addition to the description of welfare transfer from consumers to acquirers in law and economics studies, the different ways of referring to customers extend beyond specific research disciplines. The literature review indicates more multifaceted ways of describing customers in recent research. No systematic literature review on customers in merger and acquisition literature has previously been conducted. The comparison of research disciplines, years of issue, and customer roles provides new insights into developments in the merger and acquisition field of research.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78190-836-5

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Book part
Publication date: 15 June 2018

Katsuhiko Shimizu and Daisuke Uchida

In the rapidly changing and globalizing environment, mergers and acquisitions (M&As) have become increasingly important. In this study, we paid specific attention to the…

Abstract

In the rapidly changing and globalizing environment, mergers and acquisitions (M&As) have become increasingly important. In this study, we paid specific attention to the voluntary announcements of M&A budgets by Japanese firms. We discussed the antecedents and consequences of such announcements by incorporating the context of Japan, which has experienced an enduring economic downturn since 1990 and is in the process of adopting a Western style of governance. Drawing on signaling theory and impression management theory, this exploratory study intended to contribute to the literature by incorporating the influence of the social context and by arguing for the possibility that announcements of M&A budgets may be used not only for strategic purposes but also for impression management and to reduce information asymmetry.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78756-136-6

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Book part
Publication date: 12 September 1997

Carlos F. Daganzo

Abstract

Details

Fundamentals of Transportation and Traffic Operations
Type: Book
ISBN: 978-0-08-042785-0

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