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Article
Publication date: 25 May 2020

Jeffrey M. Voth

This paper aims to offer an original analysis of how three of the largest aerospace and defense (A&D) companies equipped their organizations for merger integration success.

Abstract

Purpose

This paper aims to offer an original analysis of how three of the largest aerospace and defense (A&D) companies equipped their organizations for merger integration success.

Design/methodology/approach

Through a multi-case study, this paper explores the post-merger integration process for large-scale transactions completed over a 25-year period. Semi-structured interviews were conducted with industry executives and leading management consultants. The process involved collection of primary data, analysis of secondary data drawn from publicly available company documents and identification of key factors that led to success.

Findings

Five interdependent success factors (Figure 1) support integration teams and capture deal value. Managing the process as a megaproject further facilitates the effectiveness of post-merger integration, enabling leaders to remain laser-focused on integration activity while driving toward a long-term vision for the newly formed organization.

Practical implications

Merger integration has been identified as a primary source of deficiency that prevents acquirers from achieving anticipated results, negatively affecting merger success. Based on the findings of this paper, firms are more likely to create a compelling long-term value creation agenda when five essential factors are combined with a megaproject approach to manage the post-merger integration process.

Originality/value

This study advances current knowledge in the field by responding to requests to further explore the dimensions of merger integration that facilitate success and improve shareholder value, contributing new data to inform extant theories regarding merger integration and megaproject management and adding to the limited research on post-merger integration within the A&D industry.

Details

Journal of Business Strategy, vol. 42 no. 5
Type: Research Article
ISSN: 0275-6668

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Abstract

Details

Legal Professions: Work, Structure and Organization
Type: Book
ISBN: 978-0-76230-800-2

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Article
Publication date: 1 June 1997

Diane Georgiades and Brian H. Kleiner

As a result of the end of the cold war, the US Government’s defence spending has decreased significantly since 1989. Consequently, many aerospace companies in the defence…

Abstract

As a result of the end of the cold war, the US Government’s defence spending has decreased significantly since 1989. Consequently, many aerospace companies in the defence industry have begun the transition to commercial products. Reviews the commercial success strategies of Lockheed Martin, Hughes Electronics and Rockwell. Commercial success strategies discussed include: mergers, derived products, partnerships, consolidation, fresh blood in management, subsidiaries and acquisitions. Examines the negative side‐effects ‐ which include downsizing and less investment in technology research ‐ of the commercial transition.

Details

Aircraft Engineering and Aerospace Technology, vol. 69 no. 3
Type: Research Article
ISSN: 0002-2667

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The Political Economy of Antitrust
Type: Book
ISBN: 978-0-44453-093-6

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Article
Publication date: 23 September 2019

Juan Francisco Martín-Ugedo, Antonio Mínguez-Vera and Fabrizio Rossi

The purpose of this paper is to examine the relationship between women on the board of directors and firm performance in a comparative analysis between Italy and Spain.

Abstract

Purpose

The purpose of this paper is to examine the relationship between women on the board of directors and firm performance in a comparative analysis between Italy and Spain.

Design/methodology/approach

The generalized method of moment is employed to examine this relationship in a sample of 1,393 firm-year observations.

Findings

The results show that the presence of women on the board has a positive impact on the performance of Italian and Spanish firms. However, when the whole sample is divided into Italy and Spain, some results are remarkable. For Spain, the presence of women on the board has a positive influence on firm performance, whereas for Italy the authors find a negative and significant effect on firm performance. This study also finds that the “masculinity” dimension has a negative impact on firm performance.

Practical implications

The results of this study have several practical implications. First, masculinity differences within the countries can have a large impact on firm performance and can explain some differences between similar countries. Second, the legal system of countries might not explain adequately some differences in the decision-making process. Third, cultural values and thinking styles, in terms of masculinity, might better explain why the results on the relationship between female directors and firm performance are mixed. Fourth, the findings suggest that it is very important to promote gender equality, not only by passing laws but also taking action about the educational system.

Originality/value

To the best of the authors’ knowledge, this is the first study that investigates the relationship between female directors and firm performance between Italy and Spain considering the cultural differences in term of “masculinity.”

Objetivo

el objetivo de este trabajo es examinar la relación entre la presencia de mujeres en el Consejo de Administración y el rendimiento de la empresa, realizando un análisis comparativo entre Italia y España.

Diseño/metodología/Enfoque

Se emplea el método generalizado de los Momentos (GMM), utilizando una muestra de 1.393 observaciones.

Resultados

los resultados muestran que la presencia de mujeres en el consejo tiene un impacto positivo en el rendimiento de las empresas italianas y españolas. Sin embargo, cuando se analizan por separado ambas submuestras se obtienen algunos resultados destacables. Para España, la presencia de mujeres en el consejo tiene un efecto positivo, mientras que para Italia la influencia resulta negativa. Este estudio también muestra que la dimensión “masculinidad” tiene un efecto negativo en la rentabilidad de la empresa.

Implicaciones prácticas

Los resultados de este estudio tienen varias implicaciones prácticas. En primer lugar, la diferencia en la masculinidad entre países puede tener un gran impacto en el rendimiento de las empresas y explicar algunas diferencias entre países de características similares. En segundo lugar, el sistema legal de los países podría no explicar adecuadamente algunas diferencias en el proceso de toma de decisiones. En tercer lugar, los valores culturales y el modo de pensar, en términos de “masculinidad” podría explicar mejor el hecho de que los resultados de la relación entre consejeras y rendimiento de la empresa no sea concluyente. En cuarto lugar, nuestros hallazgos sugieren que es muy importante promover la igualdad de género no sólo a través de la aprobación de leyes, sino también actuando sobre el sistema educativo.

Originalidad/Valor

Que tengamos conocimiento, este es el primer estudio que investiga la relación entre la presencia de consejeras y rendimiento de la empresa para Italia y España considerando las diferencias culturales en términos de “masculinidad.”

Details

Academia Revista Latinoamericana de Administración, vol. 32 no. 3
Type: Research Article
ISSN: 1012-8255

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Book part
Publication date: 1 December 2004

Jude G. Olson

Product development becomes more complex when co-development involves multiple parties crossing boundaries of functions, companies, countries and even competitors. An…

Abstract

Product development becomes more complex when co-development involves multiple parties crossing boundaries of functions, companies, countries and even competitors. An interdisciplinary framework is needed to understand the challenges of structuring collaborative work within global product teams – especially in the research arenas of strategic partnerships, product development teams, collaboration, distributed work, organizational learning and new metaphors. The multi-party partnership of the Joint Strike Fighter Program at Lockheed Martin, the largest aerospace program in history, provides an illustration of the complex information-sharing and problem-solving challenges in aligning a large, distributed, global integrated product team in an environment where even connectivity is a challenge. It sets the stage for the innovative management approaches needed to build collaborative climates as well as research directions for the future.

Details

Complex Collaboration: Building the Capabilities for Working Across Boundaries
Type: Book
ISBN: 978-1-84950-288-7

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Article
Publication date: 8 July 2014

Stefanos Nachmias, Brendan Paddison and Chris Mortimer

The research takes a comprehensive evaluation of hospitality students’ perceptions towards small and medium sized enterprises (SMEs) employment and explores whether the…

Abstract

Purpose

The research takes a comprehensive evaluation of hospitality students’ perceptions towards small and medium sized enterprises (SMEs) employment and explores whether the current recession and labour market changes influence hospitality students career-related decisions. Such exploration would provide vital information as to how the new economic environment has modified the nature and context of hospitality students perceptions towards SMEs. The paper aims to discuss these issues.

Design/methodology/approach

The research focuses on a constructionist philosophy in order to interpret how hospitality students construct of career choice. The qualitative methodology adopts semi-structured interviews in order to explore the socially constructed views of hospitality students’ perception of SMEs employment.

Findings

In spite of recessional challenges which particularly affect the graduate labour market, the research confirms the original academic arguments that socially constructed barriers and influencing factors do not highlight SMEs as an attractive first employment destination.

Practical implications

This research recognises the need to reconsider the curriculum for hospitality students to embed the notion of SMEs as a possible career choice.

Social implications

Socially SMEs have not either historically or in the present day been seen as providing adequate resources for graduates entering the world of work. Such an implication has a considerably impact upon the supply and demand side of SMEs graduate labour market.

Originality/value

The economic downturn now poses a real challenge for new graduates as it is difficult to predict and discuss future labour market issues and trends. The research allows key stakeholders in graduate employment to understand the effects of the economic environment to graduate SMEs perceptions and take measures in improving SMEs-graduate employment in hospitality.

Details

Education + Training, vol. 56 no. 5
Type: Research Article
ISSN: 0040-0912

Keywords

Abstract

Details

The Cryopolitics of Reproduction on Ice: A New Scandinavian Ice Age
Type: Book
ISBN: 978-1-83867-043-6

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Article
Publication date: 23 March 2021

Daniel Dupuis, Virginia Bodolica and Martin Spraggon

Volume-based liquidity ratios suffer from potential measurement bias due to share restriction and may misrepresent actual liquidity. To address this issue, the authors…

Abstract

Purpose

Volume-based liquidity ratios suffer from potential measurement bias due to share restriction and may misrepresent actual liquidity. To address this issue, the authors develop two modified metrics, the free-float liquidity and the alternative free-float illiquidity ratios. These measures are well suited to estimate liquidity in the presence of trading constraints, as can be found in closely held/state-owned entities, IPOs/SEOs with lockup restrictions, dual-class share structures and family-owned businesses.

Design/methodology/approach

The authors modify the turnover illiquidity ratio, where the number of outstanding shares is scaled by the public free float, and use natural log transformation to normalize free-float liquidity. Our dataset is composed of daily observations for US stocks included in the S&P 500 index over the 2015–2018 period. To test the validity of free-float (il)liquidity ratios, the authors perform a correlation analysis for various liquidity metrics. To examine their empirical efficiency, the authors employ pooled OLS regression models for family firms as a subsample of liquidity-constrained entities, relying on five different identifiers of family-owned businesses.

Findings

The authors’ empirical testing indicates that the proposed free-float (il)liquidity ratios compare favorably with other volume-based methods, such as Amihud's ratio, liquidity ratio and turnover ratio. For the subsample of family organizations as a restricted-share setting, the authors report significant coefficients for our free-float measures across all the family firm identifiers used. In particular, as free-float decreases with progressive family influence, the advanced ratios capture an increase (decrease) in perceived liquidity (illiquidity) that is absent in the other benchmarks.

Originality/value

This study allows the authors to inform the ongoing debate on the management and governance of publicly listed companies with various impediments to trade. Traditional measures understate illiquidity (overstate liquidity) as the fraction of free trading shares is limited by design or circumstances. The authors’ proposed free-float metrics offer informational gains for family leaders to aid in their financing decisions and for non-family outsiders to guide their investment choice. As a constrained free float inhibits price discovery processes, the authors discuss how restricted stock issuers may alleviate the attendant negative effects on governance and information opacity.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 12 July 2011

Sheilagh Resnick, Ranis Cheng, Clare Brindley and Carley Foster

This study aims to explore the role of marketing in small and medium‐sized enterprises (SMEs) and to consider how amendments can be made to the UK higher education (HE…

Abstract

Purpose

This study aims to explore the role of marketing in small and medium‐sized enterprises (SMEs) and to consider how amendments can be made to the UK higher education (HE) teaching curriculum to inform marketing teaching and learning around a small business context.

Design/methodology/approach

A qualitative, exploratory approach using semi‐structured in‐depth interviews amongst ten owners of SMEs in the East Midlands region of the UK was used.

Findings

Marketing in SMEs is centred on customer engagement, networking and word of mouth communication. HE academic institutions should take account of these findings and work towards introducing SME‐specific marketing material in its teaching and learning curricula.

Research limitations/implications

This study uses a small number of SME companies in one region and therefore the generalisability of the findings may be limited. Further research could extend the number of SME companies and to other regions of the UK.

Practical implications

The findings have a bearing on the UK HE marketing curriculum. This study offers insights into how the marketing curriculum in HE needs to be adapted in light of the findings to ensure marketing graduates are equipped to enter SME employment.

Originality/value

Studies aligning how marketing in SMEs is practiced compared to HE teaching curriculum are limited. This research contributes to the body of literature by further exploring the characteristics and marketing activities of SMEs and highlighting the need to align teaching and practice of marketing in UK HE institutions.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 13 no. 1
Type: Research Article
ISSN: 1471-5201

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