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Article
Publication date: 10 April 2017

Ana M. Romero-Martínez and María Concepción García-Gómez

The purpose of this paper is to investigate the merger arranged in the audiovisual sector between Antena 3 and La Sexta, and specifically the pre- and post-merger factors. This…

Abstract

Purpose

The purpose of this paper is to investigate the merger arranged in the audiovisual sector between Antena 3 and La Sexta, and specifically the pre- and post-merger factors. This study adopts a comprehensive approach for the analysis of the reasons behind this strategic decision and the role that structural and human integration and the decision on the right momentum and integration speed played in the merger success.

Design/methodology/approach

A single case study research method is used. This qualitative methodology provides richer data to understand complex transactions such as mergers and acquisitions (M&As). According to the data triangulation technique, two research methods were used, in-depth interviews and archival secondary data, including confidential reports and archival trade press.

Findings

The merger involving Antena 3’s takeover of La Sexta in October 2012 has been seen as one of the most successful operations ever undertaken in Spain’s audiovisual industry. The main motivation was to increase the organisation’s size to make it more competitive in the market, thus reducing costs, generating synergies and improving performance. Structural and human integration has provided the backbone for this success, all at a time marked by the global financial crisis and its knock-on effect on the downturn in the advertising market. Another of the key factors of success was that the changes in the organisational systems and processes were designed and partially implemented before the incorporation of La Sexta.

Practical implications

This work has highlighted the need for proper planning and a suitable choice of timing in M&A operations. Management should pay special attention to the integration of human and productive resources to generate synergies on the road to success.

Originality/value

This paper’s main contribution is to highlight an example of a successful M&A in the audiovisual sector in Spain by adopting a holistic perspective. While there are scarce studies in this industry, previous research on this topic is mostly quantitative and, moreover, the rate of success in M&A is quite low.

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 15 no. 1
Type: Research Article
ISSN: 1536-5433

Keywords

Article
Publication date: 27 July 2012

Daniel Dauber

“Culture” has become a critical factor for success in today's international business environment. In particular, mergers and acquisitions (M&As) are known to suffer from a high…

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Abstract

Purpose

“Culture” has become a critical factor for success in today's international business environment. In particular, mergers and acquisitions (M&As) are known to suffer from a high failure rate, due to culture differences. Studies on M&As suggest different and often controversial relationships between culture, integration and performance. The purpose of this paper is to identify major sources of inconsistent results, thereby providing promising directions for future research.

Design/methodology/approach

Findings are based on an extensive literature review including 58 papers from 20 learned international journals. Main selection criteria were keywords (merger/acquisitions and integration/culture) applied to the database “EBSCO Business Source Premier” and the h‐index calculated with the help of Harzing's Publish or Perish. Each article was coded and categorized.

Findings

The analyzed articles reveal three major reasons for the inconsistent findings in M&A research: first, most scholars refer to “integration” as an umbrella term for different and distinctive acculturation strategies, e.g. integration, assimilation, separation and marginalization; second, some studies mix different levels of analysis with respect to culture constructs, e.g. national vs organizational culture; and finally, there exist various definitions of “M&A success”, which become manifest in a plethora of measurement techniques.

Originality/value

The paper identifies and discusses potential reasons why the culture‐performance debate in M&A research has not yet provided a consistent conclusion. This article helps to better understand the current perception of culture in radical change processes within organizations. Promising future research directions are outlined, which should help to extend and specify current knowledge about culture as well as its impact on M&A success.

Details

Cross Cultural Management: An International Journal, vol. 19 no. 3
Type: Research Article
ISSN: 1352-7606

Keywords

Book part
Publication date: 28 September 2015

Md Shah Azam

Information and communications technology (ICT) offers enormous opportunities for individuals, businesses and society. The application of ICT is equally important to economic and

Abstract

Information and communications technology (ICT) offers enormous opportunities for individuals, businesses and society. The application of ICT is equally important to economic and non-economic activities. Researchers have increasingly focused on the adoption and use of ICT by small and medium enterprises (SMEs) as the economic development of a country is largely dependent on them. Following the success of ICT utilisation in SMEs in developed countries, many developing countries are looking to utilise the potential of the technology to develop SMEs. Past studies have shown that the contribution of ICT to the performance of SMEs is not clear and certain. Thus, it is crucial to determine the effectiveness of ICT in generating firm performance since this has implications for SMEs’ expenditure on the technology. This research examines the diffusion of ICT among SMEs with respect to the typical stages from innovation adoption to post-adoption, by analysing the actual usage of ICT and value creation. The mediating effects of integration and utilisation on SME performance are also studied. Grounded in the innovation diffusion literature, institutional theory and resource-based theory, this study has developed a comprehensive integrated research model focused on the research objectives. Following a positivist research paradigm, this study employs a mixed-method research approach. A preliminary conceptual framework is developed through an extensive literature review and is refined by results from an in-depth field study. During the field study, a total of 11 SME owners or decision-makers were interviewed. The recorded interviews were transcribed and analysed using NVivo 10 to refine the model to develop the research hypotheses. The final research model is composed of 30 first-order and five higher-order constructs which involve both reflective and formative measures. Partial least squares-based structural equation modelling (PLS-SEM) is employed to test the theoretical model with a cross-sectional data set of 282 SMEs in Bangladesh. Survey data were collected using a structured questionnaire issued to SMEs selected by applying a stratified random sampling technique. The structural equation modelling utilises a two-step procedure of data analysis. Prior to estimating the structural model, the measurement model is examined for construct validity of the study variables (i.e. convergent and discriminant validity).

The estimates show cognitive evaluation as an important antecedent for expectation which is shaped primarily by the entrepreneurs’ beliefs (perception) and also influenced by the owners’ innovativeness and culture. Culture further influences expectation. The study finds that facilitating condition, environmental pressure and country readiness are important antecedents of expectation and ICT use. The results also reveal that integration and the degree of ICT utilisation significantly affect SMEs’ performance. Surprisingly, the findings do not reveal any significant impact of ICT usage on performance which apparently suggests the possibility of the ICT productivity paradox. However, the analysis finally proves the non-existence of the paradox by demonstrating the mediating role of ICT integration and degree of utilisation explain the influence of information technology (IT) usage on firm performance which is consistent with the resource-based theory. The results suggest that the use of ICT can enhance SMEs’ performance if the technology is integrated and properly utilised. SME owners or managers, interested stakeholders and policy makers may follow the study’s outcomes and focus on ICT integration and degree of utilisation with a view to attaining superior organisational performance.

This study urges concerned business enterprises and government to look at the environmental and cultural factors with a view to achieving ICT usage success in terms of enhanced firm performance. In particular, improving organisational practices and procedures by eliminating the traditional power distance inside organisations and implementing necessary rules and regulations are important actions for managing environmental and cultural uncertainties. The application of a Bengali user interface may help to ensure the productivity of ICT use by SMEs in Bangladesh. Establishing a favourable national technology infrastructure and legal environment may contribute positively to improving the overall situation. This study also suggests some changes and modifications in the country’s existing policies and strategies. The government and policy makers should undertake mass promotional programs to disseminate information about the various uses of computers and their contribution in developing better organisational performance. Organising specialised training programs for SME capacity building may succeed in attaining the motivation for SMEs to use ICT. Ensuring easy access to the technology by providing loans, grants and subsidies is important. Various stakeholders, partners and related organisations should come forward to support government policies and priorities in order to ensure the productive use of ICT among SMEs which finally will help to foster Bangladesh’s economic development.

Details

E-Services Adoption: Processes by Firms in Developing Nations
Type: Book
ISBN: 978-1-78560-325-9

Keywords

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

87002

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Book part
Publication date: 19 September 2014

Satu Teerikangas and Tomi Laamanen

While there is an increasing understanding of the challenges that can emerge in integration processes of cross-border mergers and acquisitions, there is a scarcity of research on…

Abstract

While there is an increasing understanding of the challenges that can emerge in integration processes of cross-border mergers and acquisitions, there is a scarcity of research on how the different integrative activities should be temporally sequenced. Based on an in-depth analysis of three acquisitions, we find that structural and cultural integration are intertwined. We find that cultural integration will begin only once structural integration is in progress. Cultural differences can, however, impede structural integration if structural integration is done in conflict with the existing culture of the acquired company. Thus, structural integration should come first, but it should be done in appreciation with the acquired company’s existing culture. Cultural change is then facilitated in an iterative manner over time by the new structure. Our chapter contributes to an improved understanding of the temporal dynamics of integration by demonstrating the mutually reinforcing effects of structural and cultural integration in cross-border acquisitions.

Details

Advances in Mergers and Acquisitions
Type: Book
ISBN: 978-1-78350-970-6

Keywords

Book part
Publication date: 24 May 2007

Frederic Carluer

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise

Abstract

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

Details

Managing Conflict in Economic Convergence of Regions in Greater Europe
Type: Book
ISBN: 978-1-84950-451-5

Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

18597

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

14381

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Property Management, vol. 19 no. 3
Type: Research Article
ISSN: 0263-7472

Article
Publication date: 1 May 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

14155

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Journal of Property Investment & Finance, vol. 19 no. 5
Type: Research Article
ISSN: 1463-578X

Article
Publication date: 1 March 2000

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17;…

23743

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Structural Survey, vol. 18 no. 3
Type: Research Article
ISSN: 0263-080X

1 – 10 of over 41000