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Article
Publication date: 11 September 2007

Kristin Ficery, Tom Herd and Bill Pursche

The purpose of this article is to understand synergies in merger and acquisition (M&A) transactions.

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Abstract

Purpose

The purpose of this article is to understand synergies in merger and acquisition (M&A) transactions.

Design/methodology/approach

Provides excerpts from the forthcoming book Synergies: The Art and Science of Making 2+2=5 by Bill Pursche.

Findings

The six most common mistakes that acquiring executives make are: defining synergies too narrowly or broadly; missing the window of opportunity; incorrect or insufficient use of incentives; not having the right people involved in synergy capture; mismatch between culture and systems; and using the wrong process.

Original/value

This paper is a new approach to capturing the value of synergies in M&A, aimed at executives throughout the M&A process.

Details

Journal of Business Strategy, vol. 28 no. 5
Type: Research Article
ISSN: 0275-6668

Keywords

Book part
Publication date: 29 December 2016

Guanxiong Huang and Hairong Li

As an extension to Assael’s (2011) review on media synergy, this chapter examines the latest evolvement of media synergy research in the past 10 years by integrating…

Abstract

Purpose

As an extension to Assael’s (2011) review on media synergy, this chapter examines the latest evolvement of media synergy research in the past 10 years by integrating studies from a wide range of leading journals.

Methodology/approach

We searched a total of 17 major journals in advertising, communication, and marketing from 2005 to 2014 and identified a total of 42 articles on media synergy. These studies were reviewed to assess the current status of media synergy research.

Findings

Studies of inter-media interaction at the individual level provide mixed support for a media synergistic effect, and the occurrence of this effect demands certain boundary conditions. Research on multi-media engagement has been gaining momentum in the past few years and is a promising subject in media synergy research.

Research implications

We envision two growing approaches in future media synergy research: the neuroscientific approach and the data mining approach.

Originality/value

This chapter posits that media synergy research has evolved in the most recent years to a new phase, which is multi-media engagement. Hence, this chapter extends Assael’s work in terms of explicating media synergy in the context of social media engagement and identifying research gaps in current literature.

Details

Advertising in New Formats and Media
Type: Book
ISBN: 978-1-78560-312-9

Keywords

Book part
Publication date: 26 August 2014

Kamal Ghosh Ray and Sangita Ghosh Ray

Cross-border mergers and acquisitions are now the fundamental mechanisms of globalization and considered as prime vehicles for business engagement across the countries…

Abstract

Cross-border mergers and acquisitions are now the fundamental mechanisms of globalization and considered as prime vehicles for business engagement across the countries through the foreign direct investment route. Significant amounts of foreign funds are crossing the country borders for acquisitions with the objectives of earning super normal returns. But realizing super normal returns from foreign acquisitions are far more difficult than that of foreign greenfield projects or domestic M&As or greenfield projects. The super normal profit itself is “synergy” which is the main driving force for any M&A including the cross-border one. Even though foreign policies of individual countries affect cross-border M&A decisions, corporate and market-driven financial numbers significantly influence the synergy estimation. Synergy should bring in all round greater efficiency and value addition to all stakeholders. But if the cross-border deal is not financially crafted properly, it may fall flat causing more distress to the acquirer compared to domestic acquisition. The theory of synergy is well developed which mostly applies to the domestic M&As. But due to inherent differences between cross-border and domestic M&As, the same synergy theory may not apply equally to the cross-border ones. Therefore, a different connotation of synergy is propounded in this work for cross-border M&As, which can be a corollary to the conventional theory of synergy. This alternative theory of synergy aims at helping the companies in developing their own financial strategies before making their strategic decisions for cross-border M&A deals.

Details

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

Keywords

Book part
Publication date: 14 November 2017

Hue Chi Dao and Bruce C. Martin

We contribute to the growing literature examining how social enterprises might best accommodate their hybrid structure when pursuing dual goals of social improvement and…

Abstract

We contribute to the growing literature examining how social enterprises might best accommodate their hybrid structure when pursuing dual goals of social improvement and economic sustainability. Drawing on extant literature, the case is made for why synergy between the social and commercial business models that hybrid social enterprises employ should positively impact effectiveness in delivering organization outcomes. We then develop a method for comparing the synergy between the social and commercial business models employed within and across organizations, and test the method using a sample of seven social enterprises operating in different social fields. Results demonstrate that our method can be applied consistently across a range of social enterprise types and that variation in degree of synergy is considerable with overlap rates ranging from 9% to 77%. Using learning from this exploratory study, we develop propositions describing how and why social entrepreneurs develop business model synergy, the relationship between business model synergy and organizational performance, and suggest future research to test these propositions. Implications for theory development and practice are discussed.

Details

Hybrid Ventures
Type: Book
ISBN: 978-1-78743-078-5

Keywords

Article
Publication date: 1 June 2022

Yi Hu and Hui Shu

As the saying goes, “food is heaven of people” the development of agriculture is not only related to the quality of human life but also profoundly affects the efficiency…

Abstract

Purpose

As the saying goes, “food is heaven of people” the development of agriculture is not only related to the quality of human life but also profoundly affects the efficiency of economic operation. However, under the background of rapid economic and technological development, China’s agricultural modernization process is very slow and incompatible with the development trend of economic modernization. Therefore, it is particularly necessary to innovate the traditional agricultural development model to break through the bottlenecks encountered in the transformation process of agricultural modernization. The proposal of the agricultural logistics ecosphere is to solve the problems of poor industrial linkage, low technical level and backward operation mode in the development process of traditional agriculture, and it is an important starting point for agricultural supply-side structural reform. This study aims to answer three questions in three aspects, namely, what is the agricultural logistics ecosphere, analyzes the general composition of the agricultural logistics ecosphere and how the subjects of the agricultural logistics ecosphere cooperate. It also puts forward suggestions for the coordinated development of the agricultural logistics ecosphere under the leadership of Taoxin. Also, it inspires the transformation of the agricultural development model in other regions and countries.

Design/methodology/approach

This study adopts a case study and a qualitative analysis method to collate the first-hand and secondary data obtained from the interview and form a tertiary coding. It explores the mechanism of coordinated development of the agricultural logistics ecosphere from four levels: goal synergy, resource synergy, ability synergy and benefit synergy.

Findings

First, the formation of the agricultural logistics ecosphere will not be achieved overnight, as operational management matures and ecosphere experiences the germination-development-mature evolution process. Second, target synergy is the foundation and premise for the formation of agricultural logistics ecosphere: to attract external resources with Taoxin characteristic core resources, to attract external resources to achieve synergy, to provide a guarantee for the realization of the maximum value of the agricultural logistics ecosphere and then to realize the interest synergy of internal and external subjects. Third, driving agricultural products upward in the “10 + 1” model: it is the core resource of the agricultural logistics ecosphere led by Taoxin and attracts external subjects to gather with core resources to further improve the value of the ecosphere. The improvement of the value of the ecosphere can broaden the ecosphere network. This is both an important construction of the ecosphere, and it is also the path choice of the coordinated development of the agricultural logistics ecosphere.

Originality/value

This study has a very important practical value and theoretical significance. In practical terms, the integration of “primary, secondary and tertiary industries” is helpful to foster new momentum for the development of agriculture and rural areas and promote the general framework of the agricultural logistics economy, the analysis of the general mechanism and extension of the transition of the new economy.

Details

Nankai Business Review International, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2040-8749

Keywords

Article
Publication date: 25 October 2021

Dragan Stojković, Aleksa Dokić, Bozidar Vlacic and Susana Costa e Silva

Newly established intersections between offline and online channels create room for enhancing inter-channel synergies. The nature and structure of emerging markets only…

Abstract

Purpose

Newly established intersections between offline and online channels create room for enhancing inter-channel synergies. The nature and structure of emerging markets only further emphasize the need to expand existing knowledge. Consequently, this study investigates inter-channel synergy creation during offline–online retail integration in emerging markets.

Design/methodology/approach

Data collected from 97 companies in Serbia that incorporated online channels into their offline retailing businesses were analyzed using the structural equation modeling method.

Findings

The results show that retailers who have undergone click-to-brick integration in the emerging markets struggle to leverage physical presence for inter-channel synergy creation through digital channels. Essentially, retailers integrating clicks into bricks in emerging markets are less likely to achieve immediate omni-channel synergy, resorting to a multi-iterative transition process.

Originality/value

This research synthesizes knowledge on inter-channel synergy creation in an omni-channel context, as well as existing findings regarding inter-channel integration. This paper presents the first comprehensive study on inter-channel synergy creation during click-to-brick integration in emerging retail markets. Moreover, this study outlines challenges facing retailers seeking channel synergy during click-to-brick integration. The study results have theoretical and practical implications regarding inter-channel synergy creation in the multi-channel environment of emerging markets.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 15 October 2021

Nosrat Riahinia, Farshid Danesh and Somayeh GhaviDel

Synergy indicators and social network analysis (SNA), as practical tools, provide the possibility of explaining the pattern of scientific collaboration and visualization…

Abstract

Purpose

Synergy indicators and social network analysis (SNA), as practical tools, provide the possibility of explaining the pattern of scientific collaboration and visualization of network relations. Recognition of scientific capacities is the basis of synergy. The present study aims to measure and discover the synergistic networks of COVID-19’s top papers at the level of co-authorship, countries, journals, bibliographic couples and titles.

Design/methodology/approach

The synergy indicator, co-authorship co-citation network analysis methods were applied. The research population comprises COVID-19’s top papers indexed in Essential Science Indicator and Web of Science Core Collection 2020 and 2021. Excel 2016, UCINET 6.528.0.0 2017, NetDraw, Ravar Matrix, VOSviewer version 1.6.14 and Python 3.9.5 were applied to analyze the data and visualize the networks.

Findings

The findings indicate that considering the three possible possibilities for authors, countries and journals, more redundancy and information are created and potential for further cooperation is observed. The synergy of scientific collaboration has revealed that “Wang, Y,” “USA” and “Science of the Total Environment” have the most effective capabilities and results. “Guan (2020b)” and “Zhou (2020)” are bibliographic couplings that have received the most citations. The keywords “CORONAVIRUS DISEASE 2019 (COVID-19)” were the most frequent in article titles.

Originality/value

In a circumstance that the world is suffering from a COVID-19 pandemic and all scientists are conducting various researches to discover vaccines, medicines and new treatment methods, scientometric studies, and analysis of social networks of COVID-19 publications to be able to specify the synergy rate and the scientific collaboration networks, are not only innovative and original but also of great importance and priority; SNA tools along with the synergy indicator is capable of visualizing the complicated and multifaceted pattern of scientific collaboration in COVID-19. As a result, analyses can help identify existing capacities and define a new space for using COVID-19 researchers’ capabilities.

Open Access
Article
Publication date: 6 April 2021

Johan Holtström and Helén Anderson

This study aims to contribute with an extended framework on synergy realisation in acquisitions. The study conceptualises synergy realisation after acquisitions, in…

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Abstract

Purpose

This study aims to contribute with an extended framework on synergy realisation in acquisitions. The study conceptualises synergy realisation after acquisitions, in interaction with other companies in a business network and that synergy can be the result of both intended and not intended actions.

Design/methodology/approach

The study is based on a company involved in acquisitions, being both the acquirer and the acquired. The data for analysis were collected through semi-structured interviews with managers involved in the described acquisition processes. The semi-structured interviews were guided by overarching themes to cover relevant areas of the described acquisitions.

Findings

This study develops a framework in which synergy is used as a concept in business networks. The framework offers a more dynamic perspective on acquisition processes and extends the view of acquisition performance beyond more financial and company internal aspects of acquisition processes. Further, the findings show that related companies such as customers and suppliers, play important roles in synergy realisation.

Practical implications

From a managerial perspective, the study shows the importance of understanding the underlying forces of integration processes.

Originality/value

The concept of synergy used in this study not only includes the companies integrated in an acquisition but also their business networks. Including the integrated companies and their business networks provides a more dynamic perspective from which to plan and realise synergy.

Details

Journal of Business & Industrial Marketing, vol. 36 no. 13
Type: Research Article
ISSN: 0885-8624

Keywords

Article
Publication date: 16 November 2012

Robert Fraunhoffer and Dirk Schiereck

A substantial minority of bidding firms disclose synergy forecasts during mergers and acquisitions (M&A). Using these hand‐collected synergy announcements, the purpose of…

Abstract

Purpose

A substantial minority of bidding firms disclose synergy forecasts during mergers and acquisitions (M&A). Using these hand‐collected synergy announcements, the purpose of this paper is to investigate synergy characteristics as well as explore their shareholder wealth effects within the European energy sector between 1998 and 2010.

Design/methodology/approach

The authors employ the market model event study methodology to infer short‐term wealth implications as well as the Fama French 3 Factor model to estimate long‐term effects.

Findings

The paper provides evidence for a positive correlation between the synergy size and combined bidder and target returns. However, the market discounts disclosed synergies to a degree which reveals that managers in the energy sector are likely to overestimate the actual, realizable size of the emerging synergies. Additionally, the results show that post merger long‐term returns of synergy disclosing firms remain significantly positive, indicating that projected synergies are continuously realized.

Originality/value

As the first study the paper shows that a synergy disclosure effect exists within the European market and hence demonstrates that synergy forecasts serve as an efficient instrument to decrease existing information asymmetries.

Details

International Journal of Energy Sector Management, vol. 6 no. 4
Type: Research Article
ISSN: 1750-6220

Keywords

Article
Publication date: 11 September 2017

Xuebing Dong, Yaping Chang and Xiaojun Fan

Marketers recognize that the internet is crucial in the lives of consumers; thus, they invest money on online advertisements. Using multiple online media primarily…

Abstract

Purpose

Marketers recognize that the internet is crucial in the lives of consumers; thus, they invest money on online advertisements. Using multiple online media primarily influences the message acceptance of consumers. The synergistic effect of online multimedia relies on form, content, and sources of information, and time. The paper aims to discuss these issues.

Design/methodology/approach

A model that reflects the influence of the characteristics of online multimedia on message response through message acceptance is established based on theories of information persuasion, encoding variability, and multiple-source assumption. Based on a survey of 411 online media users, the study applies partial least-squares regression to test the research model.

Findings

The results show that variety of forms, complementary of contents, diversity of sources, and time interval influence message response via message strength. Complementary of contents and diversity of sources affect message response via perceived credibility. Synergy type moderates the relationship between variety of forms and perceived credibility and between diversity of sources and perceived credibility.

Research limitations/implications

The current study mainly tests the effect of these characteristics on message response and the moderating effect of synergy type. Future research can examine the effect of these characteristics on information seeking and consumption behavior and the moderating effect of the cognitive mode of consumers.

Practical implications

This study provides insight into the characteristics of synergy and contributes to the literature on integrated marketing communication. The results provide guidance for practitioners to effectively plan online multimedia practices.

Originality/value

This study explored the influence of the characteristics of online media synergy on message response through message acceptance. The study also discussed the moderating effect of the type of online multimedia synergy.

Details

Online Information Review, vol. 41 no. 5
Type: Research Article
ISSN: 1468-4527

Keywords

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