Books and journals Case studies Expert Briefings Open Access
Advanced search

Search results

1 – 10 of over 135000
To view the access options for this content please click here
Book part
Publication date: 4 September 2007

The Importance of Target Firm Customers in Acquisitions of Technology-Based Firms

Margaret Dalziel

In acquisitions of technology-based firms the focus is typically on the technology and the target firm's engineers and scientists. But a firm is a social entity with a…

HTML
PDF (131 KB)

Abstract

In acquisitions of technology-based firms the focus is typically on the technology and the target firm's engineers and scientists. But a firm is a social entity with a range of important internal and external relationships that are essential to the exploitation of existing capabilities, and the development of new ones. These relationships need to be maintained, subsequent to acquisition, to preserve the target firm's ability to innovate and compete. I argue for the importance of the target firm's relationships with its customers, and show that the degree to which the acquisition creates or destroys value for the target firm's customers is a significant predictor of acquisition success.

Details

Advances in Mergers and Acquisitions
Type: Book
DOI: https://doi.org/10.1016/S1479-361X(07)06007-3
ISBN: 978-0-7623-1381-5

To view the access options for this content please click here
Article
Publication date: 22 January 2021

Climate change policies and carbon-related CEO compensation systems: an exploratory study of European companies

Julija Winschel

In view of current climate change policies, this study aims to provide researchers, regulators, and business practice with the current picture of practices regarding…

HTML
PDF (374 KB)

Abstract

Purpose

In view of current climate change policies, this study aims to provide researchers, regulators, and business practice with the current picture of practices regarding carbon-related compensation granted to chief executive officers (CEO). To this end, it examines whether and to what extent European companies translate their carbon reduction strategies into carbon targets underlying their CEOs’ short-term and long-term compensation, what characteristics the carbon targets used commonly have in terms of their quality and time frame, and whether the carbon targets used differ among carbon-intensive, and less carbon-intensive companies.

Design/methodology/approach

Drawing on the stakeholder-agency theoretical perspective, this study explores the patterns of use and characteristics of carbon-related targets in CEO compensation. In this vein, a content analysis of corporate disclosure for the business years 2018 and 2019 is conducted for a European sample of 65 large listed companies from 16 countries and 11 industries.

Findings

The findings of this study show that albeit the trend toward new adoption, carbon-related CEO compensation systems are still uncommon. The results also reveal that carbon targets are mainly used to determine short-term compensation. Further, the findings highlight that carbon-related CEO compensation is almost equally widespread among carbon-intensive and less carbon-intensive companies. However, in terms of target quality, the study shows that carbon-intensive companies display greater heterogeneity and opacity.

Originality/value

By analyzing the characteristics of carbon targets and the prevalence of carbon-related CEO compensation for the first time, this study contributes to the stakeholder-agency theoretical perspective on corporate governance. In view of the European Green Deal and climate-related stakeholder demands, regulators and business practice are encouraged to recognize that carbon-related CEO compensation should gain momentum and the disclosure on this matter should become more transparent and comparable among companies and across industries.

Details

Journal of Global Responsibility, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/JGR-06-2020-0065
ISSN: 2041-2568

Keywords

  • Corporate governance
  • CEO compensation
  • Climate change
  • Carbon reduction targets
  • Stakeholder-agency theory

To view the access options for this content please click here
Article
Publication date: 31 December 2020

Do shareholder's independency and board size affect synergies from cross-border bank mergers and acquisitions? International evidence from social network analysis

Sheng-Hung Chen, Feng-Jui Hsu and Ying-Chen Lai

There is little known globally on the association among the independent shareholder, board size and merger and acquisition (M&A) performance. This paper addresses the…

HTML
PDF (418 KB)

Abstract

Purpose

There is little known globally on the association among the independent shareholder, board size and merger and acquisition (M&A) performance. This paper addresses the global issue about cross-border M&A in banking sector, particularly exploring the role of difference in the independent shareholder and board size between acquirer and target banks on synergy gains based on the international study.

Design/methodology/approach

Based on cross-border bank M&As data on 59 deals from 1995 to 2009, we initially apply social network analysis techniques to explore the country connectedness of the acquirer-target banks in cross-border M&As. Ordinary least squares (OLS) with robust standard errors is further used to investigate synergy gains within the difference in the degree of bank independent shareholder and board sizes between the acquirer and target banks.

Findings

Our results indicate that the acquiring banks are generally interconnected with the targeted banks and that some of acquiring banks are clearly concentrated in Asian countries including China, Hong Kong, and Philippines. Moreover, we find that cross-border M&As with larger difference in independent shareholders between the bidder and target bank would result in higher synergy gains in all cases of takeover premiums on 1 day, 1 week and 4 weeks. In addition, financial differences between the bidder and target banks have a significant impact on synergetic gains, a topic not explored in previous studies. There is no evidence that institutional and governance differences between bidder and target bank have significant cross-border impacts on takeover premiums with respect to 1 day, 1 week and 4 weeks, respectively.

Originality/value

This paper contributes to the literature by exploring the international issue about the role of difference in the degree of bank independent shareholder and board sizes between acquirer and target banks on synergy gains. Based on bank cross-border M&As data on 59 deals from 1995 to 2009, we initially apply social network analysis to explore the country connectedness of acquirer-target bank in cross-border M&As, while ten ordinary least squares (OLS) with robust standard errors is used to investigate synergy gains within the difference in the degree of bank independent shareholder and board sizes between acquirer and target banks.

Details

Library Hi Tech, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/LHT-02-2019-0032
ISSN: 0737-8831

Keywords

  • Social network analysis
  • Shareholder's independence
  • Board size
  • Synergistic gains
  • Bank cross-border mergers and acquisitions

To view the access options for this content please click here
Article
Publication date: 5 January 2021

Determinants of M&A acquisition premium: a social capital perspective

Huy Will Nguyen, Zhu Zhu, Young Hoon Jung and Dong Shin Kim

What determines the level of acquisition premium? This paper aims to investigate the effect of acquirers’ social capital as reflected through their network position…

HTML
PDF (308 KB)

Abstract

Purpose

What determines the level of acquisition premium? This paper aims to investigate the effect of acquirers’ social capital as reflected through their network position (structural holes and network density) on the level of acquisition premiums.

Design/methodology/approach

This study predicts acquisition premiums using a panel data set of 324 mergers and acquisition (M&A) transactions including 161 unique acquirers over a 21-year timeframe. M&A and alliance information are obtained from the securities data company platinum database; firm financial data are obtained from the COMPUSTAT database.

Findings

The results show that alliance network social capital provides acquiring firms with information benefits, thus, reducing the acquisition premium. However, such information benefits are also contingent on target valuation uncertainty and acquirers’ structure exploitation tendency.

Practical implications

Different types of network structures provide different social capital influences: managers should be aware of their advantages and pitfalls when engaging in M&As. The findings suggest that firms should pay close attention to social capital when making decisions regarding acquisition premiums.

Originality/value

Past research has indicated that acquiring firms tend to overestimate the value of target firms. Still, little attention has been paid to organizational-level social capital in analyzing the determinants of acquisition premiums. This study offers insight into the effect of network structure on M&A acquisition premiums.

Details

Competitiveness Review: An International Business Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/CR-05-2020-0074
ISSN: 1059-5422

Keywords

  • Social capital
  • Alliances
  • Acquisition premium
  • Structure exploitation

To view the access options for this content please click here
Article
Publication date: 16 November 2020

The underlying states of salesperson product buy-in and product strategy buy-in

Jessica Zeiss and Joseph Chapman

The purpose of this study is to collect data that allows researchers to capture both affective and cognitive buy-in influenced by both product and product strategy targets.

HTML
PDF (233 KB)

Abstract

Purpose

The purpose of this study is to collect data that allows researchers to capture both affective and cognitive buy-in influenced by both product and product strategy targets.

Design/methodology/approach

Analysis of 13 salesperson interviews followed the cluster and axial coding of grounded theory interview protocol.

Findings

This study finds two types of buy-in that are uniquely contingent on the target, and for which are influenced by both cognitive and affective states of being. Additionally, it finds that either affective or cognitive states of being can both drive and inhibit salesperson buy-in of either target. While the targets of buy-in appear to be mutually exclusive, the cognitive nature of disconfirming evidence appears to directly inhibit both targets of buy-in while also resulting in negative affect.

Research limitations/implications

Further study that uncovers the causal role of an affective state inhibiting buy-in after the introduction of disconfirming evidence is warranted.

Practical implications

Managerial training and messaging approaches for achieving the two buy-in targets will likely differ or focus on only one type for efficient training.

Originality/value

This study is the first to examine the simultaneous effects of the two underlying states of cognition and affect on buy-in development. It is found that the two states can influence each other to stunt buy-in. The present study contributes to sales behavior literature by allowing the possibility of a sequence of states that stunt buy-in, positioning simultaneous examination is vital to the conceptualization of buy-in.

Details

Journal of Business & Industrial Marketing, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/JBIM-12-2019-0551
ISSN: 0885-8624

Keywords

  • Internal marketing
  • Sales
  • Buy-in

To view the access options for this content please click here
Article
Publication date: 3 December 2020

A qualitative analysis to identify takeover target criteria

Hicham Meghouar

This study proposes a qualitative analysis to identify takeover target criteria according to French Mergers and Acquisitions (M&A) practitioners.

HTML
PDF (181 KB)

Abstract

Purpose

This study proposes a qualitative analysis to identify takeover target criteria according to French Mergers and Acquisitions (M&A) practitioners.

Design/methodology/approach

A principal component factor analysis, applied to responses from 42 French M&A practitioners, highlighted four factors that summarize information about predictive variables and which explain the occurrence of takeover.

Findings

According to the surveyed practitioners, four main axes explain 83% of the occurrence of takeover. These axes reflect motivations related to the undervalued target theory, synergy theory and agency theory. The first factor defined by the size of the company, its rate of return and turbulence in the sector. A second factor opposed market value and dividend payout ratio to the liquidity variable. The last two factors are called the debt factor, structured by the debt variable and the value creation factor, which opposed the value creation variable and transaction volume to the growth opportunities variable. The results therefore confirmed the importance of some predictor variables tested in previous studies and showed different results.

Research limitations/implications

This study was limited in terms of sample size. The low number of responses obtained reflects the sensitivity of the subject, insofar as it highlights the predictive model used by M&A practitioners (professional secrecy). Future investigations will involve in extending the questionnaire approach to a larger sample of continental European M&A practitioners.

Originality/value

Predicting takeover targets has been the subject of abundant literature. The results do not converge and are sometimes contradictory. This paper undertakes a field study conducted using a questionnaire survey to detect predictive variables used by M&A practitioners in their identification of a target firm. The authors aim to identify a relevant indicators favorable to the occurrence of a takeover bid and which are/or not handled by the literature.

Details

Management Decision, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/MD-04-2020-0438
ISSN: 0025-1747

Keywords

  • Motivation
  • Takeover
  • Target
  • Survey
  • Synergy
  • G14
  • G34

To view the access options for this content please click here
Article
Publication date: 16 November 2020

Deflating power imbalance through personal identity enhancement

Shreya Mishra, Manosi Chaudhuri and Ajoy Kumar Dey

The purpose of the paper is to identify how the intersection of power, context, subjectivity and directionality makes it possible for the targets of workplace bullying to…

HTML
PDF (245 KB)

Abstract

Purpose

The purpose of the paper is to identify how the intersection of power, context, subjectivity and directionality makes it possible for the targets of workplace bullying to deflate power imbalance between them and the perpetrators.

Design/methodology/approach

The paper is based on nine in-depth interviews with self-reported targets from different public sector organizations in India. The targets were purposively selected keeping in mind that they made deliberate attempts to counter bullying. Constructivist grounded theory approach was used to analyze the data.

Findings

Six themes emerged as sources of power imbalance and eight themes as the way of deflating power imbalance. The core category that emerged was “enhancing personal identity”, which was the underlying phenomenon leading to deflation of power imbalance, through the intersection of power, context, subjectivity and directionality.

Research limitations/implications

The study indicates that power, context, subjectivity and directionality of bullying help the targets to identify effective strategies of deflating power imbalance. In the process, the targets indulge in personal identity enhancement. It further reinforces the understanding that power does not remain static and may shift from the perpetrator to the target of bullying.

Practical implications

The study provides various tactics that targets can use to counter workplace bullying. It implies that targets need not always leave the organization or succumb to the situation in order to deal with bullying. It encourages the targets of bullying and those who deal with bullying targets to indulge in personal identity enhancement through problem-focused strategies of tackling workplace bullying.

Originality/value

It also furthers our understanding of workplace bullying from the point of intersection of the four aspects of the phenomenon – power, context, subjectivity and directionality – which allows the targets of bullying to enhance their personal identity.

Details

Qualitative Research in Organizations and Management: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/QROM-03-2020-1902
ISSN: 1746-5648

Keywords

  • Identity
  • Personal identity
  • Power imbalance
  • Qualitative study
  • Workplace bullying

Content available
Article
Publication date: 23 November 2020

What drives target status decision in emerging markets acquisitions?

Viet Anh Hoang, Man Dang, Ngoc Vu Nguyen and Ngoc Thang Nguyen

The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across…

Open Access
HTML
PDF (140 KB)

Abstract

Purpose

The purpose of this paper is to investigate the effects of cross-country characteristics on acquirers' target status choice in cross-border mergers and acquisitions across 41 emerging markets.

Design/methodology/approach

The paper first reviews the existing literature and develops the related hypotheses, in conjunction with the objectives of this paper. We then describe the data employed, variable measurement and examine the effects of cross-country characteristics on the acquirers' target status choice in cross-border mergers and acquisitions while controlling for firm-level and deal-specific characteristics. The paper continues to conduct the robustness check on cross-country determinants of target status choices using the difference independent variables rather than target country-level variables only.

Findings

This research found that the likelihood of a public firm acquired relative to private one is higher if the target firm is located in countries with stronger government quality, weaker economic freedom, better financial market development and lower cultural distance between the host and home countries. The results suggest that bidders actively assess cross-country characteristics as part of their acquisition planning.

Originality/value

Rather than commonly analysed determinants in the previous research such as firm- and deal-specific attributes, value creation and shareholder protection, this paper indicates that institutional environments and economic conditions are closely associated with acquisition risks and benefits and have direct influences on bidder firms' acquisition bidding planning and target choice decision-making.

Details

Journal of Economics and Development, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/JED-05-2020-0059
ISSN: 1859-0020

Keywords

  • Country-level characteristics
  • Target status decision
  • Cross-border mergers and acquisitions
  • Emerging markets
  • Imperfect factor markets

To view the access options for this content please click here
Article
Publication date: 1 July 1977

Export Targeting

A.M Forbes

Throughout the world of the Less Developed Countries (LDC’s) there exists a complex maze of export promotion and incentive schemes which reflect the mental agility of…

HTML
PDF (662 KB)

Abstract

Throughout the world of the Less Developed Countries (LDC’s) there exists a complex maze of export promotion and incentive schemes which reflect the mental agility of economists, lawyers and legislators, in providing special favours and benefits for the export sector.

Details

European Journal of Marketing, vol. 11 no. 7
Type: Research Article
DOI: https://doi.org/10.1108/eb027344
ISSN: 0309-0566

To view the access options for this content please click here
Article
Publication date: 1 January 1992

Target Payout Ratios and Dividend Policy: British Evidence

D.E. Allen

This paper features a study of the dividend policies of the larger listed British companies. It focusses on the sample companies' usage of target payout ratios. A company…

HTML
PDF (550 KB)

Abstract

This paper features a study of the dividend policies of the larger listed British companies. It focusses on the sample companies' usage of target payout ratios. A company with a target payout is defined as one which has a policy of attempting to pay out a fixed proportion of available earnings as dividends. In particular, it examines the extent of the usage of explicit target payouts, the range of target payouts adopted and the frequency of changes in such targets. It also examines the factors which are perceived to have an influence on the company's choice of these targets. Finally, it extends and parallels previous work by Partington (1984) on the use of target payouts by Australian companies.

Details

Managerial Finance, vol. 18 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/eb018440
ISSN: 0307-4358

Access
Only content I have access to
Only Open Access
Year
  • Last week (269)
  • Last month (1057)
  • Last 3 months (3233)
  • Last 6 months (6096)
  • Last 12 months (11675)
  • All dates (135024)
Content type
  • Article (107578)
  • Book part (15863)
  • Earlycite article (3980)
  • Expert briefing (3719)
  • Executive summary (2026)
  • Case study (1788)
  • Graphic analysis (70)
1 – 10 of over 135000
Emerald Publishing
  • Opens in new window
  • Opens in new window
  • Opens in new window
  • Opens in new window
© 2021 Emerald Publishing Limited

Services

  • Authors Opens in new window
  • Editors Opens in new window
  • Librarians Opens in new window
  • Researchers Opens in new window
  • Reviewers Opens in new window

About

  • About Emerald Opens in new window
  • Working for Emerald Opens in new window
  • Contact us Opens in new window
  • Publication sitemap

Policies and information

  • Privacy notice
  • Site policies
  • Modern Slavery Act Opens in new window
  • Chair of Trustees governance statement Opens in new window
  • COVID-19 policy Opens in new window
Manage cookies

We’re listening — tell us what you think

  • Something didn’t work…

    Report bugs here

  • All feedback is valuable

    Please share your general feedback

  • Member of Emerald Engage?

    You can join in the discussion by joining the community or logging in here.
    You can also find out more about Emerald Engage.

Join us on our journey

  • Platform update page

    Visit emeraldpublishing.com/platformupdate to discover the latest news and updates

  • Questions & More Information

    Answers to the most commonly asked questions here