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Article
Publication date: 27 June 2018

Ludivine Chalencon and Ulrike Mayrhofer

The purpose of this paper is to compare the value creation of cross-border mergers and acquisitions (M&As) in mature and emerging markets.

Abstract

Purpose

The purpose of this paper is to compare the value creation of cross-border mergers and acquisitions (M&As) in mature and emerging markets.

Design/methodology/approach

The empirical study is based on a sample of 285 cross-border M&As announced between 2010 and 2012 and completed by companies of the French SBF 120 index in 54 countries.

Findings

The statistical analysis shows how financial markets react before and after the announcement of M&As. The obtained findings highlight significant differences: the reaction of financial markets before the announcement is moderately positive for M&As in mature economies, but negative for those in emerging economies; their reaction after the announcement is clearly positive for M&As in mature markets and moderately positive for those in emerging markets.

Research limitations/implications

Future studies on M&A value creation should differentiate mature and emerging economies and adopt a more in-depth classification of target countries.

Practical implications

This research emphasizes the necessity to consider country-specific factors for M&A value creation.

Originality/value

The empirical study is based on a sample of French acquirers, who account for 3 percent of the volume and value of M&As in the world and whose operations are rarely studied in the literature. The authors compare the reaction of financial markets before and after the announcement of M&As conducted in mature and emerging economies.

Details

Journal of Organizational Change Management, vol. 31 no. 4
Type: Research Article
ISSN: 0953-4814

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Book part
Publication date: 10 September 2018

Abstract

Details

Key Success Factors of SME Internationalisation: A Cross-Country Perspective
Type: Book
ISBN: 978-1-78754-277-8

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Book part
Publication date: 10 September 2018

Noémie Dominguez and Ulrike Mayrhofer

Abstract

Details

Key Success Factors of SME Internationalisation: A Cross-Country Perspective
Type: Book
ISBN: 978-1-78754-277-8

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Book part
Publication date: 10 September 2018

Noémie Dominguez and Ulrike Mayrhofer

This chapter focuses on the international development of Société Lyonnaise d’Appareillage Téléphonique, an independent small- and medium-sized enterprise (SME) which…

Abstract

This chapter focuses on the international development of Société Lyonnaise d’Appareillage Téléphonique, an independent small- and medium-sized enterprise (SME) which develops, produces and markets solutions of secured alimentations. Located in France, the company has more than 70 employees. The SME has mainly developed in international markets through export activities: in 2016, it realised 21.2% of its total sales abroad and its products were marketed in 37 countries. In 2011, the company decided to implement a sales subsidiary in Germany to strengthen its presence in international markets. In this process, the company was accompanied by a promotion agency which helps companies from the Auvergne-Rhône-Alpes region to expand into foreign markets. The authors of this chapter explain the role played by the agency in the establishment of the foreign subsidiary and the influence of a successful accompaniment experience on the internationalisation process.

Details

Key Success Factors of SME Internationalisation: A Cross-Country Perspective
Type: Book
ISBN: 978-1-78754-277-8

Keywords

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Book part
Publication date: 10 September 2018

Noémie Dominguez and Ulrike Mayrhofer

This chapter focuses on the international development of Mixel Agitators, an independent SME which develops, produces and markets industrial mixers. Founded in the late…

Abstract

This chapter focuses on the international development of Mixel Agitators, an independent SME which develops, produces and markets industrial mixers. Founded in the late 1960s near Lyon, in France, the company has more than 70 employees worldwide. Initially focused on its domestic market, the SME changed strategy and opened to foreign markets after the arrival of a new CEO. Since then, Mixel Agitators has been highly active abroad, notably is China where it holds a production and sales subsidiary. The authors of this chapter chart the international expansion of the company in order to highlight key success factors of industrial SMEs in such a challenging market.

Details

Key Success Factors of SME Internationalisation: A Cross-Country Perspective
Type: Book
ISBN: 978-1-78754-277-8

Keywords

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Book part
Publication date: 4 March 2021

Noémie Dominguez and Ulrike Mayrhofer

This chapter examines how small- and medium-sized enterprises (SMEs) can deal with institutional challenges in the Chinese market. The authors use institutional theory to…

Abstract

This chapter examines how small- and medium-sized enterprises (SMEs) can deal with institutional challenges in the Chinese market. The authors use institutional theory to characterize the political and cultural context in China. The empirical study is based on interviews conducted with managers of the industrial SME Mixel Agitators at the French headquarters and the Chinese subsidiary, and with experts on Franco–Chinese relationships. The findings show that foreign SMEs can address institutional challenges by investing time and resources in their local subsidiaries, learning about how to operate in the Chinese market, and recruiting local managers with guanxi networks. The study contributes to a better understanding of how Western SMEs can succeed in the Chinese context.

Details

The Multiple Dimensions of Institutional Complexity in International Business Research
Type: Book
ISBN: 978-1-80043-245-1

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Article
Publication date: 1 March 2013

Antonio Majocchi, Ulrike Mayrhofer and Joaquin Camps

The purpose of this paper is to investigate the factors affecting the choice between joint ventures and non‐equity alliances, when firms enter foreign markets.

Abstract

Purpose

The purpose of this paper is to investigate the factors affecting the choice between joint ventures and non‐equity alliances, when firms enter foreign markets.

Design/methodology/approach

Using a database of Italian firms compiled by the authors with 879 observations, the paper tests the possible effects of firm specific characteristics, host country institutional characteristics and cultural distance on alliance mode choice.

Findings

Using both transaction cost analysis and the resource based view, the findings demonstrate the crucial role played by firm size as well as by institutional and political features of host countries. The results concerning the role of functional activities involved and the industrial sector are mixed.

Originality/value

Overall, the analysis shows that it is necessary to develop a more integrated approach to understand this complex choice made by firms when expanding abroad.

Details

Management Decision, vol. 51 no. 2
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 7 October 2014

Christoph Barmeyer and Ulrike Mayrhofer

The purpose of this paper is to examine whether characteristics of French organizations can be found in the Airbus Group, ancient European Aeronautic Defence and Space…

Abstract

Purpose

The purpose of this paper is to examine whether characteristics of French organizations can be found in the Airbus Group, ancient European Aeronautic Defence and Space Company (EADS) Group, and how these characteristics have evolved over time in comparison to German ones.

Design/methodology/approach

This article presents an in-depth case study by using a contextual approach, considering influential factors which are likely to influence the evolution of organizations.

Findings

The analysis shows that the Airbus Group reflects characteristics of French organizations: the importance of strategy, the principle of honour, centralization of decision and power, the role of the state in the capital and its influence via professional networks of its elite coming from the Grandes Ecoles. These findings confirm a relative continuity of national peculiarities over time. The recent evolution of the company also highlights the German influence, notably in terms of shares and management positions.

Research limitations/implications

The case study demonstrates that the Airbus Group has become a multinational company where contextual elements and organizational structures regulate intercultural relationships of interests, influence and power.

Originality/value

Five contextual factors are proposed, which allow to understand and structure the peculiarities of French organizations, in comparison to German ones as well as power distribution within the Airbus Group.

Details

International Journal of Organizational Analysis, vol. 22 no. 4
Type: Research Article
ISSN: 1934-8835

Keywords

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Book part
Publication date: 10 September 2018

Katharina Maria Hofer and Alexandra Baba

Small- and medium-sized enterprises (SMEs) face challenges in internationalisation due to their limited resources. Research on service firm internationalisation as well as…

Abstract

Small- and medium-sized enterprises (SMEs) face challenges in internationalisation due to their limited resources. Research on service firm internationalisation as well as the antecedents and consequences is scarce. Literature suggests that internationalisation for service firms is even more demanding than for manufacturing firms due to the characteristics of services such as intangibility. Extant literature states that firms introducing innovations are more likely to export. However, research on learning by exporting and thus investigating the effect of a firm’s export status on innovation is comparatively scarce. Therefore, the authors investigate the influence of different market entry strategies on innovation and firm performance. The authors employ a quantitative, survey-based approach to test our hypotheses based on a sample of internationally active firms headquartered in Austria. Regarding firm financial performance, the analysis of the data shows that the entry strategy of direct entry excels the direct export strategy. In terms of non-financial performance, the strategies of direct entry and direct export seem to be equally feasible.

Details

Key Success Factors of SME Internationalisation: A Cross-Country Perspective
Type: Book
ISBN: 978-1-78754-277-8

Keywords

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Book part
Publication date: 29 November 2012

Christoph Barmeyer and Ulrike Mayrhofer

This chapter examines the role of national governments in the evolution of power relationships in multinational companies. The empirical study is based on a longitudinal…

Abstract

This chapter examines the role of national governments in the evolution of power relationships in multinational companies. The empirical study is based on a longitudinal analysis (2000–2011) of the EADS Group (European Aeronautic Defence and Space Company), which resulted from the merger of French company Aérospatiale-Matra, German company DASA and Spanish company CASA. The analysis focuses on the impact of national governments that were involved in the creation of EADS and national governments of emerging economies which have become priority markets for the company. The findings show that the political context has strongly influenced the balance of power within the EADS group.

Details

Business, Society and Politics
Type: Book
ISBN: 978-1-78052-990-5

Keywords

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