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Possible Further Research 69
6 References
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Appendix 85
Appendix
Appendix 1: Questionnaire
Bettina Hauser:Master Studentin im Studiengang „International Business and Law“amManagement Center Innsbruck
Stefanie Bodrusic:Master Studentin am Institut für Strategisches Management an derLeopold Franzens Universität Innsbruck
Klemens Ingruber:Master Student am Institut für Strategisches Management an derUniversität Innsbruck
Roland Ankele:Master Student am Institut für Strategisches Management an derLeopold Franzens Universität Innsbruck
Forschungsprojekt Ihr Nutzen
Gegenstand der vom SMA Research Lab und fünfMasterstudierenden durchgeführten Studie ist diephasenübergreifende Analyse von Wertsteigerungsmechanismen und Interdependenzen bei M&A.
Selbstverständlich können Sie auf Ihren Wunsch hin dieErgebnisse dieser Untersuchung erhalten. Gerne stehenwir Ihnen auch für weitere Fragen persönlich zurVerfügung.
M&A Management*
Phasenübergreifende Wertsteigerungsmechanismen undInterdependenzen bei M&A
Ihre Ansprechpartner – das Forscherteam
KONTAKTDATEN:SMA Research LabUniversitätsstraße 15A 6020 InnsbruckTel.: +43 512 2070 3634Mail: request@sma research.org
Was ist beim Ausfüllen zu beachten
Alle Informationen werden selbstverständlich vollständig anonymisiert und streng vertraulich behandelt. Ein Rückschlussauf Sie bzw. ein bestimmtes Unternehmen ist nicht möglich.
Bitte beantworten Sie den Fragebogen nur, wenn Sie bereits vor Abschluss der Transaktion beim Käuferunternehmengearbeitet haben. Falls dies nicht der Fall sein sollte, möchten wir Sie bitten, den Fragebogen an eine entsprechendePerson in Ihrem Unternehmen weiterzuleiten. Besten Dank!
Bitte lassen Sie keine Frage bei der Beantwortung aus. Ein guter Schätzwert ist ebenfalls sehr wertvoll für die Untersuchung. Falls Sie an mehreren M&A Transaktionen beteiligt waren, beziehen Sie sich bitte auf einen konkreten Fall.
Die Beantwortung der Fragen erfordert zwischen 10 und 15 Minuten Ihrer Zeit. Gerne kann die Beantwortung auchtelefonisch im Rahmen eines Gespräches erfolgen. Hierfür würden wir Sie um Kontaktaufnahme unter der obenangegebenen Adresse bitten.
Herzlichen Dank für Ihre Unterstützung!
* Diese empirische Untersuchung ist Teil eines vom Tiroler Wissenschaftsfonds geförderten Forschungsprojekts.* Sämtliche Ausdrücke sind geschlechtsneutral zu verstehen.
Lorenz Wedl:Master Student am Institut für Strategisches Management an derUniversität Innsbruck
B. Hauser, Internal and External Context Specifi city of Leadership in M&A Integration, BestMasters, DOI 10.1007/978-3-658-08077-8, © Springer Fachmedien Wiesbaden 2015
86 Appendix
ABSCHNITT I: Fragen zur strategischen Ausrichtung Ihres Unternehmens
In diesem Abschnitt werden die strategische Ausrichtung des Käuferunternehmens sowie die strategischenMotive für die beschriebene Transaktion abgefragt.
1 2 3 4 5 6 7
Zur strategischen Ausrichtung des Käuferunternehmens
Die Kundenzufriedenheit wird genau überwacht
Vertriebsangestellte teilen Informationen über Mitbewerber untereinander
Kundenzufriedenheit bestimmt unsere Ziele und Strategien
Wir können schnell auf Mitbewerber reagieren
Wichtige Kunden werden oft vom Top Management betreut
Kundeninformationen werden offen in der Firma besprochen
Mitbewerber bauen ihre Strategien auf Kundenbedürfnissen auf
Unser Geschäftsprozesse sind eine integrierte auf Marktbedürfnisse ausgerichtete Einheit
Wertsteigerungsmöglichkeiten für Kunden bestimmen unsere Strategie
Wir analysieren regelmäßig die Zufriedenheit unserer Kunden
After Sales Services spielen bei uns eine wichtige Rolle
Das Verhalten der Mitbewerber wird vom Top Management oft diskutiert
Unsere Manager wissen, wie Mitarbeiter Wert für den Kunden schaffen können
Wir konzentrieren uns auf jene Kunden, die uns einen Wettbewerbsvorteil verschaffen
Inwiefern treffen die folgenden Punkte auf Ihr Unternehmen zu?
Allgemein legt das Top Management meines Unternehmens…
… starkes Augenmerk auf dieVermarktung von altbewährten
Produkten oder Dienstleistungen
… starkes Augenmerk auf F&E,Technologieführerschaft undInnovation
Welche Veränderungen der Produktlinien oder Dienstleistungen gab es in den letzten 5 Jahren?
Es wurden keine neuen Produkteoder neue Dienstleistungen
auf den Markt gebracht
Sehr viele neue Produkte oderDienstleistungen wurden auf denMarkt gebracht
Produktlinien oderDienstleistungsangebote wurden nur
geringfügig geändert
Produktlinien oderDienstleistungsangebote wurdenumfassend/radikal geändert
Das Top Management unseres Unternehmens…
… tendiert eher zu wenig riskantenProjekten (mit konservativen aber
kalkulierbaren Erträgen)
… neigt zu hoch riskanten Projekten(mit hohen, aber unkalkulierbarenErtragsmöglichkeiten)
… neigt eher zu kleineren Schrittenund zu inkrementellenVeränderungen, um die
Unternehmensziele zu erreichen
… neigt zu weitreichenden undumfassenden Entscheidungen, um dieUnternehmensziele zu erreichen
Appendix 87
Im Vergleich zu den Mitbewerbern…
… reagieren wir üblicherweise auf denWettbewerb
… müssen Mitbewerber üblicherweiseauf unsere Strategien und Handlungenreagieren
… sind wir selten das erste Unternehmen, das neue Produkte/Services,
administrative Prozesse, operativeTechnologien, etc. einführt
… sind wir sehr oft das erste Unternehmen, das neue Produkte/Services,administrative Prozesse, operativeTechnologien, etc. einführt
… vermeiden wir Konfrontationen mitWettbewerbern und vertreten eine„Leben und leben lassen“ Haltung
… suchen wir die Konfrontation mitWettbewerbern und nehmenüblicherweise eine Mitbewerber„zunichte machende“ Haltung ein
In unsicheren Situationen nimmt unser Unternehmen…
… typischerweise eine vorsichtige,abwartende Haltung ein, um das Risiko
von Verlusten zu minimieren
… typischerweise eine mutige,aggressive Haltung ein, um potentielleMöglichkeiten auszunutzen
ABSCHNITT I: Fragen zur strategischen Ausrichtung (II)
Inwieweit wurden die Erfahrungen bereits durchgeführter Transaktionen festgehalten? Wir verfügen über…
… schriftlich festgehaltene Erkenntnisse über den M&A Prozess(z.B. Due Diligence Checklist und/oder Anleitung)
… Prozessanleitungen und/oder technische Anleitungen (z.B. für Systemanpassungen,Zusammenschluss /Integrationsmanuals, Systemtrainingsanleitungen,Produkttrainingsanleitung)
… schriftlich festgehaltene Erfahrungen über angewandte Managementtechniken
1 2 3 4 5 6 7
1 2 3 4 5 6 7
Das Wissen von Kollegen und/oder Experten kann leicht erworben werden
Es ist leicht persönliche Expertise und Erfahrungen von Kollegen zu bekommen
Informelle Gespräche und Meetings werden für Wissensaustausch genützt
Wissen wird durch direktes, persönliches Mentoring erworben und weitergegeben
Inwiefern treffen die folgenden Punkte auf die M&ATransaktionserfahrung in Ihrem Unternehmen zu?
In diesem Abschnitt wird die Transaktionserfahrung des Käuferunternehmens abgefragt.
Wie viele Transaktionen hat Ihr Unternehmen in den fünf Jahren vor derbeschriebenen Transaktion in etwa durchgeführt?
keine 1 2 3 4
5 6 7 8 > 8
Wie viele dieser Transaktionen fanden im Kernbereich „in the market“ Ihres Unternehmens statt und wie viele dientender Erweiterung ihrer bestehenden Märkte „out of the market“?
„in the market“ „out of the market“
Wie viele M&A Transaktionen hat Ihr Unternehmen seit der Gründung in etwadurchgeführt?
Transaktionserfahrung und Kodifizierung vonWissen
88 Appendix
Welche Rolle spielten die folgenden Motive und Ziele Ihrer Meinungnach für eine konkrete/gegenständliche Transaktion?
Sicherung der bestehenden Marktposition
Kostenreduktion durch Eliminierung redundanter Ressourcen
Das bestehende Geschäftsmodell neu zu definieren
1 2 3 4 5 6 7
Konsolidierung von ähnlichen Geschäftseinheiten
Wissenstransfer vom Käuferunternehmen zum gekauften Unternehmen
Wie beurteilen Sie die Veränderungen beim Zielunternehmen nachder Transaktion in folgenden Bereichen: 1 2 3 4 5 6 7
Organisationsstruktur
Organisationskultur (z.B. Vision, Leitbild)
Personalmanagement (HR)
Produktion
Beschaffung
Distributionskanäle
Sales/After Sales Service
Marketingprogramm
Strategische Planungssysteme
Finanzsysteme
Management Informationssysteme
Integration der
Produktion
Soziokulturelle
Integrationsebene
Marketing
Integration
System Integration
Dauer und Beginn der Integration?
Wie lange dauerte die Integration von Deal Closing bis zum Erreichen desgewünschten Integrationsgrads?
Dauer der soziokulturellen Integration (Org. struktur, Org. kultur, HR)
Dauer der Integration der Produktion
Dauer der Marketingintegration
Dauer der System Integration (Strategische , Finanz und Mgmt. Info. Systeme)
1 2 3 4 5 6 7Dauer der Integration: 1 = „weniger als 6 Monate“; 2 = 6 9 Monate; 3 = 10 13 Monate;4 = 14 17Monate; 5 = 18 21Monate; 6 = 22 24Monate; 7 = länger als 24 Monate
Zu den Motiven und Zielen der Transaktion:
Zum Ausmaß der Integrationstiefe:
Wieviel Zeit nach Deal Closing verging, bis mit der Integration begonnen wurde?
Soziokulturelle Integration
Integration der Produktion
Marketingintegration
Systemintegration
1 2 3 4 5 6 7
Dauer bis zum Start der Integration: 1 = unmittelbarer Beginn; 2 = 1 3 Monate; 3 = 4 6 Monate;4 = 7 9Monate; 5 = 10 12Monate; 6 = 12 14Monate; 7 = mehr als 14Monate
ABSCHNITT II: Fragen zu einer konkreten Transaktion (I)
Appendix 89
1 2 3 4 5 6 7
Zur Rolle unterschiedlicher Koordinationsmechanismen bei der Integration:Inwieweit stimmen Sie folgenden Aussagen zu?
Integrationsentscheidungen wurden zentral im Hauptquartier getroffen.
Nach der Transaktion wurden organisationsübergreifend formelle undstandardisierte Regeln, Prozesse usw. implementiert.Die strategische Planung und Budgetierung des Zielunternehmens erfolgte nach derTransaktion durch das Hauptquartier.Eine kontinuierliche Kontrolle der Ergebnisse des Zielunternehmens erfolgte durchdas Hauptquartier (z.B. durch finanzielle Ergebnisse, Umsatz und Marketingzahlen).
Die interne Kommunikation erfolgte in einer klar strukturierten Art und Weise(z.B. mit formalen Berichtspfaden für interne abteilungsübergreifende Kommunikation).
In der Integration gab es vielerlei Möglichkeiten für informelle Kommunikationzwischen Mitarbeitern von Käufer und Zielunternehmen.
Mitarbeiter von Käufer und Zielunternehmen kommunizierten bei Bedarfregelmäßig und ungezwungen miteinander.
Ansprechpartner waren innerhalb der gesamten Organisation leicht zu erreichen.
Mitarbeitern des Zielunternehmens war es möglich, mit nahezu jedem bei Bedarfinformell zu sprechen, unabhängig von Rang oder Position.
Das Käuferunternehmen bemühte sich, eine einheitliche Unternehmenskultur mitgemeinsamen Zielen und Werten zu schaffen (z.B. durch Kommunikation von Werten,Training, Management Transfer, Entlohnungssytem).
Beschreibung des Führungsverhaltens:
… in der Lage, Leidenschaft für Arbeit zu zeigen
… in der Lage, eine klare Vision für die Zukunft des Unternehmens zu kommunizieren
… in der Lage, Mitarbeiter zu innovativerem Verhalten zu führen
… in der Lage, Mitarbeiter dazu zu bringen, ihre derzeitige Arbeitsweise zu hinterfragen
… bereit, radikale Verbesserungsvorschläge bezüglich der angebotenenProdukte/Dienstleistungen einzubringen
… bereit, Ideen bezüglich neuer Produkte/Dienstleistungen einzubringen
Im Rahmen der Integration waren Führungskräfte …
… bereit, Risiken einzugehen
… in der Lage, kreative Ideen einzubringen, um Probleme zu lösen
1 2 3 4 5 6 7
In welchem Ausmaß wurden folgende Ziele erreicht:
Konsolidierung von ähnlichen Geschäftseinheiten
Wissenstransfer vom Käuferunternehmen zum gekauften Unternehmen
1 2 3 4 5 6 7
Zur internen Reorganisation:
ABSCHNITT II: Fragen zu einer konkreten Transaktion (II)
90 Appendix
Inwieweit haben sich die folgenden Größen nach der Transaktion verändert?
Wie haben sich die folgenden Größen entwickelt?
Gesamtkapitalrentabilität (Return on Investment, ROI)
Eigenkapitalrentabilität (Return on Equity, ROE)
Umsatzrendite (Return on Sales, ROS)
Relativer Unternehmenswert
1 2 3 4 5 6 7
Die gesteckten Ziele wurden erreicht
Die Akquisition war die richtige unternehmerische Entscheidung
Insgesamt war die Akquisition ein Erfolg
Dem Unternehmen geht es nach der Akquisition besser als vorher
Inwieweit stimmen Sie folgenden Aussagen zu? 1 2 3 4 5 6 7
Inwieweit wirkte sich die Transaktion auf folgende Bereiche des Unternehmens aus?
Inwieweit wirkte sich die Transaktion auf folgende Bereiche des Unternehmens aus?
Inwieweit stimmen Sie folgenden Aussagen zum ThemaInnovationsstrategie zu?
Neue Generationen von Produkten wurden eingeführt
Produktvielfalt/Produktpalette wurde erweitert
Neue Märkte wurden erschlossen
Neue technische Bereiche wurden erschlossen
Bestehende Produktqualität wurde verbessert
Flexibilität der Produktion wurde verbessert
Produktionskosten wurden gesenkt
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1 2 3 4 5 6 7
ABSCHNITT III: Sonstige Angaben (I)
Bitte beurteilen Sie zum Abschluss die folgenden Größen
Bitte beurteilen Sie den Umsatz des Zielunternehmens im Vergleich zumKäuferunternehmen im Jahr vor der Transaktion
75% 100%
< 25% 25% 49% 50% 74%
> 100%
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< 15% 15% bis 5% 4% bis +/ 0%
6% bis 10% 11% 20%
1% bis 5%
> 30 %21% bis 30%
Bitte geben Sie die aktuelle Höhe des Jahresumsatzes desfusionierten Unternehmens nach der Transaktion an
< 25 Mio. € 25 49Mio. €
50 99 Mio. €
250 499 Mio. € 500 1.000Mio. €
100 249 Mio. €
> 1.000 Mio. €
ABSCHNITT II: Fragen zu einer konkreten Transaktion (III)
Appendix 91
Dipl. Ing.
1 Jahr 2 4 Jahre
> 10 Jahre
FusionUm welche Transaktionsart handelte es sich? Unternehmenskauf
Wie lange arbeiten Sie bereits für diesen Betrieb?5 7 Jahre 8 10 Jahre
ABSCHNITT III: Sonstige Angaben (II)
Interesse an den Untersuchungsergebnissen:
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HerrAnrede: Frau
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Fax Nummer (optional):
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Herzlichen Dank für Ihre Unterstützung!
ZielmärkteKäuferunternehmen: B 2 B B 2 C beide
ZielmärkteZielunternehmen: B 2 B B 2 C beide
Titel: Prof. Dr. Mag. Master Bachelor
Art der Transaktion: Horizontal Vertikal Konglomerat
Sitz des Käuferunternehmens:Deutschland Österreich
Schweiz Andere:
Sitz des Zielunternehmens:
In welcher Branche ist Ihr Unternehmen tätig?
In welchem Jahr wurde die beschriebene Transaktion durchgeführt?
Deutschland Österreich
Schweiz Andere:
Wie würden Sie Ihr Unternehmensumfeld beschreiben:
Sehr sicher, es gibt nur wenige externeBedrohungen für das Unternehmen.
Hoch riskant, eine falsche Entscheidungkann zum Untergang führen.
Bietet zahlreiche Investitions undMarketingmöglichkeiten.
Ist intensiv, anspruchsvoll und feindlich.Es ist schwer, liquide zu bleiben.
Unser Umfeld ist gut kontrollierbarund wir können es zu unserem Vorteil
manipulieren.
Wir haben kaum Einflussmöglichkeiten,der Wettbewerb, die Politik oder dietechnische Entwicklung ist zu stark.
92 Appendix
Appendix 2: Harman’s Single Factor Test
Komponente
Anfängliche Eigenwerte Summen von quadrierten Faktorladungen
für Extraktion
Gesamt % der Varianz Kumulierte % Gesamt % der Varianz Kumulierte
% 1 12,287 12,667 12,667 12,287 12,667 12,6672 8,749 9,020 21,687 8,749 9,020 21,6873 6,640 6,846 28,533 6,640 6,846 28,5334 5,400 5,567 34,100 5,400 5,567 34,1005 4,467 4,605 38,704 4,467 4,605 38,7046 3,421 3,527 42,231 3,421 3,527 42,2317 3,254 3,354 45,585 3,254 3,354 45,5858 3,072 3,167 48,752 3,072 3,167 48,7529 2,895 2,984 51,737 2,895 2,984 51,73710 2,635 2,716 54,453 2,635 2,716 54,45311 2,533 2,612 57,065 2,533 2,612 57,06512 2,406 2,481 59,545 2,406 2,481 59,54513 2,242 2,312 61,857 2,242 2,312 61,85714 2,066 2,130 63,987 2,066 2,130 63,98715 1,992 2,054 66,041 1,992 2,054 66,04116 1,843 1,900 67,941 1,843 1,900 67,94117 1,655 1,707 69,647 1,655 1,707 69,64718 1,587 1,637 71,284 1,587 1,637 71,28419 1,555 1,603 72,887 1,555 1,603 72,88720 1,484 1,530 74,417 1,484 1,530 74,41721 1,422 1,466 75,883 1,422 1,466 75,88322 1,286 1,326 77,208 1,286 1,326 77,20823 1,134 1,169 78,377 1,134 1,169 78,37724 1,124 1,159 79,536 1,124 1,159 79,53625 1,055 1,088 80,624 1,055 1,088 80,62426 1,019 1,050 81,674 1,019 1,050 81,674
Appendix A
ppen
dix
3: L
itera
ture
Rev
iew
Cul
tura
l Diff
eren
ces
Year
O
bjec
t of
stud
y A
utho
r/
Met
hod
& S
ampl
e M
easu
re
Key
find
ings
Web
er,
Shen
kar &
R
aveh
(1
996)
Nat
iona
l and
co
rpor
ate
cultu
ral f
it in
M
&As
Sur
vey
amon
g in
tern
atio
nal a
nd
dom
estic
M&A
s fro
m
52 U
S m
erge
rs
Met
hod:
mul
tivar
iate
an
alys
is m
etho
d (c
o-pl
ot m
etho
d)
N
atio
nal c
ultu
re d
iffer
entia
ls
C
orpo
rate
cul
ture
diff
eren
tials
Aut
onom
y re
mov
al
St
ress
Atti
tude
s to
war
d co
oper
atin
g w
ith o
ther
top
man
agem
ent
team
Gro
up a
ttitu
de to
war
d ne
w
orga
niza
tion
C
omm
itmen
t
Coo
pera
tion
Th
e hi
gher
the
corp
orat
e cu
lture
diff
eren
tials
, th
e lo
wer
the
auto
nom
y re
mov
al o
f the
acq
uire
d co
mpa
ny
C
orpo
rate
cul
ture
diff
eren
tials
are
neg
ativ
ely
rela
ted
to to
p m
anag
ers
coop
erat
ion,
co
mm
itmen
t and
atti
tude
tow
ard
coop
erat
ion
and
stre
ss b
ut p
ositi
vely
rela
ted
to n
egat
ive
attit
udes
tow
ard
the
mer
ger
A
uton
omy
rem
oval
is s
igni
fican
tly re
late
d w
ith
stre
ss b
ut p
ositi
vely
with
coo
pera
tion
In
dom
estic
M&
As
corp
orat
e cu
lture
diff
eren
ces
have
a n
egat
ive
effe
ct in
pos
t-mer
ger
inte
grat
ion,
in in
tern
atio
nal M
&A
s th
ey h
ave
a po
sitiv
e ef
fect
Hig
h cu
ltura
l diff
eren
ces
resu
lt in
low
top
man
agem
ent c
omm
itmen
t
In in
tern
atio
nal M
&A
s, n
atio
nal c
ultu
re
diffe
rent
ials
bet
ter p
redi
ct s
tress
, neg
ativ
e at
titud
es to
war
ds th
e m
erge
r, an
d co
oper
atio
n,
than
cor
pora
te c
ultu
re d
iffer
entia
ls d
o
Man
ager
s sh
ould
pay
as
muc
h at
tent
ion
to
cultu
ral f
it as
they
do
for f
inan
ce a
nd s
trate
gy
La
ck o
f cul
tura
l fit
may
und
erm
ine
the
pros
pect
of
ach
ievi
ng s
yner
gy o
r add
cos
t the
inte
grat
ion
proc
ess
Web
er
(199
6)
Cor
pora
te
cultu
re fi
t and
pe
rform
ance
in
M&A
Sur
vey
amon
g 18
5 fir
ms
that
eng
age
in a
m
erge
r. Fi
rms
with
ha
ve s
ame
two-
digi
t S
tand
ard
Indu
stria
l C
lass
ifica
tion
(SIC
) C
ode
wer
e ch
osen
. 73
resp
onse
s
C
orpo
rate
cul
tura
l diff
eren
ces
A
uton
omy
rem
oval
Com
mitm
ent
Fi
nanc
ial p
erfo
rman
ce
E
ffect
iven
ess
In
dust
ry ty
pes
In
tra G
roup
con
sens
us
C
ultu
ral d
iffer
ence
s
C
ultu
ral d
iffer
ence
s ar
e si
gnifi
cant
ly a
nd
posi
tivel
y as
soci
ated
with
aut
onom
y re
mov
al
C
omm
itmen
t is
nega
tivel
y as
soci
ated
with
cu
ltura
l diff
eren
ces
C
ultu
ral d
iffer
ence
s ar
e ne
gativ
ely
asso
ciat
ed
with
the
effe
ctiv
enes
s of
the
inte
grat
ion
proc
ess
Th
e lo
wer
the
com
mitm
ent o
f the
acq
uire
d to
p m
anag
emen
t tea
m, t
he lo
wer
the
effe
ctiv
enes
s
Appendix M
etho
d: R
egre
ssio
n an
alys
is
of th
e in
tegr
atio
n pr
oces
s, a
nd th
e lo
wer
the
finan
cial
per
form
ance
of t
he m
erge
d or
gani
zatio
n.
H
uman
reso
urce
pro
blem
s du
e to
cul
ture
cla
sh
do n
ot a
ffect
long
-term
fina
ncia
l per
form
ance
Ve
ry,
Luba
tkin
, C
alor
i, &
Ve
iga
(199
7)
Influ
ence
of
orga
niza
tiona
l an
d na
tiona
l cu
ltura
l di
ffere
nces
on
rela
tive
stan
ding
and
on
the
acqu
ired
firm
’s
perfo
rman
ce
Sur
vey
amon
g 15
5 Fr
ench
and
191
Brit
ish
com
pani
es th
at
acqu
ired,
with
180
in
divi
dual
resp
onse
s;
from
198
7-19
89
Met
hod:
Mul
tiple
re
gres
sion
ana
lysi
s
Inde
pend
ent v
aria
bles
:
Rel
ativ
e si
ze
P
erce
ived
cul
tura
l com
patib
ility
R
emov
al o
f aut
onom
y D
epen
dent
var
iabl
es:
P
ost-m
erge
r per
form
ance
(p
erce
ptio
ns re
gard
ing
sale
s,
mar
ket s
hare
and
ear
ning
s)
Con
trol v
aria
bles
:
Dom
estic
vs.
cro
ss-b
orde
r
Age
of m
erge
r
Rel
ated
ness
of m
erge
rs
C
ultu
ral d
iffer
ence
s ar
e no
t nec
essa
rily
indi
cativ
e fo
r cla
shes
No
evid
ence
of c
ultu
ral c
lash
cul
ture
s of
m
ergi
ng fi
rms
wer
e ne
utra
l to
som
ewha
t co
mpa
tible
The
mor
e at
tract
ed th
e ac
quire
d fir
m is
to th
e cu
ltura
l cha
ract
eris
tics
of th
e bu
ying
firm
. The
hi
gher
the
post
-mer
ger p
erfo
rman
ce
Th
e re
mov
al o
f aut
onom
y fro
m in
divi
dual
s ac
cust
omed
to h
igh
leve
ls o
f aut
onom
y ca
used
pe
rform
ance
to d
eter
iora
te.
M
anag
emen
t of b
uyin
g fir
m s
houl
d pa
y at
leas
t as
muc
h at
tent
ion
to th
e hu
man
sid
e of
a
mer
ger a
s th
ey d
o w
ith th
e st
rate
gic
side
La
rsso
n &
R
isbe
rg
(199
8)
Impa
ct o
f na
tiona
l and
co
rpor
ate
cultu
ral
clas
hes
on
perfo
rman
ce in
M
&A
and
how
em
ploy
ees
reac
t
Sur
vey
with
62
dom
estic
and
cro
ss-
bord
er M
&A
Met
hod:
Cas
e su
rvey
E
mpl
oyee
s re
sist
ance
Deg
ree
of s
yner
gy re
aliz
atio
n
Ach
ieve
d le
vel o
f acc
ultu
ratio
n
Dom
estic
vs.
cro
ss-b
orde
r M&
A
M
anag
emen
t sty
les
of
com
pani
es =
org
aniz
atio
nal
cultu
re
C
ultu
ral c
lash
es o
ccur
in d
omes
tic M
&A m
ore
frequ
ent
C
ross
-bor
der M
&A
with
diff
eren
t cor
pora
te
cultu
res
had
the
high
est l
evel
of a
ccul
tura
tion
B
oth
dom
estic
and
cro
ss-b
orde
r M&
A w
ith
diffe
rent
cor
pora
te c
ultu
res
enco
unte
red
high
er
empl
oyee
resi
stan
ce th
an c
ombi
natio
ns w
ith
sim
ilar c
orpo
rate
cul
ture
s.
Lars
son
&
Fink
elst
ein
(199
9)
Impa
ct o
f co
mpl
emen
tarit
y an
d si
mila
rity
on s
yner
gy
real
izat
ion
Sur
vey
with
61
dom
estic
and
cro
ss-
bord
er M
&A
Met
hod:
Cas
e su
rvey
Dep
ende
nt V
aria
ble:
Ext
ent o
f syn
ergy
real
izat
ion,
11
item
s In
depe
nden
t var
iabl
es:
D
omes
tic v
s. c
ross
-bor
der d
eal
C
ombi
natio
n po
tent
ial
M
anag
emen
t sty
le s
imila
rity
E
mpl
oyee
resi
stan
ce
O
rgan
izat
iona
l int
egra
tion
Th
e gr
eate
r the
deg
ree
of in
tera
ctio
n an
d co
ordi
natio
n be
twee
n co
mbi
ning
firm
s, th
e gr
eate
r the
deg
ree
of s
yner
gy re
aliz
atio
n
Com
plem
enta
ry d
eals
are
det
erm
inin
g an
d pr
ovid
e hi
ghes
t syn
ergy
pot
entia
l
Hum
an-r
esou
rce,
fina
ncia
l and
stra
tegi
c pe
rspe
ctiv
es s
houl
d be
con
side
red
in p
aral
lel i
n M
&A
Appendix (e
xten
t of c
oord
inat
ion
mec
hani
sms
and
stru
ctur
es,
oper
atio
nal i
nter
actio
n
Rel
ativ
e si
ze
Con
trol v
aria
bles
:
Cas
e da
ta c
olle
ctio
n
Cas
e pu
blic
atio
n
Cas
e ca
lend
ar y
ear
C
ase
perio
d le
ngth
Ve
rmeu
len
& B
arke
ma
(200
1)
B
alan
ce
betw
een
acqu
isiti
on
and
gree
nfie
ld
inve
stm
ents
an
d th
e in
fluen
ce o
f ac
quis
ition
s on
a fi
rm’s
la
ter
expa
nsio
n m
ode
Sam
ple
of 2
5 D
utch
co
rpor
atio
ns w
ith a
to
tal n
umbe
r of 1
,349
af
filia
tes
(gre
enfie
ld o
r ac
quis
ition
); in
form
atio
n w
as
colle
cted
thro
ugh
a da
taba
se a
nd a
nnua
l re
port
Inde
pend
ent V
aria
bles
:
Num
ber o
f pre
cedi
ng
gree
nfie
lds/
acqu
isiti
ons
P
rece
ding
gre
enfie
lds
in fa
milia
r m
arke
ts o
r new
mar
kets
Pre
cedi
ng a
cqui
sito
ns in
re
late
d/un
rela
ted
dom
ains
D
epen
dent
Var
iabl
es:
S
urvi
val
A
cqui
sitio
n/gr
eenf
ield
E
xplo
ratio
n= s
earc
h fo
r new
kno
wle
dge
E
xplo
itatio
n= o
ngoi
ng u
se o
f a fi
rm’s
kno
wle
dge
base
Acq
uisi
tions
(vs.
gre
enfie
lds)
are
ano
ther
way
fo
r org
aniz
atio
ns to
adm
inis
ter s
hock
s to
thei
r sy
stem
s an
d to
cou
nter
the
proc
ess
if pr
ogre
ssin
g si
mpl
icity
Org
aniz
atio
ns s
trike
a te
mpo
ral b
alan
ce o
n th
e on
e ha
nd b
etw
een
expl
oita
tion
and
gree
nfie
lds,
an
d on
the
othe
r han
d or
gani
zatio
nal
revi
taliz
atio
n an
d ac
quis
ition
s (e
xplo
ratio
n)
O
ver t
ime,
firm
s st
ike
a ba
lanc
e be
twee
n th
e us
e of
gre
enfie
lds
and
acqu
isiti
ons
Sigg
lkow
&
Levi
ntha
l (2
003)
Stu
dy a
bout
th
e th
ree
diffe
rent
or
gani
zatio
nal
stru
ctur
es:
cent
raliz
ed
orga
niza
tion,
de
cent
raliz
ed,
and
tem
pora
rily
dece
ntra
lized
.
A
gent
-bas
ed
sim
ulat
ion
mod
el
In
vest
igat
ion
of
perfo
rman
ce
num
bers
of
com
pani
es w
ith
diffe
rent
or
gani
zatio
nal
stru
ctur
es o
ver a
va
st n
umbe
r of
land
scap
es
Fo
und
the
abilit
y to
iden
tify
typi
cal
effe
cts
of
P
erfo
rman
ce L
ands
cape
s: a
m
ap o
f any
pos
sibl
e se
t of f
irm
activ
ities
The
valu
e of
act
ivity
is a
ffect
ed
by th
e st
ate
of th
e ac
tivity
and
th
e st
ates
of a
num
ber o
f oth
er
activ
ities
.
If
the
cost
s ca
n be
car
ried,
igno
ring
the
inte
rdep
ende
ncie
s ca
n be
ben
efic
ial f
or th
e lo
ng-te
rm.
C
reat
ing
tem
pora
ry in
terd
epen
denc
ies
can
gene
rate
long
-term
out
com
es
A
pplic
able
to v
ario
us o
rgan
izat
ion
leve
ls
Te
mpo
rary
dec
entra
lizat
ion
follo
wed
by
rein
tegr
atio
n, th
is k
ind
of te
mpo
ral s
eque
ncin
g of
org
aniz
atio
nal s
truct
ures
can
lead
to h
ighe
r pe
rform
ance
than
the
pure
form
s.
Appendix di
ffere
nt
orga
niza
tiona
l st
ruct
ures
on
firm
pe
rform
ance
Alte
rnat
ive
Org
aniz
atio
nal
Stru
ctur
es: t
hree
di
ffere
nt fi
rms
whe
re m
odel
ed:
cent
raliz
ed,
dece
ntra
lized
and
te
mpo
raril
y de
cent
raliz
ed
Web
er &
C
amer
er
(200
3)
Mer
ger f
ailu
re
due
to
conf
lictin
g or
gani
zatio
nal
cultu
res.
Exp
erim
ent w
ith
stud
ent f
rom
Cal
iforn
ia
Inst
itute
of
Tec
hnol
ogy
and
Car
negi
e M
ello
n U
nive
rsity
D
iffer
ence
s in
cul
ture
bet
wee
n la
bora
tory
firm
s le
ad to
con
sist
ent d
ecre
ased
per
form
ance
for
both
em
ploy
ees
afte
r the
mer
ger,
and
subj
ects
un
der p
redi
cted
the
exte
nt o
f thi
s de
crea
se. I
n ad
ditio
n, w
e al
so fi
nd e
vide
nce
of c
onfli
ct a
nd
mis
take
n bl
ame
aris
ing
from
the
diffe
renc
es in
cu
lture
, poi
ntin
g to
a p
ossi
ble
sour
ce fo
r the
hi
gh tu
rnov
er ra
te fo
llow
ing
real
mer
gers
. B
rock
(2
005)
N
atio
nal
cultu
re a
nd
syne
rgy
crea
tion
Sur
vey
amon
g 10
3 N
ew Z
eala
nd a
nd
Aus
tralia
n fir
ms
owne
d by
a fo
reig
n pa
rtner
Met
hod:
Lin
ear
regr
essi
on a
naly
sis
Inde
pend
ent v
aria
bles
:
Cul
tura
l dim
ensi
ons
acco
rdin
g to
Hof
sted
e
Inte
grat
ion
rela
ted
prob
lem
s
Res
ourc
e sh
arin
g D
epen
dent
var
iabl
e:
S
yner
gy
M
ore
inte
grat
ion
rela
ted
prob
lem
s w
here
par
ent
com
pany
is b
ased
in a
cul
ture
low
er o
n in
divi
dual
ism
and
the
subs
idia
ry b
ased
in a
cu
lture
hig
her o
n in
divi
dual
ism
, com
pare
d to
th
ose
betw
een
two
cultu
res
low
er o
n in
divi
dual
ism
.
Mor
e in
tegr
atio
n re
late
d pr
oble
ms
whe
re a
pa
rent
firm
bas
ed in
a c
ultu
re h
ighe
r on
Pow
er
dist
ance
acq
uire
d th
ese
low
PD
firm
s.
R
esou
rce
shar
ing
beca
me
mor
e di
fficu
lt th
e hi
gher
the
PD
of t
he p
aren
t cul
ture
.
Few
er s
yner
gies
see
m to
be
asso
ciat
ed w
ith
mor
e in
tegr
atio
n an
d re
sour
ce s
harin
g re
late
d di
fficu
lties
.
Gre
ater
inte
grat
ion
rela
ted
prob
lem
s co
ntrib
uted
to th
e re
aliz
atio
n of
few
er
syne
rgie
s.
Appendix In
sho
rt:
In
tegr
atio
n an
d re
sour
ce s
harin
g ar
e co
ntin
gent
up
on c
ultu
res
S
yner
gy is
con
tinge
nt u
pon
inte
grat
ion
and
reso
urce
sha
ring
Schw
eige
r &
Gou
let
(200
5)
Cul
tura
l le
arni
ng
inte
rven
tions
an
d ac
quis
ition
pe
rform
ance
Ana
lysi
s of
6 U
S
man
ufac
turin
g pl
ants
(3
from
TF
with
120
re
spon
dent
s, 3
from
A
F w
ith 1
16
resp
onde
nts)
Met
hod:
clu
ster
an
alys
is
C
ultu
ral d
iffer
ence
s
Cul
tura
l und
erst
andi
ng
C
omm
itmen
t
Com
mun
icat
ion
Tr
ust
C
oope
ratio
n
Cul
tura
l acc
epta
nce
C
ultu
ral d
ista
nce
can
be b
ypas
sed
durin
g ea
rly
stag
es o
n in
tegr
atio
n w
ith in
terv
entio
ns.
Pos
sibl
e to
trig
ger a
cqui
sitio
ns p
erfo
rman
ce
D
eep-
leve
l cul
tura
l lea
rnin
g in
terv
entio
ns le
ad
to g
reat
er c
ultu
ral u
nder
stan
ding
, co
mm
unic
atio
n, c
omm
itmen
t and
coo
pera
tion,
re
solu
tion
of c
ultu
ral d
iffer
ence
s an
d as
a re
sult
impr
ove
empl
oyee
’s m
otiv
atio
n to
wor
k to
geth
er
for t
he c
omm
on g
ood
Sl
ange
n (2
006)
N
atio
nal
cultu
ral
dist
ance
and
th
e m
oder
atin
g ef
fect
of
inte
grat
ion
on
acqu
isiti
on
perfo
rman
ce
Sur
vey
of 1
06 c
ross
-bo
rder
acq
uisi
tions
by
Dut
ch fi
rms
Met
hod:
OLS
re
gres
sion
ana
lysi
s
Inde
pend
ent v
aria
bles
:
Cul
tura
l dis
tanc
e ac
cord
ing
to
Hof
sted
e
Pos
t-acq
uisi
tion
perfo
rman
ce
Dep
ende
nt V
aria
ble:
Acq
uisi
tion
perfo
rman
ce
Con
trol v
aria
bles
:
Hos
t-cou
ntry
exp
erie
nce
A
cqui
rer’s
leve
l of c
ross
-bor
der
acqu
isiti
on e
xper
ienc
e
Rel
ativ
e ac
quis
ition
siz
e
Acq
uisi
tion
rela
tedn
ess,
Dem
and
grow
th,
E
cono
mic
con
ditio
ns
…
.
S
imila
rity
has
a po
sitiv
e im
pact
on
perfo
rman
ce
Cul
tura
l dis
tanc
e ha
s a
nega
tive
effe
ct o
n in
itial
ac
quis
ition
per
form
ance
at h
igh
leve
ls o
f pl
anne
d in
tegr
atio
n
Cul
tura
l dis
tanc
e ha
s a
posi
tive
effe
ct o
n in
itial
ac
quis
ition
per
form
ance
whe
n le
vel o
f pla
ned
inte
grat
ion
is lo
w
N
atio
nal c
ultu
ral d
ista
nce
does
not
hav
e a
sign
ifica
nt im
pact
on
cros
s-bo
rder
acq
uisi
tion
perfo
rman
ce.
Stah
l &
Voig
t (20
08)
Impa
ct c
ultu
ral
diffe
renc
es a
nd
inte
grat
ion
on
syne
rgy
real
izat
ion
and
shar
ehol
der
valu
e
Ana
lysi
s of
46
stud
ies
with
a c
ombi
ned
sam
ple
size
of 1
0,71
0 M
&As
Met
hod:
Met
a-an
alys
is
Inde
pend
ent v
aria
ble:
Cul
tura
l diff
eren
ces
Dep
ende
nt v
aria
bles
:
Sha
reho
lder
val
ue
S
ocio
cultu
ral i
nteg
ratio
n ou
tcom
es
S
yner
gy re
aliz
atio
n
C
ultu
ral d
iffer
ence
s ha
ve n
o im
pact
on
syne
rgy
real
izat
ion
C
ultu
ral d
iffer
ence
s ha
ve a
neg
ativ
e ef
fect
on
inte
grat
ion
C
ultu
ral d
iffer
ence
s do
not
hav
e a
sign
ifica
nt
effe
ct o
n sh
areh
olde
r val
ue w
ithin
30
days
Cul
tura
l diff
eren
ces
are
mor
e st
rong
ly a
nd
Appendix M
oder
atin
g va
riabl
es:
D
egre
e of
rela
tedn
ess
D
imen
sion
s of
cul
tura
l di
ffere
nces
: org
aniz
atio
nal v
s.
natio
nal
nega
tivel
y as
soci
ated
with
soc
iocu
ltura
l in
tegr
atio
n ou
tcom
es w
hen
the
degr
ee o
f re
late
dnes
s is
hig
h.
C
ultu
ral d
iffer
ence
s on
nat
iona
l bas
e ha
ve le
ss
nega
tive
effe
cts
on s
yner
gy re
aliz
atio
n,
inte
grat
ion
an s
hare
hold
er v
alue
than
cul
tura
l di
ffere
nces
in o
rgan
izat
iona
l lev
el
Reu
s &
La
mon
t (2
009)
Cul
tura
l di
stan
ce in
in
tern
atio
nal
acqu
isiti
ons
Sur
vey
with
118
re
spon
dent
s of
US
ac
quire
rs in
fore
ign
coun
tries
Met
hod:
Com
bina
tion
of m
ultip
le m
edia
tion
anal
ysis
, and
m
oder
ated
regr
essi
on
anal
ysis
Inde
pend
ent V
aria
bles
:
Inte
grat
ion:
und
erst
anda
bilit
y,
key
empl
oym
ent r
eten
tion,
co
mm
unic
atio
n
Cul
tura
l dis
tanc
e D
epen
dent
var
iabl
e:
In
tern
atio
nal a
cqui
sitio
n pe
rform
ance
C
ontro
l var
iabl
es:
R
elat
ive
size
Rel
ated
ness
Soc
ial d
esira
bilit
y
Deg
ree
of in
tern
atio
naliz
atio
n
…
C
ultu
ral d
ista
nce
is n
egat
ivel
y as
soci
ated
with
ac
quis
ition
per
form
ance
thro
ugh
the
med
iatin
g ef
fect
of u
nder
stan
dabi
lity
C
ultu
ral d
iffer
ence
s ha
ve a
dire
ct a
nd in
dire
ct
effe
ct o
n pe
rform
ance
Com
mun
icat
ion
med
iate
s th
e re
latio
nshi
p be
twee
n cu
ltura
l dis
tanc
e an
d in
tern
atio
nal
acqu
isiti
on p
erfo
rman
ce
E
mpl
oyee
rete
ntio
n ha
s no
med
iatin
g ef
fect
on
cultu
ral d
ista
nce
and
inte
rnat
iona
l acq
uisi
tion
perfo
rman
ce
Web
er,
Tarb
a &
R
eich
el
(200
9)
Impa
ct o
f cu
ltura
l di
stan
ce o
n in
tegr
atio
n ap
proa
ches
, an
d its
effe
ct
on in
tern
atio
nal
mer
ger a
nd
acqu
isiti
on
perfo
rman
ce.
Met
hod:
Rev
isite
d fra
mew
ork
desi
gn
Inde
pend
ent v
aria
bles
:
Cul
tura
l diff
eren
ces
Syn
ergy
pot
entia
l
Cul
tura
l-spe
cific
dim
ensi
ons
(nat
iona
l/org
aniz
atio
nal)
Dep
ende
nt v
aria
ble:
Cho
ice
of in
tegr
atio
n ap
proa
ch
A
cqui
rers
with
hig
h le
vel o
f unc
erta
inty
av
oida
nce
will
use
hig
h le
vel o
f int
egra
tion
and
will
per
form
bet
ter t
han
acqu
irers
with
hig
h le
vel
of u
ncer
tain
ty a
void
ance
that
cho
se a
low
leve
l of
inte
grat
ion
E
ach
com
pany
will
act a
ccor
ding
to th
eir o
wn
natio
nal d
imen
sion
s an
d pr
efer
ence
s
The
inte
grat
ion
appr
oach
is re
com
men
ded
for
achi
evin
g a
high
leve
l of s
yner
gy w
hen
the
leve
l of
cul
tura
l diff
eren
ces
is lo
w a
nd v
ice
vers
a
Man
ager
s fro
m a
cqui
ring
firm
s sh
ould
pay
as
muc
h at
tent
ion
to th
e ch
oice
of l
evel
of
inte
grat
ion
and
cultu
ral d
imen
sion
s du
ring
both
th
e pr
e-m
erge
r sea
rch
proc
ess
and
the
post
- m
erge
r int
egra
tion
as th
ey d
o to
the
effe
cts
of
natio
nal a
nd c
orpo
rate
cul
tura
l diff
eren
ces.
Appendix
An
M&
A th
at a
ppro
xim
ates
its
idea
l typ
es o
f in
tegr
atio
n ap
proa
ch a
nd le
vel o
f int
egra
tion
is
mor
e ef
fect
ive
than
oth
er M
&A
. Sa
rala
(2
010)
Th
e im
pact
of
cultu
ral
diffe
renc
es a
nd
accu
ltura
tion
fact
ors
on
post
-ac
quis
ition
co
nflic
ts
Sur
vey
with
118
re
spon
dent
s of
do
mes
tic a
nd
inte
rnat
iona
l ac
quis
ition
s by
Fin
ish
firm
s
Met
hod:
Exp
lora
tory
fa
ctor
ana
lysi
s
Inde
pend
ent v
aria
bles
:
Mul
ticul
tura
lism
of a
cqui
rer
M
ultic
ultu
ralis
m o
f acq
uire
d fir
m
N
atio
nal c
ultu
ral d
iffer
ence
s
Org
aniz
atio
nal c
ultu
ral
diffe
renc
es
P
artn
er a
ttrac
tiven
ess
O
rgan
izat
iona
l cul
tura
l pr
eser
vatio
n D
epen
dent
var
iabl
e:
P
ost-a
cqui
sitio
n co
nflic
t C
ontro
l var
iabl
es:
A
ctua
l rel
ated
ness
Siz
e
Acq
uisi
tion
expe
rienc
e
O
rgan
izat
iona
l cul
tura
l diff
eren
ces
and
orga
niza
tiona
l cul
tura
l pre
serv
atio
n in
crea
se
post
-acq
uisi
tion
conf
licts
Par
tner
attr
activ
enes
s re
duce
pos
t-acq
uisi
tion
conf
licts
Sara
la &
Va
ara
(201
0)C
ultu
ral d
iffer
-en
ces
(nat
iona
l an
d or
gani
za-
tiona
l cul
ture
), as
exp
lana
-tio
ns o
f kno
w-
ledg
e tra
nsfe
r in
inte
rnat
iona
l ac
quis
ition
s
Ana
lysi
s of
133
in
tern
atio
nal
acqu
isiti
ons
by F
inni
sh
com
pani
es
Met
hod:
Reg
ress
ion
anal
ysis
Inde
pend
ent v
aria
bles
:
Nat
iona
l cul
tura
l diff
eren
ces
O
rgan
izat
iona
l cul
tura
l di
ffere
nces
Cul
tura
l con
verg
ence
Org
aniz
atio
nal c
ultu
ral
cros
sver
genc
e D
epen
dent
var
iabl
e:
K
now
ledg
e tra
nsfe
r
N
atio
nal c
ultu
ral d
iffer
ence
s ha
ve a
pos
itive
im
pact
on
know
ledg
e tra
nsfe
r
Cul
tura
l int
egra
tion
in th
e fo
rm o
f cul
tura
l co
nver
genc
e an
d cu
ltura
l cro
ssve
rgen
ce is
cr
ucia
l in
know
ledg
e tra
nsfe
r
Web
er &
Ta
rba
(201
0)E
ffect
s of
hu
man
re
sour
ce
prac
tice
and
its
inte
grat
ion
capa
bilit
ies
durin
g th
e po
st-m
erge
r in
tegr
atio
n pr
oces
s on
the
Theo
retic
al p
aper
on
HR
pra
ctic
es in
Isra
el
Tr
aini
ng
C
omm
unic
atio
n
Aut
onom
y
Mod
erat
ing
effe
cts
of a
uton
omy
In
vest
men
t in
train
ing
and
its re
latio
nshi
p to
pe
rform
ance
var
y ac
ross
acq
uire
rs fr
om
diffe
rent
cou
ntrie
s
The
high
er th
e in
vest
men
t in
train
ing
in M
&A
of
man
ager
s an
d em
ploy
ees
in Is
rael
, the
hig
her
the
perfo
rman
ce o
f Isr
aeli
M&
A
C
omm
unic
atio
n ch
ange
s an
d th
eir r
elat
ions
hip
to p
erfo
rman
ce in
M&
A v
ary
acro
ss a
cqui
rers
fro
m d
iffer
ent n
atio
ns
Th
e hi
gher
the
com
mun
icat
ion
in Is
rael
i M&
A,
Appendix pe
rform
ance
of
M&A
th
e hi
gher
M&
A p
erfo
rman
ce
C
hang
es in
the
exte
nt o
f aut
onom
y an
d its
re
latio
nshi
p to
M&
A p
erfo
rman
ce v
ary
acro
ss
acqu
irers
from
diff
eren
t nat
ions
Cha
nges
in a
cqui
rer’s
HR
pra
ctic
e, in
clud
ing
train
ing
met
hods
, com
mun
icat
ion,
and
in
crea
sed
auto
nom
y of
HR
man
ager
s co
ntrib
ute
to M
&A
per
form
ance
In o
rder
to e
nhan
ce M
&A
per
form
ance
ac
quire
rs m
ust u
se H
R p
ract
ices
to d
evel
op
inte
grat
ion
capa
bilit
ies
durin
g po
st-m
erge
r in
tegr
atio
n W
eber
&
Dro
ri (2
011)
In
tegr
atio
n of
or
gani
zatio
nal
and
hum
an
beha
vior
pe
rspe
ctiv
es in
M
&As
Inde
pend
ent v
aria
bles
:
Cul
tura
l cla
sh
A
uton
omy
rem
oval
D
epen
dent
var
iabl
es:
Tu
rnov
er
M
&A
per
form
ance
Stre
ss, n
egat
ive
attit
ude,
co
oper
atio
n, c
omm
itmen
t
Gro
up a
nd in
divi
dual
beh
avio
r M
oder
atin
g va
riabl
e:
O
rgan
izat
iona
l ide
ntifi
catio
n
Th
e pe
rform
ance
of M
&A
dep
ends
not
onl
y on
th
e sy
nerg
y po
tent
ial a
vaila
ble
befo
re a
nd
durin
g th
e m
erge
r but
als
o on
whe
ther
the
syne
rgy
can
be re
aliz
ed in
the
post
-mer
ger
stag
e
Stra
tegi
c an
d fin
anci
al d
ecis
ions
by
top
exec
utiv
es n
eed
to b
e co
nsid
ered
si
mul
tane
ousl
y w
ith th
e ro
le o
f the
indi
vidu
al in
th
e im
plem
enta
tion
proc
ess
to a
chie
ve th
e ex
pect
ed M
&A
per
form
ance
Man
y of
the
prob
lem
s as
soci
ated
with
the
post
-m
erge
r int
egra
tion
of tw
o fir
ms
can
be a
void
ed
or m
anag
ed if
iden
tific
atio
n w
ith th
e m
erge
r is
anal
yzed
and
coo
rdin
ated
Iden
tity
and
iden
tific
atio
n ar
e cr
ucia
l in
unde
rsta
ndin
g th
e m
echa
nism
s of
coo
pera
tion
in M
&As
Web
er,
Rac
hman
-M
orre
&
Tarb
a (2
011)
HR
pra
ctic
es
durin
g po
st-
mer
ger c
onfli
ct
(cro
ss-c
ultu
ral
conf
licts
) and
m
erge
r pe
rform
ance
Dat
a fro
m th
e 20
01
roun
d of
the
Cra
net-E
su
rvey
of s
trate
gic
hum
an re
sour
ce
man
agem
ent.
Ana
lysi
s of
5 c
ount
ries:
Fra
nce,
G
erm
any,
Jap
an,
Bel
gium
and
Den
mar
k
Inde
pend
ent v
aria
bles
:
Com
mun
icat
ion
A
uton
omy
Tr
aini
ng m
etho
ds
Dep
ende
nt v
aria
ble:
Per
form
ance
(pro
fit, s
ales
&
stoc
k va
lue)
C
ontro
l var
iabl
e: o
rgan
izat
iona
l siz
e
S
igni
fican
t diff
eren
ces
betw
een
acqu
irers
from
di
ffere
nt c
ount
ries,
with
cha
nges
in
com
mun
icat
ion,
trai
ning
and
aut
onom
y ex
ist.
A
n in
crea
se in
trai
ning
follo
win
g th
e m
erge
r is
posi
tivel
y re
late
d to
acq
uire
r per
form
ance
Hig
her a
uton
omy
is n
ot a
ssoc
iate
d w
ith h
ighe
r pe
rform
ance
Com
mun
icat
ion
show
s a
sign
ifica
nt p
ositi
ve
Appendix 1 1M
etho
d: R
egre
ssio
n an
alys
es
corre
latio
n w
ith a
uton
omy
Rel
atio
nshi
p be
twee
n co
mm
unic
atio
n an
d pe
rform
ance
var
y am
ong
acqu
irers
from
di
ffere
nt c
ount
ies
Cha
nges
on
on-th
e jo
b tra
inin
g w
ere
nega
tivel
y re
late
d w
ith p
erfo
rman
ce
H
R p
ract
ices
of a
cqui
rers
hav
e si
gnifi
cant
and
di
ffere
nt a
ssoc
iatio
ns w
ith p
erfo
rman
ce
depe
ndin
g on
nat
iona
lity,
and
ther
efor
e re
quire
a
mul
tivar
iate
app
roac
h.
Web
er,
Tarb
a &
R
eich
el
(201
1)
Influ
ence
of
cultu
re o
n in
tegr
atio
n ap
proa
ches
an
d in
tern
atio
nal
M&A
pe
rform
ance
Met
hod:
theo
retic
al
mod
el u
sing
a
mul
tidis
cipl
inar
y ap
proa
ch
In
tern
atio
nal M
&A
that
app
roxi
mat
e th
eir i
deal
ty
pe o
f int
egra
tion
appr
oach
are
mor
e ef
fect
ive
than
oth
er M
&A
s
Cul
tura
l diff
eren
ces
play
an
esse
ntia
l rol
e in
the
choi
ce o
f int
egra
tion
appr
oach
Acq
uire
rs fr
om c
ount
ries
char
acte
rized
by
low
le
vels
of u
ncer
tain
ty a
void
ance
that
impl
emen
t pa
rtial
abs
orpt
ion
and
full
pres
erva
tion
achi
eve
the
high
est l
evel
s of
per
form
ance
.
Acq
uire
rs fr
om c
ount
ries
char
acte
rized
by
high
le
vels
of m
ascu
linity
that
impl
emen
t ful
l ab
sorp
tion
and
parti
al p
rese
rvat
ion
achi
eve
the
high
est l
evel
s of
per
form
ance
.
Sara
la,
Junn
i, C
oope
r &
Tarb
a (2
014)
The
influ
ence
of
soc
iocu
ltura
l fa
ctor
s on
the
leve
l of
know
ledg
e tra
nsfe
r. C
ultu
ral
diffe
renc
es a
nd
its im
pact
on
HR
flex
ibilit
y.
Con
cept
ual a
rticl
e H
R fl
exib
ility
Inte
rfirm
link
ages
Kno
wle
dge
trans
fer
Org
aniz
atio
nal c
ultu
ral
diffe
renc
es
S
ocio
cultu
ral i
nter
firm
link
ages
are
cru
cial
for
M&
A k
now
ledg
e tra
nsfe
r
Com
plem
enta
ry e
mpl
oyee
ski
lls a
re li
kely
to b
e pa
rticu
larly
val
uabl
e an
d ar
e m
ore
likel
y to
be
trans
ferr
ed b
etw
een
the
mer
ging
firm
s
Trus
t and
col
lect
ive
teac
hing
repr
esen
t im
porta
nt s
ocio
cultu
ral m
echa
nism
s fo
r tra
nsfe
rrin
g ta
cit a
nd s
ocia
lly c
ompl
ex
know
ledg
e
Cul
tura
l int
egra
tion
crea
tes
a sh
ared
soc
ial
plat
form
for k
now
ledg
e tra
nsfe
r
1 2 Appendix
Res
ourc
e an
d co
ordi
natio
n fle
xibi
lity
in
empl
oyee
ski
lls a
re v
ital f
or p
rovi
ding
a b
asis
fo
r com
plem
enta
ry e
mpl
oyee
ski
lls in
M&
As
R
esou
rce
and
coor
dina
tion
flexi
bilit
y in
em
ploy
ee b
ehav
ior f
acilit
ate
the
crea
tion
of
rela
tion-
spec
ific
asse
ts (t
rust
), kn
owle
dge-
shar
ing
rout
ines
(col
lect
ive
teac
hing
), an
d ef
fect
ive
gove
rnan
ce (c
ultu
ral i
nteg
ratio
n) in
M
&As
R
esou
rce
and
coor
dina
tion
flexi
bilit
y in
the
HR
pr
actic
es o
f the
mer
ging
firm
s fa
cilit
ates
the
alig
nmen
t of t
he H
R p
ract
ices
of t
he a
cqui
ring
and
targ
et fi
rms
O
rgan
izat
iona
l cul
tura
l diff
eren
ces
prov
ide
a br
oade
r ski
ll ba
se fo
r the
em
ploy
ees
in th
e co
mbi
ned
firm
but
are
mor
e di
fficu
lt to
un
ders
tand
and
man
age,
whi
ch d
ecre
ases
co
ordi
natio
n fle
xibi
lity
in e
mpl
oyee
ski
lls
Appendix 1A
ppen
dix
4: L
itera
ture
Rev
iew
Lea
ders
hip
Styl
es
Aut
hor/
Obj
ect o
f stu
dy
Met
hod
& S
ampl
e M
easu
re
Key
find
ings
Ye
ar
Kris
hna,
M
iller
&
Judg
e (1
997)
Impa
ct o
f com
-pl
emen
tary
top
man
agem
ent t
eam
s (d
efin
ed a
s di
ffere
nces
in
func
tiona
l ba
ckgr
ound
s be
twee
n th
e ac
quiri
ng a
nd
acqu
ired
firm
m
anag
ers)
on
post
-ac
quis
ition
pe
rform
ance
Sur
vey
amon
g 14
7 ac
quis
ition
s fro
m p
ublic
ly
held
firm
s th
at w
ere
com
plet
ed d
urin
g 19
86.1
988
Met
hod:
Mul
tiple
and
m
oder
ated
regr
essi
on
anal
ysis
Inde
pend
ent v
aria
bles
:
Com
plem
enta
rity
Ty
pe o
f acq
uisi
tion
To
p m
anag
emen
t tea
m
(TM
T) tu
rnov
er (T
MT)
D
epen
dent
var
iabl
e:
P
ost-a
cqui
sitio
n pe
rform
ance
Con
trol v
aria
bles
:
Prio
r org
aniz
atio
nal
perfo
rman
ce
R
elat
ive
orga
niza
tiona
l siz
e
Indu
stry
pro
fitab
ility
C
ompl
emen
tary
bac
kgro
unds
hav
e a
posi
tive
impa
ct o
n po
st-a
cqui
sitio
n pe
rform
ance
in b
oth
rela
ted
and
unre
late
d ac
quis
ition
s
Com
plem
enta
rity
is n
egat
ivel
y re
late
d to
top
man
agem
ent t
eam
turn
over
am
ong
acqu
ired
man
ager
s, s
ugge
stin
g th
at d
iffer
ence
s in
fu
nctio
nal b
ackg
roun
ds a
re m
ore
easi
ly
inte
grat
ed in
to th
e ne
w o
rgan
izat
ion
M
TM tu
rnov
er n
egat
ivel
y re
late
d to
pos
t-ac
quis
ition
per
form
ance
Diff
eren
ces
in fu
nctio
nal b
ackg
roun
ds a
re
mor
e ea
sily
inte
grat
ed in
to th
e ne
w
orga
niza
tion
whi
le s
imila
ritie
s in
func
tiona
l ba
ckgr
ound
s le
ad to
redu
ndan
cy a
nd
conf
lict.
S
tabi
lity
in th
e st
rate
gic
apex
of t
he
orga
niza
tion
is v
ery
usef
ul to
the
post
-ac
quis
ition
inte
grat
ion
proc
ess
C
ompl
emen
tarit
y ha
s a
dire
ct im
pact
on
post
-acq
uisi
tion
perfo
rman
ce a
nd tu
rnov
er
has
a se
para
te a
nd u
nrel
ated
impa
ct o
n pe
rform
ance
Acq
uisi
tion
proc
ess
is m
ost s
ucce
ssfu
l whe
n or
gani
zatio
nal l
earn
ing
occu
rs
C
ruci
al a
spec
t of o
rgan
izat
iona
l lea
rnin
g is
Qua
h &
Yo
ung
(200
5)
Diff
eren
ces
and
sim
ilarit
ies
in m
an-
agem
ent p
roce
sses
in
all
type
s of
M&
As
and
its im
pact
on
post
-acq
uisi
tion
succ
ess
Long
itudi
nal c
ase
stud
y of
non
e A
mer
ican
m
ultin
atio
nal i
n th
e au
tom
otiv
e su
pplie
r in
dust
ry a
nd it
s fo
ur
acqu
isiti
ons
into
Eur
ope
(100
1-19
95)
Le
vel o
f int
egra
tion
P
ost-a
cqui
sitio
n ch
ange
s
Tim
ing
of c
hang
es
C
ultu
ral i
nflu
ence
s
E
mpl
oyee
beh
avio
r in
the
acqu
ired
firm
Pas
t-acq
uisi
tion
perfo
rman
ce
the
blen
ding
of T
MT
S
ucce
ss in
pos
t-acq
uisi
tion
perio
d re
quire
s a
phas
ed a
ppro
ach
with
def
ined
obj
ectiv
es
and
actio
ns.
In
inte
rnat
iona
l acq
uisi
tions
, the
m
anag
emen
t of b
oth
cultu
ral a
nd
orga
niza
tiona
l int
egra
tion
requ
ires
caut
ion
and
mut
ual u
nder
stan
ding
to a
void
con
flict
Tim
ing
of c
hang
es s
houl
d ta
ke p
lace
ove
r a
1 Appendix pe
riod
of ti
me
and
not i
mm
edia
tely
afte
r the
M
&A.
N
egat
ive
or p
ositi
ve b
ehav
ior i
n th
e ac
quire
d fir
m d
epen
ds o
n ho
w th
e ac
quire
r ac
know
ledg
e/ha
ndle
cul
tura
l diff
eren
ces
in
the
post
-acq
uisi
tion
perio
d
Nat
iona
l cul
tura
l diff
eren
ces
in re
spec
t of
unce
rtain
ty a
void
ance
, pow
er o
rient
atio
n,
lang
uage
, ind
ivid
ualis
m v
s. c
olle
ctiv
ism
, and
m
ascu
linity
vs.
fem
inin
ity a
re th
e un
derly
ing
man
ifest
atio
ns o
f the
fear
of l
oss
of c
ontro
l, a
failu
re to
bui
ld m
utua
l tru
st, a
dis
like
of
bein
g ‘fo
rced
’ to
chan
ge a
nd a
relu
ctan
ce to
al
ter e
stab
lishe
d pr
oces
ses
N
atio
nal c
ultu
ral d
ivis
ions
inte
rfere
the
succ
essf
ul im
plem
enta
tion
of o
rgan
izat
iona
l ch
ange
Beh
avio
r of a
cqui
red
empl
oyee
s ch
ange
du
ring
the
post
-acq
uisi
tion
proc
ess
E
mpl
oyee
resi
stan
ce c
an b
e lo
wer
ed w
ith
com
mun
icat
ion
and
plan
ning
trou
gh th
e w
hole
M&
A p
roce
ss
M
anag
emen
t and
em
ploy
ee re
sist
ance
is
high
er w
hen
ther
e ar
e cu
ltura
l diff
eren
ces
Sosi
k (2
005)
Th
e ro
le o
f per
sona
l va
lues
in th
e ch
aris
mat
ic
lead
ersh
ip o
f co
rpor
ate
man
ager
s
Sur
vey
amon
g 21
8 in
divi
dual
s (le
ader
s)
hold
ing
man
ager
ial
posi
tions
, the
ir 94
5 re
spec
tive
subo
rdin
ates
(fo
llow
ers)
and
218
su
perio
rs. 6
1 po
tent
ial
parti
cipa
nts
did
not
parti
cipa
te a
nd 2
1 po
tent
ial p
artic
ipan
ts
retu
rned
sur
veys
Met
hod:
par
tial l
east
P
erso
nal v
alue
s
Man
ager
ial p
erfo
rman
ce
R
atin
gs o
f cha
rism
atic
le
ader
ship
C
ontro
l var
iabl
es:
Fo
cal l
eade
r’s g
ende
r
Man
agem
ent l
evel
Soc
ially
des
irabl
e re
spon
ding
M
anag
ers’
ope
nnes
s to
cha
nge
valu
es
inte
nsity
is n
ot re
late
d to
sub
ordi
nate
s’
ratin
gs o
f cha
rism
atic
lead
ersh
ip
M
anag
ers’
trad
ition
al v
alue
s in
tens
ity is
po
sitiv
ely
rela
ted
to s
ubor
dina
tes’
ratin
gs o
f ch
aris
mat
ic le
ader
ship
Man
ager
s’ c
olle
ctiv
istic
wor
k va
lues
inte
nsity
is
pos
itive
ly re
late
d to
sub
ordi
nate
s’ ra
tings
of
cha
rism
atic
lead
ersh
ip
M
anag
ers’
sel
f-tra
nsce
nden
t and
sel
f-en
hanc
emen
t val
ues
inte
nsity
is p
ositi
vely
re
late
d to
sub
ordi
nate
s’ ra
tings
of
char
ism
atic
lead
ersh
ip.
Appendix 1sq
uare
s st
ruct
ural
eq
uatio
n m
odel
ing
tech
niqu
e
S
ubor
dina
tes’
ratin
gs o
f cha
rism
atic
le
ader
ship
is p
ositi
vely
ass
ocia
ted
with
su
perio
rs’ r
atin
gs o
f man
ager
ial p
erfo
rman
ce
Sub
ordi
nate
s’ ra
tings
of c
haris
mat
ic
lead
ersh
ip a
re p
ositi
vely
rela
ted
to
man
ager
s’ ra
tings
of e
xtra
effo
rt of
follo
wer
s
Man
ager
s’ ra
tings
of f
ollo
wer
s’ e
xtra
effo
rt ar
e no
t rel
ated
to s
uper
iors
’ rat
ings
of
man
ager
ial p
erfo
rman
ce
M
anag
ers’
ratin
gs o
f fol
low
ers’
OC
B a
re
posi
tivel
y re
late
d to
sup
erio
rs’ r
atin
gs o
f m
anag
eria
l per
form
ance
K
avan
agh
&
Ash
kana
sy
(200
6)
The
impa
ct o
f le
ader
ship
and
ch
ange
man
agem
ent
stra
tegy
on
orga
niza
tiona
l cu
lture
and
indi
vidu
al
acce
ptan
ce o
f ch
ange
dur
ing
a m
erge
r
Cro
ss-in
stitu
tiona
l stu
dy:
quan
titat
ive
and
qual
itativ
e st
udy:
thre
e qu
antit
ativ
e su
rvey
s (1
87
resp
onde
nts,
147
re
spon
dent
s an
d 12
0 re
spon
dent
s); q
ualit
ativ
e in
terv
iew
with
60
parti
cipa
nts
Met
hod:
AN
OV
A
P
ower
(ext
ent t
hat p
ower
is
exer
cise
d by
man
agem
ent)
R
ole
(ext
ent t
hat r
oles
are
em
phas
ized
in th
e or
gani
zatio
n)
Ta
sk (e
mph
asis
pla
ced
on
the
task
s th
at a
re d
one
in th
e or
gani
zatio
n)
pe
rson
(reg
ard
give
n to
in
divi
dual
s at
the
wor
k-fa
ce)
Th
e ch
ange
man
agem
ent p
roce
ss o
r ap
proa
ch s
elec
ted
by le
ader
s (in
diffe
rent
, im
med
iate
, inc
rem
enta
l) m
ay re
sult
in v
ery
diffe
rent
out
com
es in
term
s of
the
succ
ess
of
the
mer
ger a
nd, i
n pa
rticu
lar,
in te
rms
of th
e in
divi
dual
s in
volv
ed
M
erge
r act
ivity
will
caus
e or
gani
zatio
nal
cultu
re to
shi
ft ov
er ti
me,
and
that
diff
eren
t ch
ange
man
agem
ent s
trate
gies
will
affe
ct
indi
vidu
als’
per
cept
ions
abo
ut c
hang
es in
or
gani
zatio
nal c
ultu
re
W
hen
cultu
re s
hifts
to c
onst
rain
indi
vidu
als,
pa
rticu
larly
aca
dem
ics,
indi
vidu
als
are
mor
e ne
gativ
e ab
out t
he c
hang
e pr
oces
s
Leve
l of a
ccep
tanc
e of
the
mer
ger p
roce
ss
will
be re
late
d to
con
sequ
ence
s th
at
trans
pire
for i
ndiv
idua
ls a
s a
dire
ct e
ffect
of
how
the
proc
ess
is le
ad
Le
ader
s w
ill be
per
ceiv
ed in
a p
ositi
ve
man
ner w
hen
cons
eque
nces
for i
ndiv
idua
ls
invo
lved
in th
e ch
ange
pro
cess
are
pos
itive
an
d th
e ch
ange
man
agem
ent p
roce
ss is
m
anag
ed a
ppro
pria
tely
The
natu
re o
f the
con
sequ
ence
s fo
r in
divi
dual
s w
ill (a
) det
erm
ine
whe
ther
in
divi
dual
s ac
cept
or r
ejec
t the
cha
nges
1 Appendix ca
used
by
a m
erge
r and
, (b)
affe
ct th
e w
ay
lead
ersh
ip o
f the
pro
cess
is v
iew
ed, a
nd
inde
ed, h
ow e
ffect
ive
lead
ers
are
perc
eive
d to
be
as a
gent
s of
cha
nge
Nem
anic
h &
Kel
ler
(200
7)
Rel
atio
nshi
ps th
at
lead
ersh
ip a
nd
clim
ate
has
with
su
bord
inat
e ac
quis
ition
ac
cept
ance
, pe
rform
ance
, and
job
satis
fact
ion
in a
n un
certa
in
envi
ronm
ent
Fiel
d st
udy
of e
mpl
oyee
s:
Sur
vey
amon
g 44
7 em
ploy
ees
and
supe
rvis
ory
perfo
rman
ce
ratin
g fo
rm fo
r the
se 4
47
empl
oyee
s (3
44
resp
onse
s)
Met
hod:
regr
essi
on
anal
yses
Inde
pend
ent v
aria
bles
:
Tran
sfor
mat
iona
l lea
ders
hip
C
limat
e
Org
aniz
atio
nal c
hang
e C
ontro
l var
iabl
es:
In
divi
dual
diff
eren
ces
Ta
rget
com
pany
’ em
ploy
ees
A
cqui
ring
com
pany
’s
empl
oyee
s
Org
aniz
atio
nal t
enur
e D
epen
dent
var
iabl
es:
Jo
b sa
tisfa
ctio
n
Acq
uisi
tion
acce
ptan
ce
H
erita
ge
S
uper
viso
ry p
ositi
on
R
&D
S
ales
Cus
tom
er s
ervi
ce
Tr
ansf
orm
atio
nal l
eade
rshi
p is
pos
itive
ly
rela
ted
to a
cqui
sitio
n ac
cept
ance
, su
perv
isor
-rate
d pe
rform
ance
, and
job
satis
fact
ion
Tr
ansf
orm
atio
nal l
eade
rs im
pact
sub
ordi
nate
ou
tcom
es th
roug
h th
e pe
rcei
ved
clim
ate
they
cre
ate
for g
oal c
larit
y an
d su
ppor
t for
cr
eativ
e th
inki
ng
C
larit
y an
d su
ppor
t for
cre
ativ
e th
inki
ng
parti
ally
med
iate
the
rela
tions
hip
betw
een
trans
form
atio
nal l
eade
rshi
p an
d jo
b sa
tisfa
ctio
n
Goa
l cla
rity
do n
ot m
edia
te th
e re
latio
nshi
p be
twee
n tra
nsfo
rmat
iona
l lea
ders
hip
and
perfo
rman
ce, b
ut is
pos
itive
ly re
late
d to
pe
rform
ance
Sup
port
for c
reat
ive
thin
king
fully
med
iate
d th
e re
latio
nshi
p be
twee
n tra
nsfo
rmat
iona
l
Bar
mey
er
&
May
rhof
er
(200
8)
The
cont
ribut
ion
of
inte
rcul
tura
l m
anag
emen
t to
the
succ
ess
of
inte
rnat
iona
l mer
gers
an
d ac
quis
ition
s
Long
itudi
nal s
tudy
of t
he
inte
grat
ion
proc
ess
of th
e E
AD
S g
roup
; sec
onda
ry
data
ana
lyze
d w
ith
qual
itativ
e in
terp
reta
tive
appr
oach
; and
qua
litat
ive
stud
y (in
terv
iew
) with
16
Fren
ch a
nd G
erm
an H
R
man
ager
s of
the
EA
DS
gr
oup
O
rgan
izat
ion
(stru
ctur
e, fl
ow
char
t),
C
orpo
rate
cul
ture
Hum
an re
sour
ces
man
agem
ent (
coop
erat
ion
and
team
wor
k, le
ader
ship
, tra
inin
g an
d ca
reer
s)
lead
ersh
ip a
nd a
cqui
sitio
n ac
cept
ance
Inte
rcul
tura
l man
agem
ent p
ract
ices
can
co
ntrib
ute
to th
e su
cces
s of
inte
rnat
iona
l m
erge
rs a
nd a
cqui
sitio
n
Inte
rcul
tura
l man
agem
ent a
ppro
ache
s al
low
to
ove
rcom
e co
nflic
ts a
nd th
us c
ontri
bute
to
the
succ
ess
of in
tern
atio
nal m
erge
rs a
nd
acqu
isiti
ons
In
terc
ultu
ral m
anag
emen
t, as
a s
trate
gic
tool
, hel
ps to
cre
ate
the
reco
gniti
on o
f di
ffere
nces
and
to u
nder
stan
d th
e ‘‘in
tellig
ence
’’ of
eac
h sy
stem
.
Thro
ugh
thei
r diff
eren
ces,
man
ager
s ca
n co
mpl
emen
t eac
h ot
her a
s di
ffere
nt
appr
oach
es to
pro
ject
s le
ad to
equ
ally
di
vers
e so
lutio
ns w
here
, in
the
idea
l sol
utio
n,
Appendix 1ea
ch c
ultu
re b
rings
forth
its
stre
ngth
s an
d
Nem
anic
h &
Ver
a (2
009)
The
role
of
trans
form
atio
nal
lead
ersh
ip a
nd th
e va
lues
inco
rpor
ated
in
a le
arni
ng c
ultu
re
in p
rom
otin
g am
bide
xter
ity in
te
ams
invo
lved
in
acqu
isiti
on
inte
grat
ions
Fiel
d st
udy:
n=7
1
Met
hod:
fact
or a
naly
ses
Te
am s
ize
M
ixed
leve
ls
O
nly
supe
rvis
ors
C
usto
mer
ser
vice
Res
earc
h
Fina
nce
Le
ader
ship
Cul
ture
Exp
loita
tion
E
xplo
ratio
n
Am
bide
xter
ity
…
qual
ifica
tions
Tran
sfor
mat
iona
l lea
ders
hip
beha
vior
s an
d th
e de
velo
pmen
t of a
lear
ning
cul
ture
, ch
arac
teriz
ed b
y ps
ycho
logi
cal s
afet
y,
open
ness
to d
iver
se o
pini
ons,
and
pa
rtici
patio
n in
dec
isio
n m
akin
g, p
rom
ote
ambi
dext
erity
at t
he te
am le
vel
A
ssoc
iatio
n be
twee
n tra
nsfo
rmat
iona
l le
ader
ship
and
lear
ning
cul
ture
s
Tran
sfor
mat
iona
l and
cha
rism
atic
lead
ersh
ip
are
mor
e lik
ely
to e
mer
ge a
nd to
be
effe
ctiv
e in
situ
atio
ns th
at a
re e
xcep
tiona
l, un
ique
, dy
nam
ic, r
isky
, or u
nstru
ctur
ed, a
s w
ell a
s in
si
tuat
ions
whe
re th
e pr
imar
y m
etho
d of
co
ordi
natio
n is
sha
red
valu
es a
nd th
e or
gani
zatio
nal t
ask
is c
onsi
sten
t with
thes
e va
lues
In tu
rbul
ent e
nviro
nmen
ts s
uch
as a
n ac
quis
ition
, tra
nsfo
rmat
iona
l lea
ders
hip
help
s em
ploy
ees
to s
ee th
e en
viro
nmen
t as
a so
urce
of o
ppor
tuni
ty, a
nd e
ncou
rage
s th
em to
eng
age
in c
reat
ive
proc
esse
s as
w
ell a
s ov
erco
me
the
resi
stan
ce to
ado
pt
new
inst
itutio
naliz
ed ro
utin
es
Wal
dman
&
Jav
idan
(2
009)
Alte
rnat
ive
form
s of
ch
aris
mat
ic
lead
ersh
ip in
the
inte
grat
ion
of
mer
gers
and
ac
quis
ition
s
Theo
retic
al m
odel
Lead
er m
otiv
atio
n (P
erso
naliz
ed/s
ocia
lized
)
Vis
ion
form
atio
n (p
erso
naliz
ed/s
ocia
lized
)
Org
aniz
atio
nal a
lignm
ent
(abs
orpt
ion/
inte
grat
ion)
Pos
t-mer
ger t
rans
form
atio
n (s
yner
gy c
reat
ion,
atti
tude
to
war
d pr
oces
s an
d ou
tcom
e of
M&
A)
P
re-m
erge
r per
form
ance
of
acqu
ired
firm
S
ocia
lized
, rat
her t
han
pers
onal
ized
, des
ires
and
mot
ivat
ion
on th
e pa
rt of
the
key
man
ager
resp
onsi
ble
for t
he M
&A
's s
ucce
ss
will
be a
ssoc
iate
d w
ith c
olla
bora
tive
visi
on-
form
atio
n an
d de
cisi
on-m
akin
g pr
oces
ses
in
the
post
-mer
ger p
hase
of a
n M
&A
.
Col
labo
rativ
e vi
sion
form
atio
n/de
cisi
on-
mak
ing
proc
esse
s an
d op
en s
harin
g of
in
form
atio
n in
the
post
-mer
ger p
hase
of a
n M
&A
will
be
asso
ciat
ed w
ith g
reat
er
atte
mpt
s at
inte
grat
ion,
as
com
pare
d to
ab
sorp
tion
or a
ssim
ilatio
n
An
abso
rptio
n st
rate
gy w
ill le
ad to
leve
ls o
f
1 Appendix re
sist
ance
to c
hang
e an
d w
ithdr
awal
be
havi
or th
at w
ill st
ifle
the
exte
nt a
nd
timel
ines
s of
the
adop
tion
of c
urre
nt
orga
niza
tiona
l and
cul
tura
l fac
ets
of th
e ac
quiri
ng fi
rm o
n th
e pa
rt of
the
targ
et fi
rm.
Res
ista
nce
and
with
draw
al a
re li
kely
to b
e m
ost p
rom
inen
t in
the
targ
et fi
rm
Th
e pr
e-m
erge
r per
form
ance
of t
he ta
rget
fir
m w
ill m
oder
ate
the
rela
tions
hip
betw
een
the
use
of a
bsor
ptiv
e pr
oces
ses
and
resi
stan
ce to
cha
nge
and
with
draw
al
beha
vior
on
the
part
of th
e ta
rget
firm
. R
esis
tanc
e an
d w
ithdr
awal
are
like
ly to
be
mor
e pr
omin
ent i
n re
actio
n to
abs
orpt
ive
proc
esse
s w
hen
ther
e is
a h
ighe
r deg
ree
of
pre-
mer
ger p
erfo
rman
ce. I
n tu
rn, i
nteg
ratio
n of
the
targ
et fi
rm in
to th
e ac
quiri
ng fi
rm w
ill be
mor
e tim
e co
nsum
ing
and
prob
lem
atic
Top
man
agem
ent c
omm
itmen
t to
purs
ue
colla
bora
tive
inte
grat
ion
proc
esse
s w
ill le
ad
to a
chie
vem
ent o
f the
exp
ecte
d po
st-m
erge
r sy
nerg
ies
as a
resu
lt of
the
deve
lopm
ent o
f a
unifi
ed o
r stro
ng c
ultu
re in
the
post
mer
ger
firm
Si
nkov
ics,
Za
ngel
-m
eyer
&
Kus
stat
her
(201
1)
The
role
of e
mot
ions
in
inte
rnat
iona
l m
erge
rs a
nd
acqu
isiti
ons
and
the
impa
ct o
f man
ager
ial
com
mun
icat
ion
and
beha
vior
on
empl
oyee
em
otio
ns,
beha
vior
, and
pe
rform
ance
Ana
lytic
al/c
once
ptua
l fra
mew
ork
and
qual
itativ
e an
alys
is o
f fo
ur c
ross
-bor
der
(Aus
tria,
Ger
man
y, It
aly)
M
&A
cas
es (1
8 in
terv
iew
s)
A
ntec
eden
ts: M
&A
rela
te
feat
ures
and
eve
nts
Com
mun
icat
ion
Man
agem
ent b
ehav
ior
Oth
er M
&A
rela
ted
fact
ors
In
term
edia
ry v
aria
ble:
E
mot
ions
Fe
arIn
secu
rity
Joy
…
Out
com
e va
riabl
es:
Em
ploy
ee a
ttitu
des
and
W
hat c
onst
itute
s ‘s
uffic
ient
’ inf
orm
atio
n an
d ‘fr
eque
nt’ c
omm
unic
atio
n is
onl
y a
subj
ectiv
e an
d in
divi
dual
per
cept
ion
and
not a
n ob
ject
ive
fact
. It d
oes
not c
ount
how
muc
h,
how
inte
nsiv
ely
and
how
ope
n su
perio
rs
real
ly c
omm
unic
ate
with
thei
r sub
ordi
nate
s,
but r
egul
ar, i
nten
sive
and
ope
n co
mm
unic
atio
n th
roug
hout
the
who
le M
&A
in
tegr
atio
n pr
oces
s is
cru
cial
Ther
e is
a c
onne
ctio
n be
twee
n th
e m
anag
eria
l com
mun
icat
ion
styl
e (o
penn
ess,
ho
nest
y an
d fre
quen
cy) a
nd e
mpl
oyee
s’
posi
tive/
nega
tive
emot
ions
.
Hav
ing
info
rmed
kno
wle
dge
abou
t wha
t is
Appendix 1be
havi
or
Stre
ssM
otiv
atio
nTu
rnov
er
goin
g on
has
pos
itive
effe
cts
upon
em
ploy
ees’
feel
ings
Gill
(201
2)
The
Rol
e of
le
ader
ship
in
succ
essf
ul
inte
rnat
iona
l mer
gers
an
acq
uisi
tions
; di
ffere
nces
in
natio
nal a
nd
orga
niza
tiona
l cu
lture
, as
wel
l as
diffe
renc
es in
le
ader
ship
sty
les
Com
paris
on b
etw
een
Ren
ault-
Nis
san
and
Dai
mle
rChr
ysle
r-M
itsub
ishi
; GLO
BE
Fr
amew
ork
for a
naly
zing
le
ader
ship
sty
les
…
Nat
iona
l cul
ture
Org
aniz
atio
nal c
ultu
re
Le
ader
ship
A
uthe
ntic
lead
ersh
ip is
less
like
ly in
col
lect
ive
cultu
res
whe
re b
eing
aut
hent
ic m
ay b
e su
bord
inat
ed to
the
prim
ary
soci
etal
val
ue o
f ha
rmon
y
Res
earc
h ha
s de
mon
stra
ted
that
hig
h po
wer
di
stan
ce is
not
com
patib
le w
ith a
uthe
ntic
ity,
or b
eing
and
exp
ress
ing
one’
s “tr
ue” s
elf,
beca
use
it re
sults
in e
mpl
oyee
s w
ho a
re le
ss
will
ing
to q
uest
ion,
cha
lleng
e, a
nd e
xpre
ss
disa
gree
men
t with
thei
r sup
ervi
sor
E
ven
thou
gh e
xtan
t the
ory
antic
ipat
es th
at
auth
entic
lead
ersh
ip b
ehav
ior d
oes
not f
it in
co
llect
ivis
tic n
atio
nal c
ultu
res,
Gho
sn
(Nis
san)
was
suc
cess
ful.
This
indi
cate
s th
at
auth
entic
lead
ersh
ip m
ay b
e va
lued
acr
oss
all
natio
nal c
ultu
res.
Aut
hent
ic le
ader
s ge
nera
te tr
ust t
hrou
gh
trans
pare
ncy,
con
sist
ent b
ehav
ior b
etw
een
wor
ds a
nd d
eeds
and
hav
e a
bala
nced
pr
oces
sing
Aut
hent
ic le
ader
s de
mon
stra
te e
thic
al/m
oral
be
havi
or a
nd d
emon
stra
te b
ehav
ior t
hat i
s co
nsis
tent
with
thei
r val
ues
Le
ader
s ne
ed to
be
deve
lope
d to
und
erst
and
cultu
ral d
iffer
ence
s an
d th
eir i
mpa
ct o
n pe
rform
ance
and
cha
nge,
they
als
o ne
ed to
be
aw
are
of th
eir o
wn
styl
e in
the
cont
ext o
f ex
istin
g an
d de
sire
d cu
ltura
l val
ues
Her
rman
n &
Nad
k arn
i (2
013
How
CE
O
pers
onal
ity e
ffect
in
tegr
atio
n of
cha
nge
Sm
all-
and
med
ium
-siz
ed
(SM
Es)
com
pani
es fr
om
Ecu
ador
; 120
SM
Es
from
10
indu
strie
s; re
spon
d
Stu
dy v
aria
bles
:
Con
scie
ntio
usne
ss
E
mot
iona
l sta
bilit
y
Ext
rave
rsio
n
W
here
as C
EO c
onsc
ient
ious
ness
and
ag
reea
blen
ess
rela
ted
nega
tivel
y w
ith
stra
tegi
c ch
ange
, CE
O o
penn
ess
and
emot
iona
l sta
bilit
y ex
erte
d a
posi
tive
effe
ct
1 Appendix ra
te 7
7%
Met
hod:
hie
rarc
hica
l re
gres
sion
A
gree
able
ness
Ope
nnes
s
Stra
tegi
c ch
ange
initi
atio
n
Stra
tegi
c ch
ange
im
plem
enta
tion
Fi
rm p
erfo
rman
ce
Con
trol v
aria
bles
:
Indu
stry
Firm
age
Firm
siz
e
Top
man
agem
ent t
eam
siz
e
Top
man
agem
ent c
hang
e
CE
O a
ge
C
EO
tenu
re
Fo
unde
r CE
O
P
ast p
erfo
rman
ce
C
onsc
ient
ious
ness
and
ope
nnes
s to
ex
perie
nce,
hav
e a
stro
ng c
ogni
tive
unde
rlyin
g co
mpo
nent
, whe
reas
em
otio
nal
stab
ility
, agr
eeab
lene
ss, a
nd e
xtra
vers
ion
are
stro
ngly
affe
ct-b
ased
trai
ts
W
here
as C
EO e
mot
iona
l sta
bilit
y an
d ex
trave
rsio
n fa
cilit
ated
initi
atio
n of
stra
tegi
c ch
ange
, CE
O a
gree
able
ness
hin
dere
d it
C
ogni
tive
aspe
cts
of C
EO p
erso
nalit
y su
ch
as d
iver
gent
thin
king
, inf
orm
atio
n se
ekin
g,
and
inte
llect
ual f
lexi
bilit
y re
flect
ed in
CEO
op
enne
ss to
exp
erie
nce
prom
oted
stra
tegi
c ch
ange
, whe
reas
the
need
for s
truct
ure
and
orde
r, an
d in
tole
ranc
e of
am
bigu
ity
asso
ciat
ed w
ith C
EO
con
scie
ntio
usne
ss
hind
ered
initi
atio
n of
stra
tegi
c ch
ange
The
tend
ency
to e
xper
ienc
e po
sitiv
e em
o-tio
ns c
ombi
ned
with
em
path
y an
d al
truis
m in
Ren
ko e
t al
. (20
13)
Und
erst
andi
ng a
nd
mea
surin
g en
trepr
eneu
rial
lead
ersh
ip s
tyle
Stu
dy o
ne: s
urve
y am
ong
367
wor
king
stu
dent
s an
d em
ploy
ees
Stu
dy tw
o: s
urve
y am
ong
116
wor
king
adu
lts in
US
an
d 42
in F
inla
nd
Met
hod:
con
firm
ator
y fa
ctor
ana
lyse
s an
d ex
plor
ator
y fa
ctor
an
alys
es
O
ften
com
es u
p w
ith ra
dica
l im
prov
emen
t ide
as fo
r the
pr
oduc
ts/s
ervi
ces
we
are
sellin
g
Ofte
n co
mes
up
with
idea
s of
co
mpl
etel
y ne
w p
rodu
cts/
se
rvic
es th
at w
e co
uld
sell
Is
a ri
sk ta
ker
Is
c re
ativ
e
Is p
assi
onat
e ab
out h
is/h
er
wor
k
Is a
vis
iona
ry
C
halle
nges
and
pus
hes
me
to a
ct in
am
ore
inno
vativ
e w
ay
W
ants
me
to c
halle
nge
the
curre
nt w
ays
we
do b
usin
ess
Is
pat
ient
Is fl
exib
le
agre
eabl
enes
s hi
nder
ed s
trate
gic
chan
ge.
M
oder
atin
g ef
fect
s of
ent
repr
eneu
rial
lead
ersh
ip in
an
orga
niza
tion:
env
ironm
enta
l an
d or
gani
zatio
nal c
onte
xt a
s w
ell a
s fo
llow
er
susc
eptib
ility
to e
ntre
pren
euria
l lea
ders
hip
affe
ct th
e re
latio
nshi
p be
twee
n th
is
lead
ersh
ip s
tyle
and
its
oppo
rtuni
ty-fo
cuse
d ou
tcom
es
E
ntre
pren
euria
l lea
ders
hip
draw
s at
tent
ion
to
ente
rpris
ing
indi
vidu
als,
eve
n w
hen
the
outc
omes
of t
his
lead
ersh
ip s
tyle
are
as
sess
ed a
t the
gro
up a
nd o
rgan
izat
iona
l le
vels
.
Ent
repr
eneu
rial l
eade
rs d
irect
ly c
ontri
bute
to
oppo
rtuni
ty re
cogn
ition
and
exp
loita
tion
in
thei
r org
aniz
atio
ns, a
s w
ell a
s in
fluen
ce th
eir
follo
wer
s by
act
ing
as ro
le m
odel
s.