Mergers and acquisitions in the hightech industry: a literature review

2013 ◽  
Vol 21 (1) ◽  
pp. 66-82 ◽  
Author(s):  
Matteo Rossi ◽  
Shlomo Yedidia Tarba ◽  
Amos Raviv
Keyword(s):  
Literature Review ◽  
Mergers And Acquisitions ◽  
Value Creation ◽  
Design Methodology ◽  
Business Development ◽  
Critical Examination ◽  
High Tech ◽  
Review Of Literature ◽  
Content Type ◽  
Start Ups

PurposeAs a result of the impressive wave of mergers and acquisitions (M&As) in recent years, operations that were traditionally considered to be extraordinary have become common business development options. M&As have produced mixed results for their stakeholders, which resulted in extensive economics debate, albeit without a systemic vision. As a result, the M&A literature has not yet developed a paradigm and the purpose of this paper is to present a review of the existing literature.Design/methodology/approachThe authors carried out a review of literature on M&As in technology‐driven sectors.FindingsThe critical examination of the innovation and value creation processes in M&As in hightech industry provides new insights for incumbent executives and can better plan and implement M&As deals.Originality/valueSince 1990 there has been a major expansion of M&As in high‐tech sectors, many involving the acquisition of small and young start‐ups. To address this important topic the authors present here a review of literature on M&As in technology‐driven sectors.

A typology and meta-analysis of outsourcing relationship frameworks

2014 ◽  
Vol 7 (2) ◽  
pp. 135-172 ◽  
Author(s):  
Paul Lyons ◽  
Louis Brennan
Keyword(s):  
Literature Review ◽  
Design Methodology ◽  
Meta Analysis ◽  
Two Dimensional ◽  
Review Of Literature ◽  
Content Type ◽  
Outsourcing Success ◽  
The Relationship ◽  
Practical Implications ◽  
Family Groups

Purpose – The purpose of this paper was to consider 52 conceptual frameworks identified during a systematic literature review with the aim of providing insights into various aspects of outsourcing relationships. Many authors propose these frameworks to contribute to our understanding of how outsourcing relationships are conceived, operate and evolve. A meta-analysis of these frameworks was completed. Design/methodology/approach – The approach consisted of five stages: a systematic, but focused literature review to identify relevant frameworks; a study of the selected frameworks to enable the design of a typology of framework styles, so that frameworks adopting similar styles can be compared and analysed; grouping of the frameworks into families addressing different aspects of relationships as they form, operate and evolve; using the types (from the typology) within these family groups to facilitate a meta-analysis of each group by identifying common or contrasting themes; and deriving overall observations and identifying the most robust frameworks in each group. Findings – Nine framework types are identified and named as nominal categorisation, matrix, pyramid, dependency, interaction, flowchart, two-dimensional progression, life cycle and stepped. Five logical family groups were identified addressing how relationships form, operate and evolve. These groups cover the scope of outsourcing relationship, the relationship governance, the climate of the relationship, relationship tactics and relationship evolution. Common themes were identified, and overall observations were drawn. Recommendations are also provided on the frameworks which were assessed as being most robust and likely to be of most use to practitioners and researchers. Research limitations/implications – The study considered a representative sample of frameworks identified during a systematic review of literature relating to outsourcing relationships. However, it cannot be considered fully comprehensive, and frameworks from other sources also exist. Practical implications – Outsourcing success depends on the establishment and management of a constructive relationship between the client and supplier. Frameworks assist understanding of this important aspect of outsourcing. Originality/value – This paper provides a reference point for scholars and practitioners who are interested in outsourcing relationships and may value the sources identified and the summaries, comparisons and recommendations provided.

Mergers and acquisitions: a review. Part 1

2016 ◽  
Vol 33 (1) ◽  
pp. 147-188 ◽  
Author(s):  
Reza Yaghoubi ◽  
Mona Yaghoubi ◽  
Stuart Locke ◽  
Jenny Gibb
Keyword(s):  
Mergers And Acquisitions ◽  
Value Creation ◽  
Design Methodology ◽  
Empirical Studies ◽  
Relevant Literature ◽  
Acquisition Performance ◽  
Content Type ◽  
Number Of Factors ◽  
Self Interest ◽  
Target Characteristics

Purpose – This paper aims to review the relevant literature on mergers and acquisitions in an attempt to provide a comprehensive account of what we know about mergers and which parts of the puzzle are still incomplete. Design/methodology/approach – This literature review consists of three key sections. The first part of this paper summarises the literature on the cyclical nature of mergers referred to in the literature as merger waves. The second section reviews the causes and consequences of takeovers; it first reviews the causes, or drivers, of acquisitions, while focusing on the fact that acquisitions happen in waves and then reviews the consequences of takeovers, with a predominant focus on the impacts of mergers on the economic performance of acquirers. The third part of the review summarises the theories as well as previous empirical studies on determinants of announcement returns and post-acquisition performance of combined firms. Findings – Merger activity demonstrates a wavy pattern, i.e. mergers are clustered in industries through time. The causes suggested for this fluctuating pattern include industry and economy-level shocks, mis-valuation and managerial herding. Market reaction to announcement of acquisitions is, on average, slightly negative for acquirer stocks and significantly positive for target stocks. The combined abnormal return is positive. These findings have been consistent over several decades of investigation. The prior research also identifies a number of factors that are related to performance of acquisitions. These factors are categorised and reviewed in five different groups: acquirer characteristics, target characteristics, bid characteristics, industry characteristics and macro-environment characteristics. Originality/value – This review illustrates a number of issues. Prior research is heavily biased towards gains to acquirers and factors that affect these gains. It is also biased towards finding sources of value creation through mergers, despite the fact that several theories suggest that mergers can be value-destroying. In fact, value destruction is often attributed to managers’ self-interest (agency problem) and mistakes (hubris). However, the mechanisms through which mergers destroy value are rarely addressed. Aside from that, the possibility of simultaneous creation and destruction of value in acquisitions is not often considered. Finally, after several decades of investigation, a key question is not completely answered yet: “What are the sources of value in mergers and acquisitions?”

Expanding outward: libraries broaden their impact

2016 ◽  
Vol 117 (5/6) ◽  
pp. 407-410 ◽  
Author(s):  
Bruce Massis
Keyword(s):  
Literature Review ◽  
Real World ◽  
Design Methodology ◽  
High Tech ◽  
Content Type ◽  
Technological Advances ◽  
Library Users

Purpose The purpose of this column is to describe several examples of libraries providing services to their patrons to broaden their impact beyond their four walls. Design/methodology/approach Literature review and commentary on this topic that has been addressed by professionals, researchers and practitioners. Findings Mobility substantiates the claim that library users have certain expectations from their libraries, not the least of which is to maintain a currency with the latest technological advances through its services. Therefore, younger generations brought up on high-tech access to their library materials via an array of services outside the building itself is paramount to a public expecting its links to services anywhere, anytime. Originality/value The value in exploring this topic is to examine several real-world scenarios where libraries have provided exceptional services beyond the building to satisfy the ever-expanding expectations of their users.

Estimating a measure of intellectual capital value to test its determinants

2015 ◽  
Vol 16 (1) ◽  
pp. 101-120 ◽  
Author(s):  
Viktoria Goebel
Keyword(s):  
Mergers And Acquisitions ◽  
Intellectual Capital ◽  
Value Creation ◽  
Design Methodology ◽  
Content Type ◽  
Concentrated Ownership ◽  
Long Run ◽  
New Research ◽  
Value Measure ◽  
Capital Value

Purpose – The purpose of this paper is to identify a measure of intellectual capital (IC) value which offers new research opportunities for empirical investigations and to examine the determinants of IC value. Design/methodology/approach – In total, 4,488 firm years of German companies are investigated to compare three measures of IC value: market-to-book, Tobin’s q, and long-run value-to-book (LRVTB). Findings – LRVTB is observed to be the IC value measure with the highest explanatory value. This measure provides an approach to empirically test previously untested hypotheses on IC value. The results on testing determinants of IC value indicate that IC value is positively related to leverage and motivational payments to employees and negatively associated with company size. In contrast, recognised intangible assets, research and development (R & D), company age and concentrated ownership show no significant effects. Research limitations/implications – The findings on IC value measures contribute to IC research as they offer a way to estimate IC value for testing IC-related hypotheses. The findings on IC determinants have implications for IC management as the relevant determinants can be considered for IC value creation. Originality/value – This paper responds to the challenge posed by previous IC research to develop more creative quantitative approaches to estimate IC value (Marr et al., 2003; Mouritsen, 2006) in order to test IC-related hypotheses by innovatively applying a measure from mergers and acquisitions research to IC.

The link between mergers and acquisitions and innovation

2018 ◽  
Vol 41 (6) ◽  
pp. 716-752 ◽  
Author(s):  
Luca Dezi ◽  
Enrico Battisti ◽  
Alberto Ferraris ◽  
Armando Papa
Keyword(s):  
Literature Review ◽  
Mergers And Acquisitions ◽  
Corporate Finance ◽  
Open Innovation ◽  
Design Methodology ◽  
Content Type ◽  
Future Studies ◽  
Current Scenario ◽  
Innovation Approach ◽  
The Relationship

Purpose The link between mergers and acquisitions (M&A) and innovation has been analysed in both corporate finance studies and the innovation literature. Despite this attention and the practical evidence that highlights different connections between these two terms, there is a need to investigate the latest trends with regard to these important topics, and to put a particular focus on the emerging paradigm of open innovation. Thus, this paper aims to provide a systematic literature review (SLR) about the relationship between M&As and the concept of innovation in the current scenario. Design/methodology/approach Through an SLR from 2012 to June 2017, 55 papers have been identified and analysed to give a better understanding of the motivations and the methodologies adopted in past studies. Findings This paper identifies various conceptual and research methodological characteristics of studies that have connected, directly or indirectly, M&As and innovation in recent years. In addition, the results highlight a scarcity of studies that explicitly or implicitly refer to the open innovation paradigm, marking only a partial understanding of this emerging phenomenon. Originality/value This paper improves the knowledge on the link between extraordinary corporate transactions and innovation, and it highlights that a clear consensus, particularly regarding the open innovation paradigm, is lacking. Thus the authors propose that future studies should carefully evaluate M&As by following the open innovation approach.

Mergers and acquisitions: a review (part 2)

2016 ◽  
Vol 33 (3) ◽  
pp. 437-464 ◽  
Author(s):  
Reza Yaghoubi ◽  
Mona Yaghoubi ◽  
Stuart Locke ◽  
Jenny Gibb
Keyword(s):  
Mergers And Acquisitions ◽  
Value Creation ◽  
Design Methodology ◽  
Empirical Studies ◽  
Relevant Literature ◽  
Acquisition Performance ◽  
Content Type ◽  
Number Of Factors ◽  
Self Interest ◽  
Target Characteristics

Purpose This paper aims to review the relevant literature on mergers and acquisitions in an attempt to provide a comprehensive account of what we know about mergers and which parts of the puzzle are still incomplete. Design/methodology/approach This literature review consists of three key sections. The first part of this paper summarises the literature on the cyclical nature of mergers referred to in the literature as merger waves. The second section reviews the causes and consequences of takeovers; it first reviews the causes, or drivers, of acquisitions, while focusing on the fact that acquisitions happen in waves and then reviews the consequences of takeovers, with a predominant focus on the impacts of mergers on the economic performance of acquirers. The third part of the review summarises the theories, as well as previous empirical studies, on determinants of announcement returns and post-acquisition performance of combined firms. Findings Merger activity demonstrates a wavy pattern, i.e. mergers are clustered in industries through time. The causes suggested for this fluctuating pattern include industry- and economy-level shocks, mis-valuation and managerial herding. Market reaction to announcement of acquisitions is, on average, slightly negative for acquirer stocks and significantly positive for target stocks. The combined abnormal return is positive. These findings have been consistent over several decades of investigation. Prior research also identifies a number of factors that are related to performance of acquisitions. These factors are categorised and reviewed in five different groups: acquirer characteristics, target characteristics, bid characteristics, industry characteristics and macro-environment characteristics. Originality/value This review illustrates a number of issues. Prior research is heavily biased towards gains to acquirers and factors that affect these gains. It is also biased towards finding sources of value creation through mergers despite the fact that several theories suggest that mergers can be value-destroying. In fact, value destruction is often attributed to managers’ self-interest (agency problem) and mistakes (hubris). However, the mechanisms through which mergers destroy value are rarely addressed. Aside from that, the possibility of simultaneous creation and destruction of value in acquisitions is not often considered. Finally, after several decades of investigation, a key question is not completely answered yet: “What are the sources of value in mergers and acquisitions?”

Neuromarketing genetics: a systematic review of literature

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Otto Herman Pedreira Goecking ◽  
Cristiana Fernandes De Muylder ◽  
Henrique Cordeiro Martins ◽  
João Luiz da Matta Felisberto
Keyword(s):  
Systematic Review ◽  
Consumer Behavior ◽  
Network Analysis ◽  
Literature Review ◽  
Design Methodology ◽  
Business Processes ◽  
Web Of Science ◽  
Review Of Literature ◽  
Physiological Mechanisms ◽  
Content Type

PurposeThe main goal of this paper is to systematically evaluate the bibliographic production on neuromarketing from 1945 to 2018, with an emphasis on consumer behavior, to identify possible convergence of interests among health and marketing fields.Design/methodology/approachThis article was based on a systematic literature review (SLR) with the intention of investigating research related to neuromarketing by means of network analysis of citations.FindingsThe research reveals that there are formed networks in the health and management areas, but they are insufficient to enhance the neuromarketing results. Ethics has been mentioned in some studies, but the maps do not suggest that it is a developing field. Similar results can be seen within the sales area that can be capitalized on by research of gains related to consumer behavior.Research limitations/implicationsOne limitation of this study was the use of only one database (Web of Science®) that published several works from 1945 to the present time, but certainly has not exhausted the possibilities of research in the area.Originality/valueThis article helped to highlight the importance of ethics in clinical and business processes using neuroimaging, which could be an easy way to understand the behavioral and physiological mechanisms.

Perceived value: a critical examination of definitions, concepts and measures for the service industry

2011 ◽  
Vol 25 (3) ◽  
pp. 229-240 ◽  
Author(s):  
Philipp E. Boksberger ◽  
Lisa Melsen
Keyword(s):  
Literature Review ◽  
Design Methodology ◽  
Service Industry ◽  
State Of The Art ◽  
Perceived Value ◽  
Future Research ◽  
Critical Examination ◽  
Content Type ◽  
Close Relationship ◽  
The Common

PurposeThe aim of this paper is to provide a literature review of the state‐of‐the‐art and up to date concepts and measures undertaken in the research on perceived value. The purpose especially is to provide a comprehensive and systematic overview of the research on perceived value.Design/methodology/approachThe common perceived value definitions, conceptual and measurement approaches and its close relationship with important and highly researched service industry components such as service quality and customer satisfaction are discussed.FindingsThis paper demonstrates underlying and foundational theories, systematises the research streams and addresses the unsolved concerns of perceived value. The paper concludes with recommendations for the future research and application of perceived value as being relevant to the service industry.Originality/valueThe contribution of the paper lies in achieving a more profound understanding of the nature of perceived value for, equally, academics and industry.

scholarly journals A Literature Review of Mergers and Acquisitions

2013 ◽  
Vol 5 (1) ◽  
pp. 435-439
Author(s):  
Dr.S. NIRMALA ◽  
ARUNA G
Keyword(s):  
Literature Review ◽  
Mergers And Acquisitions ◽  
Financial Performance ◽  
Value Creation ◽  
Operating Performance ◽  
Extensive Review ◽  
Review Of Literature ◽  
Share Value

An extensive review of literature has been carried out in order to get a good understanding in the topic of Mergers and Acquisitions. Literature review has been done from books, journal, published papers etc.The issues covered include Motives, Share value creation, Financial performance, operating performance. These studies have been reviewed and presented in the following manner. Literature review has been collected from both within India and outside India.

Building resilience in risk-takers

2018 ◽  
Vol 26 (1) ◽  
pp. 17-19
Keyword(s):  
Design Methodology ◽  
Reading Time ◽  
Business Development ◽  
Too Big To Fail ◽  
Content Type ◽  
Pertinent Information ◽  
Risk Takers ◽  
Start Ups ◽  
Agile Teams ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings The cult of start-ups is already embedded in many major corporations. For those commercial giants that are “too big to fail”, their research and development (R&D) departments talk a lot about failure. Whether it is a skunkworks, a lean operating business development hub, or a suite of fully agile teams working in continuous development, the focus will be on creating minimal viable products with many iterations that will in all likelihood fail. The hope being that for the 999 failures, the 1,000th idea will finally pay dividends. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

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