Unveiling the myths of M&A integration: challenging general management and consulting practice

2015 ◽  
Vol 36 (2) ◽  
pp. 16-24 ◽  
Author(s):  
Florian Bauer ◽  
Julia Hautz ◽  
Kurt Matzler
Keyword(s):  
Design Methodology ◽  
Research Management ◽  
Integration Process ◽  
Senior Managers ◽  
Content Type ◽  
Corporate Development ◽  
General Management ◽  
Quantitative Studies ◽  
The Common ◽  
Successful Integration

Purpose – The purpose of this paper is to detect and challenge generally accepted management and consulting practice in Mergers & Acquisitions (M&As). M&As have been an important issue in strategic management and corporate development for decades. The integration process of two separate entities has been found to be of importance, and has, accordingly, received a significant amount of attention by research, management and consulting literature. Based on these insights, managers tend to rely on well-established and generally accepted rules developed by practice and consultants that should support a successful integration process and the generation of value. Nonetheless, M&As’ efforts still often fail to create value. So is the common practice of the established drivers and beneficial consequences of the integration of M&As right, or do the experiences of consultants, companies and managers reveal something different? Design/methodology/approach – To understand these challenges, the authors spent four years studying M&A projects and subsequent integration processes of more than 400 companies that engaged in M&A efforts. The data derived from four survey-based quantitative studies among more than 430 CEOs, CFOs and other senior managers in the field of M&As and personal interviews that were conducted to get in-depth insights. Findings – This extensive research on the efforts and projects of M&As over many years and including many companies reveals that successful integration processes are complex, social and culturally dependent endeavors and that the application of commonly accepted and established principles oversimplifies and disregards the interdependencies. Originality/value – The present paper unveils four established principles concerning the successful integration after M&As as tenacious myths and provides more differentiated insights into value-destroying and value-creating mechanisms in M&As.

Learning from criticisms of quality management

2015 ◽  
Vol 7 (2/3) ◽  
pp. 201-216 ◽  
Author(s):  
Gilles Barouch ◽  
Stéphane Kleinhans
Keyword(s):  
Quality Management ◽  
Literature Review ◽  
Design Methodology ◽  
State Of The Art ◽  
Senior Managers ◽  
Content Type ◽  
Adequate Response ◽  
Academic Results

Purpose – This paper aims at summing up the main criticisms concerning quality management (QM) in order to address them through objective arguments or extant research. Since its diffusion in the Occident in the 70s, QM gained as much approvals as criticisms. Therefore, with 40 years distance, it seems useful to sum up the main criticisms addressed to QM, to present a synthesis of the answers provided by researchers to these criticisms and to propose extant research when it appears that some criticisms have not received yet the adequate response. Design/methodology/approach – This paper is based on a literature review. Findings – This paper comes up with a list of the main criticisms addressed to QM. Then, main causes of criticisms are identified: ignorance of QM, confusion concerning QM definitions and theory and misuse of QM by senior managers. At last, QM organizational solutions are proposed which answer most expressed criticisms. Extant research tracks are considered for those relevant criticisms which have not been sufficiently addressed until now. Research limitations/implications – Further research will look into depicting a survey conducted among QM professionals concerning QM criticisms in their organization and confronting them to these academic results. Originality/value – This paper actualizes and completes Giroux and Landry’s (1998) article which dealt extensively with QM criticisms. Professionals will find in this paper answers to most criticisms against QM and a better understanding of the present limits of this discipline. Researchers will be provided with a state of the art concerning this sensitive topic, allowing them to go deeper in the fields that require special attention.

Volatility discovery in cryptocurrency markets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Thomas Dimpfl ◽  
Dalia Elshiaty
Keyword(s):  
Design Methodology ◽  
Stochastic Volatility Model ◽  
Discrete Version ◽  
Data Series ◽  
Content Type ◽  
Vector Autoregressive ◽  
Volatility Model ◽  
Information Shares ◽  
The Common ◽  
To Come

PurposeCryptocurrency markets are notoriously noisy, but not all markets might behave in the exact same way. Therefore, the aim of this paper is to investigate which one of the cryptocurrency markets contributes the most to the common volatility component inherent in the market.Design/methodology/approachThe paper extracts each of the cryptocurrency's markets' latent volatility using a stochastic volatility model and, subsequently, models their dynamics in a fractionally cointegrated vector autoregressive model. The authors use the refinement of Lien and Shrestha (2009, J. Futures Mark) to come up with unique Hasbrouck (1995, J. Finance) information shares.FindingsThe authors’ findings indicate that Bitfinex is the leading market for Bitcoin and Ripple, while Bitstamp dominates for Ethereum and Litecoin. Based on the dominant market for each cryptocurrency, the authors find that the volatility of Bitcoin explains most of the volatility among the different cryptocurrencies.Research limitations/implicationsThe authors’ findings are limited by the availability of the cryptocurrency data. Apart from Bitcoin, the data series for the other cryptocurrencies are not long enough to ensure the precision of the authors’ estimates.Originality/valueTo date, only price discovery in cryptocurrencies has been studied and identified. This paper extends the current literature into the realm of volatility discovery. In addition, the authors propose a discrete version for the evolution of a markets fundamental volatility, extending the work of Dias et al. (2018).

Seeking transparency makes one blind: how to rethink disclosure, account for nature and make corporations sustainable

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Paolo Quattrone
Keyword(s):  
Social Inequality ◽  
Common Good ◽  
Design Methodology ◽  
Value Added ◽  
Institutional Arrangements ◽  
Content Type ◽  
Corporate Behavior ◽  
Income Statement ◽  
The Common ◽  
Human Actors

PurposeFinancial and nonfinancial disclosures are still anchored to conventional notions of transparency, whereby corporations “push” information out to various stakeholders. Such information is now “pulled” from various sources and addresses aspects of corporate behavior that go well beyond those envisioned by the disclosure framework. This shift makes notions of values, measurement and accountability more fragmented, complex and difficult. The paper aims to bring the accounting scholarly debate back to what and how transparency can be achieved especially in relation to issues of social inequality and sustainability.Design/methodology/approachAfter an analysis of the limitations of current approaches to disclosure, the paper proposes a shift toward normative policies that profit of years of critique of positivism.FindingsDrawing on the notion of value-added, the paper ends with a new income statement design, labeled as Value-Added Statement for Nature, which recognizes Nature as a further stakeholder and forces human stakeholders to give voice, or at least acknowledge the lack of voice, for non-human actors.Originality/valueThe author proposes a shift in the perspective, practice and institutional arrangements in which disclosure occurs. Measurement and transparency need to happen in communication exercises, which do not presuppose what needs to be made transparent once and for good but define procedures on how to make fragmented, complex, multiple and volatile notions of value transparent. Income statements and accounting more in general is to be reconceived as a platform where stakeholders will have to continuously negotiate what counts as the common good in the interest of all, including Nature.

scholarly journals Accounting for the messiness of the research process: the fieldpath approach

2018 ◽  
Vol 13 (4) ◽  
pp. 315-332 ◽  
Author(s):  
Perttu Salovaara
Keyword(s):  
Qualitative Research ◽  
Design Methodology ◽  
Research Process ◽  
Content Type ◽  
Environmental Consequences ◽  
Human Ethics ◽  
Conceptual Paper ◽  
The Common ◽  
Practical Implications

Purpose It has recently become more acknowledged that there is a quality of “messiness” to the qualitative research process. The purpose of this paper is to introduce the fieldpath approach—a hermeneutically inspired framework—to account for the non-linearity, uncertainty and ambiguity of the research process. Design/methodology/approach This conceptual paper reviews how the scope of hermeneutics has been partly misunderstood. The paper discusses how the scope of hermeneutics has lately been expanded by works such as Günter Figal’s (2010) Objectivity: The Hermeneutical and Philosophy. Findings The fieldpath approach proposes that a heightened relation to materiality enables the messiness of the process to be preserved, while at the same time offering a way to find one’s footing in the midst of ontologically incomplete phenomena that are still—in a processual fashion—forming and becoming. Research limitations/implications This is a conceptual paper. In addition to the research mentioned here, more studies would be needed to legitimise, test and refine the approach. Practical implications Objectivity provides an additional criterion for researchers to lean on when facing the non-linearity and unexpected turns inherent in the qualitative research process. Social implications The stress on materiality involves an ethical dimension. Post-human ethics are concerned with the future environmental consequences and sustainability of the material world. The way that matter matters in our methodologies is of primary importance. Originality/value First, the paper emphasises that hermeneutics, contrary to the common perception, does offer criteria for evaluating between interpretations. Second, it introduces the notion of hermeneutic objectivity, which stresses the importance of materiality for interpretations. Third, it introduces the fieldpath approach, which, based on the previous criterion of hermeneutic objectivity, allows for the messiness of the research process, while also preserving a tight grip on the hermeneutic imperative of “understanding in a new way”.

Cue-less consumers in factory outlet stores: reference price effects on consumer evaluations when semantic phrases are missing

2018 ◽  
Vol 27 (4) ◽  
pp. 415-426
Author(s):  
Jay P. Carlson ◽  
Larry D. Compeau
Keyword(s):  
Qualitative Study ◽  
Design Methodology ◽  
Consumer Evaluations ◽  
Content Type ◽  
Consumer Responses ◽  
Semantic Cues ◽  
Reference Prices ◽  
Price Effects ◽  
The Common ◽  
To Come

Purpose Prior research has demonstrated that reference prices can affect consumer responses, but the reference prices examined have been presented along with semantic cues [e.g. manufacturer’s suggested retail price (MSRP) and Compare At]. This study is unique in investigating the effects of reference prices that do not include a semantic cue (i.e. “cue-less”) on consumers’ responses. It also studies consumers’ beliefs about factory outlet stores, a seldom-studied store type in which cue-less reference prices are used. Design/methodology/approach One qualitative study and one experiment were carried out in this research. Findings The qualitative study revealed that a price tag including cue-less reference prices was unlikely to be viewed as a seller mistake or with suspicion, but nonetheless did confuse some respondents. The experiment demonstrated that while consumers find cue-less reference prices to be somewhat less believable that high MSRPs, these beliefs do not appear to come into play when consumers judge attractiveness (e.g. perceived value). Additionally, the results suggest that consumers believe that a product available for sale in a factory outlet store is likely to have been previously available at a different type of store. Originality/value This research advances the theory of the effects of reference prices on consumers’ responses by examining the common practice of not labeling reference prices with semantic cues. It also extends the literature regarding consumer beliefs about factory outlet stores.

scholarly journals The Millennium Development Goals and Production Engineering training

2015 ◽  
Vol 47 (6) ◽  
pp. 293-301 ◽  
Author(s):  
Charbel Jose Chiappetta Jabbour ◽  
Ana Beatriz Lopes de Sousa Jabbour ◽  
Walter Leal Filho ◽  
Angappa Gunasekaran
Keyword(s):  
Millennium Development Goals ◽  
Design Methodology ◽  
Industrial Engineering ◽  
Sustainable Society ◽  
Integration Process ◽  
Production Engineering ◽  
Content Type ◽  
Development Goals ◽  
Engineering Training ◽  
New Framework

Purpose – The search for a more sustainable society depends on more sustainable organisations and, as such, Production (Industrial) Engineering may contribute to this process through the training of professionals with a greater social and environmental consciousness. The purpose of this paper is to present arguments in favour of the integration of Production Engineering and the Millennium Development Goals and evaluate the potential of Production Engineering subareas in contributing to the Millennium Development Goals. Design/methodology/approach – This work is conceptual and integrative in order to provide an original framework. A Brazilian perspective on Production Engineering has been adopted. Findings – A framework is proposed to guide this integration process by providing suggestions for an agenda of opportunities for academics and practitioners in favour of a more sustainable society. Originality/value – This work presents a new framework integrating Production Engineering and the Millennium Development Goals in order to promote a more sustainable training in Production (Industrial) Engineering field of research.

Knowledge heterogeneity, social capital, and organizational innovation

2018 ◽  
Vol 31 (2) ◽  
pp. 304-322 ◽  
Author(s):  
Fu-Sheng Tsai
Keyword(s):  
Social Capital ◽  
Design Methodology ◽  
Qualitative Data ◽  
Organizational Innovation ◽  
Three Dimensions ◽  
Shared Knowledge ◽  
Content Type ◽  
Quantitative Studies ◽  
The Relationship ◽  
Heterogeneous Knowledge

Purpose Observing across four comparative case organizations, the purpose of this paper is to identify two sources of contingency (i.e. construct and contextual contingency) for the relationship between knowledge heterogeneity and innovation. Design/methodology/approach The contingencies was explored by conducting a comparative case analyses with rich qualitative data extracted and interpreted from four case companies. Findings First, the construct contingency is examined by refining knowledge heterogeneity into three dimensions: domain, process, and context heterogeneity. Specifically, the author proposed that knowledge heterogeneity in domain is associated with innovation in an inverted U-shape, while heterogeneity in process and context dimensions both negatively influence innovation. Second, contextual contingency is studied. The author proposed that: trust positively moderates the relationship between knowledge heterogeneity and innovation; depending on the knowledge owner attributes, centralization positively or negatively moderates the relationship between heterogeneous knowledge and innovation; shared knowledge vision positively moderates the relationship between knowledge heterogeneity and innovation. Originality/value The influences of knowledge heterogeneity on innovation have yet been inconsistent. The present study set to reconcile such inconsistency with a solution of contingencies that intervene the heterogeneity-innovation relationship. These results offer useful references for future large-scaled, quantitative studies.

When face meets globalization

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Haiyang Huang ◽  
Jiaxun He
Keyword(s):  
Emerging Markets ◽  
Cultural Values ◽  
Consumer Culture ◽  
Design Methodology ◽  
Content Type ◽  
Global Branding ◽  
The Common ◽  
Moderation Model ◽  
Using Data ◽  
Practical Implications

Purpose Synthesizing the unique Confucian cultural values and the common characteristics of emerging markets, the purpose of this paper is to examine how face drives consumers’ attitudes toward global consumer culture positioning (GCCP) as well as the moderating roles of social aggrandizement and susceptibility to normative influence (SNI). Design/methodology/approach The authors adopt the total effect moderation model to test the hypotheses using data collected from China. Findings The results show that face positively affects consumers’ attitudes toward GCCP through enhancing their pursuit for global myth. In addition, social aggrandizement positively moderates the influence of face on pursuit for global myth. SNI positively moderates the influence of pursuit for global myth on attitudes toward GCCP. Practical implications The findings of this study highlight the need to utilize local powers to promote brands globally and provide guidelines for “Think Globally, Act Locally” in Confucian societies. Originality/value This study represents an important step in the global branding literature regarding the advancement of culturally driven attitudes toward GCCP by taking root in the Confucian culture.

Is there a place for gender questions in studies on entrepreneurship, or for entrepreneurship questions in gender studies?

2020 ◽  
Vol 12 (1) ◽  
pp. 89-101
Author(s):  
Carin Holmquist ◽  
Elisabeth Sundin
Keyword(s):  
Lived Experience ◽  
Gender Studies ◽  
Empirical Data ◽  
Design Methodology ◽  
Content Type ◽  
Quantitative Studies ◽  
Personal Reflections ◽  
Paper Format

Purpose This paper aims to add to the diversity of gender and entrepreneurship studies by presenting the (lived experience) perspective on the development of research on women as entrepreneurs. Design/methodology/approach An essay built on personal reflections on the development of the field since the 1980s. Findings Research on entrepreneurship has shifted toward quantitative studies and the paper format, leading to fragmented research. Research on gender shows another trend, where empirical data have become less central – “women” as individuals are to a large extent not discussed. The authors conclude that the field of gender and entrepreneurship, therefore, is a fruitful arena to perform research in as long as the physical women are not neglected. Originality/value Building on the lived experience for almost 40 years as researchers of women as entrepreneurs, the perspective contributes to the understanding of the development of the field.

Liability in negligence for building defects in Ireland, England and Australia

2017 ◽  
Vol 9 (3) ◽  
pp. 178-192
Author(s):  
Deirdre Ní Fhloinn
Keyword(s):  
Design Methodology ◽  
Common Law ◽  
Economic Loss ◽  
Legal Environment ◽  
England And Wales ◽  
Content Type ◽  
The Common ◽  
The Cross

Purpose The purpose of this paper is to consider decisions of the courts of three jurisdictions: Ireland; England and Wales; and Australia, in relation to recovery of economic loss in negligence for building defects and to identify the extent to which the legal environment of each jurisdiction has informed the approach of the courts to the issue. Design/methodology/approach The approach taken for this purpose is to review the extent of legislative intervention in each jurisdiction to provide measures of protection for home buyers, and whether that intervention has limited the scope of what may be recovered in negligence for defects. Findings The findings of the research indicate that the retreat from recovery for defects, led by the courts of England and Wales through a series of cases in the 1980s and 1990s, may be regarded in part as a product of their environment, and that legislative intervention in the area of remedies acted as a limitation on the scope of the duties that the courts were prepared to impose. Originality/value Although the issue of recovery for building defects in negligence has been covered extensively in the literature and jurisprudence, the cross-referencing of the common law position with the legislative context in the jurisdictions considered provides insights into the approaches of courts and why the position of the courts of England and Wales may not transpose comfortably to other jurisdictions.

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