Coopetition in a failed merger project: why two French companies called it quits

Purpose Coopetition includes cooperation and competition, sometimes simultaneously, among firms from a specific industry involved in a merger and acquisition (M&A) operation. However, despite their high number, most mergers end in failure. Therefore, looking at how firms cooperate and compete when planning a merger operation can be a key to better understand post-merger integration, set achievable synergies for both parties and better understand the organizational culture of both companies. Also, external events in a rapidly changing environment can affect the global strategy of organizations and impact the desire for firms to engage in mergers and acquisitions. Design/methodology/approach The author investigates how merger negotiations were conducted and influence coopetition among two firms engaged in such an operation. The author describes the project merger of two French companies using longitudinal data. Findings This in-depth case study provides new insights into coopetition dynamics during merger negotiations and the influence of a global crisis on the overall strategy of two firms. The authors specifically detail how cooperation and competition were present in M&A negotiations and how the rapidly changing environment influenced the planned operation. First, cooperation was privileged as companies enhanced information sharing and communication for their joint strategy. Then, with the evolution of the environment, new opportunities were given to the target company, which decided to quit the merger project. Therefore, both firms engaged in a competitive context as the crisis helped the target company (in difficulty at the beginning of negotiations) to develop new projects and to become a real rival of the acquiring company in its local ecosystem. Research limitations/implications The limitations are those concerning a single case study. Practical implications The study highlights the complexity of merger negotiations and the unexpected events faced by integration stakeholders. The analysis, thus, contributes to an inclusive and integrative view of the challenges in the merger process. The study questions coopetition issues in regional clusters as both firms operate in the same industry in the same region. For practitioners, the study questions how to balance the risks and rewards of coopetition activities over time. The case addresses information sharing in coopetition projects and the fear that the data and information revealed during negotiations will affect the company’s competitive advantage once the merger plan is abandoned. In the context of the rapidly changing environmental crisis, managers will reflect on continuing to cooperate with their competitors or pursuing their activities on their own. Social implications Despite their high number, M&A failures remain surprisingly high. This study explores how stakeholders deal with merger negotiations and how external events impact such negotiations and merger projects by raising coopetitive tensions among firms. Originality/value The case provides a vivid illustration of firms’ adaptation to a rapidly evolving context due to a global crisis. The research questions coopetition in business ecosystems and the unexpected in merger processes. The study addresses critical risks in knowledge exchange during merger negotiations and coopetitive dynamics among stakeholders over time. Theoretical concepts and empirical findings from the literature are combined to present a single consistent picture.

Can the Audit Opinion Influence the Portfolio Investment Decisions? The Case of Listed companies

As a part of their strategic transactions, corporations often acquire stakes in other companies that do not grant them control, but allow them to use their resources to increase their profitability, access technological progress and innovation, develop products, or obtain dividends. The main objective of this paper is to identify the factors influencing the behavior of acquirers who buy securities in the capital of the target companies, listed on Bucharest Stock Exchange, without intending to control them. The study aims to describe two dimensions of the buyers' behavior, when they buy shares that do not lead to the control of the target companies (below 50%). The first dimension refers to the buyer's decision to invest in a certain share of capital, influenced by the profitability of the target company and its market capitalization (dimensions of their performance), but also by the audit opinion on the annual financial statements. The relationship is positive and significant. The second dimension focuses on the decision of the acquirers to invest or not in a blue-chip company (top companies, considered the most efficient and stable on the financial market), with the main purpose of obtaining dividends or trading the respective securities on the capital market, in order to generate cash flows. The result shows that investors buy small shares in blue chip companies, compared to other companies, taking into account their performance and the audit opinion on the annual financial statements.

Customer-Classified Intracity Fruit Distribution Path Optimization: A Case Study in Jining, China

With the development of technology and economy, customer satisfaction is becoming increasingly important to businesses. Customers expect more in regard to product quality, personalised service and delivery date. This study randomly selected customers from a small-to-medium sized company in China as case study and used a K-Means cluster analysis approach to present the available management in logistics. The mileage saving method was also used to contribute the distribution path planning. This resulted in a more scientific distribution route based on comparative analysis, which helped the target company save resources and improve efficiency. This study helped companies effectively identify customer value by combining customer classification with intracity distribution path optimization. Simultaneously, it provides possible empirical reference to service quality improvement, the distribution path optimization, the resource wasting reduction and the companies’ operation efficiency enhancement. It enriches the current literature about food distribution path optimization for small and medium sized food company.

The Effect of Liquidity Ratio and Solvency Ratio on the Profitability of Plantation Subsector Companies Listed on the Indonesian Stock Exchange

This study was conducted to determine the effect of liquidity and solvency on profitability in plantation sub-sector companies listed on the Indonesia Stock Exchange for the period 2017 to 2020 because it often happens that companies are unable to balance their liquidity and solvency positions because the target company is pursuing profits without compensating management in terms of the ability to pay the debt.This study uses multiple regression analysis with a significance of 0.05. Liquidity variable is measured using current ratio, solvency is measured by debt ratio, while profitability is measured by return on assets. The sampling method used is purposive sampling method. The results partially show that liquidity has a significant effect on profitability, while solvency also has a significant effect on profitability and has a significant effect on profitability. Simultaneously liquidity and solvency have a significant effect on profitability.

Modeling Investment Alliances: Trends, Institutions, Roles

The article, based on the results of a study of current Russian economic, corporate management and judicial law enforcement practice, highlights various configurations of investment alliances regulated by the terms of corporate agreements that are in demand in large and moderately large businesses. The author draws the reader’s attention to the reference targets implemented in the operation of the corresponding models of such agreements of investors in the shares of joint-stock companies and shares in the authorized capital of limited liability companies, as well as on the management and legal tools for achieving these goals. The problem of modeling investment alliances in relation to the solution of long-, medium- and short-term goals and objectives of subjects of entrepreneurial practice requires the use of interdisciplinary analysis – research at the intersection of economics, management, management and law. The purpose of the article is to formulate the problem of modeling investment alliances, describe traditional models of investment alliances and reveal the institutions of modeling investment alliances that contribute to solving this problem. Among others, the authors analyze structures that effectively support the joint business practice of majority and minority shareholders, significant minority shareholders who consolidate corporate control with their help, activate the possibilities of corporate agreements concluded under Russian law for the implementation of mergers and acquisitions projects, as well as anti-raider protection of the target company. The author characterizes the traditional models of investment alliances: “Oath of Allegiance”, “Parity Formula”, “Presale Preparation”, “Speculative Agreement”, “Alliance of Minority Shareholders”, “Anti-Raider Coalition”. The author reveals the institutions of modeling an investment alliance: special rights of a participant, disproportionate powers, special rules of non-public companies, disproportionate contributions, and a corporate agreement. The author also emphasizes the diversity of the roles of participants in investment alliances, taken into account when solving the problem of modeling investment alliances.

Anti-Tipping off Perspective to Target Company Bank's Suspicious Transaction Report in Merger Activity

The purpose of this study is, to explain the legal concept and regulation of anti-tipping off in the banking sector, and to explore about the position of the Suspicious Transaction Report belonging to the target company bank in the merger activity based on anti-tipping off provisions. This is Normative legal Research with a statutory approach, a conceptual approach and a comparative approach. The background of the problem in this paper is, there is no strong legitimacy about definition and limitation of the meaning of the phrase ‘other parties’ in article 12 paragraph (1) Anti Money Laundering Law, which regulate about anti tipping off, wether the absorbing company bank is the 'other parties' of target company bank on the merger activity or not, when target company bank delivered it suspicious transaction reports to absorbing company bank prior to the merger. The results and discussion concluded that Anti-tipping off is a provision that prohibits tipping off. Tipping off itself is an action by a senior officer or Management or Employee of the Reporting Party (inter alia, Bank) to disclose facts related to a Suspicious Transaction Report that has been reported to Financial Intelligence Unit (in casu, PPATK). This is concrete and manifested in the provisions of Article 12 paragraph (1) of the Anti Money Laundering Law. Besides that, Viewed from the anti-tipping off perspective, all the rights owned by the target company Bank prior to the merger, ex officio, become the rights of the absorbing company, since the target company Bank legally merges into a part of the absorbing company. Based on that, it can be concluded that with respect to merger activities, the absorbing company banks are not ‘other Parties’ from the target company Bank.

Merger and Acquisition Analysis in Creating Value for Shareholders in The Infrastructure and Utility Sector

Trough 20 – years period their merger and acquisition (M&A) in sector infrastructure and utilities are the pledge of the most country in the world, especially in Asia with most emerging countries. This study aims to know the relation about M&A activities to value shareholders in infrastructure and utilities sector in during last 20 years and year of crisis in 2020. Observe for acquire and target companies using event study approach to find Cumulative Average Abnormal Return (CAAR) on M&A activities that represent the value for the shareholders. Set event window for 31 days, consist of 15 days before the announcement and 15 days after announcement. Using sample of listed companies who making acquisition activities in Asia which size of the deal above USD 30 million. The result shows that the acquirers give positive CAAR that statistically significant 10% and the targets give positive CAAR statistically significant 5 %. The target company has higher cumulative abnormal average return than the acquirer company. Then M&A activity during crisis shows that for acquirer give positive not significant CAAR with 4,6% abnormal return and target give positive CAAR 3.4% but not significant. The target gives higher CAAR positive for t-15 to t+7 than the acquirer.

THE INFLUENCE OF LEADERSHIP STYLE, MOTIVATION AND DISCIPLINE ON EMPLOYEE PERFORMANCE

The purpose of this study is to Test and analyze the influence of Leadership Style, Motivation and Discipline on Employee Performance at PT Sumo Internusa Indonesia. Leadership style still can encourage or motivate the employees to work more actively, effectively, efficiently and optimally. Lack of motivation of employees in the company are visible from at least giving a salary increase, a promotion, giving an increase in incentives as well as the rise of the craft of money. Employees have less work discipline of the presence of kertelambatan employees.The performance of the employees look of not achieving the target company. Methods peneltiian conducted is quantitative. The number of population and sample in this study a total of 62 employees. The simultaneous and partial leadership style, motivation and the discipline has positive and significant effect on employee performance at PT Sumo In

PENGARUH RASIO HARGA KEUNTUNGAN, RASIO KEUNTUNGAN SETIAP LEMBAR SAHAM, RASIO PENGEMBALIAN ASET, DAN RASIO HUTANG ATAS MODAL TERHADAP HARGA SAHAM PADA SEKTOR INDUSTRI BARANG KONSUMSI YANG LISTING DI BEI TAHUN 2015-2019

Sektor industri barang konsumi adalah perusahaan sasaran penelitian ini. Memakai metode purposive sampling diambil 29 sampel, dari 55 populasi. Selama lima periode observasi diperoleh 145 data sekunder yang kemudian diolah dalam SPSS. Rasio harga keuntungan berpengaruh positif tapi tidak signifikan, dikarenakan nilai signifikan lebih besar dari 0,05 yaitu 0,734 dan t hitung 0,340. Harga saham secara parsial dipengaruhi oleh rasio keuntungan setiap lembar saham dan rasio pengembalian aset yang signifikan dan positif, diketahui dari nilai t hitung 5,634 dan 8,728 serta signifikan 0,000. Rasio hutang atas modal berpengaruh negatif dan tidak signifikan karena nilai signifikansi lebih besar dari 0,05 yaitu 0,403 dan t hitung -0. Secara simultan Rasio harga keuntungan, rasio keuntungan seriap lembar saham, rasio pengembalian aset dan rasio hutang atas modal memiliki pengaruh yang signifikan terhadap harga saham, dengan signifikansi 0,05 dan nilai f 4,062. ABSTRACT The consumer goods industry sector is the target company for this study. Using purposive sampling method, 29 samples were taken from 55 populations. During the five observation periods, 145 secondary data were obtained which were then processed in SPSS. The profit price ratio has a positive but insignificant effect, because the significant value is greater than 0.05, namely 0.734 and t count 0.340. Share price is partially influenced by the profit ratio of each share and the ratio of return on assets which is significant and positive, it is known from the t-count value of 5,634 and 8,728 and significant 0,000. Debt to equity ratio has a negative and insignificant effect because the significance value is greater than 0.05, namely 0.403 and t count -0. Simultaneously, the profit price ratio, profit ratio of each share, asset return ratio and debt to equity ratio have a significant effect on stock prices, with a significance of 0.05 and a value of f 4.062.

Semi-supervised Heterogeneous Defect Prediction with Open-source Projects on GitHub

The heterogeneous defect prediction (HDP) technique can predict defects in a target company using heterogeneous metric data from external company, which has received substantial research attention. However, existing HDP methods assume that source data is labeled but labeling data is expensive. Semi-supervised defect prediction technique can perform defect prediction with few labeled data. In this paper, we investigate a new problem — semi-supervised HDP (SHDP). To solve this problem, we propose a new approach named cost-sensitive kernel semi-supervised correlation analysis (CKSCA) as a solution of SHDP problem. It introduces unified metric representation and canonical correlation analysis to make the data distributions of different company projects more similar. CKSCA also designs a cost-sensitive kernel semi-supervised discriminant analysis mechanism to utilize the limited labeled data and sufficient real-life unlabeled data from different companies. Besides we collect lots of open-source projects from GitHub website to construct a new large-scale unlabeled dataset called GITHUB dataset. It contains 26,407 modules and is greater than each public project dataset. It has been public online and can be extended continuously. Experiments on the GITHUB dataset and other public datasets indicate that unlabeled GITHUB data can help prediction model improve prediction performance, and CKSCA is effective and efficient for solving SHDP problem.