¿Cómo pueden crear valor las empresas adquirida y adquirente en un proceso de integración aprendiendo del socio o con el socio?

  1. Consuelo Dolz 1
  2. María Iborra 1
  1. 1 Universitat de València
    info

    Universitat de València

    Valencia, España

    ROR https://ror.org/043nxc105

Revista:
GCG: revista de globalización, competitividad y gobernabilidad

ISSN: 1988-7116

Any de publicació: 2014

Volum: 8

Número: 3

Pàgines: 96-112

Tipus: Article

DIALNET GOOGLE SCHOLAR lock_openDialnet editor

Altres publicacions en: GCG: revista de globalización, competitividad y gobernabilidad

Resum

Acquisitions between firms can create value through learning between acquirer and target firm well transferring knowledge from on partner to the other well creating new knowledge. The success in these acquisitions relies on the integration process, achieving that the knowledge of both partners is retained in the combined firm and that new knowledge is created or transferred. The aim of this work is to demonstrate that knowledge is a source of value creation in acquisitions and to analyze how firms are integrated in order to achieve knowledge transfer or knowledge creation. Specifically, we analyze three key management choices of the integration process, the autonomy level, the level of socialization and the level of formalization. Through a study of 45 Spanish acquisitions we demonstrate that the transference and the generation of knowledge are source of value creation. We demonstrate that knowledge transfer between the partners demands an integrations process with low autonomy, high socialization and high formalization. We also demonstrate that integration process when the aim is to generate new knowledge and innovation relies on high socialization.

Referències bibliogràfiques

  • Ahuja, G.; Katila, R. (2001), “Technological acquisitions and the innovation performance of acquiring firms”, Strategic Management Journal, Vol. 22, Num. 3, pp. 197-220.
  • Bartlett, C.A.; Ghoshal, S. (1988), “Organizing for worldwide effectiveness: the transnational solution”, California Management Review, Vol. 31, Num. 1, pp. 54-74.
  • Benner, M.J.; Tushman, M.L. (2003), “Exploration, exploitation, and process management: the productivity dilemma revisited”, Academy of Management Review, Vol. 28, pp. 238-256.
  • Birkinshaw, J.; Gibson, C.B. (2004), “Building ambidexterity into an organization”, MIT Sloan Management Review, Vol. 45, Num. 4, pp. 47-55.
  • Birkinshaw, J.; Nobel, R.; Ridderstrale, J. (2002), “Knowledge as a contingency variable: do the characteristics of knowledge predict organization structure?”, Organization Science, Vol. 13, pp. 274-289.
  • Bower, J. (2001), “Not all M&A are alike and that matters”, Harvard Business Review, March, pp. 93-101.
  • Bresman, H.; Birkinshaw, J.; Nobel, R. (1999), “Knowledge transfer in international acquisitions”, Journal of International Business Strategy, Vol. 30, Num. 3, pp. 439-462.
  • Calori, R.; Lubatkin, M.H.; Very, P. (1994), “Control mechanisms in cross-border acquisitions: an international comparison”, Organization Studies, Vol. 15, Num. 3, p. 361-379.
  • Calori, R.; Lubatkin, M.H.; Very, P. (1996), “Une étude empirique des formes et déterminants de l ’intégration post-acquisition”, Management International, Vol. 1, Num. 1, pp. 41-53.
  • Cantarello, S., Martini, A.; Nosella, A. (2012), “A multi-level model for organizational ambidexterity in the search phase of the innovation process”, Creativity and Innovation Management, Vol. 21, pp. 28-48.
  • Capron, L.; Dussauge, P.; Mitchel, W. (1998), “Resource redeployment following horizontal acquisitions in Europe and North America, 1988-1992”, Strategic Management Journal, Vol. 19, Num. 7, pp. 631-661.
  • Cartwright, S.; Schoenberg, R. (2006), “30 years of mergers and acquisitions research: recent advances and future opportunities”, British Journal of Management, Vol. 17, Num. 1, pp. S1-S5.
  • Coff, R.W. (1997), “Human assets and management dilemmas: coping with hazards on the road to resource-based theory”, Academy of Management Review, Vol. 22, Num. 2, pp. 374-402.
  • Dasí, À.; Iborra, M.; Safón, V. (in press). Beyond path dependence: Explorative orientation, slack resources, and managerial intentionality to internationalize in SMEs. International Business Review (2014), http://dx.doi.org/10.1016/j. ibusrev.2014.06.003.
  • Dolz, C.; Iborra, M. (2005), “La integración en las fusiones y adquisiciones: una perspectiva basada en los recursos”, Cuadernos de Economía y Dirección de la Empresa, Vol. 24, pp. 5-28.
  • Empson, E. (2002), “Fear of exploitation and fear of contamination: impediments to knowledge transfer in mergers between professional firms”, Human Relations, Vol. 54, Num. 7, pp. 839-862.
  • García Tabuenca, A.; otros (2008), “Análisis de los procesos de fusión y adquisición de las empresas españolas no cotizadas 19992006”, Ministerio de Industria, Turismo y Comercio, Madrid.
  • García, J.; Gutiérrez, L.; Sillas, F. (2012), “Reforma regulatoria energética en Europa: impacto de los cambios de control corporativo sobre el valor de las empresas”, Revista Desarrollo y Sociedad, Vol. 70, pp. 7-49.
  • Graebner, M.E. (2004), “Momentum and serendipity: how acquired leaders create value in the integration of technology firms”, Strategic Management Journal, Vol. 25, pp. 751-777.
  • Graebner, M.E.; Eisenhardt, K.M.; Roundy, P.T. (2010), “Success and failure in technology acquisitions: Lessons for buyers and sellers”, The Academy of Management Perspectives, Vol. 24, Num. 3, pp. 73-92.
  • Håkanson, L. (1995), “Learning through acquisitions: management and integration of foreing RyD laboratories”, International Studies of Management and Organization, Vol. 25, Num. 1-2, pp. 121-157.
  • Haspeslagh. P.; Jemison, D. (1991), “Managing acquisitions. Creating value through corporate renewal”, New York: The Free Press.
  • Homburg, C.; Bucerius, M. (2005), “A Marketing Perspective on Mergers and Acquisitions: How Marketing Integration Affects Post-Merger Performance”, Journal of Marketing, Vol. 69, Num. 1, pp. 95-113.
  • Iborra, M.; Dolz, C. (2006), “Consequences of integration heterogeneity in mergers and acquisitions”, Management Research, Vol.4, Num. 2, pp. 127-138.
  • Lubatkin, M.H.; Simsek, Z.; Ling, Y.; Veiga, J.F. (2006), “Ambidexterity and performance in small-to medium-sized firms: the pivotal role of top management team behavioral integration”, Journal of Management, Vol. 32, Num. 5, pp. 646-672.
  • Makri M.; Hitt M.A.; Lane P.J. (2010), “Complementary technologies, knowledge relatedness, and invention outcomes in high technology mergers and acquisitions”, Strategic Management Journal, Vol. 31, Num. 6, pp. 602–628.
  • March, J.G. (1991), “Exploration and exploitation in organizational learning”, Organization Science, Vol. 2, Num. 4, pp. 71-87.
  • Mascareñas Pérez-Íñigo, J.; González Fernández, S. (2013), “Las oleadas de las fusiones y adquisiciones de empresas: Análisis retrospectivo comparado”, Revista Universitaria Europea, Vol. 19, pp.87-112.
  • Mascareñas, J.; Izquierdo, G. (2000), “¿Por qué se compran y se venden las empresas en España?” Instituto de Estudios Económicos, Madrid.
  • Mudambi, R.; Piscitello, L.; Rabbiosi, L. (2014), “Reverse knowledge transfer in MNEs: Subsidiary innovativeness and entry modes”, Long Range Planning, Vol. 47, Num. 1, pp. 49-63.
  • Nadolska, A.; Barkema, H.G. (2014), “Good learners: how top management teams affect the success and frequency of acquisitions”, Strategic Management Journal, DOI: 10.1002/smj.2172.
  • ÖBerg, C.; Tarba, S.Y. (2013), “What do we know about post-merger integration following international acquisitions?”, Advances in International Management, Vol. 26, p. 469-492.
  • One to One Capital Partners (2009), “Informe de fusiones y adquisiciones 2008”.
  • One to One Capital Partners (2010), “Informe de fusiones y adquisiciones 2009”.
  • One to One Capital Partners (2011), “Informe de fusiones y adquisiciones 2010”.
  • Ortiz de Urbina, M.; Montoro Sánchez, M.A.; Guerras Martín, L.A. (2009), “Fusiones/Adquisiciones y Acuerdos de Cooperación en la Unión Europea durante el periodo 2000-2007”, Universia Business Review, Num. 22, pp. 118-133.
  • Palomo Zurdo, R.J.; Sanchis Palacio, J.R (2010), “Efectos de las fusiones bancarias en los resultados. El caso de las cajas rurales en España durante la primera mitad de la década de 2000”, Cuadernos de Economía y Dirección de la Empresa, Vo. 44, pp. 013-036.
  • Papadakis, V.M. (2005), “The role of broader context and the communication program in merger and acquisition implementation success”. Management Decision, Vol. 43, Num. 2, pp. 236-255.
  • Papadakis, V.M; Thanos, I.C. (2010), “Measuring the Performance of Acquisitions: An Empirical Investigation Using Multiple Criteria”, British Journal of Management, Vol. 21, pp. 859-873.
  • Park, B.I.; Ghauri, P.N. (2011), “Key factors affecting acquisition of technological capabilities from foreign acquiring firms by small and medium-sized local firms”, Journal of World Business, Vol. 46, pp. 116-125.
  • Park, B.I.; Choi, J. (2014), “Control mechanisms of MNEs and absorption of foreign technology in cross-border acquisitions”, International Business Review, Vol. 23, Num. 1, pp. 130-144.
  • Paruchuri, S.; Nerkar, A.; Hambrick, D.C. (2006), “Acquisition integration and productivity losses in the technical core: disruption of inventors in acquired companies”, Organization Science, Vol. 17, Num. 5, pp. 545-562.
  • Prahalad, C.K.; Doz, Y.L. (1987), “The Multinational Mission, Balancing Local Demands and Global Vision”, New York: The Free Press.
  • Puranam, P.; Singh, H.; Zollo, M. (2006), “Organizing for innovation: managing the coordination-integration dilemma in technology acquisitions”, Academy of Management Journal, Vol. 49, Num. 2, pp. 263-280.
  • Ranft, A.L.; Lord, M.D. (2002), “Acquiring new technologies and capabilities: a grounded model of acquisition integration”, Organization Science, Vol. 13, Num. 4, pp. 420-441.
  • Shrivastava, P. (1986), “Postmerger Integration”, Journal of Business Strategy, Vo.7, Num. 1, pp. 6576.
  • Slangen, A.J.; Hennart, J-F. (2008), “Do multinationals really prefer to enter culturally distant countries through greenfields rather than through acquisitions? The role of parent experience and subsidiary autonomy”, Journal of International Business Studies, Vol. 19, pp. 472-490.
  • Stiebale, J. (2013), “The impact of cross-border mergers and acquisitions on the acquirers’ R&DFirm-level evidence”, International Journal of Industrial Organization, Vol. 1, Num. 4, pp. 307-321.
  • Vermeulen, F. (2005), “How acquisitions can revitalize companies”, Sloan Management Review, Vol. 46, Num. 4, pp. 45-51.
  • Villalonga, B.; McGahan, A.M. (2005), “The choice among acquisitions, alliances, and divestitures”, Strategic Management Journal, Vol. 26, pp. 1183-1208.
  • Voss, G.B.; Voss, Z.G. (2012), “Strategic ambidexterity in small and medium-sized enterprises: Implementing exploration and exploitation in product and market domains”, Organization Science, pp. 1-19.
  • Werbach, K. (2011), “¿Qué hay detrás de la adquisición de Skype por parte de Microsoft?”, http://www.wharton.universia.net (publicado el 18/05/2011).
  • Zaheer, A.; Castañer, X.; Souder, D. (2013), “Synergy Sources, Target Autonomy, and Integration in Acquisitions”, Journal of Management, Vol. 39, pp. 604-632.
  • Zephyr (2013), “Zephyr Annual M&A Report Global, 2012”, published by BvD.
  • Zollo, M.; Meier, H. (2008), “What is M&A Performance?”, Academy of Management Perspectives, Vol. 22, Num. 3, pp. 78-87.
  • Zollo, M.; Singh, H. (2004), “Deliberate learning in corporate acquisitions strategies and integration capability in US bank mergers”, Strategic Management Journal, Vol. 25, pp. 1233-1256.
Fuente de los datos: Dialnet