Search

Small and startup IT (SSIT) firms are responsible for a lot of important IT innovations in the IT industry. Several SSIT firms are then bought by larger, more established IT companies that want to drive their innovation, add new product and service lines, or limit competition. However, because SSIT firms are often small and difficult to find, it is hard for many of them to show acquiring firms how good they are. We discuss three “information chasms” to explain why it is difficult for SSIT firms to show how good they are, and we suggest that the SSIT firms that successfully cross these “information chasms” can become acquired for a higher price. Using a dataset of over two hundred acquisitions of SSIT firms in the IT industry from the mid-2000s to the mid-2010s, we find that our hypotheses are confirmed. When SSIT firms invest in activities that eliminate uncertainty about the firm’s knowledge resources and promote the firm, they are acquired at a higher price. In addition, purchasers pay a premium for SSIT firms that continue to utilize mature IT during acquisitions.

Mergers and acquisitions transactions allow the intervening parties to create a specific legal regime applicable only to them, which distributes the responsibility for the goods transferred through the sale (whether shares, assets, or a combination of the latter that results in a running business). Within the framework of these legal regimes, an opportunity to reduce risks has been found in the insurance market, through the contracting of insurance policies that cover scenarios of responsibility of the sellers, in the event of falsehood, inaccuracy or non-compliance with the representations and warranties that they grant to buyers, and that result in damages to the latter or to the target company. In this article we address the complexity of this legal figure that even though it is not offered directly in the Peruvian market, it has been gaining strength in the region. Las transacciones de fusiones y adquisiciones permiten a las partes intervinientes crear un régimen jurídico específico, y aplicable solo a ellas, que distribuye la responsabilidad por los bienes materia de compraventa (sean acciones, activos, o una combinación de estos últimos que resulten en un negocio en marcha). En el marco de estos regímenes jurídicos, se ha encontrado en el mercado de seguros una oportunidad para reducir riesgos mediante la contratación de pólizas que cubran escenarios de responsabilidad de los vendedores ante la falsedad, inexactitud o incumplimiento de las declaraciones y garantías que otorguen a los compradores, y que deriven en daños a estos últimos o a la compañía objetivo. En este artículo se aborda la complejidad de esta figura legal que, si bien no se ofrece directamente en el mercado peruano, viene tomando fuerza en la región.

What is a collection file, anyway? This work-in-progress summarizes the results of a sample survey of archivists to better understand the purpose, function, and contents of collection files, how archivists learn to create collection files, and their potential for public access and use. From these results, we can extrapolate a preliminary definition of the collection file, as well as the potential for future study and critical analysis of the practical elements of collection file work, especially in relation to archival accessioning, deaccessioning, and repatriation.

Dans la continuité d’un travail de recherche ultérieur portant sur l’enseignement hybride en licence de FLE, le présent article tente de remédier aux lacunes rencontrées, cas de l’Université de Bejaia, Algérie. Notre étude est fondée sur le principe de la classe inversée et son objet principal est de se focaliser sur les modèles de cours et activités à travailler en continuité (en ligne et en présentiel). Elle porte un grand intérêt au savoir enseigné et à son acquisition sur le plan méthodologique et linguistique dans le cadre d’une évaluation formative. In the continuity of a subsequent research work relating to hybrid teaching in FLE license, the present article attempts to remedy the shortcomings encountered, case of the University of Bejaia, Algeria. The latter is based on the principle of the flipped classroom. Its main purpose is to focus on course models and activities to be worked on in continuity (online and face-to-face) and takes a great interest in the knowledge taught and its acquisition on the methodological and linguistic level within the framework of a formative evaluation.

Current source selection procedures have exposed the Department of Defense (DoD) to increased protest risk. This, in part, is due to contradictions in the U.S. government’s stated order of importance for acquisition evaluation criteria (pre-award) versus its actual choice behavior during source selection, as Butler found in 2014. The objectives of this MBA project included the following: 1) Determine the degree of disconnect between stated preferences during pre-award acquisition phase and actual choice behavior in source selections. 2) Develop an understanding of quality attributes for logistics-based services. 3) Provide a Choice-Based Conjoint (CBC) framework that could be utilized to enhance source selection criteria development. Methodology included interviews and spend analysis techniques to identify quality attributes of logistics-based acquisitions. Then, after the attributes were identified, they were employed to develop a CBC model that calculated the attribute utilities and relative importance for each attribute. Using these important scores, the disconnect between stated preferences and choice behavior was found. None of the subjects in this investigative study could accurately order attribute importance in stated form to match their actual choices in simulated source selections. This report offers a framework and methods to mitigate the weaknesses found in developing evaluation attribute importance from stated preferences and reduce the risks of protests. Outstanding Thesis First Lieutenant, United States Air Force Approved for public release. Distribution is unlimited.

Regulations, governance quality, and political structure are important factors that may alter the cost and difficulties associated with doing business in foreign markets. Emerging-market multinationals (EMNEs), with an imperative motivation to go abroad and to be competitive in a global landscape, should consider the impact of administrative distance, namely, the regulatory institutional differences between home and host countries. We suggest that the study of administrative distance is particularly important when addressing investment flows from emerging economies to developed ones, because of the differences between them. Drawing on transaction cost theory and institutional perspective, we analyze the moderating effect of administrative distance on the relationship between other cross-national distance factors—cultural, geographic and economic—and establishment mode choice of EMNEs. From a sample of 357 outward foreign direct investments carried out by Indian firms, our results show that administrative distance moderates the relationship between cultural, geographic and economic distance, and establishment mode decisions.

Global industry has been undergoing changes in the concentration of brand ownership and production, with acquisitions and closures being a major factor in this evolution. The impacts of such activities are commonly studied from an economic perspective and from the perspective of internal firm-level and deal-level factors, while the influence of external geographical factors is largely neglected. Our research focuses mainly on the importance of geographical cultural factors affecting beer brands whose production location was moved after the closure of the original breweries. The research includes a complete sample of 30 brands from recently closed breweries across Europe. Brands are divided into seven categories according to how their marketing strategy has (or has not) changed in terms of exploiting regional and national identity. The overall success of these brands is then measured in terms of the development of their share in the home countries’ markets. Differences in brands’ strategies and successes are explained through a wide range of country-level factors and the individual characteristics of the breweries. It is shown that the level of beer tradition or identity in the countries, as well as the country’s beer life-cycle position, plays a crucial role in the evolution of the studied brands.

In today’s globalized era, corporate technology strategy is increasingly oriented towards accessing international sources of knowledge that can improve the novelty and variety of firms’ knowledge bases. Technology alliances and technology-based acquisitions have become two ubiquitous modes used in pursuing such an internationally-oriented technology strategy. We propose two boundaries to the effectiveness of pursuing geographically dispersed portfolios of alliances and acquisitions, arising from managerial complexities and knowledge redundancies that the combined portfolio of these modes may engender. We find support for our predictions in an analysis at the technology level of 165 leading firms across multiple industries. The findings of this paper highlight the need for managing the interrelatedness of diverse alliance and acquisition portfolios for their effective performance. ispartof: FEB Research Report MSI_2208 pages:1-48 status: published

Drones, more formally recognized as unmanned aircraft systems (UAS), offer a wide variety of utility and great potential for harm. The U.S. Air Force and the rest of the Department of Defense (DOD) represent significant targets for UASs. Addressing the UAS threat that the Air Force is facing can be undertaken by looking at how the Air Force can employ an acquisition strategy by which it acquires counter-unmanned aircraft systems (C-UAS) and delivers the capabilities of those systems to its Airmen. By exploring the DOD’s acquisition system and counter-small unmanned aircraft systems (C-sUAS) and capabilities, this research argues for establishing an acquisition strategy of those systems. The research concludes by providing recommendations on how the Air Force can align itself with official and authoritative C-sUAS elements within the DOD to ultimately frame a C-sUAS acquisition strategy for the Air Force to utilize. Captain, United States Air Force Approved for public release. Distribution is unlimited.

With a shift in the strategic direction of the Marine Corps due to the 38th Commandant’s Planning Guidance, should the Marine Corps shift the way it procures the systems necessary to execute Expeditionary Advanced Base Operations and Littoral Operations in a Contested Environment, namely in the procurement of a novel autonomous logistics system (ALS) that provides middle-mile logistics in a military environment? This thesis attempts to answer the following questions: Should the Marine Corps seek to procure commercial ALS via outright purchase, lease, or a hybrid of the two models? What is unique about commercial ALS that would bias a lease-versus-purchase decision one way or the other, and which aspects of such systems in the analysis could translate to similar analyses of other potential Department of Defense (DOD) systems? What are the likely challenges to a lease-based business model, and what drawbacks will need to be addressed or alleviated by the DOD and by private industry? The research includes literature and legal review, case study analysis, and comparative analysis of procurement methods. A fictional operational vignette is used to ground and explain the comparison. The recommended procurement course of action is a hybrid model, starting with a trial lease period in partnership with a manufacturer, that allows the Marine Corps to test, utilize, and analyze all aspects of a commercial ALS before deciding on a long-term business model to implement across the force. Captain, United States Marine Corps Approved for public release. Distribution is unlimited.

This paper aims to investigate and evaluate the effect of pre- and post-mergers and acquisitions (M&A) on non-financial Egyptian firms’ performance using a balanced scorecard (BSC), as well as to empirically investigate the impact of M&A on shareholder wealth using cumulative abnormal returns (CAR). The paper is limited to non-financial firms listed on the Egyptian stock market (EGX) that have undergone acquisition operations during the time specified in the paper from 2003 to 2016. Four perspectives for the BSC are assessed before and after the acquisition operations to evaluate performance. The final sample for the BSC appraisal is 12 companies for 12 acquisition operations, while the sample for shareholders’ wealth consists of 10 companies. The difference in the sample is that some companies became out-of-counter after the M&A process. Cumulative differential analysis and graph observation show preferable values for post-acquisition operations versus pre-acquisition operations for the three non-financial perspectives, namely Customer satisfaction, Learning and growth, and Internal business process, and for two financial perspectives, namely Sales and Profitability. The results show preferable values for pre-acquisition operations for two financial perspectives: Liquidity and Market value. The T-test results failed to establish a relationship between M&A and enhancing BSC perspectives. The results could not find any evidence to support the impact of pre-post M&A on the shareholders’ wealth. The relationship between BSC before and after M&A and CAR is tested using a multiple regression model. The results show a significant relationship only between shareholder wealth and the Learning and growth perspective.

The paper elaborates on the Acquisition Fund for Contemporary Art established in 2017 in the Czech Republic by the Ministry of Culture. Paradoxically, this fund is perceived both positively and negatively by various institutions. On the positive side, from the year 2017 to 2019, the fund has allocated 41,257,888 CZK (1,517,753 EUR) for the purchase of 287 artworks by 29 institutions. On the negative side, only 29 out of 218 eligible institutions have applied for support from the fund during the three years of the fund’s existence. This low application rate is attributed partly to the time consuming and complicated administration of the application for support, and partly to apprehension from some institutions regarding the likelihood of the actual realisation of the receipt of financial support. In turn, due to this low application rate, the institutions that have applied have had a high probability of receiving funding. The paper sheds new light on the lack of financing for acquisition in art institutions and opens the question of the effectiveness of the Acquisition Fund in the Czech Republic.

Purpose: Facebook has far more than 2.91 billion users worldwide, as of October 2021 by following its commitment to “Give people the power to build community and bring the world closer together”. Machine learning as well as applied Machine learning helps people to get new contents and related stories. Machine learning (ML) is a technique for recognizing and drawing conclusions from data connections. Speech recognition systems can caption videos on Facebook using machine learning, making them more accessible. The Facebook research team is working with Machine learning technology to give its users the best services. Here an analysis has been done on the history of Facebook, major acquisition of Facebook, applications of AI in Facebook and Financial plans and challenges. The entire Facebook company will now be known as Meta. The Facebook app, on the other hand, will keep its name, and other apps will not be affected. Facebook is now known as 'Meta' because of its new focus which means 'after' or 'beyond' in Greek. However, Instagram, Facebook, WhatsApp, and Messenger are now all part of the 'Meta' company, much like Google's products are all part of the Alphabet company. Artificial intelligence, AI is really essential to Facebook. Approach: For this analysis, a sophisticated survey strategy based on secondary data was applied. Findings: Based on the findings, it is clear that to provide high-quality service, Facebook uses leading edge artificial intelligence/machine learning technologies. Originality: To identify the methodologies employed in the organization's services, a study is conducted based on the existing resources. Paper Type: Descriptive Case Study Research

According to FEMA and NOAA, flooding is the most frequent and costly natural disaster in the United States. The National Flood Insurance Program, designed to alleviate some of the costs of this hazard, is financially insolvent and fiscally unsustainable. Through its Hazard Mitigation Assistance program, FEMA buys out homes, but the process is voluntary and slow, and demand far exceeds funds available. Consequently, the number of Repetitive Loss and Severe Repetitive Loss properties increases each year. The thesis explores why and how FEMA should pursue strategic retreat from high-risk areas. Disaster costs continue to rise as extreme weather events increase in frequency and intensity. Sea-level rise endangers coastal regions, and more homes may be susceptible to systemic and regular flooding than official estimates show. To resist by building ever larger flood walls and barriers may be unrealistic, and retreat as an adaptation technique may be preferable. Expensive as strategic retreat may be, loss-avoidance studies indicate that besides reducing pain and suffering, these measures pay for themselves. Strategic retreat may also result in climate refugees who are not prepared to deal with rapidly changing conditions. An adaptation framework recommends deterrents and incentives available to policymakers and practitioners to pursue strategic retreat in a planned, comprehensive, and equitable manner. Civilian, Department of Homeland Security Approved for public release. Distribution is unlimited.

Considerable attention is paid each year to costing Chinese weapons systems and then aggregating individual system estimates into total Chinese defense costs. Aggregate figure costs are then compared against those of the United States as a guidepost for assessing the adequacy of U.S. defense spending and as a substitute in planning for the Chinese military threat. These standard treatments of cost might gloss the depth and breadth of risk associated with the U.S. defense spending profile. The future of the Department of Defense is toward the INDOPACOM theater, and China is our peer threat. There is very little academic research into how China conducts defense spending and, most importantly, how it intends to invest in future capabilities. This study will continue the 2018 NPS thesis Comparison of Naval Acquisition Efficiency between the United States and China; however, it will focus on Marine Corps–specific investments. The findings of this thesis will help inform how the influence of cost on Chinese weapon acquisition decision-making informs Force Design 2030 decision-making. Captain, United States Marine Corps Approved for public release. Distribution is unlimited.

Synopsis The research problem This paper aims to test whether an acquirer’s past earnings quality (proxied by the level of earnings management) serves as an indicator of its trustworthiness in view of the inclusion of an earnout agreement in an acquisition contract. Motivation Prior studies highlighted the benefits of earnout agreements, showing that they help reduce adverse selection problems and valuation risk faced by the acquirers. However, not much attention has been paid to the risks that these contracts entail. The majority of earnouts are based on accounting performance measures, which may be subject to earnings management by the acquirer to reduce, or even avoid, contingent payments. Therefore, the decision to include an earnout in an acquisition may depend on the sellers’ perceived probability that the acquirer will use opportunistic tactics to avoid the contingent payment, as indicated by the acquirer’s past behavior. The test hypotheses H1: The likelihood of inclusion of earnouts in acquisition deals is negatively associated with the level of earnings management in the acquirer’s past financial statements. H2: The relation between earnings management and the use of earnouts is stronger when the bidder has no acquisition track record. Target population M&A advisors, financial analysts, stakeholders of companies engaging in M&A deals. Adopted methodology Logit regressions, propensity score matching analyses for robustness. Analyses Using a sample of 8,968 acquisition deals completed by US listed companies between 2002 and 2014, we examine the association between the use of earnouts and bidder’s earnings quality (proxied by the level of earnings management) controlling for the determinants of the use of earnouts described by previous literature. We collected acquisitions data from Thomson ONE Banker and accounting information from Compustat. Using logit models, we regress the choice to include an earnout in an M&A deal on several earnings management proxies and on the interaction between the latter variables and bidder’s acquisition track record. Findings We find robust evidence that the level of the acquirer’s past earnings management is negatively associated to the probability of inclusion of an earnout in acquisition contracts. This association is stronger if the bidder has no prior acquisition history and is robust to various measures of earnings management and to controls for other external monitoring mechanisms.

Declining productivity of pharmaceutical innovation resulted in an increased number of mergers & acquisitions in the pharmaceutical industry. Increased investments into research & development lack the resulting increases in patentable new substances. As a result, the once market leaders are not buying their followers, but the generics producers are buying unsuccessful innovators. We show the case of Pliva: once regional pharma leader that declined into a generics producer's subsidiary. The Pliva sought new ideas by acquiring several research centres. After these acquisitions produced no visible results, the company itself was a target, first by another unsuccessful R&D based company and lastly, by a successful generics producer.

The study analyses the overall effect of the mergers and acquisitions occurring as a part of the technology industry involving varied domains. In globalization and emerging markets, there is a growing interest in mergers and acquisitions for strategic expansions. Mergers and acquisitions open multiple economic and strategic factors to study, which makes it a unique and exciting subject of study. The research is conducted using diverse and global organization datasets covering domestic and cross- broader mergers and acquisitions. The research is conducted by analyzing and studying global acquisitions in technology domains. Further, this research estimates the number of cross border mergers and acquisitions in emerging economies and fully developed economies, considering macroeconomic factors of the country like GDP, inflation, interest rates, and forex rates. The technology industry is young and has led to multiple unique innovations. The freshness of the industry with this research brings in a unique perspective and a new model that could be pathbreaking for upcoming acquisitions.

Purpose The paper empirically investigates how family firms appropriate acquired resources to become more innovative in the context of merger waves. It draws on resource-based view and the theory of first mover (dis)advantages to examine the implications of the timing of acquisitions on innovation in family firms. Design/methodology/approach The paper uses a panel data set of Standard & Poor's (S&P) 500 manufacturing firms followed over a period of 31 years. Findings The study finds empirical support for the predictions that family firms are more able to utilize acquired resources better than nonfamily firms. Furthermore, targets acquired during the upswing of a merger wave are more valuable to family firms and associated with more innovation than for nonfamily firms. Originality/value The paper establishes that resources acquired during the upswing of a merger wave are more valuable, provide better resource synergies and impact innovation positively in family firms than nonfamily firms. Second, the paper makes an empirical contribution that family firms absorb external resources markedly differently and more efficiently than nonfamily firms. Third, the paper enhances a better understanding of the influence of family ownership on the relationship between acquisitions and innovation outputs., Purpose The paper empirically investigates how family firms appropriate acquired resources to become more innovative in the context of merger waves. It draws on resource-based view and the theory of first mover (dis)advantages to examine the implications of the timing of acquisitions on innovation in family firms.Design/methodology/approachThe paper uses a panel data set of Standard & Poor's (S&P) 500 manufacturing firms followed over a period of 31 years. Findings The study finds empirical support for the predictions that family firms are more able to utilize acquired resources better than nonfamily firms. Furthermore, targets acquired during the upswing of a merger wave are more valuable to family firms and associated with more innovation than for nonfamily firms.Originality/valueThe paper establishes that resources acquired during the upswing of a merger wave are more valuable, provide better resource synergies and impact innovation positively in family firms than nonfamily firms. Second, the paper makes an empirical contribution that family firms absorb external resources markedly differently and more efficiently than nonfamily firms. Third, the paper enhances a better understanding of the influence of family ownership on the relationship between acquisitions and innovation outputs.

The Companies Act 71 of 2008 (the 2008 Act) replaced the Companies Act No. 61 of 1973, effective 1 May 2011. The 2008 Act was aimed at keeping pace with developments in company law internationally. It is not intended to entirely replace the well-established principles and has largely retained the pre-existing South African company law. The mergers and acquisitions provisions are aimed at creating transparent, efficient, and simple procedures. Different types of mergers and acquisitions are clearly defined as “affected transactions” or “offers” in section 117. Section 118 provides for companies to which the provisions apply. The reasons for regulating these transactions and powers of the regulator – The Takeover Regulation Panel, have been reviewed, clarified, and improved. The previous section on disposal of all or greater part of assets or undertaking of a company has been re-written. The 2008 Act further introduces a new type of affected transaction in section 113, in the form of a “merger” or an “amalgamation.” The 2008 Act has retained the scheme of arrangement in section 114, but has changed its format by removing compulsory court application and approval. The courts get involved under certain prescribed circumstances. The 2008 Act has enhanced shareholder protection for fundamental transactions in the form of section 164 – Appraisal Rights and section 115, dealing with shareholder approval of fundamental transactions. Some scholars and practitioners have criticised certain provisions. However, in general, the provisions have received favourable commentary. They regarded as progressive and comparable with others internationally.

The implementation of the 2004–2005 bank capital reform in Nigeria, introduced to deepen the financial capacity of the banking system, has led to a major restructuring of the banking sector. The reform required banks to increase their equity capital by about 1150 per cent (from two billion to twenty-five billion naira) within 18 months. Due to compliance challenges, the reform formed just twenty-five out of eighty-nine banks that previously existed. More than seventy-five per cent of the banks emerged through mergers and acquisitions. However, despite the massive increase in assets and deposit growth, episodes of bank distress have remained a recurring irritant in the country’s financial system. This study compares bank performance in the pre- and post-reform periods to determine the usefulness or efficacy of the capital reform in boosting bank performance based on panel analysis of data from five banks. The study covered the period 1996–2016. The generalized method of moments was used to evaluate the parameters of the model. The result of the random effects model shows a weak positive effect of total assets and deposit growth on bank performance in the pre-reform period. However, the post-reform assessment reveals that while profitability is significantly low in large-sized banks, it is higher in smaller banks. Given the above evidence, the study asserts that profit performance of banks is substantially linked to restructuring of the sector.

The paper summarizes the arguments and counterarguments within the scientific discussion on the issues such as higher education institutions, mergers and acquisitions, world class universities, integrated postsecondary educational data system in the United States. The main purpose of this scientific research study problem is the impact of international merger and acquisition on the financial performance for higher education institution in the United States. Synthesis of this topic has a significant impact on the financial well-being for all students and professors around the World. The methodology is the observation then synthesis all current and prior existing literature and facts available for the purpose of understanding the current financial situation for all higher education industry. The paper presents the results of a critical thinking analysis integrated postsecondary education data system. The U.S. Department of Education’s National Center for Education Statistics for higher education institutions database system, called the Integrated Postsecondary Education Data System. This U.S. Government run database has collected annual higher education institutions level information since 1986 and by statute requires all Title IV higher education institutions to report in an accurate and timely manner to this database. This research contributed to the advancement of scientific knowledge in that it provided a research study on the interaction effects between time and merger status upon the performance metrics which generalize across regional, state, and national landscapes. Practical implications address how interested higher education institutions stakeholders can use this study to analyze the historical interaction effects between merger status and time on performance metrics which they wish to improve. The future implications discussion includes how this research study provided what researchers in the field have asked for and how this increased knowledge of merger and acquisitions longitudinal effects on performance metrics provides a framework for further study in this area. Keywords: merger, acquisitions, higher education institutions, revenues.

Purpose: The aim of this study is to examine the linkage between mergers and acquisition announcements and firm’s valuation taking into consideration Tobin’s q. Theoretical framework: The Q theory of investment propounded by James Tobin (1969) is suitable for the present study. According to this theory, there is a significant correlation between a company's market value and its rate of investment. Following this, indicators of the relative potential profitability of investments are the valuations that are placed in financial markets on the securities of companies as ratios to the costs of replacing their assets, which is denoted by q. Design/methodology/approach: The current investigation examines Tobin's q distribution for 140 listed firms on the Bombay Stock Exchange from 2011 to 2022. Tobin’s q is calculated for the financial service sector of the Indian economy. Findings: The results study suggests that Stock markets react significantly to the valuation of Indian firms due to M&A announcements in the category of non-banking financial companies. More specifically, 40 companies have a high Tobin’s q ratio in the full sample of firms. According to the findings, the majority of M&A announcements had no effect on the Tobin's q of the sampling companies. This indicates that the stocks of companies operating in the financial services sector are not affected by news of mergers and acquisitions. It demonstrates that the Indian capital market responded normally to information on mergers and acquisitions. Research, Practical & Social implications: The study helps financial analysts, top-level management, and stakeholders of a company to correctly evaluate the impact of mergers and acquisitions announcements on Tobin’s q of firms as a performance measurement metric. Originality/value: The value of the study can be evaluated from the fact that it investigates the relationship between mergers and acquisitions announcements and Tobin's q as a crucial parameter for corporate valuation, which is the first of its kind for emerging economies.

The integration of acquisitions is often complicated by cultural differences between the acquiring and acquired firms. An important path through which cultural differences can impact acquisition performance is through employee resistance. We assemble detailed survey data to examine how acquiring firms' use of integration controls moderates the impact of employee resistance following from cultural differences on acquisition performance. Our findings confirm that cultural differences between acquirer and target are associated with initial employee resistance, which in turn depresses acquisition performance. Managers’ use of integration controls moderates the effects of employee resistance on acquisition performance. Specifically, while use of task integration controls is positively associated with performance, it also amplifies the detrimental effects of resistance. In contrast, use of sociocultural integration controls helps to reduce these effects. Our findings thus indicate that in the presence of cultural differences, sociocultural integration gains importance to reduce initial employee resistance, which can enhance the effectiveness of subsequent task integration efforts.

The purpose of this study is to perform a gap analysis on the existing Department of Defense (DOD) program management competency standards to determine if changes are required to fully adopt product portfolio management (PPM) strategies in defense acquisitions. We do this by comparing the current DOD standards to the Project Management Institute's Portfolio Management Professional certification standards. We ask where the gaps in the standards exist and where the standards align, and assign a Barrier to Implementation (BTI) score to each gap in the DOD standard. The study found that the DOD is on average 41% aligned with industry standards. In the higher weighted domains of Governance and Strategic Alignment, alignment percentages are significantly lower. The composite BTI score for the DOD is 1.45, indicating low to medium BTIs for most of the gaps. Results do not suggest that the DOD is incapable of conducting PPM, but rather that the current competency standards do not align with industry best practices. Defense acquisitions professionals should review our analysis and formulate Portfolio Management Career Field Functional Competencies to further professional standards, develop the necessary job skills and evaluation criteria, and further the process of achieving congressional mandates for portfolio management implementation. Outstanding Thesis Major, United States Marine Corps Major, United States Marine Corps Major, United States Marine Corps Approved for public release. Distribution is unlimited.

Excerpt from the Proceedings of the Nineteenth Annual Acquisition Research Symposium The Department of Defense (DoD) is charged with upholding the U.S. zero tolerance human trafficking policy in a world of complex, opaque supply chains and constrained human and capital resources. This study explores how the DoD can better leverage its acquisition workforce, sourcing expertise, and data to rigorously uphold the U.S. policy of zero tolerance for human trafficking in such an environment. As part of this analysis a program evaluation of the DoD’s Combating Trafficking in Persons training was conducted for the acquisition workforce. This evaluation categorized the training related to prevention, monitoring, and response to human trafficking. A quantitative analysis of DoD spending was conducted to illuminate the amount of tax dollars spent in categories, based on product and service codes, where trafficking is most prevalent to help the DoD focus its efforts for program improvement. The spend analysis revealed areas that are most at risk. Globally, an estimated 24.9 million people are subjected to human trafficking, which generates an estimated $150 billion annually in illicit profits (White House, 2020, p. 8). Specifically, the DoD spent $13.1 billion (2018–2020) in countries that are not making significant efforts to combat human trafficking according to the Department of State. The research provides insight and recommendations on where the DoD should focus attention to address human trafficking in contracts constrained of prevention, monitoring, and response resources. Finally, we provided recommended courses of action to increase participation and enhance the mandatory training for the acquisition workforce. Approved for public release; distribution is unlimited.

When procuring information technology requirements for systems such as cloud-based services, acquisition professionals often choose from outdated and misaligned categories of supplies or services established by Department of Defense (DOD) Acquisition regulations. Current contract structures constrain scalability, and it is imperative that the DOD revise its contract types to permit new solutions that enable commercial goods to be procured on a consumption basis. This Capstone Applied Project evaluates the impact of procuring modern DOD capabilities as consumption-based solutions by applying relevant policy analysis, cost effectiveness analysis, and case study analysis. The findings indicate that a consumption-based approach to acquiring cloud-based solutions is the most beneficial method for obtaining fair and reasonable prices while minimizing costs associated with contract administration. The authors recommend that cloud computing be placed into a new category within the DOD Taxonomy for the Acquisition of Services and Supplies & Equipment to enable greater flexibility in implementing a newly proposed contract type, consumption-based variable pricing, which must be supported by the revision of language contained in FITARA and 31 U.S.C. §1341 and an extension of FAR Clause 52.241-8. Outstanding Thesis Civilian, Department of the Air Force Civilian, Department of the Air Force Approved for public release. Distribution is unlimited.

Although the EU is generally interested in foreign investment, foreign direct investment (FDI) from China is often of some concern. Despite this, the EU at the present stage of development faces the challenge of reforming its foreign direct investment policy in such a way as to simultaneously achieve the following goals: to protect the EU’s current openness as to FDI (including the China’s); to solve the security problems that arise for some types of FDI; to ensure better openness and a level playing field for European FDI in China. The article is aimed at studying the threats and opportunities that arise from China’s direct foreign investment in the EU and their impact on the entire geographical region. The article analyzes the processes taking place in the mutual relations between the EU and China in the context of foreign direct investment implemented by the chinese part. It is proved that China, by investing in the EU countries, seeks access to: the latest technologies, the European market, the third-country markets (through the European market), the European brands, as well as influence on the political and economic processes at the level of the European region in general. The regional distribution of China’s foreign direct investment to the EU countries is considered. It is determined that the most interesting for chinese investors are the economically powerful countries - Great Britain, France and Germany. As for the regional distribution of direct investment, it is at present relatively uniform. The current tendencies in the change of the EU’s strategic priorities in terms of investment strategy are defined. The threats posed by China’s direct investment in the EU economies are being examined. In this process mainly allocated are the economic and political threats. From an economic point of view, FDI from China can affect the status of competition and generally lead to a redistribution of value, and from a political point of view, to contribute to the spread of China’s influence at the geopolitical level. A list of measures that can be implemented to reduce China’s economic and political influence on the European countries as recipients of direct investment is considered.

The article is devoted to the issues of mergers and acquisitions of agricultural enterprises of Ukraine, in order to gain new opportunities in competition. The main competitive advantages, which are additionally obtained by weak agribusiness enterprises in forming an integration association with more promising enterprises in this industry, are highlighted. Today, despite the fact that our country is very interested in increasing sales to foreign markets, especially EU markets, under free trade conditions, the question remains about increasing the competitiveness of Ukrainian enterprises and enlarging their volumes. That is why the topic of this research is relevant and has some practical significance for the further development not only of individual enterprises, but also of the agrarian sphere of the economy of Ukraine as a whole. The purpose of this article is to outline the importance of processes such as mergers and acquisitions to improve the competitive advantage of agribusiness. According to the objective, the task was to investigate the current trends in the development of agribusinesses in the context of mergers and acquisitions that have already taken place. The main methods of this study are the methods of empirical research, such as observation, comparison, measurement, as well as abstraction, analysis and synthesis, induction and deduction. The results of the study have drawn conclusions on the positive impact of such processes as mergers and acquisitions on the competitiveness of agribusinesses. The value of the research. Scientific and practical significance of the work. The research is of practical value, as evidenced by the recommendations, to improve the competitive position of businesses operating in the agricultural sector by consolidating their businesses and increasing their capital through mergers with other enterprises. JEL Classification: G34, Q12.

The article is aimed at defining the current status of mergers and acquisitions in India’s pharmaceutical sector. India’s position in the global pharmaceutical market is considered. The main stages of evolution of the Indian pharmaceutical sector are provided. It is defined that, by the location of their assets and the presence of original products in the product portfolio, the largest pharmaceutical companies in India are among the largest generic TNCs. The authors analyze activities of leading pharmaceutical companies that play a key role in the development of the industry in India: Sun Pharmaceutical Industries, Cipla, Dr. Reddy’s Laboratories, Lupin, and Aurobindo; the largest mergers and acquisitions of these companies in recent years are researched. The authors systematize the main motives of the mergers and acquisitions of the Indian pharmaceutical companies, in which the following can be included: increasing the market share; broaden options to create a good product range; access to a powerful, modern and approved material and technical resources base outside India; economies of scale.

We investigate the long-run stock return performance of European cross-border merger and acquisition (M&A) bidders for the period 2002–2012. Our analysis shows that, though acquirers underperform their matched control firms over the thirty-six months following deal completion, this underperformance is not ascribed to the acquisition event, but rather explained by differences between acquirers and control firms in seven firm characteristics. Results are obtained by applying the augmented buy-and-hold abnormal return (BHAR) method. We enhance the robustness of our results by introducing the propensity score methodology to the analysis in addition to matching based on size and book-to-market equity.

Mergers and acquisitions have been the driving force of the world economy and have played an important role in the strategies of many companies. To create a healthy, strong, and competitive banking structure, several steps are needed to consolidate banking sector. To realize this vision, Financial Services Authority (OJK) encourages investors and the banking industry to consolidate, including through a merger, one of those is the Merger of BTPN and SMBCI. The purpose of this article is to examine legal aspects in the merger process and procedure as well as the main issues relating to the application of principles in the protection of employees and minority shareholders. The method used to address the problems in this article is normative legal research, which shows that the merger is a horizontal merger by applying the principles of fair dealing and appraisal rights and not forgetting to apply the principle of employee protection.

Air Force Contracting (SAF/AQC) continually restructures itself to streamline decision-making and optimize purchasing procedures to best serve the warfighter. Using a data analysis and qualitative research approach, this report will analyze the purchasing structures used in industry and compare it to the current structure of Headquarters Air Force and Air Force Materiel Command (AFMC). This report will provide Air Force leadership with detailed information on the roles and responsibilities practiced in the private industry and provide common practices and recommendations to best optimize HQ Air Force and AFMC. http://archive.org/details/analysisofthepur1094566592 Captain, United States Air Force Captain, United States Air Force Captain, United States Air Force Approved for public release. distribution is unlimited

This research examines the level of alignment between the Department of Defense’s (DOD) 2016 Program Management Functional Career Field Competencies and the Project Management Institute’s Guide to the Project Management Body of Knowledge (6th ed.), The Standard for Program Management (4th ed.), and The Standard for Portfolio Management (4th ed.). This alignment analysis seeks to offer DOD agencies like the Defense Acquisition University information and recommendations to effectively fulfill the mandate of the fiscal year 2020 National Defense Authorization Act (NDAA) to base all acquisition workforce certification requirements on nationally or internationally recognized third-party standards. As an American National Standards Institute–accredited third party, the Project Management Institute serves as an optimal resource on which to base the DOD’s Program Management certification requirements. The research reviews each DOD Program Management competency element and compares it with the contents of the Project Management Institute’s standards to determine each element’s level of alignment. This competency mapping process and its subsequent analysis guides the research’s recommendations to the Defense Acquisition University. First Lieutenant, United States Air Force Approved for public release. distribution is unlimited

One of the key processes that business leaders are using to grow their organizations is mergers and acquisitions (M&A). As such, the M&As are considered as a critical process with considerable implications for the company's profitability and growth. Still, between 70 to 90 percent of the M&As deals fail to deliver the expected value to the acquirers. The purpose of this qualitative study was to explore strategies that industry leaders used to conduct successful M&A processes. The conceptual framework of this study is based on Sarasvathy's effectuation theory. Eight face-to-face interviews were conducted with participants from a global healthcare company who acted as the company's presidents or executives and had experience conducting M&As. The data were coded, and themes were emerged using Microsoft Office and NVivo 10 software. Six themes were emerged through data analysis: leadership focus, value creation, integration strategy, the review process, relationship development, and organizational governance. The results of this study could be used to improve leadership strategies when conducting the process of M&A. The implications for positive social change might enhance the stability of the healthcare industry and the individuals who consume healthcare products. Also, this will bring to improved health outcomes, well-being, longevity, and quality of life.

At the 2016 SMS Foundations Session interview with Professor Gautam Ahuja, we explored the key insights of his research trajectory, with a special focus on how organizations successfully innovate. We discussed the major ideas, theories, and results that he and his co-authors generated throughout his successful career. The interview was conducted on September 18, 2016 at the Strategic Management Society Annual Conference in Berlin, Germany. This article discusses Gautam’s role in the organizations’ literature, reports excerpts of the interview, and concludes with a postscript from Gautam Ahuja written for the community of organization design scholars.

While the literature on firm mergers and acquisitions (M&A) is quite extensive, systematic approaches to analyse mergers in the public research sector are still scarce and focus only on the higher education sector. This paper provides, for the first time, systematic empirical evidence on the extent and characteristics of M&A in public-sector research in Europe, by building on a novel dataset comprising demographic events since the year 2000. The goal of this study is to characterize such events in terms of organizations involved, types of events and regional distribution. We find show that M&A constituted a major change process within European public research. Nearly 400 events occurred in Europe between 2000 and 2016 with an increasing trend over time; M&A involved nearly one-fifth of public-sector research organizations and were geographically distributed across two-fifths of all European regions. Demographic events concerned primarily specialist institutions and to a larger extent public research entities and colleges. While the strong involvement of colleges was expected from the literature, for the first time we can show the extensive restructuring which took place in the public research entity sector. On the contrary, well known and prestigious university mergers, largely driven by the quest for international visibility, constituted only 10% of the events. Finally, we identified six broad groups of events characterized in terms of two dimensions, i.e. whether the involved organizations are active on the same or different markets and the extent of overlap between subject offerings.

While the literature on firm mergers and acquisitions (M&A) is quite extensive, systematic approaches to analyse mergers in the public research sector are still scarce and focus only on the higher education sector. This paper provides, for the first time, systematic empirical evidence on the extent and characteristics of M&A in public-sector research in Europe, by building on a novel dataset comprising demographic events since the year 2000. The goal of this study is to characterize such events in terms of organizations involved, types of events and regional distribution. We find show that M&A constituted a major change process within European public research. Nearly 400 events occurred in Europe between 2000 and 2016 with an increasing trend over time; M&A involved nearly one-fifth of public-sector research organizations and were geographically distributed across two-fifths of all European regions. Demographic events concerned primarily specialist institutions and to a larger extent public research entities and colleges. While the strong involvement of colleges was expected from the literature, for the first time we can show the extensive restructuring which took place in the public research entity sector. On the contrary, well known and prestigious university mergers, largely driven by the quest for international visibility, constituted only 10% of the events. Finally, we identified six broad groups of events characterized in terms of two dimensions, i.e. whether the involved organizations are active on the same or different markets and the extent of overlap between subject offerings.

A sociedade tem cobrado do governo melhorias na qualidade dos serviços públicos e maior responsabilidade e eficiência na gestão dos recursos. A relação entre cidadãos e gestores públicos é um nítido exemplo de uma relação de agência, em que o detentor de um recurso (principal/cidadão) firma um contrato com outrem (agente/gestor público), delegando a esse o poder de decisão e gestão. Uma das características dessa relação é o comportamento maximizador de utilidade, quando o agente tende a tomar decisões que maximizem os benefícios próprios. Para minimizar esse problema, surge a governança pública, que se constitui em um conjunto de práticas que tem como função permitir que o principal monitore e controle as ações do agente. Em nível internacional, a governança pública tem suas principais referências no estudo 13, elaborado em 2001 pela Federação Internacional dos Contadores (IFAC); já no Brasil, suas diretrizes têm sido norteadas pelo Tribunal de Contas da União (TCU). Diante do exposto, o objetivo da presente pesquisa é identificar se, na percepção dos servidores, as práticas de governança pública recomendadas pelo TCU e pelas normas propostas no “study 13 da IFAC” têm sido aplicadas pelo setor de compras/aquisições da Universidade Federal de Uberlândia (UFU). Trata-se, portanto, de um estudo de caso único, com abordagem qualitativa, que utilizou como instrumentos de coleta de dados a aplicação de questionários, entrevistas e análise documental. Os resultados permitiram concluir que a UFU implementou poucas práticas de governança recomendadas pelo TCU no que tange às dimensões de liderança, de estratégia, de controle, de pessoas e de processos. Verificou-se que as práticas com maior índice de adoção referem-se àquelas relacionadas à dimensão planos, informações e conhecimento. Assim, é recomendável que a instituição direcione esforços para implementar as práticas ausentes e melhorar aquelas já implementadas, respeitando os princípios da governança e criando uma relação de transparência e prestando contas à sociedade. Society has been charging government improvements in the quality of public services and greater responsibility and efficiency in the resource management. The relationship between citizens and public managers is a clear example of an agency relationship, in which the holder of a resource (principal/citizen) signs a contract with another person (agent/public manager), delegating to him the power of decision and management. One of the characteristics of this relationship is the utility maximizing behavior, when the agent tends to make decisions which maximize the benefits of his own. To minimize this problem, public governance arises, which is a set of practices whose function is to allow the principal to monitor and control the agent’s actions. At the international level, public governance has its main references in study 13, prepared in 2001 by the International Federation of Accountants (IFAC); however in Brazil, its guidelines have been guided by Tribunal de Contas da União (TCU). Therefore, the objective of the present research is to identify if, in the severs’ perception, the public governance practices recommended by TCU and the norms proposed in the "study 13 of IFAC" have been applied by the purchasing/acquisitions sector of Universidade Federal de Uberlândia (UFU). So, it is a unique case study, with a qualitative approach, that used as instruments of data collection the questionnaires, interviews and documentary analysis. The results allowed to conclude that UFU implemented few governance practices recommended by TCU regarding the dimensions of leadership, strategy, control, people and processes. It was verified that the most adopted practices refer to those related to dimension plans, information and knowledge. Thus, it is recommended that the institution direct efforts to implement the absent practices and improve those already implemented, respecting the principles of governance, creating a relationship of transparency on behalf of society. Dissertação (Mestrado)

Using the knowledge that the naval shipbuilding industrial base has gone through multiple stages of consolidation since 1945, this thesis explores what causal factors have caused weaknesses in the industrial base. And, why has the naval shipbuilding industrial base consolidated since 1945? To answer these questions, this thesis tested the hypotheses that boom-and-bust cycle of military spending, congressional distribution, and preferences for fixed-price contracts cause shipbuilding company failure. The resulting findings suggest that the boom-and-bust cycle of military spending plays the largest role in company failure; however, this hypothesis was not able to explain all cases of consolidation. Congressional distribution theory and preferences for fixed-price contracts also have a hand in company failure. The causal factors that were studied in this thesis were not able to explain all cases of failure, which indicates additional internal and external factors also play a role in naval shipbuilding industrial base consolidation since the end of World War II. These findings have broad implications for the Navy, Congress, and the Executive Branch with regard to maintaining and strengthening the naval shipbuilding industrial base of the future. http://archive.org/details/thehealthoftheus1094564892 Lieutenant, United States Navy Approved for public release; distribution is unlimited.

В данной статье анализируются процессы и динамика слияний и поглощений европейских ТНК потребительского сектора в современном глобальном мире. Статья посвящена связи слияний и поглощений европейских ТНК потребительского сектора на мировом рынке с их стратегическим развитием. Проведено исследование изменения внешней среды ТНК потребительского сектора. Выявлены факторы, способствовавшие активному участию европейских ТНК потребительского сектора в глобальных слияниях и поглощениях на потребительском рынке за последние годы.

Статья посвящена вопросам особенностей осуществления слияний и поглощений ТНК потребительского сектора на мировом рынке. Проведено исследование изменения внешней среды ТНК потребительского сектора. Выявлены факторы, способствовавшие динамичного развитию глобального рынка слияний и поглощений на потребительском рынке за последнего годы. На основе современных теоретических подходов рассмотрены характеристики успешных слияний ТНК потребительского сектора. Рассмотрены стратегии по осуществления слияний и поглощений ТНК потребительского сектора.The article is devoted to the features of the implementation of mergers and acquisitions of multinationals in the consumer sector in the world market. The study concentrates on changes in the external environment of TNCs in the consumer sector. The factors that contributed to the dynamic development of the global market for mergers and acquisitions in the consumer market over the past years are identified. Based on modern theoretical approaches, the characteristics of successful mergers of consumer goods TNCs are considered. Strategies for the implementation of mergers and acquisitions of TNCs in the consumer sector are researched.

В данной статье анализируются динамика трансграничных слияний и поглощений ТНК потребительского сектора в условиях обострения конкуренции на мировом рынке. Отмечается, что трансграничные слияния и поглощения компаний играют важную роль в реализации стратегий роста ТНК потребительского сектора в условиях глобальной цифровой экономики. Для слияний и поглощений ТНК на потребительском рынке в последние годы характерна высокая активность в пищевом секторе, большая стоимость приобретений, активная перегруппировка глобального продуктового портфеля.

Статья посвящена вопросам стратегий осуществления слияний и поглощений ТНК потребительского сектора на глобальном рынке. Проведено исследование направлений изменений потребительского сектора, которые способствуют реализации мегасделок. Выявлены мотивы и факторы, способствовавшие активному применению ТНК слияний и поглощений на глобальном потребительском рынке за последнего годы. На основе современных теоретических подходов рассмотрены четыре варианта стратегий слияний ТНК потребительского сектора. Рассмотрены стратегии по осуществления слияний и поглощений ТНК потребительского сектора.The article is devoted to the issues of strategies for the implementation of mergers and acquisitions of consumer sector TNCs in the global market. A study was made of the directions of changes in the consumer sector that contribute to the implementation of mega deals. The motives and factors that contributed to the active use of TNCs of mergers and acquisitions in the global consumer market in recent years are identified. Based on modern theoretical approaches, four options for merger strategies in the consumer sector are considered. Strategies for the implementation of mergers and acquisitions of TNCs in the consumer sector are considered.

The general objective of the thesis is to analyze how bidders include the earnings management (EM) by target firms in M&A negotiations in Europe, particularly when setting the terms of the M&As, such as the bid premiums and the percentage to acquire. Three specific objectives are proposed to achieve that. Firstly, the thesis analyzes the context of M&As in Europe to understand better the European market of corporate control. Secondly, the research examines the relation between the EM of targets and the premiums offered by acquirers, at deal announcements, and the role of the industry relatedness between firms involved in the deal. Thirdly, the study examines the association between the EM of targets and the ownership decision made by acquirers at deal announcements. Results show that the market of M&As in Europe exhibit many idiosyncrasies compared to the US market of M&A, such as the overwhelming presence of friendly deals, low rate of transactions using cash as the payment method, as well as low competition to acquire targets. Moreover, evidence indicates that the relation between the EM of targets and the bid premiums could be positive or negative, depending on the industry relatedness between acquirers and targets. That is because acquirers with backgrounds in the target's industry, particularly in their accounting practices, are more able to detect and discount from the offered price the EM in financial reports, compared to other cases. Finally, evidence also indicates that acquirers opt to be cautious when deciding about the percentage of the equity to acquire if the due diligence unveils signs of EM by targets that might be associated with target overvaluation. Then, bidders are more prone to bid for minority and partial acquisitions rather than for full acquisitions, the higher the level of EM by the targets before the deal announcement.

International audience; The success of platform companies often depends on their ability to “scale” their customer and supplier base. Existing studies have focused on a variety of approaches that platforms may use to scale but have not systematically considered that platforms might acquire other companies as part of this growth strategy. In this paper, we study the acquisition patterns of digital platformcompanies and contrast these with the acquisition patterns of digital non-platformcompanies. We find that platform companies acquire earlier (shortly after founding) when compared with non-platform companies, and they often first acquire competing platform companies from the same market niche. As platform companies mature, they begin to acquire non-platform companies from other market niches. This contrasts with how acquisitions are made by non-platform companies, as shown in our analysis.

Leseprobe ----- Abstract Often, investments from emerging economies in firms in industrialized countries evoke concerns among the employees in the targeted firms. Many of them are afraid of losing their jobs, or fear that the new owners could undermine existing social standards. Up to now, little is known about how such investments affect industrial relations in targeted countries. Using the example of investments from the BRIC-countries (Brazil, Russia, India and China) in German firms, this paper analyses whether employees’ fears are well founded. To this end, four different factors are considered. These include: (1) the situation of the target firms in the run-up to an acquisition and the employees’ reactions to the takeover, (2) the investors’ knowledge of the current system of industrial relations, (3) the day-to day interactions with the new owners, and (4) the patterns of communication between works council representatives and the new owners. The empirical part of the article is based on an analysis of quantitative data as well as the application of problem-centered interviews with members of work councils, trade union representatives as well as managers. Keywords: Foreign Direct Investments, Acquisitions, BRIC, Germany, Industrial relations. JEL: F23, F66, J53 ----- Multinationale Unternehmen aus den BRIC-Staaten investieren in deutsche Firmen: Auswirkungen auf die industriellen Beziehungen Zusammenfassung Investitionen aus aufstrebenden Okonomien in Unternehmen in Industriestaaten stosen oftmals auf Bedenken aufseiten der Beschaftigten des Zielunternehmens. Viele von ihnen befurchten den Verlust ihres Arbeitsplatzes oder die Absenkung von Sozialstandards in ihrem Unternehmen. Bislang ist nur wenig uber die tatsachlichen Auswirkungen solcher Investitionen auf die in den Unternehmen bestehenden industriellen Beziehungen bekannt. Vor diesem Hintergrund analysiert der vorliegende Artikel anhand des Beispiels von Investitionen aus den BRIC-Staaten (Brasilien, Russland, Indien und China) in Deutschland, ob die Sorgen der Arbeitnehmer eine reale Grundlage haben. Dabei werden vier verschiedene Faktoren beachtet: (1) die Situation des Zielunternehmens vor der Akquisition und die Reaktionen der Beschaftigten auf die Akquisition, (2) das Wissen des Investors uber das bestehende System der industriellen Beziehungen, (3) die alltaglichen Interaktionen zwischen dem Betriebsrat und den neuen Eigentumern sowie (4) die Formen der Kommunikation zwischen den Vertreterinnen und Vertretern des Betriebsrats und den neuen Eigentumern. Der empirische Teil des Artikels basiert auf der Analyse sowohl von quantitativen Daten als auch von problemzentrierten Interviews mit Vertreterinnen und Vertretern von Management, Betriebsraten und Gewerkschaften. Schlagworter: Auslandische Direktinvestitionen, Firmenubernahmen, BRIC-Staaten, Deutschland, Industrielle Beziehungen ----- Bibliographie: Franz, Martin/Henn, Sebastian: Multinationals from the BRIC-countries investing in German firms: Impacts on industrial relations, Industrielle Beziehungen. Zeitschrift fur Arbeit, Organisation und Management, 1-2020, S. 3-18. https://doi.org/10.3224/indbez.v27i1.01

В данной статье анализируются процессы и динамика слияний и поглощений американских ТНК потребительского сектора в современном глобальном мире, масштабы и особенности процессов слияний в условиях обострения конкуренции на мировом рынке. Автором отмечается, что слияния и поглощения компаний выступают важнейшим фактором усиления конкурентных позиций американских ТНК на потребительском рынке в условиях глобализации и цифровой революции. Выявлено, что американские ТНК реализуют серийные слияния и поглощения, в последние годы вырос интерес к высокотехнологичным компаниям для наращивания цифровых компетенций.

The paper investigates the financial performance of the largest firms in Romania, by comparing foreign-owned subsidiaries (FOS) and domestic companies (DCs) over a decade. As such, the paper contributes to the literature on foreign direct investment (FDI) in transition economies, focusing on a country where few such studies have been conducted previously. Whereas most microeconomic research published about Central and Eastern European (CEE) economies is concerned with the effects of FDI, albeit positive or negative, this paper fills a gap in the literature by comparing the evolution of FOS and DCs performance during 2003-2012. This matter is approached in a novel methodological way, by applying the multiple correspondence analysis to explain the complex relationships between ownership, modes of entry and performance, as reflected in turnover and profit margins. One result is that FOS replaced DCs in top national positions, when taking into account size and turnover. However, although FDI via acquisitions financially outperformed DCs, the latter did better than greenfield FDI after the global economic crisis. Of all the factors analysed, the sector of activity resulted as having by far the most important influence on financial performance. The results have implications for policymakers who design FDI programmes for economic development.