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Purpose: Most studies explore the success of mergers and acquisitions through ex ante analyses based on the compatibility of resources and capabilities between the acquirer and target. As more than half of them fail, there seems to be room for enhancing our understanding of when and how acquisitions can actually improve firms' competitiveness. Diverging from these conventional approaches, the authors posit that attention should be at the strategic level. The purpose of this paper, therefore, is to explore the existence of compatibility between acquirers' and targets' competitive strategies and its effect on post-acquisition business performance. Design/methodology/approach: Through the Thomson Reuters Eikon financial and acquisition databases, the authors built a unique data panel of 174 acquirer–target matched acquisitions in the manufacturing sector from 24 different countries between 2000 and 2020. The authors used a two-step System-GMM approach to address the hypotheses proposed in this paper. This methodology allowed to isolate and easily compare the differential effects of each possible combination of strategic similarity and dissimilarity between the target and acquiring company on the latter's post-acquisition strategies. Findings: The need to unravel the motives behind successful acquisitions has gained enormous interest in recent years among academics and managers to improve – or maintain – firm competitiveness. Through a panel data of 174 acquisitions among manufacturing firms (2000–2020), this study shows that differentiated firms improve their business performance by acquiring firms with similar strategies; nevertheless, their performance worsens if the acquired firm follows a cost-leadership strategy. Concerning acquirers with a cost-leadership strategy, the lack of clear behavioral patterns suggests that the lower knowledge absorption capacity associated with these firms might be a decisive factor in being able to assimilate and efficiently exploit the acquired firm's knowledge. Originality/value: Overall, this approach offers a new and valuable perspective for practitioners because it improves understanding of the possible causes of merger failure and opens new attentions to consider in maximizing success and long-term competitiveness. The results of this study bring, thus, an unexpected result to this research: the importance of the acquirer's strategy beyond the similarity or dissimilarity of the strategies of the acquirer and the acquired company. [ABSTRACT FROM AUTHOR]

Purpose – This paper aims to examine the competitive strategies employed by two of the largest theme park operators in Florida, based on a content analysis of popular media articles about theme park giants in the USA. It aims to provide a comparative examination of their competitive strategies, to develop a conceptual model of the same and to expand knowledge about current competitiveness in the theme park sector. Design/methodology/approach – This study used directed content analysis to identify and analyze strategies applied in the theme park sector as manifested in the mass media. Each database was searched using the following four key terms: competition, strategy, Disney and Universal Studios. Results were screened for relevance based on their inclusion of all four key terms. At the conclusion of the search, 87 articles from 34 US-based sources were amassed, varying in circulation size and published between 1985 and 2013. Each article was read, and sentences that suggested the use of a strategy were recorded. Although the intention was to leave each data point at a one-sentence maximum, occasionally, a second sentence was included for context and clarification. Each article was read twice to ensure the inclusion of all potential data points. Findings – The findings suggest that the largest US-based theme parks utilize strategies of value, uniqueness, niche markets, innovation, variety and quality as highlighted in the research literature. However, this study also confirms two additional competitive strategies that have heretofore not been examined in tourism studies – currency and convenience – as advantageous management and promotional mechanisms against their competitors. Research limitations/implications – Limitations to this research include a limited number of popular media articles available for analysis. This precluded a random sample of articles. In addition, the study was based on print media statements and keyword identification, which could also limit the generalizability of the findings. Nonetheless, it is believed that the case studies researched in this paper are indicative of many of the competitive strategies used by theme park managers throughout the world. Practical implications – The paper developed a competitive strategy model that has utility for them park planners and managers, as they attempt to understand the competitive advantages and those of their direct competitors. The findings in this study have broader implications for other theme parks throughout the world. Social implications – The social implications of this study are manifold. They include the notion that theme park attendees manifest certain behaviors and seek out certain experiences as they make decisions on which parks to attend. The notions of value, uniqueness, niche markets, innovation, variety, quality, currency and convenience all reveal how some consumers determine their choice of venue for recreational travel. Originality/value – This paper provides an original research of the theme park sector by examining two of the USA’s largest theme park giants and the strategies they use in a comparative and competitive manner to attraction clientele and maintain visitation. In particular, the paper develops a conceptual model based upon the review of strategies literature and, then, tests it and modifies it based on the findings of the study. [ABSTRACT FROM AUTHOR]

Purpose - This article aims to describe the valuable work conducted most recently on competitive strategies. Its purpose is to elaborate on suggestions for theorizing the hybrid form of competitive advantage and stimulate the interest of scholars. Design/methodology/approach - As this article emphasizes hybrid strategies, both electronic and manual methods have detected 15 studies focusing on competitive strategies and their relation to firm performance from 2000 until today. Findings - This article underlines the need to deal more thoroughly with combined-emphasis competitive strategies, which have seriously enhanced Porter's paradigm, defined in 1980 with three single-emphasis strategic choices. The era in which combining competitive strategies was synonymous with stuck-in-the-middle alternatives has been left behind, and the era in which hybrid strategies suggest the most attractive choices, at least in some circumstances, has already begun. Originality/value - This article is one of the few stressing conceptual issues of hybrid strategies that emerged from Porter's (1980) model. No matter how many years pass by, research on competitive strategies will continue, as it considers businesses of any age, size, sector or country. The global challenge of today is how scholars will revise theory to better capture reality. This article intensifies the need for a theoretical framework embracing the full variety of competitive strategies, namely, single-emphasis, mixed-emphasis, no-distinctive-emphasis and stuck-in-the-middle. Nonetheless, due to their complex and multidimensional nature, hybrid strategies receive particular attention. [ABSTRACT FROM AUTHOR]

Purpose -- The purpose of this paper is to investigate whether the implementation of a defined competitive strategy -- differentiation or cost leadership -- brings about different value creation levels, where "value" is defined in a twofold perspective as "shareholder value" vs "stakeholder value" and "social capital". Design/methodology/approach -- A sample of 169 European companies is investigated. Simple linear regressions and t-tests for the equality of means are conducted. Findings -- While no significant differences are found in the creation of value for the shareholders, firms following differentiation strategies generate considerably higher value for all the stakeholder groups than companies pursing cost leadership strategies. Results also show that size and reputational considerations play a significant role in explaining the different stakeholder value performances. Research limitations/implications -- Some data such as off-balance sheet items could have influenced the calculation of the discriminant values for strategy classification. Practical implications -- Although the two groups manage to achieve comparable levels of profitability, the differentiators, presumably because of their structural outward-facing orientation, seem to be better positioned to meet the challenges of the next wave of growth, which resides in the substantial interconnection between economic and societ al value. Companies need a better understanding of how the stakeholder value theory and social capital can influence value creation and long-term success. Originality/value -- In light of the importance of competitive strategy as a value-creation tool, the paper sheds new light on the relationship between competitive strategies and value creation. [ABSTRACT FROM AUTHOR]