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Appendix 85

Appendix

Appendix 1: Questionnaire

Bettina Hauser:Master Studentin im Studiengang „International Business and Law“amManagement Center Innsbruck

Stefanie Bodrusic:Master Studentin am Institut für Strategisches Management an derLeopold Franzens Universität Innsbruck

Klemens Ingruber:Master Student am Institut für Strategisches Management an derUniversität Innsbruck

Roland Ankele:Master Student am Institut für Strategisches Management an derLeopold Franzens Universität Innsbruck

Forschungsprojekt Ihr Nutzen

Gegenstand der vom SMA Research Lab und fünfMasterstudierenden durchgeführten Studie ist diephasenübergreifende Analyse von Wertsteigerungsmechanismen und Interdependenzen bei M&A.

Selbstverständlich können Sie auf Ihren Wunsch hin dieErgebnisse dieser Untersuchung erhalten. Gerne stehenwir Ihnen auch für weitere Fragen persönlich zurVerfügung.

M&A Management*

Phasenübergreifende Wertsteigerungsmechanismen undInterdependenzen bei M&A

Ihre Ansprechpartner – das Forscherteam

KONTAKTDATEN:SMA Research LabUniversitätsstraße 15A 6020 InnsbruckTel.: +43 512 2070 3634Mail: request@sma research.org

Was ist beim Ausfüllen zu beachten

Alle Informationen werden selbstverständlich vollständig anonymisiert und streng vertraulich behandelt. Ein Rückschlussauf Sie bzw. ein bestimmtes Unternehmen ist nicht möglich.

Bitte beantworten Sie den Fragebogen nur, wenn Sie bereits vor Abschluss der Transaktion beim Käuferunternehmengearbeitet haben. Falls dies nicht der Fall sein sollte, möchten wir Sie bitten, den Fragebogen an eine entsprechendePerson in Ihrem Unternehmen weiterzuleiten. Besten Dank!

Bitte lassen Sie keine Frage bei der Beantwortung aus. Ein guter Schätzwert ist ebenfalls sehr wertvoll für die Untersuchung. Falls Sie an mehreren M&A Transaktionen beteiligt waren, beziehen Sie sich bitte auf einen konkreten Fall.

Die Beantwortung der Fragen erfordert zwischen 10 und 15 Minuten Ihrer Zeit. Gerne kann die Beantwortung auchtelefonisch im Rahmen eines Gespräches erfolgen. Hierfür würden wir Sie um Kontaktaufnahme unter der obenangegebenen Adresse bitten.

Herzlichen Dank für Ihre Unterstützung!

* Diese empirische Untersuchung ist Teil eines vom Tiroler Wissenschaftsfonds geförderten Forschungsprojekts.* Sämtliche Ausdrücke sind geschlechtsneutral zu verstehen.

Lorenz Wedl:Master Student am Institut für Strategisches Management an derUniversität Innsbruck

B. Hauser, Internal and External Context Specifi city of Leadership in M&A Integration, BestMasters, DOI 10.1007/978-3-658-08077-8, © Springer Fachmedien Wiesbaden 2015

86 Appendix

ABSCHNITT I: Fragen zur strategischen Ausrichtung Ihres Unternehmens

In diesem Abschnitt werden die strategische Ausrichtung des Käuferunternehmens sowie die strategischenMotive für die beschriebene Transaktion abgefragt.

1 2 3 4 5 6 7

Zur strategischen Ausrichtung des Käuferunternehmens

Die Kundenzufriedenheit wird genau überwacht

Vertriebsangestellte teilen Informationen über Mitbewerber untereinander

Kundenzufriedenheit bestimmt unsere Ziele und Strategien

Wir können schnell auf Mitbewerber reagieren

Wichtige Kunden werden oft vom Top Management betreut

Kundeninformationen werden offen in der Firma besprochen

Mitbewerber bauen ihre Strategien auf Kundenbedürfnissen auf

Unser Geschäftsprozesse sind eine integrierte auf Marktbedürfnisse ausgerichtete Einheit

Wertsteigerungsmöglichkeiten für Kunden bestimmen unsere Strategie

Wir analysieren regelmäßig die Zufriedenheit unserer Kunden

After Sales Services spielen bei uns eine wichtige Rolle

Das Verhalten der Mitbewerber wird vom Top Management oft diskutiert

Unsere Manager wissen, wie Mitarbeiter Wert für den Kunden schaffen können

Wir konzentrieren uns auf jene Kunden, die uns einen Wettbewerbsvorteil verschaffen

Inwiefern treffen die folgenden Punkte auf Ihr Unternehmen zu?

Allgemein legt das Top Management meines Unternehmens…

… starkes Augenmerk auf dieVermarktung von altbewährten

Produkten oder Dienstleistungen

… starkes Augenmerk auf F&E,Technologieführerschaft undInnovation

Welche Veränderungen der Produktlinien oder Dienstleistungen gab es in den letzten 5 Jahren?

Es wurden keine neuen Produkteoder neue Dienstleistungen

auf den Markt gebracht

Sehr viele neue Produkte oderDienstleistungen wurden auf denMarkt gebracht

Produktlinien oderDienstleistungsangebote wurden nur

geringfügig geändert

Produktlinien oderDienstleistungsangebote wurdenumfassend/radikal geändert

Das Top Management unseres Unternehmens…

… tendiert eher zu wenig riskantenProjekten (mit konservativen aber

kalkulierbaren Erträgen)

… neigt zu hoch riskanten Projekten(mit hohen, aber unkalkulierbarenErtragsmöglichkeiten)

… neigt eher zu kleineren Schrittenund zu inkrementellenVeränderungen, um die

Unternehmensziele zu erreichen

… neigt zu weitreichenden undumfassenden Entscheidungen, um dieUnternehmensziele zu erreichen

Appendix 87

Im Vergleich zu den Mitbewerbern…

… reagieren wir üblicherweise auf denWettbewerb

… müssen Mitbewerber üblicherweiseauf unsere Strategien und Handlungenreagieren

… sind wir selten das erste Unternehmen, das neue Produkte/Services,

administrative Prozesse, operativeTechnologien, etc. einführt

… sind wir sehr oft das erste Unternehmen, das neue Produkte/Services,administrative Prozesse, operativeTechnologien, etc. einführt

… vermeiden wir Konfrontationen mitWettbewerbern und vertreten eine„Leben und leben lassen“ Haltung

… suchen wir die Konfrontation mitWettbewerbern und nehmenüblicherweise eine Mitbewerber„zunichte machende“ Haltung ein

In unsicheren Situationen nimmt unser Unternehmen…

… typischerweise eine vorsichtige,abwartende Haltung ein, um das Risiko

von Verlusten zu minimieren

… typischerweise eine mutige,aggressive Haltung ein, um potentielleMöglichkeiten auszunutzen

ABSCHNITT I: Fragen zur strategischen Ausrichtung (II)

Inwieweit wurden die Erfahrungen bereits durchgeführter Transaktionen festgehalten? Wir verfügen über…

… schriftlich festgehaltene Erkenntnisse über den M&A Prozess(z.B. Due Diligence Checklist und/oder Anleitung)

… Prozessanleitungen und/oder technische Anleitungen (z.B. für Systemanpassungen,Zusammenschluss /Integrationsmanuals, Systemtrainingsanleitungen,Produkttrainingsanleitung)

… schriftlich festgehaltene Erfahrungen über angewandte Managementtechniken

1 2 3 4 5 6 7

1 2 3 4 5 6 7

Das Wissen von Kollegen und/oder Experten kann leicht erworben werden

Es ist leicht persönliche Expertise und Erfahrungen von Kollegen zu bekommen

Informelle Gespräche und Meetings werden für Wissensaustausch genützt

Wissen wird durch direktes, persönliches Mentoring erworben und weitergegeben

Inwiefern treffen die folgenden Punkte auf die M&ATransaktionserfahrung in Ihrem Unternehmen zu?

In diesem Abschnitt wird die Transaktionserfahrung des Käuferunternehmens abgefragt.

Wie viele Transaktionen hat Ihr Unternehmen in den fünf Jahren vor derbeschriebenen Transaktion in etwa durchgeführt?

keine 1 2 3 4

5 6 7 8 > 8

Wie viele dieser Transaktionen fanden im Kernbereich „in the market“ Ihres Unternehmens statt und wie viele dientender Erweiterung ihrer bestehenden Märkte „out of the market“?

„in the market“ „out of the market“

Wie viele M&A Transaktionen hat Ihr Unternehmen seit der Gründung in etwadurchgeführt?

Transaktionserfahrung und Kodifizierung vonWissen

88 Appendix

Welche Rolle spielten die folgenden Motive und Ziele Ihrer Meinungnach für eine konkrete/gegenständliche Transaktion?

Sicherung der bestehenden Marktposition

Kostenreduktion durch Eliminierung redundanter Ressourcen

Das bestehende Geschäftsmodell neu zu definieren

1 2 3 4 5 6 7

Konsolidierung von ähnlichen Geschäftseinheiten

Wissenstransfer vom Käuferunternehmen zum gekauften Unternehmen

Wie beurteilen Sie die Veränderungen beim Zielunternehmen nachder Transaktion in folgenden Bereichen: 1 2 3 4 5 6 7

Organisationsstruktur

Organisationskultur (z.B. Vision, Leitbild)

Personalmanagement (HR)

Produktion

Beschaffung

Distributionskanäle

Sales/After Sales Service

Marketingprogramm

Strategische Planungssysteme

Finanzsysteme

Management Informationssysteme

Integration der

Produktion

Soziokulturelle

Integrationsebene

Marketing

Integration

System Integration

Dauer und Beginn der Integration?

Wie lange dauerte die Integration von Deal Closing bis zum Erreichen desgewünschten Integrationsgrads?

Dauer der soziokulturellen Integration (Org. struktur, Org. kultur, HR)

Dauer der Integration der Produktion

Dauer der Marketingintegration

Dauer der System Integration (Strategische , Finanz und Mgmt. Info. Systeme)

1 2 3 4 5 6 7Dauer der Integration: 1 = „weniger als 6 Monate“; 2 = 6 9 Monate; 3 = 10 13 Monate;4 = 14 17Monate; 5 = 18 21Monate; 6 = 22 24Monate; 7 = länger als 24 Monate

Zu den Motiven und Zielen der Transaktion:

Zum Ausmaß der Integrationstiefe:

Wieviel Zeit nach Deal Closing verging, bis mit der Integration begonnen wurde?

Soziokulturelle Integration

Integration der Produktion

Marketingintegration

Systemintegration

1 2 3 4 5 6 7

Dauer bis zum Start der Integration: 1 = unmittelbarer Beginn; 2 = 1 3 Monate; 3 = 4 6 Monate;4 = 7 9Monate; 5 = 10 12Monate; 6 = 12 14Monate; 7 = mehr als 14Monate

ABSCHNITT II: Fragen zu einer konkreten Transaktion (I)

Appendix 89

1 2 3 4 5 6 7

Zur Rolle unterschiedlicher Koordinationsmechanismen bei der Integration:Inwieweit stimmen Sie folgenden Aussagen zu?

Integrationsentscheidungen wurden zentral im Hauptquartier getroffen.

Nach der Transaktion wurden organisationsübergreifend formelle undstandardisierte Regeln, Prozesse usw. implementiert.Die strategische Planung und Budgetierung des Zielunternehmens erfolgte nach derTransaktion durch das Hauptquartier.Eine kontinuierliche Kontrolle der Ergebnisse des Zielunternehmens erfolgte durchdas Hauptquartier (z.B. durch finanzielle Ergebnisse, Umsatz und Marketingzahlen).

Die interne Kommunikation erfolgte in einer klar strukturierten Art und Weise(z.B. mit formalen Berichtspfaden für interne abteilungsübergreifende Kommunikation).

In der Integration gab es vielerlei Möglichkeiten für informelle Kommunikationzwischen Mitarbeitern von Käufer und Zielunternehmen.

Mitarbeiter von Käufer und Zielunternehmen kommunizierten bei Bedarfregelmäßig und ungezwungen miteinander.

Ansprechpartner waren innerhalb der gesamten Organisation leicht zu erreichen.

Mitarbeitern des Zielunternehmens war es möglich, mit nahezu jedem bei Bedarfinformell zu sprechen, unabhängig von Rang oder Position.

Das Käuferunternehmen bemühte sich, eine einheitliche Unternehmenskultur mitgemeinsamen Zielen und Werten zu schaffen (z.B. durch Kommunikation von Werten,Training, Management Transfer, Entlohnungssytem).

Beschreibung des Führungsverhaltens:

… in der Lage, Leidenschaft für Arbeit zu zeigen

… in der Lage, eine klare Vision für die Zukunft des Unternehmens zu kommunizieren

… in der Lage, Mitarbeiter zu innovativerem Verhalten zu führen

… in der Lage, Mitarbeiter dazu zu bringen, ihre derzeitige Arbeitsweise zu hinterfragen

… bereit, radikale Verbesserungsvorschläge bezüglich der angebotenenProdukte/Dienstleistungen einzubringen

… bereit, Ideen bezüglich neuer Produkte/Dienstleistungen einzubringen

Im Rahmen der Integration waren Führungskräfte …

… bereit, Risiken einzugehen

… in der Lage, kreative Ideen einzubringen, um Probleme zu lösen

1 2 3 4 5 6 7

In welchem Ausmaß wurden folgende Ziele erreicht:

Konsolidierung von ähnlichen Geschäftseinheiten

Wissenstransfer vom Käuferunternehmen zum gekauften Unternehmen

1 2 3 4 5 6 7

Zur internen Reorganisation:

ABSCHNITT II: Fragen zu einer konkreten Transaktion (II)

90 Appendix

Inwieweit haben sich die folgenden Größen nach der Transaktion verändert?

Wie haben sich die folgenden Größen entwickelt?

Gesamtkapitalrentabilität (Return on Investment, ROI)

Eigenkapitalrentabilität (Return on Equity, ROE)

Umsatzrendite (Return on Sales, ROS)

Relativer Unternehmenswert

1 2 3 4 5 6 7

Die gesteckten Ziele wurden erreicht

Die Akquisition war die richtige unternehmerische Entscheidung

Insgesamt war die Akquisition ein Erfolg

Dem Unternehmen geht es nach der Akquisition besser als vorher

Inwieweit stimmen Sie folgenden Aussagen zu? 1 2 3 4 5 6 7

Inwieweit wirkte sich die Transaktion auf folgende Bereiche des Unternehmens aus?

Inwieweit wirkte sich die Transaktion auf folgende Bereiche des Unternehmens aus?

Inwieweit stimmen Sie folgenden Aussagen zum ThemaInnovationsstrategie zu?

Neue Generationen von Produkten wurden eingeführt

Produktvielfalt/Produktpalette wurde erweitert

Neue Märkte wurden erschlossen

Neue technische Bereiche wurden erschlossen

Bestehende Produktqualität wurde verbessert

Flexibilität der Produktion wurde verbessert

Produktionskosten wurden gesenkt

Materialausbeute wurde erhöht bzw. Materialverbrauch wurde gesenkt

1 2 3 4 5 6 7

ABSCHNITT III: Sonstige Angaben (I)

Bitte beurteilen Sie zum Abschluss die folgenden Größen

Bitte beurteilen Sie den Umsatz des Zielunternehmens im Vergleich zumKäuferunternehmen im Jahr vor der Transaktion

75% 100%

< 25% 25% 49% 50% 74%

> 100%

Bitte beurteilen Sie das durchschnittliche Branchenwachstum der letzten drei Jahre vor der Transaktion

< 15% 15% bis 5% 4% bis +/ 0%

6% bis 10% 11% 20%

1% bis 5%

> 30 %21% bis 30%

Bitte geben Sie die aktuelle Höhe des Jahresumsatzes desfusionierten Unternehmens nach der Transaktion an

< 25 Mio. € 25 49Mio. €

50 99 Mio. €

250 499 Mio. € 500 1.000Mio. €

100 249 Mio. €

> 1.000 Mio. €

ABSCHNITT II: Fragen zu einer konkreten Transaktion (III)

Appendix 91

Dipl. Ing.

1 Jahr 2 4 Jahre

> 10 Jahre

FusionUm welche Transaktionsart handelte es sich? Unternehmenskauf

Wie lange arbeiten Sie bereits für diesen Betrieb?5 7 Jahre 8 10 Jahre

ABSCHNITT III: Sonstige Angaben (II)

Interesse an den Untersuchungsergebnissen:

Bereitschaft, an weiteren Untersuchungen des Departments teilzunehmen:

Sollten Sie oben Ihr Interesse bekundet haben, so bitten wir Sie, die folgenden Angaben zu machen:

HerrAnrede: Frau

Vor und Nachname:

E Mail Adresse:

Fax Nummer (optional):

Diese Seite wird vor der Auswertung der inhaltlichen Fragen vom Fragebogen getrennt

Herzlichen Dank für Ihre Unterstützung!

ZielmärkteKäuferunternehmen: B 2 B B 2 C beide

ZielmärkteZielunternehmen: B 2 B B 2 C beide

Titel: Prof. Dr. Mag. Master Bachelor

Art der Transaktion: Horizontal Vertikal Konglomerat

Sitz des Käuferunternehmens:Deutschland Österreich

Schweiz Andere:

Sitz des Zielunternehmens:

In welcher Branche ist Ihr Unternehmen tätig?

In welchem Jahr wurde die beschriebene Transaktion durchgeführt?

Deutschland Österreich

Schweiz Andere:

Wie würden Sie Ihr Unternehmensumfeld beschreiben:

Sehr sicher, es gibt nur wenige externeBedrohungen für das Unternehmen.

Hoch riskant, eine falsche Entscheidungkann zum Untergang führen.

Bietet zahlreiche Investitions undMarketingmöglichkeiten.

Ist intensiv, anspruchsvoll und feindlich.Es ist schwer, liquide zu bleiben.

Unser Umfeld ist gut kontrollierbarund wir können es zu unserem Vorteil

manipulieren.

Wir haben kaum Einflussmöglichkeiten,der Wettbewerb, die Politik oder dietechnische Entwicklung ist zu stark.

92 Appendix

Appendix 2: Harman’s Single Factor Test

Komponente

Anfängliche Eigenwerte Summen von quadrierten Faktorladungen

für Extraktion

Gesamt % der Varianz Kumulierte % Gesamt % der Varianz Kumulierte

% 1 12,287 12,667 12,667 12,287 12,667 12,6672 8,749 9,020 21,687 8,749 9,020 21,6873 6,640 6,846 28,533 6,640 6,846 28,5334 5,400 5,567 34,100 5,400 5,567 34,1005 4,467 4,605 38,704 4,467 4,605 38,7046 3,421 3,527 42,231 3,421 3,527 42,2317 3,254 3,354 45,585 3,254 3,354 45,5858 3,072 3,167 48,752 3,072 3,167 48,7529 2,895 2,984 51,737 2,895 2,984 51,73710 2,635 2,716 54,453 2,635 2,716 54,45311 2,533 2,612 57,065 2,533 2,612 57,06512 2,406 2,481 59,545 2,406 2,481 59,54513 2,242 2,312 61,857 2,242 2,312 61,85714 2,066 2,130 63,987 2,066 2,130 63,98715 1,992 2,054 66,041 1,992 2,054 66,04116 1,843 1,900 67,941 1,843 1,900 67,94117 1,655 1,707 69,647 1,655 1,707 69,64718 1,587 1,637 71,284 1,587 1,637 71,28419 1,555 1,603 72,887 1,555 1,603 72,88720 1,484 1,530 74,417 1,484 1,530 74,41721 1,422 1,466 75,883 1,422 1,466 75,88322 1,286 1,326 77,208 1,286 1,326 77,20823 1,134 1,169 78,377 1,134 1,169 78,37724 1,124 1,159 79,536 1,124 1,159 79,53625 1,055 1,088 80,624 1,055 1,088 80,62426 1,019 1,050 81,674 1,019 1,050 81,674

Appendix A

ppen

dix

3: L

itera

ture

Rev

iew

Cul

tura

l Diff

eren

ces

Year

O

bjec

t of

stud

y A

utho

r/

Met

hod

& S

ampl

e M

easu

re

Key

find

ings

Web

er,

Shen

kar &

R

aveh

(1

996)

Nat

iona

l and

co

rpor

ate

cultu

ral f

it in

M

&As

Sur

vey

amon

g in

tern

atio

nal a

nd

dom

estic

M&A

s fro

m

52 U

S m

erge

rs

Met

hod:

mul

tivar

iate

an

alys

is m

etho

d (c

o-pl

ot m

etho

d)

N

atio

nal c

ultu

re d

iffer

entia

ls

C

orpo

rate

cul

ture

diff

eren

tials

Aut

onom

y re

mov

al

St

ress

Atti

tude

s to

war

d co

oper

atin

g w

ith o

ther

top

man

agem

ent

team

Gro

up a

ttitu

de to

war

d ne

w

orga

niza

tion

C

omm

itmen

t

Coo

pera

tion

Th

e hi

gher

the

corp

orat

e cu

lture

diff

eren

tials

, th

e lo

wer

the

auto

nom

y re

mov

al o

f the

acq

uire

d co

mpa

ny

C

orpo

rate

cul

ture

diff

eren

tials

are

neg

ativ

ely

rela

ted

to to

p m

anag

ers

coop

erat

ion,

co

mm

itmen

t and

atti

tude

tow

ard

coop

erat

ion

and

stre

ss b

ut p

ositi

vely

rela

ted

to n

egat

ive

attit

udes

tow

ard

the

mer

ger

A

uton

omy

rem

oval

is s

igni

fican

tly re

late

d w

ith

stre

ss b

ut p

ositi

vely

with

coo

pera

tion

In

dom

estic

M&

As

corp

orat

e cu

lture

diff

eren

ces

have

a n

egat

ive

effe

ct in

pos

t-mer

ger

inte

grat

ion,

in in

tern

atio

nal M

&A

s th

ey h

ave

a po

sitiv

e ef

fect

Hig

h cu

ltura

l diff

eren

ces

resu

lt in

low

top

man

agem

ent c

omm

itmen

t

In in

tern

atio

nal M

&A

s, n

atio

nal c

ultu

re

diffe

rent

ials

bet

ter p

redi

ct s

tress

, neg

ativ

e at

titud

es to

war

ds th

e m

erge

r, an

d co

oper

atio

n,

than

cor

pora

te c

ultu

re d

iffer

entia

ls d

o

Man

ager

s sh

ould

pay

as

muc

h at

tent

ion

to

cultu

ral f

it as

they

do

for f

inan

ce a

nd s

trate

gy

La

ck o

f cul

tura

l fit

may

und

erm

ine

the

pros

pect

of

ach

ievi

ng s

yner

gy o

r add

cos

t the

inte

grat

ion

proc

ess

Web

er

(199

6)

Cor

pora

te

cultu

re fi

t and

pe

rform

ance

in

M&A

Sur

vey

amon

g 18

5 fir

ms

that

eng

age

in a

m

erge

r. Fi

rms

with

ha

ve s

ame

two-

digi

t S

tand

ard

Indu

stria

l C

lass

ifica

tion

(SIC

) C

ode

wer

e ch

osen

. 73

resp

onse

s

C

orpo

rate

cul

tura

l diff

eren

ces

A

uton

omy

rem

oval

Com

mitm

ent

Fi

nanc

ial p

erfo

rman

ce

E

ffect

iven

ess

In

dust

ry ty

pes

In

tra G

roup

con

sens

us

C

ultu

ral d

iffer

ence

s

C

ultu

ral d

iffer

ence

s ar

e si

gnifi

cant

ly a

nd

posi

tivel

y as

soci

ated

with

aut

onom

y re

mov

al

C

omm

itmen

t is

nega

tivel

y as

soci

ated

with

cu

ltura

l diff

eren

ces

C

ultu

ral d

iffer

ence

s ar

e ne

gativ

ely

asso

ciat

ed

with

the

effe

ctiv

enes

s of

the

inte

grat

ion

proc

ess

Th

e lo

wer

the

com

mitm

ent o

f the

acq

uire

d to

p m

anag

emen

t tea

m, t

he lo

wer

the

effe

ctiv

enes

s

Appendix M

etho

d: R

egre

ssio

n an

alys

is

of th

e in

tegr

atio

n pr

oces

s, a

nd th

e lo

wer

the

finan

cial

per

form

ance

of t

he m

erge

d or

gani

zatio

n.

H

uman

reso

urce

pro

blem

s du

e to

cul

ture

cla

sh

do n

ot a

ffect

long

-term

fina

ncia

l per

form

ance

Ve

ry,

Luba

tkin

, C

alor

i, &

Ve

iga

(199

7)

Influ

ence

of

orga

niza

tiona

l an

d na

tiona

l cu

ltura

l di

ffere

nces

on

rela

tive

stan

ding

and

on

the

acqu

ired

firm

’s

perfo

rman

ce

Sur

vey

amon

g 15

5 Fr

ench

and

191

Brit

ish

com

pani

es th

at

acqu

ired,

with

180

in

divi

dual

resp

onse

s;

from

198

7-19

89

Met

hod:

Mul

tiple

re

gres

sion

ana

lysi

s

Inde

pend

ent v

aria

bles

:

Rel

ativ

e si

ze

P

erce

ived

cul

tura

l com

patib

ility

R

emov

al o

f aut

onom

y D

epen

dent

var

iabl

es:

P

ost-m

erge

r per

form

ance

(p

erce

ptio

ns re

gard

ing

sale

s,

mar

ket s

hare

and

ear

ning

s)

Con

trol v

aria

bles

:

Dom

estic

vs.

cro

ss-b

orde

r

Age

of m

erge

r

Rel

ated

ness

of m

erge

rs

C

ultu

ral d

iffer

ence

s ar

e no

t nec

essa

rily

indi

cativ

e fo

r cla

shes

No

evid

ence

of c

ultu

ral c

lash

cul

ture

s of

m

ergi

ng fi

rms

wer

e ne

utra

l to

som

ewha

t co

mpa

tible

The

mor

e at

tract

ed th

e ac

quire

d fir

m is

to th

e cu

ltura

l cha

ract

eris

tics

of th

e bu

ying

firm

. The

hi

gher

the

post

-mer

ger p

erfo

rman

ce

Th

e re

mov

al o

f aut

onom

y fro

m in

divi

dual

s ac

cust

omed

to h

igh

leve

ls o

f aut

onom

y ca

used

pe

rform

ance

to d

eter

iora

te.

M

anag

emen

t of b

uyin

g fir

m s

houl

d pa

y at

leas

t as

muc

h at

tent

ion

to th

e hu

man

sid

e of

a

mer

ger a

s th

ey d

o w

ith th

e st

rate

gic

side

La

rsso

n &

R

isbe

rg

(199

8)

Impa

ct o

f na

tiona

l and

co

rpor

ate

cultu

ral

clas

hes

on

perfo

rman

ce in

M

&A

and

how

em

ploy

ees

reac

t

Sur

vey

with

62

dom

estic

and

cro

ss-

bord

er M

&A

Met

hod:

Cas

e su

rvey

E

mpl

oyee

s re

sist

ance

Deg

ree

of s

yner

gy re

aliz

atio

n

Ach

ieve

d le

vel o

f acc

ultu

ratio

n

Dom

estic

vs.

cro

ss-b

orde

r M&

A

M

anag

emen

t sty

les

of

com

pani

es =

org

aniz

atio

nal

cultu

re

C

ultu

ral c

lash

es o

ccur

in d

omes

tic M

&A m

ore

frequ

ent

C

ross

-bor

der M

&A

with

diff

eren

t cor

pora

te

cultu

res

had

the

high

est l

evel

of a

ccul

tura

tion

B

oth

dom

estic

and

cro

ss-b

orde

r M&

A w

ith

diffe

rent

cor

pora

te c

ultu

res

enco

unte

red

high

er

empl

oyee

resi

stan

ce th

an c

ombi

natio

ns w

ith

sim

ilar c

orpo

rate

cul

ture

s.

Lars

son

&

Fink

elst

ein

(199

9)

Impa

ct o

f co

mpl

emen

tarit

y an

d si

mila

rity

on s

yner

gy

real

izat

ion

Sur

vey

with

61

dom

estic

and

cro

ss-

bord

er M

&A

Met

hod:

Cas

e su

rvey

Dep

ende

nt V

aria

ble:

Ext

ent o

f syn

ergy

real

izat

ion,

11

item

s In

depe

nden

t var

iabl

es:

D

omes

tic v

s. c

ross

-bor

der d

eal

C

ombi

natio

n po

tent

ial

M

anag

emen

t sty

le s

imila

rity

E

mpl

oyee

resi

stan

ce

O

rgan

izat

iona

l int

egra

tion

Th

e gr

eate

r the

deg

ree

of in

tera

ctio

n an

d co

ordi

natio

n be

twee

n co

mbi

ning

firm

s, th

e gr

eate

r the

deg

ree

of s

yner

gy re

aliz

atio

n

Com

plem

enta

ry d

eals

are

det

erm

inin

g an

d pr

ovid

e hi

ghes

t syn

ergy

pot

entia

l

Hum

an-r

esou

rce,

fina

ncia

l and

stra

tegi

c pe

rspe

ctiv

es s

houl

d be

con

side

red

in p

aral

lel i

n M

&A

Appendix (e

xten

t of c

oord

inat

ion

mec

hani

sms

and

stru

ctur

es,

oper

atio

nal i

nter

actio

n

Rel

ativ

e si

ze

Con

trol v

aria

bles

:

Cas

e da

ta c

olle

ctio

n

Cas

e pu

blic

atio

n

Cas

e ca

lend

ar y

ear

C

ase

perio

d le

ngth

Ve

rmeu

len

& B

arke

ma

(200

1)

B

alan

ce

betw

een

acqu

isiti

on

and

gree

nfie

ld

inve

stm

ents

an

d th

e in

fluen

ce o

f ac

quis

ition

s on

a fi

rm’s

la

ter

expa

nsio

n m

ode

Sam

ple

of 2

5 D

utch

co

rpor

atio

ns w

ith a

to

tal n

umbe

r of 1

,349

af

filia

tes

(gre

enfie

ld o

r ac

quis

ition

); in

form

atio

n w

as

colle

cted

thro

ugh

a da

taba

se a

nd a

nnua

l re

port

Inde

pend

ent V

aria

bles

:

Num

ber o

f pre

cedi

ng

gree

nfie

lds/

acqu

isiti

ons

P

rece

ding

gre

enfie

lds

in fa

milia

r m

arke

ts o

r new

mar

kets

Pre

cedi

ng a

cqui

sito

ns in

re

late

d/un

rela

ted

dom

ains

D

epen

dent

Var

iabl

es:

S

urvi

val

A

cqui

sitio

n/gr

eenf

ield

E

xplo

ratio

n= s

earc

h fo

r new

kno

wle

dge

E

xplo

itatio

n= o

ngoi

ng u

se o

f a fi

rm’s

kno

wle

dge

base

Acq

uisi

tions

(vs.

gre

enfie

lds)

are

ano

ther

way

fo

r org

aniz

atio

ns to

adm

inis

ter s

hock

s to

thei

r sy

stem

s an

d to

cou

nter

the

proc

ess

if pr

ogre

ssin

g si

mpl

icity

Org

aniz

atio

ns s

trike

a te

mpo

ral b

alan

ce o

n th

e on

e ha

nd b

etw

een

expl

oita

tion

and

gree

nfie

lds,

an

d on

the

othe

r han

d or

gani

zatio

nal

revi

taliz

atio

n an

d ac

quis

ition

s (e

xplo

ratio

n)

O

ver t

ime,

firm

s st

ike

a ba

lanc

e be

twee

n th

e us

e of

gre

enfie

lds

and

acqu

isiti

ons

Sigg

lkow

&

Levi

ntha

l (2

003)

Stu

dy a

bout

th

e th

ree

diffe

rent

or

gani

zatio

nal

stru

ctur

es:

cent

raliz

ed

orga

niza

tion,

de

cent

raliz

ed,

and

tem

pora

rily

dece

ntra

lized

.

A

gent

-bas

ed

sim

ulat

ion

mod

el

In

vest

igat

ion

of

perfo

rman

ce

num

bers

of

com

pani

es w

ith

diffe

rent

or

gani

zatio

nal

stru

ctur

es o

ver a

va

st n

umbe

r of

land

scap

es

Fo

und

the

abilit

y to

iden

tify

typi

cal

effe

cts

of

P

erfo

rman

ce L

ands

cape

s: a

m

ap o

f any

pos

sibl

e se

t of f

irm

activ

ities

The

valu

e of

act

ivity

is a

ffect

ed

by th

e st

ate

of th

e ac

tivity

and

th

e st

ates

of a

num

ber o

f oth

er

activ

ities

.

If

the

cost

s ca

n be

car

ried,

igno

ring

the

inte

rdep

ende

ncie

s ca

n be

ben

efic

ial f

or th

e lo

ng-te

rm.

C

reat

ing

tem

pora

ry in

terd

epen

denc

ies

can

gene

rate

long

-term

out

com

es

A

pplic

able

to v

ario

us o

rgan

izat

ion

leve

ls

Te

mpo

rary

dec

entra

lizat

ion

follo

wed

by

rein

tegr

atio

n, th

is k

ind

of te

mpo

ral s

eque

ncin

g of

org

aniz

atio

nal s

truct

ures

can

lead

to h

ighe

r pe

rform

ance

than

the

pure

form

s.

Appendix di

ffere

nt

orga

niza

tiona

l st

ruct

ures

on

firm

pe

rform

ance

Alte

rnat

ive

Org

aniz

atio

nal

Stru

ctur

es: t

hree

di

ffere

nt fi

rms

whe

re m

odel

ed:

cent

raliz

ed,

dece

ntra

lized

and

te

mpo

raril

y de

cent

raliz

ed

Web

er &

C

amer

er

(200

3)

Mer

ger f

ailu

re

due

to

conf

lictin

g or

gani

zatio

nal

cultu

res.

Exp

erim

ent w

ith

stud

ent f

rom

Cal

iforn

ia

Inst

itute

of

Tec

hnol

ogy

and

Car

negi

e M

ello

n U

nive

rsity

D

iffer

ence

s in

cul

ture

bet

wee

n la

bora

tory

firm

s le

ad to

con

sist

ent d

ecre

ased

per

form

ance

for

both

em

ploy

ees

afte

r the

mer

ger,

and

subj

ects

un

der p

redi

cted

the

exte

nt o

f thi

s de

crea

se. I

n ad

ditio

n, w

e al

so fi

nd e

vide

nce

of c

onfli

ct a

nd

mis

take

n bl

ame

aris

ing

from

the

diffe

renc

es in

cu

lture

, poi

ntin

g to

a p

ossi

ble

sour

ce fo

r the

hi

gh tu

rnov

er ra

te fo

llow

ing

real

mer

gers

. B

rock

(2

005)

N

atio

nal

cultu

re a

nd

syne

rgy

crea

tion

Sur

vey

amon

g 10

3 N

ew Z

eala

nd a

nd

Aus

tralia

n fir

ms

owne

d by

a fo

reig

n pa

rtner

Met

hod:

Lin

ear

regr

essi

on a

naly

sis

Inde

pend

ent v

aria

bles

:

Cul

tura

l dim

ensi

ons

acco

rdin

g to

Hof

sted

e

Inte

grat

ion

rela

ted

prob

lem

s

Res

ourc

e sh

arin

g D

epen

dent

var

iabl

e:

S

yner

gy

M

ore

inte

grat

ion

rela

ted

prob

lem

s w

here

par

ent

com

pany

is b

ased

in a

cul

ture

low

er o

n in

divi

dual

ism

and

the

subs

idia

ry b

ased

in a

cu

lture

hig

her o

n in

divi

dual

ism

, com

pare

d to

th

ose

betw

een

two

cultu

res

low

er o

n in

divi

dual

ism

.

Mor

e in

tegr

atio

n re

late

d pr

oble

ms

whe

re a

pa

rent

firm

bas

ed in

a c

ultu

re h

ighe

r on

Pow

er

dist

ance

acq

uire

d th

ese

low

PD

firm

s.

R

esou

rce

shar

ing

beca

me

mor

e di

fficu

lt th

e hi

gher

the

PD

of t

he p

aren

t cul

ture

.

Few

er s

yner

gies

see

m to

be

asso

ciat

ed w

ith

mor

e in

tegr

atio

n an

d re

sour

ce s

harin

g re

late

d di

fficu

lties

.

Gre

ater

inte

grat

ion

rela

ted

prob

lem

s co

ntrib

uted

to th

e re

aliz

atio

n of

few

er

syne

rgie

s.

Appendix In

sho

rt:

In

tegr

atio

n an

d re

sour

ce s

harin

g ar

e co

ntin

gent

up

on c

ultu

res

S

yner

gy is

con

tinge

nt u

pon

inte

grat

ion

and

reso

urce

sha

ring

Schw

eige

r &

Gou

let

(200

5)

Cul

tura

l le

arni

ng

inte

rven

tions

an

d ac

quis

ition

pe

rform

ance

Ana

lysi

s of

6 U

S

man

ufac

turin

g pl

ants

(3

from

TF

with

120

re

spon

dent

s, 3

from

A

F w

ith 1

16

resp

onde

nts)

Met

hod:

clu

ster

an

alys

is

C

ultu

ral d

iffer

ence

s

Cul

tura

l und

erst

andi

ng

C

omm

itmen

t

Com

mun

icat

ion

Tr

ust

C

oope

ratio

n

Cul

tura

l acc

epta

nce

C

ultu

ral d

ista

nce

can

be b

ypas

sed

durin

g ea

rly

stag

es o

n in

tegr

atio

n w

ith in

terv

entio

ns.

Pos

sibl

e to

trig

ger a

cqui

sitio

ns p

erfo

rman

ce

D

eep-

leve

l cul

tura

l lea

rnin

g in

terv

entio

ns le

ad

to g

reat

er c

ultu

ral u

nder

stan

ding

, co

mm

unic

atio

n, c

omm

itmen

t and

coo

pera

tion,

re

solu

tion

of c

ultu

ral d

iffer

ence

s an

d as

a re

sult

impr

ove

empl

oyee

’s m

otiv

atio

n to

wor

k to

geth

er

for t

he c

omm

on g

ood

Sl

ange

n (2

006)

N

atio

nal

cultu

ral

dist

ance

and

th

e m

oder

atin

g ef

fect

of

inte

grat

ion

on

acqu

isiti

on

perfo

rman

ce

Sur

vey

of 1

06 c

ross

-bo

rder

acq

uisi

tions

by

Dut

ch fi

rms

Met

hod:

OLS

re

gres

sion

ana

lysi

s

Inde

pend

ent v

aria

bles

:

Cul

tura

l dis

tanc

e ac

cord

ing

to

Hof

sted

e

Pos

t-acq

uisi

tion

perfo

rman

ce

Dep

ende

nt V

aria

ble:

Acq

uisi

tion

perfo

rman

ce

Con

trol v

aria

bles

:

Hos

t-cou

ntry

exp

erie

nce

A

cqui

rer’s

leve

l of c

ross

-bor

der

acqu

isiti

on e

xper

ienc

e

Rel

ativ

e ac

quis

ition

siz

e

Acq

uisi

tion

rela

tedn

ess,

Dem

and

grow

th,

E

cono

mic

con

ditio

ns

…

.

S

imila

rity

has

a po

sitiv

e im

pact

on

perfo

rman

ce

Cul

tura

l dis

tanc

e ha

s a

nega

tive

effe

ct o

n in

itial

ac

quis

ition

per

form

ance

at h

igh

leve

ls o

f pl

anne

d in

tegr

atio

n

Cul

tura

l dis

tanc

e ha

s a

posi

tive

effe

ct o

n in

itial

ac

quis

ition

per

form

ance

whe

n le

vel o

f pla

ned

inte

grat

ion

is lo

w

N

atio

nal c

ultu

ral d

ista

nce

does

not

hav

e a

sign

ifica

nt im

pact

on

cros

s-bo

rder

acq

uisi

tion

perfo

rman

ce.

Stah

l &

Voig

t (20

08)

Impa

ct c

ultu

ral

diffe

renc

es a

nd

inte

grat

ion

on

syne

rgy

real

izat

ion

and

shar

ehol

der

valu

e

Ana

lysi

s of

46

stud

ies

with

a c

ombi

ned

sam

ple

size

of 1

0,71

0 M

&As

Met

hod:

Met

a-an

alys

is

Inde

pend

ent v

aria

ble:

Cul

tura

l diff

eren

ces

Dep

ende

nt v

aria

bles

:

Sha

reho

lder

val

ue

S

ocio

cultu

ral i

nteg

ratio

n ou

tcom

es

S

yner

gy re

aliz

atio

n

C

ultu

ral d

iffer

ence

s ha

ve n

o im

pact

on

syne

rgy

real

izat

ion

C

ultu

ral d

iffer

ence

s ha

ve a

neg

ativ

e ef

fect

on

inte

grat

ion

C

ultu

ral d

iffer

ence

s do

not

hav

e a

sign

ifica

nt

effe

ct o

n sh

areh

olde

r val

ue w

ithin

30

days

Cul

tura

l diff

eren

ces

are

mor

e st

rong

ly a

nd

Appendix M

oder

atin

g va

riabl

es:

D

egre

e of

rela

tedn

ess

D

imen

sion

s of

cul

tura

l di

ffere

nces

: org

aniz

atio

nal v

s.

natio

nal

nega

tivel

y as

soci

ated

with

soc

iocu

ltura

l in

tegr

atio

n ou

tcom

es w

hen

the

degr

ee o

f re

late

dnes

s is

hig

h.

C

ultu

ral d

iffer

ence

s on

nat

iona

l bas

e ha

ve le

ss

nega

tive

effe

cts

on s

yner

gy re

aliz

atio

n,

inte

grat

ion

an s

hare

hold

er v

alue

than

cul

tura

l di

ffere

nces

in o

rgan

izat

iona

l lev

el

Reu

s &

La

mon

t (2

009)

Cul

tura

l di

stan

ce in

in

tern

atio

nal

acqu

isiti

ons

Sur

vey

with

118

re

spon

dent

s of

US

ac

quire

rs in

fore

ign

coun

tries

Met

hod:

Com

bina

tion

of m

ultip

le m

edia

tion

anal

ysis

, and

m

oder

ated

regr

essi

on

anal

ysis

Inde

pend

ent V

aria

bles

:

Inte

grat

ion:

und

erst

anda

bilit

y,

key

empl

oym

ent r

eten

tion,

co

mm

unic

atio

n

Cul

tura

l dis

tanc

e D

epen

dent

var

iabl

e:

In

tern

atio

nal a

cqui

sitio

n pe

rform

ance

C

ontro

l var

iabl

es:

R

elat

ive

size

Rel

ated

ness

Soc

ial d

esira

bilit

y

Deg

ree

of in

tern

atio

naliz

atio

n

…

C

ultu

ral d

ista

nce

is n

egat

ivel

y as

soci

ated

with

ac

quis

ition

per

form

ance

thro

ugh

the

med

iatin

g ef

fect

of u

nder

stan

dabi

lity

C

ultu

ral d

iffer

ence

s ha

ve a

dire

ct a

nd in

dire

ct

effe

ct o

n pe

rform

ance

Com

mun

icat

ion

med

iate

s th

e re

latio

nshi

p be

twee

n cu

ltura

l dis

tanc

e an

d in

tern

atio

nal

acqu

isiti

on p

erfo

rman

ce

E

mpl

oyee

rete

ntio

n ha

s no

med

iatin

g ef

fect

on

cultu

ral d

ista

nce

and

inte

rnat

iona

l acq

uisi

tion

perfo

rman

ce

Web

er,

Tarb

a &

R

eich

el

(200

9)

Impa

ct o

f cu

ltura

l di

stan

ce o

n in

tegr

atio

n ap

proa

ches

, an

d its

effe

ct

on in

tern

atio

nal

mer

ger a

nd

acqu

isiti

on

perfo

rman

ce.

Met

hod:

Rev

isite

d fra

mew

ork

desi

gn

Inde

pend

ent v

aria

bles

:

Cul

tura

l diff

eren

ces

Syn

ergy

pot

entia

l

Cul

tura

l-spe

cific

dim

ensi

ons

(nat

iona

l/org

aniz

atio

nal)

Dep

ende

nt v

aria

ble:

Cho

ice

of in

tegr

atio

n ap

proa

ch

A

cqui

rers

with

hig

h le

vel o

f unc

erta

inty

av

oida

nce

will

use

hig

h le

vel o

f int

egra

tion

and

will

per

form

bet

ter t

han

acqu

irers

with

hig

h le

vel

of u

ncer

tain

ty a

void

ance

that

cho

se a

low

leve

l of

inte

grat

ion

E

ach

com

pany

will

act a

ccor

ding

to th

eir o

wn

natio

nal d

imen

sion

s an

d pr

efer

ence

s

The

inte

grat

ion

appr

oach

is re

com

men

ded

for

achi

evin

g a

high

leve

l of s

yner

gy w

hen

the

leve

l of

cul

tura

l diff

eren

ces

is lo

w a

nd v

ice

vers

a

Man

ager

s fro

m a

cqui

ring

firm

s sh

ould

pay

as

muc

h at

tent

ion

to th

e ch

oice

of l

evel

of

inte

grat

ion

and

cultu

ral d

imen

sion

s du

ring

both

th

e pr

e-m

erge

r sea

rch

proc

ess

and

the

post

- m

erge

r int

egra

tion

as th

ey d

o to

the

effe

cts

of

natio

nal a

nd c

orpo

rate

cul

tura

l diff

eren

ces.

Appendix

An

M&

A th

at a

ppro

xim

ates

its

idea

l typ

es o

f in

tegr

atio

n ap

proa

ch a

nd le

vel o

f int

egra

tion

is

mor

e ef

fect

ive

than

oth

er M

&A

. Sa

rala

(2

010)

Th

e im

pact

of

cultu

ral

diffe

renc

es a

nd

accu

ltura

tion

fact

ors

on

post

-ac

quis

ition

co

nflic

ts

Sur

vey

with

118

re

spon

dent

s of

do

mes

tic a

nd

inte

rnat

iona

l ac

quis

ition

s by

Fin

ish

firm

s

Met

hod:

Exp

lora

tory

fa

ctor

ana

lysi

s

Inde

pend

ent v

aria

bles

:

Mul

ticul

tura

lism

of a

cqui

rer

M

ultic

ultu

ralis

m o

f acq

uire

d fir

m

N

atio

nal c

ultu

ral d

iffer

ence

s

Org

aniz

atio

nal c

ultu

ral

diffe

renc

es

P

artn

er a

ttrac

tiven

ess

O

rgan

izat

iona

l cul

tura

l pr

eser

vatio

n D

epen

dent

var

iabl

e:

P

ost-a

cqui

sitio

n co

nflic

t C

ontro

l var

iabl

es:

A

ctua

l rel

ated

ness

Siz

e

Acq

uisi

tion

expe

rienc

e

O

rgan

izat

iona

l cul

tura

l diff

eren

ces

and

orga

niza

tiona

l cul

tura

l pre

serv

atio

n in

crea

se

post

-acq

uisi

tion

conf

licts

Par

tner

attr

activ

enes

s re

duce

pos

t-acq

uisi

tion

conf

licts

Sara

la &

Va

ara

(201

0)C

ultu

ral d

iffer

-en

ces

(nat

iona

l an

d or

gani

za-

tiona

l cul

ture

), as

exp

lana

-tio

ns o

f kno

w-

ledg

e tra

nsfe

r in

inte

rnat

iona

l ac

quis

ition

s

Ana

lysi

s of

133

in

tern

atio

nal

acqu

isiti

ons

by F

inni

sh

com

pani

es

Met

hod:

Reg

ress

ion

anal

ysis

Inde

pend

ent v

aria

bles

:

Nat

iona

l cul

tura

l diff

eren

ces

O

rgan

izat

iona

l cul

tura

l di

ffere

nces

Cul

tura

l con

verg

ence

Org

aniz

atio

nal c

ultu

ral

cros

sver

genc

e D

epen

dent

var

iabl

e:

K

now

ledg

e tra

nsfe

r

N

atio

nal c

ultu

ral d

iffer

ence

s ha

ve a

pos

itive

im

pact

on

know

ledg

e tra

nsfe

r

Cul

tura

l int

egra

tion

in th

e fo

rm o

f cul

tura

l co

nver

genc

e an

d cu

ltura

l cro

ssve

rgen

ce is

cr

ucia

l in

know

ledg

e tra

nsfe

r

Web

er &

Ta

rba

(201

0)E

ffect

s of

hu

man

re

sour

ce

prac

tice

and

its

inte

grat

ion

capa

bilit

ies

durin

g th

e po

st-m

erge

r in

tegr

atio

n pr

oces

s on

the

Theo

retic

al p

aper

on

HR

pra

ctic

es in

Isra

el

Tr

aini

ng

C

omm

unic

atio

n

Aut

onom

y

Mod

erat

ing

effe

cts

of a

uton

omy

In

vest

men

t in

train

ing

and

its re

latio

nshi

p to

pe

rform

ance

var

y ac

ross

acq

uire

rs fr

om

diffe

rent

cou

ntrie

s

The

high

er th

e in

vest

men

t in

train

ing

in M

&A

of

man

ager

s an

d em

ploy

ees

in Is

rael

, the

hig

her

the

perfo

rman

ce o

f Isr

aeli

M&

A

C

omm

unic

atio

n ch

ange

s an

d th

eir r

elat

ions

hip

to p

erfo

rman

ce in

M&

A v

ary

acro

ss a

cqui

rers

fro

m d

iffer

ent n

atio

ns

Th

e hi

gher

the

com

mun

icat

ion

in Is

rael

i M&

A,

Appendix pe

rform

ance

of

M&A

th

e hi

gher

M&

A p

erfo

rman

ce

C

hang

es in

the

exte

nt o

f aut

onom

y an

d its

re

latio

nshi

p to

M&

A p

erfo

rman

ce v

ary

acro

ss

acqu

irers

from

diff

eren

t nat

ions

Cha

nges

in a

cqui

rer’s

HR

pra

ctic

e, in

clud

ing

train

ing

met

hods

, com

mun

icat

ion,

and

in

crea

sed

auto

nom

y of

HR

man

ager

s co

ntrib

ute

to M

&A

per

form

ance

In o

rder

to e

nhan

ce M

&A

per

form

ance

ac

quire

rs m

ust u

se H

R p

ract

ices

to d

evel

op

inte

grat

ion

capa

bilit

ies

durin

g po

st-m

erge

r in

tegr

atio

n W

eber

&

Dro

ri (2

011)

In

tegr

atio

n of

or

gani

zatio

nal

and

hum

an

beha

vior

pe

rspe

ctiv

es in

M

&As

Inde

pend

ent v

aria

bles

:

Cul

tura

l cla

sh

A

uton

omy

rem

oval

D

epen

dent

var

iabl

es:

Tu

rnov

er

M

&A

per

form

ance

Stre

ss, n

egat

ive

attit

ude,

co

oper

atio

n, c

omm

itmen

t

Gro

up a

nd in

divi

dual

beh

avio

r M

oder

atin

g va

riabl

e:

O

rgan

izat

iona

l ide

ntifi

catio

n

Th

e pe

rform

ance

of M

&A

dep

ends

not

onl

y on

th

e sy

nerg

y po

tent

ial a

vaila

ble

befo

re a

nd

durin

g th

e m

erge

r but

als

o on

whe

ther

the

syne

rgy

can

be re

aliz

ed in

the

post

-mer

ger

stag

e

Stra

tegi

c an

d fin

anci

al d

ecis

ions

by

top

exec

utiv

es n

eed

to b

e co

nsid

ered

si

mul

tane

ousl

y w

ith th

e ro

le o

f the

indi

vidu

al in

th

e im

plem

enta

tion

proc

ess

to a

chie

ve th

e ex

pect

ed M

&A

per

form

ance

Man

y of

the

prob

lem

s as

soci

ated

with

the

post

-m

erge

r int

egra

tion

of tw

o fir

ms

can

be a

void

ed

or m

anag

ed if

iden

tific

atio

n w

ith th

e m

erge

r is

anal

yzed

and

coo

rdin

ated

Iden

tity

and

iden

tific

atio

n ar

e cr

ucia

l in

unde

rsta

ndin

g th

e m

echa

nism

s of

coo

pera

tion

in M

&As

Web

er,

Rac

hman

-M

orre

&

Tarb

a (2

011)

HR

pra

ctic

es

durin

g po

st-

mer

ger c

onfli

ct

(cro

ss-c

ultu

ral

conf

licts

) and

m

erge

r pe

rform

ance

Dat

a fro

m th

e 20

01

roun

d of

the

Cra

net-E

su

rvey

of s

trate

gic

hum

an re

sour

ce

man

agem

ent.

Ana

lysi

s of

5 c

ount

ries:

Fra

nce,

G

erm

any,

Jap

an,

Bel

gium

and

Den

mar

k

Inde

pend

ent v

aria

bles

:

Com

mun

icat

ion

A

uton

omy

Tr

aini

ng m

etho

ds

Dep

ende

nt v

aria

ble:

Per

form

ance

(pro

fit, s

ales

&

stoc

k va

lue)

C

ontro

l var

iabl

e: o

rgan

izat

iona

l siz

e

S

igni

fican

t diff

eren

ces

betw

een

acqu

irers

from

di

ffere

nt c

ount

ries,

with

cha

nges

in

com

mun

icat

ion,

trai

ning

and

aut

onom

y ex

ist.

A

n in

crea

se in

trai

ning

follo

win

g th

e m

erge

r is

posi

tivel

y re

late

d to

acq

uire

r per

form

ance

Hig

her a

uton

omy

is n

ot a

ssoc

iate

d w

ith h

ighe

r pe

rform

ance

Com

mun

icat

ion

show

s a

sign

ifica

nt p

ositi

ve

Appendix 1 1M

etho

d: R

egre

ssio

n an

alys

es

corre

latio

n w

ith a

uton

omy

Rel

atio

nshi

p be

twee

n co

mm

unic

atio

n an

d pe

rform

ance

var

y am

ong

acqu

irers

from

di

ffere

nt c

ount

ies

Cha

nges

on

on-th

e jo

b tra

inin

g w

ere

nega

tivel

y re

late

d w

ith p

erfo

rman

ce

H

R p

ract

ices

of a

cqui

rers

hav

e si

gnifi

cant

and

di

ffere

nt a

ssoc

iatio

ns w

ith p

erfo

rman

ce

depe

ndin

g on

nat

iona

lity,

and

ther

efor

e re

quire

a

mul

tivar

iate

app

roac

h.

Web

er,

Tarb

a &

R

eich

el

(201

1)

Influ

ence

of

cultu

re o

n in

tegr

atio

n ap

proa

ches

an

d in

tern

atio

nal

M&A

pe

rform

ance

Met

hod:

theo

retic

al

mod

el u

sing

a

mul

tidis

cipl

inar

y ap

proa

ch

In

tern

atio

nal M

&A

that

app

roxi

mat

e th

eir i

deal

ty

pe o

f int

egra

tion

appr

oach

are

mor

e ef

fect

ive

than

oth

er M

&A

s

Cul

tura

l diff

eren

ces

play

an

esse

ntia

l rol

e in

the

choi

ce o

f int

egra

tion

appr

oach

Acq

uire

rs fr

om c

ount

ries

char

acte

rized

by

low

le

vels

of u

ncer

tain

ty a

void

ance

that

impl

emen

t pa

rtial

abs

orpt

ion

and

full

pres

erva

tion

achi

eve

the

high

est l

evel

s of

per

form

ance

.

Acq

uire

rs fr

om c

ount

ries

char

acte

rized

by

high

le

vels

of m

ascu

linity

that

impl

emen

t ful

l ab

sorp

tion

and

parti

al p

rese

rvat

ion

achi

eve

the

high

est l

evel

s of

per

form

ance

.

Sara

la,

Junn

i, C

oope

r &

Tarb

a (2

014)

The

influ

ence

of

soc

iocu

ltura

l fa

ctor

s on

the

leve

l of

know

ledg

e tra

nsfe

r. C

ultu

ral

diffe

renc

es a

nd

its im

pact

on

HR

flex

ibilit

y.

Con

cept

ual a

rticl

e H

R fl

exib

ility

Inte

rfirm

link

ages

Kno

wle

dge

trans

fer

Org

aniz

atio

nal c

ultu

ral

diffe

renc

es

S

ocio

cultu

ral i

nter

firm

link

ages

are

cru

cial

for

M&

A k

now

ledg

e tra

nsfe

r

Com

plem

enta

ry e

mpl

oyee

ski

lls a

re li

kely

to b

e pa

rticu

larly

val

uabl

e an

d ar

e m

ore

likel

y to

be

trans

ferr

ed b

etw

een

the

mer

ging

firm

s

Trus

t and

col

lect

ive

teac

hing

repr

esen

t im

porta

nt s

ocio

cultu

ral m

echa

nism

s fo

r tra

nsfe

rrin

g ta

cit a

nd s

ocia

lly c

ompl

ex

know

ledg

e

Cul

tura

l int

egra

tion

crea

tes

a sh

ared

soc

ial

plat

form

for k

now

ledg

e tra

nsfe

r

1 2 Appendix

Res

ourc

e an

d co

ordi

natio

n fle

xibi

lity

in

empl

oyee

ski

lls a

re v

ital f

or p

rovi

ding

a b

asis

fo

r com

plem

enta

ry e

mpl

oyee

ski

lls in

M&

As

R

esou

rce

and

coor

dina

tion

flexi

bilit

y in

em

ploy

ee b

ehav

ior f

acilit

ate

the

crea

tion

of

rela

tion-

spec

ific

asse

ts (t

rust

), kn

owle

dge-

shar

ing

rout

ines

(col

lect

ive

teac

hing

), an

d ef

fect

ive

gove

rnan

ce (c

ultu

ral i

nteg

ratio

n) in

M

&As

R

esou

rce

and

coor

dina

tion

flexi

bilit

y in

the

HR

pr

actic

es o

f the

mer

ging

firm

s fa

cilit

ates

the

alig

nmen

t of t

he H

R p

ract

ices

of t

he a

cqui

ring

and

targ

et fi

rms

O

rgan

izat

iona

l cul

tura

l diff

eren

ces

prov

ide

a br

oade

r ski

ll ba

se fo

r the

em

ploy

ees

in th

e co

mbi

ned

firm

but

are

mor

e di

fficu

lt to

un

ders

tand

and

man

age,

whi

ch d

ecre

ases

co

ordi

natio

n fle

xibi

lity

in e

mpl

oyee

ski

lls

Appendix 1A

ppen

dix

4: L

itera

ture

Rev

iew

Lea

ders

hip

Styl

es

Aut

hor/

Obj

ect o

f stu

dy

Met

hod

& S

ampl

e M

easu

re

Key

find

ings

Ye

ar

Kris

hna,

M

iller

&

Judg

e (1

997)

Impa

ct o

f com

-pl

emen

tary

top

man

agem

ent t

eam

s (d

efin

ed a

s di

ffere

nces

in

func

tiona

l ba

ckgr

ound

s be

twee

n th

e ac

quiri

ng a

nd

acqu

ired

firm

m

anag

ers)

on

post

-ac

quis

ition

pe

rform

ance

Sur

vey

amon

g 14

7 ac

quis

ition

s fro

m p

ublic

ly

held

firm

s th

at w

ere

com

plet

ed d

urin

g 19

86.1

988

Met

hod:

Mul

tiple

and

m

oder

ated

regr

essi

on

anal

ysis

Inde

pend

ent v

aria

bles

:

Com

plem

enta

rity

Ty

pe o

f acq

uisi

tion

To

p m

anag

emen

t tea

m

(TM

T) tu

rnov

er (T

MT)

D

epen

dent

var

iabl

e:

P

ost-a

cqui

sitio

n pe

rform

ance

Con

trol v

aria

bles

:

Prio

r org

aniz

atio

nal

perfo

rman

ce

R

elat

ive

orga

niza

tiona

l siz

e

Indu

stry

pro

fitab

ility

C

ompl

emen

tary

bac

kgro

unds

hav

e a

posi

tive

impa

ct o

n po

st-a

cqui

sitio

n pe

rform

ance

in b

oth

rela

ted

and

unre

late

d ac

quis

ition

s

Com

plem

enta

rity

is n

egat

ivel

y re

late

d to

top

man

agem

ent t

eam

turn

over

am

ong

acqu

ired

man

ager

s, s

ugge

stin

g th

at d

iffer

ence

s in

fu

nctio

nal b

ackg

roun

ds a

re m

ore

easi

ly

inte

grat

ed in

to th

e ne

w o

rgan

izat

ion

M

TM tu

rnov

er n

egat

ivel

y re

late

d to

pos

t-ac

quis

ition

per

form

ance

Diff

eren

ces

in fu

nctio

nal b

ackg

roun

ds a

re

mor

e ea

sily

inte

grat

ed in

to th

e ne

w

orga

niza

tion

whi

le s

imila

ritie

s in

func

tiona

l ba

ckgr

ound

s le

ad to

redu

ndan

cy a

nd

conf

lict.

S

tabi

lity

in th

e st

rate

gic

apex

of t

he

orga

niza

tion

is v

ery

usef

ul to

the

post

-ac

quis

ition

inte

grat

ion

proc

ess

C

ompl

emen

tarit

y ha

s a

dire

ct im

pact

on

post

-acq

uisi

tion

perfo

rman

ce a

nd tu

rnov

er

has

a se

para

te a

nd u

nrel

ated

impa

ct o

n pe

rform

ance

Acq

uisi

tion

proc

ess

is m

ost s

ucce

ssfu

l whe

n or

gani

zatio

nal l

earn

ing

occu

rs

C

ruci

al a

spec

t of o

rgan

izat

iona

l lea

rnin

g is

Qua

h &

Yo

ung

(200

5)

Diff

eren

ces

and

sim

ilarit

ies

in m

an-

agem

ent p

roce

sses

in

all

type

s of

M&

As

and

its im

pact

on

post

-acq

uisi

tion

succ

ess

Long

itudi

nal c

ase

stud

y of

non

e A

mer

ican

m

ultin

atio

nal i

n th

e au

tom

otiv

e su

pplie

r in

dust

ry a

nd it

s fo

ur

acqu

isiti

ons

into

Eur

ope

(100

1-19

95)

Le

vel o

f int

egra

tion

P

ost-a

cqui

sitio

n ch

ange

s

Tim

ing

of c

hang

es

C

ultu

ral i

nflu

ence

s

E

mpl

oyee

beh

avio

r in

the

acqu

ired

firm

Pas

t-acq

uisi

tion

perfo

rman

ce

the

blen

ding

of T

MT

S

ucce

ss in

pos

t-acq

uisi

tion

perio

d re

quire

s a

phas

ed a

ppro

ach

with

def

ined

obj

ectiv

es

and

actio

ns.

In

inte

rnat

iona

l acq

uisi

tions

, the

m

anag

emen

t of b

oth

cultu

ral a

nd

orga

niza

tiona

l int

egra

tion

requ

ires

caut

ion

and

mut

ual u

nder

stan

ding

to a

void

con

flict

Tim

ing

of c

hang

es s

houl

d ta

ke p

lace

ove

r a

1 Appendix pe

riod

of ti

me

and

not i

mm

edia

tely

afte

r the

M

&A.

N

egat

ive

or p

ositi

ve b

ehav

ior i

n th

e ac

quire

d fir

m d

epen

ds o

n ho

w th

e ac

quire

r ac

know

ledg

e/ha

ndle

cul

tura

l diff

eren

ces

in

the

post

-acq

uisi

tion

perio

d

Nat

iona

l cul

tura

l diff

eren

ces

in re

spec

t of

unce

rtain

ty a

void

ance

, pow

er o

rient

atio

n,

lang

uage

, ind

ivid

ualis

m v

s. c

olle

ctiv

ism

, and

m

ascu

linity

vs.

fem

inin

ity a

re th

e un

derly

ing

man

ifest

atio

ns o

f the

fear

of l

oss

of c

ontro

l, a

failu

re to

bui

ld m

utua

l tru

st, a

dis

like

of

bein

g ‘fo

rced

’ to

chan

ge a

nd a

relu

ctan

ce to

al

ter e

stab

lishe

d pr

oces

ses

N

atio

nal c

ultu

ral d

ivis

ions

inte

rfere

the

succ

essf

ul im

plem

enta

tion

of o

rgan

izat

iona

l ch

ange

Beh

avio

r of a

cqui

red

empl

oyee

s ch

ange

du

ring

the

post

-acq

uisi

tion

proc

ess

E

mpl

oyee

resi

stan

ce c

an b

e lo

wer

ed w

ith

com

mun

icat

ion

and

plan

ning

trou

gh th

e w

hole

M&

A p

roce

ss

M

anag

emen

t and

em

ploy

ee re

sist

ance

is

high

er w

hen

ther

e ar

e cu

ltura

l diff

eren

ces

Sosi

k (2

005)

Th

e ro

le o

f per

sona

l va

lues

in th

e ch

aris

mat

ic

lead

ersh

ip o

f co

rpor

ate

man

ager

s

Sur

vey

amon

g 21

8 in

divi

dual

s (le

ader

s)

hold

ing

man

ager

ial

posi

tions

, the

ir 94

5 re

spec

tive

subo

rdin

ates

(fo

llow

ers)

and

218

su

perio

rs. 6

1 po

tent

ial

parti

cipa

nts

did

not

parti

cipa

te a

nd 2

1 po

tent

ial p

artic

ipan

ts

retu

rned

sur

veys

Met

hod:

par

tial l

east

P

erso

nal v

alue

s

Man

ager

ial p

erfo

rman

ce

R

atin

gs o

f cha

rism

atic

le

ader

ship

C

ontro

l var

iabl

es:

Fo

cal l

eade

r’s g

ende

r

Man

agem

ent l

evel

Soc

ially

des

irabl

e re

spon

ding

M

anag

ers’

ope

nnes

s to

cha

nge

valu

es

inte

nsity

is n

ot re

late

d to

sub

ordi

nate

s’

ratin

gs o

f cha

rism

atic

lead

ersh

ip

M

anag

ers’

trad

ition

al v

alue

s in

tens

ity is

po

sitiv

ely

rela

ted

to s

ubor

dina

tes’

ratin

gs o

f ch

aris

mat

ic le

ader

ship

Man

ager

s’ c

olle

ctiv

istic

wor

k va

lues

inte

nsity

is

pos

itive

ly re

late

d to

sub

ordi

nate

s’ ra

tings

of

cha

rism

atic

lead

ersh

ip

M

anag

ers’

sel

f-tra

nsce

nden

t and

sel

f-en

hanc

emen

t val

ues

inte

nsity

is p

ositi

vely

re

late

d to

sub

ordi

nate

s’ ra

tings

of

char

ism

atic

lead

ersh

ip.

Appendix 1sq

uare

s st

ruct

ural

eq

uatio

n m

odel

ing

tech

niqu

e

S

ubor

dina

tes’

ratin

gs o

f cha

rism

atic

le

ader

ship

is p

ositi

vely

ass

ocia

ted

with

su

perio

rs’ r

atin

gs o

f man

ager

ial p

erfo

rman

ce

Sub

ordi

nate

s’ ra

tings

of c

haris

mat

ic

lead

ersh

ip a

re p

ositi

vely

rela

ted

to

man

ager

s’ ra

tings

of e

xtra

effo

rt of

follo

wer

s

Man

ager

s’ ra

tings

of f

ollo

wer

s’ e

xtra

effo

rt ar

e no

t rel

ated

to s

uper

iors

’ rat

ings

of

man

ager

ial p

erfo

rman

ce

M

anag

ers’

ratin

gs o

f fol

low

ers’

OC

B a

re

posi

tivel

y re

late

d to

sup

erio

rs’ r

atin

gs o

f m

anag

eria

l per

form

ance

K

avan

agh

&

Ash

kana

sy

(200

6)

The

impa

ct o

f le

ader

ship

and

ch

ange

man

agem

ent

stra

tegy

on

orga

niza

tiona

l cu

lture

and

indi

vidu

al

acce

ptan

ce o

f ch

ange

dur

ing

a m

erge

r

Cro

ss-in

stitu

tiona

l stu

dy:

quan

titat

ive

and

qual

itativ

e st

udy:

thre

e qu

antit

ativ

e su

rvey

s (1

87

resp

onde

nts,

147

re

spon

dent

s an

d 12

0 re

spon

dent

s); q

ualit

ativ

e in

terv

iew

with

60

parti

cipa

nts

Met

hod:

AN

OV

A

P

ower

(ext

ent t

hat p

ower

is

exer

cise

d by

man

agem

ent)

R

ole

(ext

ent t

hat r

oles

are

em

phas

ized

in th

e or

gani

zatio

n)

Ta

sk (e

mph

asis

pla

ced

on

the

task

s th

at a

re d

one

in th

e or

gani

zatio

n)

pe

rson

(reg

ard

give

n to

in

divi

dual

s at

the

wor

k-fa

ce)

Th

e ch

ange

man

agem

ent p

roce

ss o

r ap

proa

ch s

elec

ted

by le

ader

s (in

diffe

rent

, im

med

iate

, inc

rem

enta

l) m

ay re

sult

in v

ery

diffe

rent

out

com

es in

term

s of

the

succ

ess

of

the

mer

ger a

nd, i

n pa

rticu

lar,

in te

rms

of th

e in

divi

dual

s in

volv

ed

M

erge

r act

ivity

will

caus

e or

gani

zatio

nal

cultu

re to

shi

ft ov

er ti

me,

and

that

diff

eren

t ch

ange

man

agem

ent s

trate

gies

will

affe

ct

indi

vidu

als’

per

cept

ions

abo

ut c

hang

es in

or

gani

zatio

nal c

ultu

re

W

hen

cultu

re s

hifts

to c

onst

rain

indi

vidu

als,

pa

rticu

larly

aca

dem

ics,

indi

vidu

als

are

mor

e ne

gativ

e ab

out t

he c

hang

e pr

oces

s

Leve

l of a

ccep

tanc

e of

the

mer

ger p

roce

ss

will

be re

late

d to

con

sequ

ence

s th

at

trans

pire

for i

ndiv

idua

ls a

s a

dire

ct e

ffect

of

how

the

proc

ess

is le

ad

Le

ader

s w

ill be

per

ceiv

ed in

a p

ositi

ve

man

ner w

hen

cons

eque

nces

for i

ndiv

idua

ls

invo

lved

in th

e ch

ange

pro

cess

are

pos

itive

an

d th

e ch

ange

man

agem

ent p

roce

ss is

m

anag

ed a

ppro

pria

tely

The

natu

re o

f the

con

sequ

ence

s fo

r in

divi

dual

s w

ill (a

) det

erm

ine

whe

ther

in

divi

dual

s ac

cept

or r

ejec

t the

cha

nges

1 Appendix ca

used

by

a m

erge

r and

, (b)

affe

ct th

e w

ay

lead

ersh

ip o

f the

pro

cess

is v

iew

ed, a

nd

inde

ed, h

ow e

ffect

ive

lead

ers

are

perc

eive

d to

be

as a

gent

s of

cha

nge

Nem

anic

h &

Kel

ler

(200

7)

Rel

atio

nshi

ps th

at

lead

ersh

ip a

nd

clim

ate

has

with

su

bord

inat

e ac

quis

ition

ac

cept

ance

, pe

rform

ance

, and

job

satis

fact

ion

in a

n un

certa

in

envi

ronm

ent

Fiel

d st

udy

of e

mpl

oyee

s:

Sur

vey

amon

g 44

7 em

ploy

ees

and

supe

rvis

ory

perfo

rman

ce

ratin

g fo

rm fo

r the

se 4

47

empl

oyee

s (3

44

resp

onse

s)

Met

hod:

regr

essi

on

anal

yses

Inde

pend

ent v

aria

bles

:

Tran

sfor

mat

iona

l lea

ders

hip

C

limat

e

Org

aniz

atio

nal c

hang

e C

ontro

l var

iabl

es:

In

divi

dual

diff

eren

ces

Ta

rget

com

pany

’ em

ploy

ees

A

cqui

ring

com

pany

’s

empl

oyee

s

Org

aniz

atio

nal t

enur

e D

epen

dent

var

iabl

es:

Jo

b sa

tisfa

ctio

n

Acq

uisi

tion

acce

ptan

ce

H

erita

ge

S

uper

viso

ry p

ositi

on

R

&D

S

ales

Cus

tom

er s

ervi

ce

Tr

ansf

orm

atio

nal l

eade

rshi

p is

pos

itive

ly

rela

ted

to a

cqui

sitio

n ac

cept

ance

, su

perv

isor

-rate

d pe

rform

ance

, and

job

satis

fact

ion

Tr

ansf

orm

atio

nal l

eade

rs im

pact

sub

ordi

nate

ou

tcom

es th

roug

h th

e pe

rcei

ved

clim

ate

they

cre

ate

for g

oal c

larit

y an

d su

ppor

t for

cr

eativ

e th

inki

ng

C

larit

y an

d su

ppor

t for

cre

ativ

e th

inki

ng

parti

ally

med

iate

the

rela

tions

hip

betw

een

trans

form

atio

nal l

eade

rshi

p an

d jo

b sa

tisfa

ctio

n

Goa

l cla

rity

do n

ot m

edia

te th

e re

latio

nshi

p be

twee

n tra

nsfo

rmat

iona

l lea

ders

hip

and

perfo

rman

ce, b

ut is

pos

itive

ly re

late

d to

pe

rform

ance

Sup

port

for c

reat

ive

thin

king

fully

med

iate

d th

e re

latio

nshi

p be

twee

n tra

nsfo

rmat

iona

l

Bar

mey

er

&

May

rhof

er

(200

8)

The

cont

ribut

ion

of

inte

rcul

tura

l m

anag

emen

t to

the

succ

ess

of

inte

rnat

iona

l mer

gers

an

d ac

quis

ition

s

Long

itudi

nal s

tudy

of t

he

inte

grat

ion

proc

ess

of th

e E

AD

S g

roup

; sec

onda

ry

data

ana

lyze

d w

ith

qual

itativ

e in

terp

reta

tive

appr

oach

; and

qua

litat

ive

stud

y (in

terv

iew

) with

16

Fren

ch a

nd G

erm

an H

R

man

ager

s of

the

EA

DS

gr

oup

O

rgan

izat

ion

(stru

ctur

e, fl

ow

char

t),

C

orpo

rate

cul

ture

Hum

an re

sour

ces

man

agem

ent (

coop

erat

ion

and

team

wor

k, le

ader

ship

, tra

inin

g an

d ca

reer

s)

lead

ersh

ip a

nd a

cqui

sitio

n ac

cept

ance

Inte

rcul

tura

l man

agem

ent p

ract

ices

can

co

ntrib

ute

to th

e su

cces

s of

inte

rnat

iona

l m

erge

rs a

nd a

cqui

sitio

n

Inte

rcul

tura

l man

agem

ent a

ppro

ache

s al

low

to

ove

rcom

e co

nflic

ts a

nd th

us c

ontri

bute

to

the

succ

ess

of in

tern

atio

nal m

erge

rs a

nd

acqu

isiti

ons

In

terc

ultu

ral m

anag

emen

t, as

a s

trate

gic

tool

, hel

ps to

cre

ate

the

reco

gniti

on o

f di

ffere

nces

and

to u

nder

stan

d th

e ‘‘in

tellig

ence

’’ of

eac

h sy

stem

.

Thro

ugh

thei

r diff

eren

ces,

man

ager

s ca

n co

mpl

emen

t eac

h ot

her a

s di

ffere

nt

appr

oach

es to

pro

ject

s le

ad to

equ

ally

di

vers

e so

lutio

ns w

here

, in

the

idea

l sol

utio

n,

Appendix 1ea

ch c

ultu

re b

rings

forth

its

stre

ngth

s an

d

Nem

anic

h &

Ver

a (2

009)

The

role

of

trans

form

atio

nal

lead

ersh

ip a

nd th

e va

lues

inco

rpor

ated

in

a le

arni

ng c

ultu

re

in p

rom

otin

g am

bide

xter

ity in

te

ams

invo

lved

in

acqu

isiti

on

inte

grat

ions

Fiel

d st

udy:

n=7

1

Met

hod:

fact

or a

naly

ses

Te

am s

ize

M

ixed

leve

ls

O

nly

supe

rvis

ors

C

usto

mer

ser

vice

Res

earc

h

Fina

nce

Le

ader

ship

Cul

ture

Exp

loita

tion

E

xplo

ratio

n

Am

bide

xter

ity

…

qual

ifica

tions

Tran

sfor

mat

iona

l lea

ders

hip

beha

vior

s an

d th

e de

velo

pmen

t of a

lear

ning

cul

ture

, ch

arac

teriz

ed b

y ps

ycho

logi

cal s

afet

y,

open

ness

to d

iver

se o

pini

ons,

and

pa

rtici

patio

n in

dec

isio

n m

akin

g, p

rom

ote

ambi

dext

erity

at t

he te

am le

vel

A

ssoc

iatio

n be

twee

n tra

nsfo

rmat

iona

l le

ader

ship

and

lear

ning

cul

ture

s

Tran

sfor

mat

iona

l and

cha

rism

atic

lead

ersh

ip

are

mor

e lik

ely

to e

mer

ge a

nd to

be

effe

ctiv

e in

situ

atio

ns th

at a

re e

xcep

tiona

l, un

ique

, dy

nam

ic, r

isky

, or u

nstru

ctur

ed, a

s w

ell a

s in

si

tuat

ions

whe

re th

e pr

imar

y m

etho

d of

co

ordi

natio

n is

sha

red

valu

es a

nd th

e or

gani

zatio

nal t

ask

is c

onsi

sten

t with

thes

e va

lues

In tu

rbul

ent e

nviro

nmen

ts s

uch

as a

n ac

quis

ition

, tra

nsfo

rmat

iona

l lea

ders

hip

help

s em

ploy

ees

to s

ee th

e en

viro

nmen

t as

a so

urce

of o

ppor

tuni

ty, a

nd e

ncou

rage

s th

em to

eng

age

in c

reat

ive

proc

esse

s as

w

ell a

s ov

erco

me

the

resi

stan

ce to

ado

pt

new

inst

itutio

naliz

ed ro

utin

es

Wal

dman

&

Jav

idan

(2

009)

Alte

rnat

ive

form

s of

ch

aris

mat

ic

lead

ersh

ip in

the

inte

grat

ion

of

mer

gers

and

ac

quis

ition

s

Theo

retic

al m

odel

Lead

er m

otiv

atio

n (P

erso

naliz

ed/s

ocia

lized

)

Vis

ion

form

atio

n (p

erso

naliz

ed/s

ocia

lized

)

Org

aniz

atio

nal a

lignm

ent

(abs

orpt

ion/

inte

grat

ion)

Pos

t-mer

ger t

rans

form

atio

n (s

yner

gy c

reat

ion,

atti

tude

to

war

d pr

oces

s an

d ou

tcom

e of

M&

A)

P

re-m

erge

r per

form

ance

of

acqu

ired

firm

S

ocia

lized

, rat

her t

han

pers

onal

ized

, des

ires

and

mot

ivat

ion

on th

e pa

rt of

the

key

man

ager

resp

onsi

ble

for t

he M

&A

's s

ucce

ss

will

be a

ssoc

iate

d w

ith c

olla

bora

tive

visi

on-

form

atio

n an

d de

cisi

on-m

akin

g pr

oces

ses

in

the

post

-mer

ger p

hase

of a

n M

&A

.

Col

labo

rativ

e vi

sion

form

atio

n/de

cisi

on-

mak

ing

proc

esse

s an

d op

en s

harin

g of

in

form

atio

n in

the

post

-mer

ger p

hase

of a

n M

&A

will

be

asso

ciat

ed w

ith g

reat

er

atte

mpt

s at

inte

grat

ion,

as

com

pare

d to

ab

sorp

tion

or a

ssim

ilatio

n

An

abso

rptio

n st

rate

gy w

ill le

ad to

leve

ls o

f

1 Appendix re

sist

ance

to c

hang

e an

d w

ithdr

awal

be

havi

or th

at w

ill st

ifle

the

exte

nt a

nd

timel

ines

s of

the

adop

tion

of c

urre

nt

orga

niza

tiona

l and

cul

tura

l fac

ets

of th

e ac

quiri

ng fi

rm o

n th

e pa

rt of

the

targ

et fi

rm.

Res

ista

nce

and

with

draw

al a

re li

kely

to b

e m

ost p

rom

inen

t in

the

targ

et fi

rm

Th

e pr

e-m

erge

r per

form

ance

of t

he ta

rget

fir

m w

ill m

oder

ate

the

rela

tions

hip

betw

een

the

use

of a

bsor

ptiv

e pr

oces

ses

and

resi

stan

ce to

cha

nge

and

with

draw

al

beha

vior

on

the

part

of th

e ta

rget

firm

. R

esis

tanc

e an

d w

ithdr

awal

are

like

ly to

be

mor

e pr

omin

ent i

n re

actio

n to

abs

orpt

ive

proc

esse

s w

hen

ther

e is

a h

ighe

r deg

ree

of

pre-

mer

ger p

erfo

rman

ce. I

n tu

rn, i

nteg

ratio

n of

the

targ

et fi

rm in

to th

e ac

quiri

ng fi

rm w

ill be

mor

e tim

e co

nsum

ing

and

prob

lem

atic

Top

man

agem

ent c

omm

itmen

t to

purs

ue

colla

bora

tive

inte

grat

ion

proc

esse

s w

ill le

ad

to a

chie

vem

ent o

f the

exp

ecte

d po

st-m

erge

r sy

nerg

ies

as a

resu

lt of

the

deve

lopm

ent o

f a

unifi

ed o

r stro

ng c

ultu

re in

the

post

mer

ger

firm

Si

nkov

ics,

Za

ngel

-m

eyer

&

Kus

stat

her

(201

1)

The

role

of e

mot

ions

in

inte

rnat

iona

l m

erge

rs a

nd

acqu

isiti

ons

and

the

impa

ct o

f man

ager

ial

com

mun

icat

ion

and

beha

vior

on

empl

oyee

em

otio

ns,

beha

vior

, and

pe

rform

ance

Ana

lytic

al/c

once

ptua

l fra

mew

ork

and

qual

itativ

e an

alys

is o

f fo

ur c

ross

-bor

der

(Aus

tria,

Ger

man

y, It

aly)

M

&A

cas

es (1

8 in

terv

iew

s)

A

ntec

eden

ts: M

&A

rela

te

feat

ures

and

eve

nts

Com

mun

icat

ion

Man

agem

ent b

ehav

ior

Oth

er M

&A

rela

ted

fact

ors

In

term

edia

ry v

aria

ble:

E

mot

ions

Fe

arIn

secu

rity

Joy

…

Out

com

e va

riabl

es:

Em

ploy

ee a

ttitu

des

and

W

hat c

onst

itute

s ‘s

uffic

ient

’ inf

orm

atio

n an

d ‘fr

eque

nt’ c

omm

unic

atio

n is

onl

y a

subj

ectiv

e an

d in

divi

dual

per

cept

ion

and

not a

n ob

ject

ive

fact

. It d

oes

not c

ount

how

muc

h,

how

inte

nsiv

ely

and

how

ope

n su

perio

rs

real

ly c

omm

unic

ate

with

thei

r sub

ordi

nate

s,

but r

egul

ar, i

nten

sive

and

ope

n co

mm

unic

atio

n th

roug

hout

the

who

le M

&A

in

tegr

atio

n pr

oces

s is

cru

cial

Ther

e is

a c

onne

ctio

n be

twee

n th

e m

anag

eria

l com

mun

icat

ion

styl

e (o

penn

ess,

ho

nest

y an

d fre

quen

cy) a

nd e

mpl

oyee

s’

posi

tive/

nega

tive

emot

ions

.

Hav

ing

info

rmed

kno

wle

dge

abou

t wha

t is

Appendix 1be

havi

or

Stre

ssM

otiv

atio

nTu

rnov

er

goin

g on

has

pos

itive

effe

cts

upon

em

ploy

ees’

feel

ings

Gill

(201

2)

The

Rol

e of

le

ader

ship

in

succ

essf

ul

inte

rnat

iona

l mer

gers

an

acq

uisi

tions

; di

ffere

nces

in

natio

nal a

nd

orga

niza

tiona

l cu

lture

, as

wel

l as

diffe

renc

es in

le

ader

ship

sty

les

Com

paris

on b

etw

een

Ren

ault-

Nis

san

and

Dai

mle

rChr

ysle

r-M

itsub

ishi

; GLO

BE

Fr

amew

ork

for a

naly

zing

le

ader

ship

sty

les

…

Nat

iona

l cul

ture

Org

aniz

atio

nal c

ultu

re

Le

ader

ship

A

uthe

ntic

lead

ersh

ip is

less

like

ly in

col

lect

ive

cultu

res

whe

re b

eing

aut

hent

ic m

ay b

e su

bord

inat

ed to

the

prim

ary

soci

etal

val

ue o

f ha

rmon

y

Res

earc

h ha

s de

mon

stra

ted

that

hig

h po

wer

di

stan

ce is

not

com

patib

le w

ith a

uthe

ntic

ity,

or b

eing

and

exp

ress

ing

one’

s “tr

ue” s

elf,

beca

use

it re

sults

in e

mpl

oyee

s w

ho a

re le

ss

will

ing

to q

uest

ion,

cha

lleng

e, a

nd e

xpre

ss

disa

gree

men

t with

thei

r sup

ervi

sor

E

ven

thou

gh e

xtan

t the

ory

antic

ipat

es th

at

auth

entic

lead

ersh

ip b

ehav

ior d

oes

not f

it in

co

llect

ivis

tic n

atio

nal c

ultu

res,

Gho

sn

(Nis

san)

was

suc

cess

ful.

This

indi

cate

s th

at

auth

entic

lead

ersh

ip m

ay b

e va

lued

acr

oss

all

natio

nal c

ultu

res.

Aut

hent

ic le

ader

s ge

nera

te tr

ust t

hrou

gh

trans

pare

ncy,

con

sist

ent b

ehav

ior b

etw

een

wor

ds a

nd d

eeds

and

hav

e a

bala

nced

pr

oces

sing

Aut

hent

ic le

ader

s de

mon

stra

te e

thic

al/m

oral

be

havi

or a

nd d

emon

stra

te b

ehav

ior t

hat i

s co

nsis

tent

with

thei

r val

ues

Le

ader

s ne

ed to

be

deve

lope

d to

und

erst

and

cultu

ral d

iffer

ence

s an

d th

eir i

mpa

ct o

n pe

rform

ance

and

cha

nge,

they

als

o ne

ed to

be

aw

are

of th

eir o

wn

styl

e in

the

cont

ext o

f ex

istin

g an

d de

sire

d cu

ltura

l val

ues

Her

rman

n &

Nad

k arn

i (2

013

How

CE

O

pers

onal

ity e

ffect

in

tegr

atio

n of

cha

nge

Sm

all-

and

med

ium

-siz

ed

(SM

Es)

com

pani

es fr

om

Ecu

ador

; 120

SM

Es

from

10

indu

strie

s; re

spon

d

Stu

dy v

aria

bles

:

Con

scie

ntio

usne

ss

E

mot

iona

l sta

bilit

y

Ext

rave

rsio

n

W

here

as C

EO c

onsc

ient

ious

ness

and

ag

reea

blen

ess

rela

ted

nega

tivel

y w

ith

stra

tegi

c ch

ange

, CE

O o

penn

ess

and

emot

iona

l sta

bilit

y ex

erte

d a

posi

tive

effe

ct

1 Appendix ra

te 7

7%

Met

hod:

hie

rarc

hica

l re

gres

sion

A

gree

able

ness

Ope

nnes

s

Stra

tegi

c ch

ange

initi

atio

n

Stra

tegi

c ch

ange

im

plem

enta

tion

Fi

rm p

erfo

rman

ce

Con

trol v

aria

bles

:

Indu

stry

Firm

age

Firm

siz

e

Top

man

agem

ent t

eam

siz

e

Top

man

agem

ent c

hang

e

CE

O a

ge

C

EO

tenu

re

Fo

unde

r CE

O

P

ast p

erfo

rman

ce

C

onsc

ient

ious

ness

and

ope

nnes

s to

ex

perie

nce,

hav

e a

stro

ng c

ogni

tive

unde

rlyin

g co

mpo

nent

, whe

reas

em

otio

nal

stab

ility

, agr

eeab

lene

ss, a

nd e

xtra

vers

ion

are

stro

ngly

affe

ct-b

ased

trai

ts

W

here

as C

EO e

mot

iona

l sta

bilit

y an

d ex

trave

rsio

n fa

cilit

ated

initi

atio

n of

stra

tegi

c ch

ange

, CE

O a

gree

able

ness

hin

dere

d it

C

ogni

tive

aspe

cts

of C

EO p

erso

nalit

y su

ch

as d

iver

gent

thin

king

, inf

orm

atio

n se

ekin

g,

and

inte

llect

ual f

lexi

bilit

y re

flect

ed in

CEO

op

enne

ss to

exp

erie

nce

prom

oted

stra

tegi

c ch

ange

, whe

reas

the

need

for s

truct

ure

and

orde

r, an

d in

tole

ranc

e of

am

bigu

ity

asso

ciat

ed w

ith C

EO

con

scie

ntio

usne

ss

hind

ered

initi

atio

n of

stra

tegi

c ch

ange

The

tend

ency

to e

xper

ienc

e po

sitiv

e em

o-tio

ns c

ombi

ned

with

em

path

y an

d al

truis

m in

Ren

ko e

t al

. (20

13)

Und

erst

andi

ng a

nd

mea

surin

g en

trepr

eneu

rial

lead

ersh

ip s

tyle

Stu

dy o

ne: s

urve

y am

ong

367

wor

king

stu

dent

s an

d em

ploy

ees

Stu

dy tw

o: s

urve

y am

ong

116

wor

king

adu

lts in

US

an

d 42

in F

inla

nd

Met

hod:

con

firm

ator

y fa

ctor

ana

lyse

s an

d ex

plor

ator

y fa

ctor

an

alys

es

O

ften

com

es u

p w

ith ra

dica

l im

prov

emen

t ide

as fo

r the

pr

oduc

ts/s

ervi

ces

we

are

sellin

g

Ofte

n co

mes

up

with

idea

s of

co

mpl

etel

y ne

w p

rodu

cts/

se

rvic

es th

at w

e co

uld

sell

Is

a ri

sk ta

ker

Is

c re

ativ

e

Is p

assi

onat

e ab

out h

is/h

er

wor

k

Is a

vis

iona

ry

C

halle

nges

and

pus

hes

me

to a

ct in

am

ore

inno

vativ

e w

ay

W

ants

me

to c

halle

nge

the

curre

nt w

ays

we

do b

usin

ess

Is

pat

ient

Is fl

exib

le

agre

eabl

enes

s hi

nder

ed s

trate

gic

chan

ge.

M

oder

atin

g ef

fect

s of

ent

repr

eneu

rial

lead

ersh

ip in

an

orga

niza

tion:

env

ironm

enta

l an

d or

gani

zatio

nal c

onte

xt a

s w

ell a

s fo

llow

er

susc

eptib

ility

to e

ntre

pren

euria

l lea

ders

hip

affe

ct th

e re

latio

nshi

p be

twee

n th

is

lead

ersh

ip s

tyle

and

its

oppo

rtuni

ty-fo

cuse

d ou

tcom

es

E

ntre

pren

euria

l lea

ders

hip

draw

s at

tent

ion

to

ente

rpris

ing

indi

vidu

als,

eve

n w

hen

the

outc

omes

of t

his

lead

ersh

ip s

tyle

are

as

sess

ed a

t the

gro

up a

nd o

rgan

izat

iona

l le

vels

.

Ent

repr

eneu

rial l

eade

rs d

irect

ly c

ontri

bute

to

oppo

rtuni

ty re

cogn

ition

and

exp

loita

tion

in

thei

r org

aniz

atio

ns, a

s w

ell a

s in

fluen

ce th

eir

follo

wer

s by

act

ing

as ro

le m

odel

s.