Ownership similarity in mergers and acquisitions target selection

Bettinazzi, Emanuele Lm; Miller, Danny; Amore, Mario Daniele; Corbetta, Guido

doi:10.1177/1476127018801294

Cited by 22 publications

(15 citation statements)

References 115 publications

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“…For example, family firms may have higher expectations of the value of their firms (Zellweger et al, 2012), as well as stronger cultures (Meier and Schier, 2014) that hinder effective blending of firms. For example, family firms seem to prefer engaging in business restructuring with other family firms, limiting the scope of restructuring opportunities (Bettinazzi et al, 2020). Additionally, there is a need to better account for process considerations and refrain from examining business restructuring as isolated events.…”

Section: Discussionmentioning

confidence: 99%

Family Business Restructuring: A Review and Research Agenda

King

Meglio

Gómez‐Mejía

et al. 2021

J Management Studies

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Although business restructuring occurs frequently and it is important for the prosperity of family firms across generations, research on family firms has largely evolved separately from research on business restructuring. This is a missed opportunity, since the two domains are complementary, and understanding the context, process, content, and outcome dimensions is relevant to both research streams. We address this by examining the intersection between research on business restructuring and family firms to improve our knowledge of each area and inform future research. To achieve this goal, we review and organize research across different dimensions to create an integrative framework. Building on current research, we focus on 88 studies at the intersection of family firm and business restructuring research to develop a model that identifies research needs and suggests directions for future research.

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Section: Discussionmentioning

confidence: 99%

Family Business Restructuring: A Review and Research Agenda

King

Meglio

Gómez‐Mejía

et al. 2021

J Management Studies

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“…The challenges in evaluating targets stem not only from asymmetric information but also from the difficulty in information interpretation. For instance, similar ownership structures can help firms better understand one another and are, thus, more likely to merge (Bettinazzi et al, 2018). Baum et al (2000) suggest that experiential learning processes lead firms to select targets that are geographically and organizationally similar to their most recent targets whereas vicarious learning processes lead acquirers to favor targets that are similar to the M&A targets of their peers.…”

Section: Target Selectionmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda

Welch

Pavićević

Keil

et al. 2019

Journal of Management

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Despite the long-standing research interest in the pre-deal phase of mergers and acquisitions, many important questions remain unanswered. We review and synthesize the extensive but rather fragmented research on this topic area in the fields of management, finance, accounting, and economics. We organize our review according to six themes, that is, deal initiation, target selection, bidding and negotiation, valuation and financing, announcement, and closure, which represent the main categories of activities performed during the pre-deal phase. Our review shows that most of the existing research relies on a rather high-level, simplified, and static conception of the pre-deal phase. On the basis of our review, we put forward a research agenda that calls for a more granular examination of individual activities and decisions, a more comprehensive analysis of the interplay among the different actors involved in the pre-deal phase, a better understanding of the role of the temporal dynamics, and the extension of the theoretical base from variance-based to process-based theorizing.

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“…This indicator is a common indicator for strategic alliances. Larger companies often want to increase supply chain management capabilities through acquisitions [39,40]. Joint investment (C 15 ) refers to the willingness of partners to invest their respective superior resources in the joint venture to achieve co-financing, share risks and share benefits.…”

Section: Economy Resourcementioning

confidence: 99%

“…Joint investment (C 15 ) refers to the willingness of partners to invest their respective superior resources in the joint venture to achieve co-financing, share risks and share benefits. This criterion is very important in the biopharmaceutical industry because it reflects the sincerity and attitude of the partners [40,41].…”

Section: Economy Resourcementioning

confidence: 99%

A Hybrid MCDM Model for Evaluating Strategic Alliance Partners in the Green Biopharmaceutical Industry

Chang

Liou

2019

Sustainability

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Since the rise of strategic alliances which play such an important role in industry today, the biopharmaceutical industry worldwide has entered an era of rapid change and collaborative thinking. The strategic alliance is one of the most important strategies for the green biopharmaceutical industry. Member organizations in these alliances work together to create more advantageous biotechnologies based on environmental protection to achieve mutual benefits. In the past, there have been only a few studies discussing partner evaluations and the selection process for the green biopharmaceutical industry, so the criteria or indicators are still not complete. Therefore, this study proposes a novel multi-criteria decision-making (MCDM) framework for strategic alliance partner evaluation that combines the best-worst method (BWM) and the fuzzy TOPSIS technique based on the concept of aspiration level (called fuzzy TOPSIS-AL) to evaluate the performance and priority rankings of strategic alliance partners. The BWM overcomes the shortcomings of small sample sizes and streamlines the number of conventional pairwise comparisons needed. The fuzzy TOPSIS-AL technique introduces the concept of the aspiration level, thereby leading to more reasonable suggestions for improvement. In addition, data from a multinational green biopharmaceutical company survey are utilized to demonstrate the validity and applicability of the proposed model.

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Ownership similarity in mergers and acquisitions target selection

Cited by 22 publications

References 115 publications

Family Business Restructuring: A Review and Research Agenda

Family Business Restructuring: A Review and Research Agenda

The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda

A Hybrid MCDM Model for Evaluating Strategic Alliance Partners in the Green Biopharmaceutical Industry

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