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The acquisition process as a learning process: Evidence from a study of critical problems and solutions in domestic and cross-border deals


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  • Very, Philippe
  • Schweiger, David M.
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    While mergers and acquisitions (M&A) are clearly on the rise, most deals do not create value. Researchers have attempted to explain poor performance by a failure to adequately manage the acquisition process. Following this research, this study first attempted to identify key problems faced and solutions employed by acquirers during the stages of the acquisition process for domestic and cross-border deals. Results were then interpreted from a learning perspective, which itself revealed that the acquisition process can be understood both as a learning process applied to the focal deal and as a learning process aimed at improving the acquisition process itself. Moreover, results indicate that both forms of learning are affected by an acquirer's experience in a particular target country.

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    Article provided by Elsevier in its journal Journal of World Business.

    Volume (Year): 36 (2001)
    Issue (Month): 1 (April)
    Pages: 11-31

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    Handle: RePEc:eee:worbus:v:36:y:2001:i:1:p:11-31

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    1. Bruce Kogut & Harbir Singh, 1988. "The Effect of National Culture on the Choice of Entry Mode," Journal of International Business Studies, Palgrave Macmillan, vol. 19(3), pages 411-432, September.
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    Cited by:
    1. Choi, Soon-Gwon & Johanson, Jan, 2012. "Knowledge translation through expatriates in international knowledge transfer," International Business Review, Elsevier, vol. 21(6), pages 1148-1157.
    2. Meschi, Pierre-Xavier & Metais, Emmanuel, 2006. "International acquisition performance and experience: A resource-based view. Evidence from French acquisitions in the United States (1988-2004)," Journal of International Management, Elsevier, Elsevier, vol. 12(4), pages 430-448, December.
    3. Ahammad, Mohammad Faisal & Glaister, Keith W., 2013. "The pre-acquisition evaluation of target firms and cross border acquisition performance," International Business Review, Elsevier, vol. 22(5), pages 894-904.
    4. Shimizu, Katsuhiko & Hitt, Michael A. & Vaidyanath, Deepa & Pisano, Vincenzo, 2004. "Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future," Journal of International Management, Elsevier, Elsevier, vol. 10(3), pages 307-353.
    5. Apfelthaler, Gerhard & Muller, Helen J. & Rehder, Robert R., 2002. "Corporate global culture as competitive advantage: learning from Germany and Japan in Alabama and Austria?," Journal of World Business, Elsevier, Elsevier, vol. 37(2), pages 108-118, July.
    6. Ludivine Chalençon, 2013. "Le Contrôle de Gestion dans les Fusions-Acquisitions Internationales : un Outil d'Intégration ?," Post-Print halshs-00864098, HAL.
    7. von Eije, Henk & Wiegerinck, Hélène, 2010. "Shareholders' reactions to announcements of acquisitions of private firms: Do target and bidder markets make a difference?," International Business Review, Elsevier, vol. 19(4), pages 360-377, August.
    8. Pierre-Xavier Meschi & Emmanuel Métais, 2007. "Expérience, oubli organisationnel et motifs de désinvestissement des acquisitions internationales:le cas des acquisitions françaises aux États-Unis (1988-2004)," Revue Finance Contrôle Stratégie,,, vol. 10(4), pages 73-109, December.
    9. Antonios Georgopoulos & George Argyros & Giota Boura, 2008. "Which Targets Stimulate Cross-border Acquisitions? An Empirical Investigation of Industrial Organization and Trade Factors within a Competition Framework of International and Domestic Acquisition Targ," Journal of Industry, Competition and Trade, Springer, Springer, vol. 8(1), pages 55-72, March.
    10. Park, Byung Il & Ghauri, Pervez N., 2011. "Key factors affecting acquisition of technological capabilities from foreign acquiring firms by small and medium sized local firms," Journal of World Business, Elsevier, Elsevier, vol. 46(1), pages 116-125, January.
    11. Sinkovics, Rudolf R. & Zagelmeyer, Stefan & Kusstatscher, Verena, 2011. "Between merger and syndrome: The intermediary role of emotions in four cross-border M&As," International Business Review, Elsevier, vol. 20(1), pages 27-47, February.
    12. Yuan Chen & Michael Young, 2010. "Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective," Asia Pacific Journal of Management, Springer, Springer, vol. 27(3), pages 523-539, September.
    13. Bernad, Cristina & Fuentelsaz, Lucio & Gómez, Jaime, 2010. "The effect of mergers and acquisitions on productivity: An empirical application to Spanish banking," Omega, Elsevier, vol. 38(5), pages 283-293, October.
    14. Ludivine Chalençon, 2013. "Le Controle De Gestion Dans Les Fusions-Acquisitions Internationales : Un Outil D'Integration ?," Post-Print hal-00991712, HAL.
    15. Slangen, Arjen H.L., 2006. "National cultural distance and initial foreign acquisition performance: The moderating effect of integration," Journal of World Business, Elsevier, Elsevier, vol. 41(2), pages 161-170, June.


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