Mergers and acquisitions across European borders: National perspectives on preacquisition due diligence and the use of professional advisers
Recent years have seen a huge growth in European cross-border mergers and acquisitions (M&A) and considerable attention has been given to how such deals arise and are completed. However, most theoretical emphasis has been placed upon noncultural factors although it is increasingly recognized in other spheres of management theory that management styles and business performance cannot be separated out from national or regional cultural influence. As a consequence, this exploratory study focuses upon the influence of national differences in business culture upon preacquisition management. In this paper we report the findings of a large-scale exploratory survey into whether such cultural differences are reflected in different perceptions of the value of due diligence and the use of professional advisors in the preacquisition phase. The findings suggest that national cultural differences do play an important role in affecting acquirer's perceptions of target companies and we suggest that this may have important consequences for the negotiation of deals and the subsequent management of the postacquisition phase.
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Volume (Year): 36 (2001)
Issue (Month): 1 (April)
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References listed on IDEAS
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- Angwin, Duncan & Savill, Brett, 1997. "Strategic perspectives on European cross-border acquisitions: A view from top European executives," European Management Journal, Elsevier, vol. 15(4), pages 423-435, August.
- David K Tse & June Francis & Jan Walls, 1994. "Cultural Differences in Conducting Intra- and Inter-Cultural Negotiations: A Sino-Canadian Comparison," Journal of International Business Studies, Palgrave Macmillan, vol. 25(3), pages 537-555, September.
- M Krishna Erramilli, 1996. "Nationality and Subsidiary Ownership Patterns in Multinational Corporations," Journal of International Business Studies, Palgrave Macmillan, vol. 27(2), pages 225-248, June.
- Srilata Zaheer & Akbar Zaheer, 1997. "Country Effects on Information Seeking in Global Electronic Networks," Journal of International Business Studies, Palgrave Macmillan, vol. 28(1), pages 77-100, March.
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