Book Reviews

Negotiation and Decision Making In Mergers and Acquisitions

"Effective leaders must know how to negotiate. This intriguing book by Dr. Iulian Warter is a must read for any executive involved in negotiating mergers or acquisitions." - Hershey H. Friedman, Professor, PhD, Department of Business Management, City University of New York, USA

"The need to be precise about what defines a merger and what an acquisition is comes back in this book about pre-merger/acquisition aspects, especially on negotiation, decision and intercultural due diligence. The book provides research evidence enabling and deepening the understanding of the impact of cultural differences on M&A with emphasis on pre-M&A stage. Additionally, this study makes a contribution to the field of intercultural issues in M&A by integrating research on national, organizational, and professional culture into a theory of cultural due diligence content and outcome. I am grateful that one of the conclusions of the book is: “In the area of intercultural management, the findings from this book indicate that the Culture Clusters is a very useful and powerful tool and it deserves further investigation.” - Dr. Huib Wursten, Culture expert, Former co-owner of ITIM International, Associated with the Hofstede Insights Group, Netherlands

"New transactions are announced very frequently in all the sectors of the economy, though the majority of them fail. Due diligence, including intercultural due diligence, is treated as one of the most important tasks to be done by the parties involved. This monograph analyses, in detail, negotiation and decision making in mergers and acquisitions with special attention to intercultural due diligence. Its author is an experienced expert in the field, and therefore, the monograph is characterized by a high application value and should be designed for a wide group of recipients, including scholars, managers, and students of management science." - Włodzimierz Sroka, Associate Professor of Strategic Management, WSB University, Dąbrowa Górnicza, Poland

For more information about this book, please click here.

Negotiation and Decision Making In Mergers and Acquisitions. Intercultural Due Diligence

"Effective leaders must know how to negotiate. This intriguing book by Dr. Iulian Warter is a must read for any executive involved in negotiating mergers or acquisitions." - Hershey H. Friedman, Professor, PhD, Department of Business Management, City University of New York, USA

"The need to be precise about what defines a merger and what an acquisition is comes back in this book about pre-merger/acquisition aspects, especially on negotiation, decision and intercultural due diligence. The book provides research evidence enabling and deepening the understanding of the impact of cultural differences on M&A with emphasis on pre-M&A stage. Additionally, this study makes a contribution to the field of intercultural issues in M&A by integrating research on national, organizational, and professional culture into a theory of cultural due diligence content and outcome. I am grateful that one of the conclusions of the book is: “In the area of intercultural management, the findings from this book indicate that the Culture Clusters is a very useful and powerful tool and it deserves further investigation.” - Dr. Huib Wursten, Culture expert, Former co-owner of ITIM International, Associated with the Hofstede Insights Group, Netherlands

"New transactions are announced very frequently in all the sectors of the economy, though the majority of them fail. Due diligence, including intercultural due diligence, is treated as one of the most important tasks to be done by the parties involved. This monograph analyses, in detail, negotiation and decision making in mergers and acquisitions with special attention to intercultural due diligence. Its author is an experienced expert in the field, and therefore, the monograph is characterized by a high application value and should be designed for a wide group of recipients, including scholars, managers, and students of management science." - Włodzimierz Sroka, Associate Professor of Strategic Management, WSB University, Dąbrowa Górnicza, Poland

For more information about this book, please click here.

Post-Investment Monitoring: Intercultural Synergy Valuation

"Dr. Liviu Warter provides us with an original, fascinating approach to understanding the importance of focusing on intercultural synergy in post-investment monitoring." - Hershey H. Friedman, Professor, PhD, Department of Business Management, City University of New York, USA

"The most challenging part of the M&A process is the integration of two entities that present different organizational and national cultures. This book by Liviu Warter is showing empirical research data on the relationship between culture, post-merger integration processes, and M&A performance. Particularly on intercultural synergy Dr. Warter says: “In lieu of asking if cultural differences have an impact on performance, researchers should concentrate on how cultural differences affect M&A performance.” Intercultural synergy is the mixture of diverse cultural elements like traditions, values, norms, practices, behaviors etc. in such a way that the result is a construction of higher value than the sum of elements.

This book exerts to find an explanation for M&A performance in terms of the impact that cultural differences have on the post-merger integration process. It emphasizes the role of post-investment monitoring and intercultural synergies achievement.

Generically, M&A researchers have concentrated independently on pre-acquisition and post-acquisition influential factors. Almost all conclude that cultural influences are important in M&A. Despite this, this study reveals the underestimation of the role of cultural integration in M&A literature.

Many scholars have stated that is difficult to analyze post-merger integration although the integration phase is critical due to the significant cultural differences of the two different organizations. There are irresolute evidences on how integration is accomplished. The influence of cultural differences is sometimes antithetical.

Culture is frequently described as an obstacle to the success of M&A’s. But an understanding of cultural differences can work out be positively by enabling access to the partner’s routines and repertoires embedded in national culture.

The concept of “intercultural synergy” is still poorly understood despite a growing body of research on synergy creation. Generically, there is an inadequate practical approach although most scholars highlight the importance of intercultural synergy in M&A. To sum up, these findings suggest that intercultural synergy is a significant issue of post-merger integration processes, and M&A performance." - Huib Wursten, Drs., Culture expert, Former co-owner of ITIM International, Associated with the Hofstede Insights Group, Netherlands

"Mergers and acquisitions become a common phenomenon in modern business. Practically there is no a day without an announcement of the new transaction, regardless of the sector, country or size of the company. One should mention, however, that vast majority of such transactions fail. One of the reasons are the problems at the integration stage in which the strategic and value-creating aims have to be realized by the integration of the acquired company. Given these facts, this monograph analyses in details intercultural synergy valuation in merger and acquisition transactions.

This work should be classified as an interesting book in the field of strategic management. It presents a good scientific level, supported by the latest and very rich world literature. In addition, it is characterized by a high application value and should therefore be designed for a wide group of recipients, including scholars, managers, and students of management science." - Włodzimierz Sroka, Associate Professor of Strategic Management, WSB University, Dąbrowa Górnicza, Poland

Risk Management: Strategies for Economic Development and Challenges in the Financial System

“I enjoyed reading this book. It competently covers a wide range of concepts for managing risk in a holistic way incorporating interdisciplinary views on the value of risk management. This book equips the reader with the knowledge on different facets of risk management as well as presents important findings as implications for public policy. As such, the edited book collection “Risk Management: Strategies for Economic Development and Challenges in the Financial System” represents a notable contribution to the field of risk management. I recommend the book to academics and professionals and also encourage its use in courses covering risk management.” - Dr. Darja Peljhan, PhD, University of Ljubljana, Faculty of Economics, Slovenia

“The book collection “Risk Management, Strategies for Economic Development and Challenges in the Financial System”, effectively edited by Danijela Miloš Sprèiæ, brings together 14 research and review papers authored by 24 distinguished academics and professionals in Corporate Governance, Management, Finance, Auditing and Public Policy. It brings together ideas, concepts and practices developed in various risk markets and academic fields to provide a much-needed overview of different approaches to risk management. Combining academic severity and practical experience, this book is an important resource for graduate students and professionals concerned with strategic risk management.” - Dr. Dimitrios Maditinos, PhD, Technological Educational Institute of Kavala, Greece

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Safety and Performance Total Respect Management (TR³M): A Novel Approach to Achieve Safety and Performance Proactively in Any Organisation

“This book puts risk management into a larger context where Total Respect Management aims to develop a holistic view on value creation, not only for the shareholders, but also for the society, i.e. respect all stakeholders’ objectives. It gives insight into a balanced and integrated combination of leadership, management and excellence.” - Eyvind Aven, Vice President Enterprise Risk Management, CFO PMR ERM, Statoil ASA, Norway

"The authors have dissected safety and its relationship to performance to enable the reader to understand the dependencies and, importantly, the opportunities created by their intersection. While I believe risk is the ultimate enabler or impediment to strategic goal achievement, safety is a critical component of organizational cultures and by correlation, their performance. You’ll come away from this work with a better understanding of why both are inherently true." - Chris Mandel, RF, CPCU, ARM-E, AIC, SVP, Strategic Solutions, Sedgwick & Director of the Sedgwick Institute, Nashville Tennessee, USA

"Safety and Performance by Blokland and Reniers offers readers a clear path to integrating key safety and security management principles and concepts into all levels of the enterprise." - Jason L Brown, FSyI, CSyP, RSecP., National Security Director, Thales Australia & New Zealand

"Hurray, finally a book that sees safety and performance as two sides of the same coin! Blokland and Reniers help us imagine futures that can inspire action toward a different way of organizing our work--so that it can be better and safer. Let's not just try to find what's wrong and fix that, they argue. Instead, let's focus our energy on what works already and build from there." - Professor Sidney Dekker MA MSc PhD, Director, Safety Science Innovation Lab Griffith University, Australia

"If you want to perform better in whatever industry then this is the book for this, you will learn from the positive and negative events and that is a paradigm shift for safety professionals. The book has extremely interesting and unusual practical, deep, and even philosophical examples that cater for all audiences." - Adel Bataweel, PhD MBA, Consultant and Chairman of risk management, King Fahad Medical City, Saudi Arabia

For more information about this book, please click here.