Table of Contents
Chapter 1. Introduction
Chapter 2. Mergers and Acquisitions
Chapter 3. The Significance of Post-Investment Phase
Chapter 4. Intercultural Synergy
Chapter 5. Research Approach
Chapter 6. The Nine Dimensions Model of the Post-M&A Stage
Chapter 7. Cultural Differences and Synergy Effects
Chapter 8. Cultural Differences and M&A’s Outcomes
Chapter 9. Perception on the M&A integration Process and Outcome
Chapter 10. Conclusions
Chapter 11. References
Chapter 12. Appendix – Questionnaire
Chapter 13. List of Abbreviations
“Dr. Liviu Warter provides us with an original, fascinating approach to understanding the importance of focusing on intercultural synergy in post-investment monitoring.” – <strong>Hershey H. Friedman, Professor, PhD, Department of Business Management, City University of New York, USA</strong>
“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.” – <strong>Huib Wursten, Drs., Culture expert, Former co-owner of ITIM International, Associated with the Hofstede Insights Group, Netherlands</strong>
“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.” – <strong>Włodzimierz Sroka, Associate Professor of Strategic Management, WSB University, Dąbrowa Górnicza, Poland</strong>
The principal audiences of this monograph consists of managers, M&A and intercultural management scholars, business owners, postgraduate and MBA students. Improving the alignment or congruence between mergers & acquisitions and cultural contexts yields tangible business benefits. This book provides senior and middle management tools to identify the intercultural complications they will face during the M&A integration process.
Investments, mergers & acquisition, intercultural management, synergy, cultural synergy, post-investment monitoring