The role of culture in mergers & acquisitions: An investigation from a selectionist perspective
Master thesis
Published version
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https://hdl.handle.net/10642/5509Utgivelsesdato
2017Metadata
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Sammendrag
Mergers and acquisitions concerns the activity of buying, selling or combining
organizations as a tool to improve financial performance, establish a global existence and
withstand or dominate the competitive market. In the current climate, globalisation has driven
organizations to merge or acquire in order to survive the highly competitive environment.
However, research has shown a high failure rate for M&As. Although culture has been identified
as a main cause of M&A failure, many organizations have still yet to address this aspect in a
functional manner. While considering the role of culture in M&A activity, it may be useful to
visit the principles of selection in relation to this matter. By understanding the underlying
mechanisms that drive the evolution of cultural practices, it may be possible to shape them in a
favourable direction.
This thesis is divided into two articles, the first one addressing the general aspects of
M&As, culture and selection, and the intersection between these factors. This article presents a
comprehensive and theoretical account of these topics. The second article in this study presents
an empirical paper concentrated on the affect of national vs organizational culture on M&A
performance, also discussed in relation to selection. There were two case studies conducted
which examining culture in a national unsuccessful merger, namely AOL-Time Warner, and an
international successful merger, Vodafone-Mannesmann. Four M&A practicioners have also
completed written full-answer interviews regarding the role of national and organizational
culture in M&A activity. The cases showed that a merger conducted in the same national culture
failed, due mainly to organizational cultural differences. An international merger succeeded in
some degree, as culture was an aspect to be considered. The interviews yielded data that
indicated culture to be a dominant factor that should be emphasized as far more relevant than
previously, and should be considered in the pre-integration phase of a merger. National culture
may play a critical role in a combination, however organizational culture may be an equally
influencial factor. The study is concluded with recommendations for further investigation within
this field, and a recommendation to organizations to acquire knowledge on the principles of
selection and utilizing these during combinations in order to constrain the natural occurences in
the enviroment, and manipulate them so as to successfully realize synergies.
Beskrivelse
Master i læring i komplekse systemer
Utgiver
Høgskolen i Oslo og Akershus. Institutt for atferdsvitenskapSerie
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