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Tytuł artykułu

Mergers and acquisitions from the perspective of project management

Treść / Zawartość
Identyfikatory
Warianty tytułu
PL
Fuzje i przejęcia z punktu widzenia zarządzania projektami
Języki publikacji
EN
Abstrakty
EN
In this article we examine the dynamics of Mergers and Acquisitions (M&A) from the perspective of Project Management (PM). The concept of lifecycle model has been around for many years now, yet much is to be gained by applying the same concept and analysis to retrieve and shed the light on key factors and dependencies of M&A strategy within the Market Life Cycle (MLC), the Firm Life Cycle (FLC) and the Product life cycle (PLC) model. Firstly, we will revisit these three life cycles that M&A strategy depends on. The M&A strategic project is easier to implement if these cycles are in similar phases where PM plays an essential role in the M&A process. Then we will present the comparative literature of both PM and M&A success factors where we have found a substantial overlap between the two. The main contribution of this article is to reinforce the existing studies on M&A related studies while emphasizing the importance of PM processes to undertake M&A venture with focus on some of the critical factors deemed relevant in lifecycle approach when extrapolated to M&A project. The article draws upon an empirical database of M&A activity in the hi-tech sector developed by post-graduate students over several years.
PL
W tym artykule analizujemy dynamikę fuzji i przejęć (ang. Mergers and Acquisitions, M & A) z punktu widzenia zarządzania projektami (ang. Project Management, PM). Koncepcja modelu cyklu życiowego istnieje już od wielu lat, ale wiele można uzyskać dzięki zastosowaniu tej samej koncepcji i analizy w celu otrzymania i uwydatnienia kluczowych czynników i zależności strategii M & A w ramach cyklu życia rynku (ang. Market Life Cycle, MLC), cyklu życia przedsiębiorstwa (ang. Firm Life Cycle, FLC) i cyklu życia produktu (ang. Product Life Cycle, PLC). Po pierwsze, ponownie przyjrzymy się trzem cyklom życia, od których zależy strategia M & A. Projekty strategiczne M & A są łatwiejsze do wdrożenia, jeśli te cykle są w podobnych fazach, w których PM odgrywa zasadniczą rolę w procesie fuzji i przejęć. Następnie przedstawimy literaturę porównawczą zarówno czynników sukcesu PM i M & A, w których stwierdziliśmy ich znaczne pokrywanie się. Głównym wkładem tego artykułu jest wzmocnienie istniejących studiów nad badaniami związanymi z analizą finansową, podkreślając znaczenie procesów PM w celu podejmowania przedsięwzięć w zakresie M & A, koncentrując się na niektórych czynnikach uznanych za istotne w podejściu do cyklu życia w przypadku ekstrapolacji projektu M & A. W artykule przedstawiono empiryczną bazę danych o działalności M & A w sektorze technologii hi-tech opracowanych przez studentów studiów podyplomowych w ciągu kilku lat.
Rocznik
Strony
100--114
Opis fizyczny
Bibliogr. 39 poz., rys.
Twórcy
autor
  • Szent Istvan University, Hungary
autor
  • Szent Istvan University, Hungary
autor
  • Université du Québec en Outaouais, Canada
autor
  • Université du Québec en Outaouais, Canada
Bibliografia
  • 1. Barfield R., 1998, Creating Value through Mergers, “The Banker”, 148(869).
  • 2. Blackford J.C., 1965, Vertical Acquisition and Section 7 of the Clayton Act, “Case Western Reserve Law Review”, 17(1).
  • 3. Brouther K.D., Brouthers L.E., 2000, Acquisition or greenfield start-up? Institutional, cultural and transaction cost influences, “Strategic Management Journal”, 21(1).
  • 4. Brzeziński S., 2011, The behaviour of enterprises in times of crisis, “Polish Journal of Management Studies”, 3.
  • 5. Chmielarz M., 2012, Trends in the Development of IT Projects Management, “Polish Journal of Management Studies”, 6.
  • 6. Christensen C.R., Berg N.A., Salter M.S., 1976, Policy formulation, 7th edition.
  • 7. Haigh D., 1999, Mergers Will Fail Unless the Focus is on Marketing, “Marketing”, 11(20).
  • 8. Harzing A.W., 2002, Acquisitions versus greenfield investments: international strategy and management of entry modes, “Strategic Management Journal”, 23.
  • 9. Hennart J.-F., Reddy S., 1997, The choice between mergers/acquisitions and joint ventures: the case of Japanese investors in the United States, “Strategic Management Journal”, 18.
  • 10. Hitt M.A., Ireland R.D., Palia K.A., 1982, Industrial firm’s grand strategy and functional importance: moderating effects of technology and uncertainty, “Academic of Management Journal”, 25(2).
  • 11. Hofstede G., 1980, Culture’s Consequences: International Differences in Work-Related Values, Sage, Beverly Hills, CA.
  • 12. Hongqi H., et al., 2006, The HP-Compaq Merger: A Hi-Tech Giant or Another Merger Fiasco.
  • 13. House R., Javidan M., Hanges P., Dorfman P., 2002, Understanding cultures and implicit leadership theories across the globe: an introduction to project GLOBE, “Journal of World Business”, 37 (1).
  • 14. Jugdev K., Müller R., 2005, A Retrospective Look at Our Evolving Understanding of Project Success, “Project Management Journal”, 36(4).
  • 15. Kogut B., Singh H., 1988, The effect of national culture on the choice of entry mode, “Journal of International Business Studies”, 19.
  • 16. Koplyay T., Paquin J.P., Bulger B.N., 2006, Mergers and Acquisitions and Project Management: Defeating Gravity and the Strategic Distance, American Society for Engineering Management 27th Annual ASEM National Conference, Huntsville, Alabama, USA.
  • 17. Lubatkin M.H., 1983, Merger and the performance of the acquiring firm, “Academy of Management Review”, 8(2).
  • 18. Marks M.L., Philip H.M., 2001, Making Mergers and Acquisitions Work: Strategic and psychological preparation, “Academy of Management Executive”, 15(2).
  • 19. Rumelt R., 1974, Strategy, structure and economic performance, Harvard University Press, Cambridge, MA.
  • 20. Sanchez L.A., Koplyay T., Douglas L., 2012, Generic Flaws In Incentive Design: Classic Mistakes Along the Market Lifecycle, Global management conference, Rio de Janeiro, Brazil.
  • 21. Shimizu K., Hitt M.A., Vaidyanath D., Pisano V., 2004, Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future, “Journal of International Management”, 10.
  • 22. Štefko R., Litavcová E., Butoracová Šindleryová I., 2010, Marketing Instrumentarium In The Process Of Accepting Projects For Developmental Acceleration In Back-Warded Regions Management, “Polish Journal of Management Studies”, 2.
  • 23. Tampone K., 2006, Cisco executive offers start-up advice for tech firms, “The Central New York Business Journal”, 5.
  • 24. Telfer EMBA, University of Ottawa, Executive MBA Program (Hong Kong) High-Tech Team, Interviews with senior Cisco managers, course visit to Cisco, San Francisco.
  • 25. Tetenbaum T., 1999, Beating the odds of Merger and Acquisition Failure, “Organizational Dynamics”.
  • 26. Very P., Schweiger D.M., 2001, The acquisition process as a learning process: evidence from a study of critical problems and solutions in domestic and cross-border deals, “Journal of World Business”, 36(1).
  • 27. Wilson B.D., 1980, The propensity of multinational companies to expand through acquisitions, “Journal of International Business Studies”, 11(1).
  • Internet sources:
  • 28. AutomotiveNews.com, 2014, Fiat completes Chrysler acquisition in $4.35 billion deal, http://www.autonews.com/article/20140121/OEM/140129980/fiat-completes-chrysler-acquisition-in-$4.35-billion-deal, Access on: 21.01.2014.
  • 29. Bass D., Womack B., 2016, Dell Technologies to slash up to 3,000 jobs after buying EMC in biggest tech deal ever, sources say, http://business.financialpost.com/fp-tech-desk/dell-technologies-to-slash-up-to-3000-jobs-after-buying-emc-in-biggest-tech-deal-ever-sources-say, Access on: 8.09.2016.
  • 30. Dow.com, 2016, DuPont and Dow to Combine in Merger of Equals, http://www.dow.com/en-us/news/press-releases/dupont-and-dow-to-combine-in-merger-of-equals, Access on: 14.10.2016.
  • 31. Harvell D., 2016, Bayer and Monsanto to merge in mega-deal that could reshape world’s food supply, https://www.washingtonpost.com/news/business/wp/2016/09/14/bayer-and-monsanto-merge-in-mega-deal-aimed-at-domi-worlds-food-supply/, Access on: 14.09.2016.
  • 32. Kanellos M., 1998, Compaq to buy Digital for $9.6 billion, https://www.cnet.com/news/compaq-to-buy-digital-for-9-6-billion/ Access on: 26.01.1998.
  • 33. McGugan, McKenna, 2016, CANADA STRIKES BACK: Canadian companies are bulking up with foreign acquisitions. But will the pricey deals pay off? www.theglobeandmail.com, Access on: 17.09.2016.
  • 34. McNish J., McKinnon J., 2016, Canadian Fertilizer Giants Agrium and Potash Agree to Merge, http://www.wsj.com/articles/canadian-fertilizer-giants-agrium-and-potash-agree-to-merge-1473676785, Access on: 12.09.2016.
  • 35. Paquin J.-P., Couillard J., 2005, How to Assess the Value Delivered by a Project End-Product: The Earned Quality Method, OCRI Partnership Conference Series, Ottawa, March 22, 2005. http://www.cata.ca/files/PDF/Resource_Centres/hightech/reports/studies/EarnedQualityMethodOCRI_Mar2005.pdf, Access on: 15.04. 2006.
  • 36. Popov K., 2006, Mergers and Acquisitions, http://www.cata.ca/files/PDF/Resource_Centres/hightech/reports/studies/M&A.pdf., Access on: 12.04.2006.
  • 37. Rohde D., 2009, Nortel’s bankruptcy and the impact of corporate culture, http://techcaliber.com/blog/?p=278, Access on: 11.02.2009.
  • 38. Towerwatson 2015, Cross-Border Deal Making in the High-Tech Industry: Lessons Learned From an M&A Transaction, https://www.towerswatson.com/DownloadMedia.aspx?media=%7B26D68218-AEC9-4ADC-BAE8-33E08FAAB099%7D, Access on: 15.07.2016.
  • 39. Walton J., 2015, Most Famous Leveraged Buyouts, Investopedia, http://www.investopedia.com/articles/markets/111015/10-most-famous-leveraged-buyouts.asp, Access on: 10.11. 2015.
Uwagi
Opracowanie ze środków MNiSW w ramach umowy 812/P-DUN/2016 na działalność upowszechniającą naukę (zadania 2017).
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-d1004cd2-0301-498a-ae52-0a77db53df7e
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