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2019 | OriginalPaper | Buchkapitel

3. Mergers and Acquisitions as Strategic Decisions

verfasst von : Ilaria Galavotti

Erschienen in: Experience and Learning in Corporate Acquisitions

Verlag: Springer International Publishing

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Abstract

This chapter provides an overview of mergers and acquisitions as strategic decisions that enable corporate renewal. After identifying their distinctive features vis-à-vis other strategic resource allocation decisions, the sources of value creation are analyzed and the concept of value creation is distinguished across the capital markets school, the strategic school, the organization behavior school, and the process perspective. The chapter further examines the notion of value in mergers and acquisitions by including the concepts of value appropriation and value destruction. The analysis then moves to establishing a linkage between acquisitions and a firm’s corporate strategy. Finally, the chapter covers the role of experience and learning in mergers and acquisitions as a pervasive force driving both decision-making and integration aspects.

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Vorheriges Kapitel Experience and Learning: Theoretical Perspectives and Effects on Strategic Decision-Making

Nächstes Kapitel Systematic Literature Review on Experience and Learning in Acquisitions: Search Strategy and Data Synthesis

These types of M&A retrace the classification proposed by Kitching (1967). Kitching actually identified a fourth typology, that is, the concentric acquisition, which occurs when acquirer and target either share the same technology but have different customers or, vice versa, share the same customers but with different technologies.

The related-complementary and related-supplementary acquisition types were identified by Salter and Weinhold (1980) as a resource-based set of acquisition strategies and were later adopted by Wernerfelt (1984). Wernerfelt (1984) defined related-complementary as an acquisition strategy that allows for getting resources that combine effectively with those already possessed by the firm, and related-supplementary, in contrast, as an acquisition strategy that allows for getting more of already existing resources.

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Titel: Mergers and Acquisitions as Strategic Decisions
verfasst von: Ilaria Galavotti
Verlag: Springer International Publishing
Buch: Experience and Learning in Corporate Acquisitions
Print ISBN: 978-3-319-94979-6

Electronic ISBN: 978-3-319-94980-2

Copyright-Jahr: 2019
DOI: https://doi.org/10.1007/978-3-319-94980-2_3

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