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2019 | Buch

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Strategic Decisions and Sustainability Choices

Mergers, Acquisitions and Corporate Social Responsibility from a Global Perspective

verfasst von: Prof. Olimpia Meglio, Dr. Kathleen Park

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft" , Springer Professional "Technik"

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Über dieses Buch

This book integrates two different but equally prominent themes in the management field: mergers and acquisitions (M&As) and corporate social responsibility (CSR). It explores questions such as whether strategic goals overlap or conflict with sustainability choices, what the strategic and sustainability tensions are confronting expanding companies, and whether these companies can grow and be socially responsible for a variety of stakeholders. The authors provide a fresh perspective on the study of acquisitions, aiming to inspire the M&A field and using examples from different global and institutional contexts in both developed and developing economies. This ground-breaking book addresses the gap that has existed between acquisitions on the one hand and social responsibility and sustainability on the other, for an integrative perspective on enacting M&As and achieving the triple people-planet-profits bottom line.

Inhaltsverzeichnis

Frontmatter

Expansion Strategies and Responsibility Issues

Frontmatter

1. Mergers and Acquisitions: Advancing an Institutionally Embedded Stakeholder View

Abstract

Mergers and acquisitions represent a popular strategic choice companies rely upon to respond to external complexities and reconfigure business models. So far, scholars have been primarily concerned with their effects on shareholders. Their centrality represents a common thread in existing research that relies on shareholder value as a metric for gauging acquisition performance. However, acquisition practice provides a different paint with stakeholders other than shareholders playing a role. In this chapter we suggest to enlarge the domain of analysis by applying the stakeholder view and incorporating institutional settings. We therefore propose an institutionally embedded stakeholder view of acquisitions. We also discuss implications upon corporate social responsibility.

Olimpia Meglio

2. M&As, CSR, and Stakeholders: An Integrative Framework

Abstract

In this chapter we propose a three-stage framework to analyze mergers and acquisitions in light of corporate social responsibility issues: mapping stakeholders, managing stakeholders, and measuring social impact. The framework also reflects the process nature of acquisitions. In this chapter, we specifically focus on the task of mapping stakeholders. We provide an overview of existing techniques to map stakeholders and integrate them with a multidimensional classificatory framework designed to help top management in understanding who are the stakeholders the acquiring company confronts with and how their stakes are likely to affect and be affected by the acquisition process.

Olimpia Meglio

3. Managing Stakeholders and CSR in Acquisitions

Abstract

In this chapter we focus on the second stage of our framework—managing stakeholder and CSR in acquisitions. We build on a multidimensional classificatory framework that serves as a starting point for the identification of a repertoire of CSR strategies an acquiring company may actually choose while conducting an acquisition. These strategies are contingent upon the heterogeneity of stakeholders and their motives and the acquiring company stakeholder orientation. We offer a typology of CSR strategies in an acquisitive context.

Olimpia Meglio

4. Measuring Performance of Acquisitions: From Shareholder Value to Shared Value to Acquisition Outcomes

Abstract

In this chapter we critically analyze a central construct in M&A research: acquisition performance. Acquisition performance has received considerable attention from scholars who have repeatedly attempted to gauge the effectiveness of acquisition strategies. The majority of empirical articles measure acquisition performance as the market reaction to the deal announcement, emphasizing the primacy of shareholders over all stakeholders. We provide a critical analysis of current research and suggest how a stakeholder perspective may help us to better understand drivers of financial performance. We additionally reflect on how to measure the multitude of outcomes acquisitions bring about that reflect the variety of stakes.

Olimpia Meglio

5. Researching Stakeholders and CSR in M&As: Reflecting on Methodological Issues

Abstract

In this chapter we reflect on methodological implications of studying acquisitions from a stakeholder perspective. Our aim is to discuss how established and novel methods could be fruitfully employed in acquisition research informed by a stakeholder lens. We specifically focus on different forms of ethnography, social network analysis, and discourse analyses as fitting the purpose of offering a multi-authored and longitudinal account of these deals. We provide an overview of these methods and discuss opportunities and constraints in the acquisition field. We encourage the community of scholars, including editors and reviewers, to pursue methodological pluralism instead of conformity.

Olimpia Meglio

CSR and M&As: A Global Perspective

Frontmatter

6. CSR, Acquisitions, and Institutional Context: Spanning the Globe

Abstract

This chapter discusses how state and regional institutional considerations can affect the enactment of both mergers and acquisitions (M&As) and corporate social responsibility (CSR). Institutional factors have been explored in previous scholarships separately for M&As and CSR. This chapter joins the two domains in an institutionally embedded global perspective. We additionally draw on complementary global strategy, strategic intent, and transnationalism perspectives to understand M&A-CSR conduct and stakeholder engagement. As firms internationalize via acquisitions, varying national and regional practices intermix and influence CSR initiatives differentially. As state and regional institutions transform [through] participation in global markets, institutionalized practices within firms adapt to new market pressures and in response to stakeholder interests and environmental concerns.

Kathleen Park

7. CSR in Practice: Agility Logistics and the Development of Global CSR and M&A Programs

Abstract

This chapter provides evidence from an empirical case analysis of how an Arabian Gulf emerging-market logistics firm, Agility, became a bellwether in global expansion through both mergers and acquisitions (M&As) and corporate social responsibility (CSR). Specifically, the chapter addresses how the CSR program supports multiple pillars in social responsibility and sustainability, as facilitated and strengthened through M&As. An intensive acquisition program helped the firm to obtain technology, personnel, and innovation resources and establish a CSR program that has become internationally renowned. The focal firm has consistently shown robust stock price performance—clearly fulfilling its responsibility to enhance shareholder value—while connecting into communities worldwide at a social responsibility and sustainability level, demonstrating awareness of globally far-reaching and consequential stakeholder obligations.

Kathleen Park

8. CSR and M&As in Developed and Developing Economies

Abstract

This chapter provides a reflection on inflection points and transitions in intertwined M&A and CSR strategies, as more and more of the growth in the global economy comes from developing markets. Just as the phenomenon of reverse innovation has been occurring, in which innovation increasingly flows from developing into developed regions of the world (rather than the traditional developed to developing direction), this chapter reflects on and suggests that there could prospectively be an occurrence of reverse social responsibility and sustainability, wherein the developed regions could take notice of the practices and performance from the developing world—as suggested even from the preceding chapter case analysis of the conjoined M&A and CSR development of the now global emerging markets Arabian Gulf firm, Agility.

Kathleen Park

What’s Next? Setting a Research Agenda

Frontmatter

9. Onwards and Upwards: Broadened and Deepened Perspectives on M&As

Abstract

This chapter looks at crucial assumptions underpinning this book and provides new perspectives for future M&A research. Recognizing the importance of recent trends including globalization and global programs of cross-border acquisitions, this chapter builds upon and looks beyond what has already been elaborated. Combining the themes of CSR and non-Western acquirers, this chapter delves into some of the fundamental theoretical starting points touched upon earlier. It argues that the book represents a strategic, actionable outlook on M&As, and thereby outlines novel ways of engaging with the world through M&As. It also proposes a framework and suggests innovative directions and a research agenda for future M&A research.

Svante Schriber

10. Moving Forward: Scholars as Stakeholders

Abstract

In this concluding chapter, we discuss acquisition scholars as stakeholders who have influenced acquisition research. Acquisition scholars have largely shaped the academic discourse surrounding mergers and acquisitions, voicing some stakeholder views at the expense of others. We discuss possible explanations, analyze consequences of gap-spotting research—as opposed to research fundamentally challenging prevailing assumptions—and suggest strategies for producing more relevant research. Conformity and marginal contributions are among the risks inherent in attempting to contribute to any research discourse. We also propose a dynamic agenda for future research and methodological recommendations.

Olimpia Meglio, Kathleen Park

Backmatter

Titel: Strategic Decisions and Sustainability Choices
verfasst von: Prof. Olimpia Meglio
Dr. Kathleen Park
Verlag: Springer International Publishing
Electronic ISBN: 978-3-030-05478-6
Print ISBN: 978-3-030-05477-9
DOI: https://doi.org/10.1007/978-3-030-05478-6