The Views of Japanese Employees on Cross-Border M&As

verfasst von: Dr. Kai Oliver Thiele

Verlag: Springer Fachmedien Wiesbaden

Buchreihe : Betriebswirtschaftliche Forschung zur Unternehmensführung

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

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Über dieses Buch

Kai Oliver Thiele analyses M&As between companies from different cultures, which in general impose unique challenges, but also offer invaluable opportunities for all parties. Since Japan lags expectations regarding the amount of cross-border M&As, it is the more important to understand the drivers of successful cross-border acquisitions coming into the country. However, how the employees’ view on a merger can be successfully managed to leverage the M&As’ success rate remains yet unanswered. By focusing on the employees’ needs, this research seeks to contribute positively to an increase of the cross-border M&As’ success rate.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

With the advent of globalization, the number of mergers and acquisitions (M&As) has increased exponentially all over the world (e.g., Cartwright & Schoenberg, 2006; Stahl & Mendenhall, 2005) and also in Japan (e.g., Bebenroth, 2015; Herbes, 2016; Schaede, 2008; Tang & Metwalli, 2006). Researchers in the field of M&A distinguish between purely domestic M&As and international M&As; the latter are also frequently referred to in academic literature as cross-border M&As. The amount of cross-border M&A transactions worldwide has increased dramatically in recent years, accounting for an estimated 55% of the foreign direct investment (FDI) worldwide (Bruner, 2004).

Kai Oliver Thiele

Chapter 2. Foundations of mergers and acquisitions

Abstract

To address the company which initially offers to buy another company in an acquisition, some authors use the term “buyer” or “acquirer” (e.g., Caiazza & Volpe, 2015; Cording, Christmann, & King, 2008; Moeller & Schlingemann, 2004; Shimizu et al., 2004), whereas others use the term “bidder” (Larsson & Finkelstein, 1999; Mirc, 2014; Morosini et al., 1998), irrespective of whether the “bidder” actually buys the target firm or not. The acquired company is most commonly referred to as the “target” or “target firm” (e.g., Bauer, Matzler, & Wolf, 2016; Morosini et al., 1998). As the main literature used in the work at hand used the terms “bidder” and “target”, we will follow this terminology.

Kai Oliver Thiele

Chapter 3. Mergers and acquisitions in Japan

Abstract

Japan has experienced one of the most impressive economic expansions in world history and has become one of the biggest economies in the world. Its era of strong economic growth, which is frequently referred to as the “Japanese economic miracle” (e.g., Francks, 2015; Katz, 1998; Katzner, 2001), began after the second world war and lasted for decades until Japan faced the burst of the well-known asset price bubble in the 80s (Okina, Shirakawa, & Shiratsuka, 2001).

Kai Oliver Thiele

Chapter 4. National culture and organizational culture in Japan

Abstract

In academic literature (e.g., Bebenroth, 2015; Boulgarides & Oh, 1985; Child, Faulkner, & Pitkethly, 2001; Froese & Goeritz, 2007; Haghirian, 2016; Herbes & Vaubel, 2007; Ishizumi, 1988; Schaede, 2008), practitioner publications (e.g., Boston Consulting Group, 2010; Roland Berger, 2009), and media alike (e.g., Flannery, 2011; Iwamoto, Kawano, & Clenfield, 2012; Meyer, 2014; Miller, 2013; Smith, 2014) it is often highlighted that the Japanese business environment differs from its western counterparts in various aspects.

Kai Oliver Thiele

Chapter 5. Employee reactions to M&As and theoretical model development for Japanese crossborder M&As

Abstract

Due to the high failure rate of M&As, it is important to understand the underlying mechanics that drive M&A’s success from a theoretical viewpoint. Research on M&As has a long history of over 50 years (Cartwright et al., 2012), which was originally dominated by studies from the finance and strategic management area and has extended its boundaries into other research disciplines such as organizational behavior research (Caiazza & Dauber, 2015; Cartwright & Schoenberg, 2006; Faulkner et al., 2012a).

Kai Oliver Thiele

Chapter 6. Empirical study

Abstract

It is important to choose an appropriate analysis method in order to test the previously developed theoretically model. Prior research that studied the employees reactions in M&As has applied qualitative studies (e.g., Kusstatscher & Cooper, 2005) and quantitative studies (e.g., Ambrose & Schminke, 2009; Dick et al., 2006; Gunkel et al., 2015; Knippenberg et al., 2002; Rafferty & Griffin, 2006; Rafferty & Restubog, 2009; Schweiger & Denisi, 1991). In general, we find that the quantitative studies are clearly dominating in M&A research (Cartwright et al., 2012). However, the majority of these studies employ simple regression analyses in order to test their hypotheses.

Kai Oliver Thiele

Chapter 7. Discussion, contributions, and limitations

Abstract

In this section, we are going to summarize and discuss the results of the empirical analysis regarding our hypotheses. Figure 43 displays the results of our study. The theoretical model has shown to meet the required quality criteria for PLS-SEM. We find that the explanatory power is rather high with an R² between 38.6% (with job satisfaction as dependent variable) and 49.4% (with perception of success as dependent variable).

Kai Oliver Thiele

Backmatter

Titel: The Views of Japanese Employees on Cross-Border M&As
verfasst von: Dr. Kai Oliver Thiele
Verlag: Springer Fachmedien Wiesbaden
Electronic ISBN: 978-3-658-22525-4
Print ISBN: 978-3-658-22524-7
DOI: https://doi.org/10.1007/978-3-658-22525-4