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Dissertations / Theses on the topic 'Motives of mergers'

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Published: 4 June 2021
Last updated: 8 February 2022

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1

Klimakov, Anton. "Fúze a akvizice v českém finančním sektoru (srovnání s přístupy ve světě (EU a Rusko)." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359099.

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The aim of this thesis is a description of the development of a company through acquisitions and mergers. The work is divided into two parts, the first part describes the M&A concepts, their types, properties and motives that lead companies to be merged. At the same time the theoretical part describes the course of the pre-acquisition analysis, valuation in the acquisition process and audit of financial statement. The second part focuses on the real cases of mergers and acquisitions, which took place in recent years. The aim of this section is to determine whether the mergers and acquisitions have accomplished its mission, according to the financial results, and profitability and market position of the company have improved.
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2

Olafsson, Gunnar Alexander. "Merging Hospitals : Motives, methods and outcomes." Thesis, Nordic School of Public Health NHV, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:norden:org:diva-3180.

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This thesis reviewed recent hospital mergers in Gothenburg, Sweden, and Reykjavik, Iceland, and describes, analyzes, compares, and assesses those mergers. The study focused on the underlying reasons for the mergers, examining both the methods used in the merging process and the merger outcomes. Background information includes organizational theory regarding mergers, hospitals as professional bureaucracies, organizational change and communication, and quality and efficiency in organizations. The study is based on secondary data derived mainly from official documents, evaluations, and research reports. While the study determined similar reasons—mainly economic—underpinning both mergers, the processes differed. The Swedish merger was much better prepared, more radical, and invested more time and money in its process compared to the Icelandic merger, which was less radical and characterized by decisions from the top. Interestingly, the Icelandic merger, which sought to curtail the growth of expenditures but did not demand savings, achieved outcomes that reflected its main goals. Conversely, the Swedish merger sought unrealistic savings in its goals and the savings demands made it impossible for the management team to gain other objectives of the merger, like better service, quality and more competent institution.

ISBN 978-91-85721-56-6

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3

Wang, Xiaokun. "Searching for the motives and effectiveness of Chinese mergers and acquisitions." Click to view the E-thesis via HKUTO, 2007. http://sunzi.lib.hku.hk/hkuto/record/B38481819.

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4

Wang, Xiaokun, and 王曉坤. "Searching for the motives and effectiveness of Chinese mergers and acquisitions." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2007. http://hub.hku.hk/bib/B38481819.

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5

Thothela, Tumelo. "Motives for mergers and acquisitions in the South African construction industry." Diss., University of Pretoria, 2018. http://hdl.handle.net/2263/64827.

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Merger and acquisition (M&A) strategies have been very popular for many years as a means to drive growth and strategic competitiveness. But the question is, what are the motives for M&A transactions? This research seeks to identify, analyse and understand the motivation for mergers and acquisitions in the South African construction industry for companies listed on the Johannesburg Stock Exchange, to offer insights to managers concerned with acquisitive growth strategies. The research adopted a qualitative research method, using a thematic content analysis of secondary data obtained from the Competition Tribunal, annual reports and news reports. The findings were supported and rooted in the resource-based view theory of the firm, proving that construction companies undertake horizontal acquisitions to achieve synergies and efficiencies in production and for integration and complementarity of resources as well as a means to gain access to new markets. Vertical acquisitions are undertaken to expand or strengthen capacity, pursuit of growth, the attainment of market reach and market share as well as the desire to be more competitive in the market. Vertical acquisitions are also made for the purpose of improving synergies and efficiencies, as well as being able to offer or supply services along the entire value chain.
Mini Dissertation (MBA)--University of Pretoria, 2018.
pa2018
Gordon Institute of Business Science (GIBS)
MBA
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6

Ukaegbu, Eben O. "Motives for corporate mergers and takeovers : an investigation of the 'failing company' hypothesis and of post-merger performance." Thesis, University of Stirling, 1987. http://hdl.handle.net/1893/2537.

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The overall objective of the study was to determine the financial characteristics of companies involved in merger activity. More specifically, the study aims to determine: (a) whether acquired companies possessed financial characteristics similar to previous failed companies (the 'failing-company' hypothesis); (b) whether acquiring companies possessed financial characteristics similar to previous failed companies and (c) the impact of acquisition on the post-acquisition performance of acquiring companies, and particularly to consider whether their performance differs according to the financial characteristics of the companies they acquired. A new "bankruptcy prediction" model, contemporary with the acquisition data, was derived, tested for robustness, and applied to samples of acquired and acquiring companies. An indirect test of the 'failing-company' hypothesis was carried out by comparison with the results obtained on application of the model to control groups of non-acquired and non-acquiring companies. The test indicated that a higher proportion of acquired companies possessed financial characteristics similar to failed companies than the control group of non-acquired companies. This evidence tends to support the 'failing-company' hypothesis as a motive for mergers for acquired companies. Conversely, there was no such evidence in support of the hypothesis for acquiring companies. The approach adopted also allowed the dichotomy of acquired companies (failing vs. non-failing) which made it possible to test for differential post-acquisition performance of the acquiring companies. In order to evaluate the post-acquisition performance of acquiring companies, three different measurement criteria were adopted. They were: (a) accounting-based profitability and gearing ratios (b) industry-standardardised profitability measure (Meeks (1977)) and (c) performance analysis-scores (PAS-score) (Taffler (1983)). The results indicated that the acquiring companies generally incurred a decline in their post-acquisition profitability measures, while they increased their gearing ratios. Generally, the group acquiring potentially failing companies exhibited 'superior' post-acquisition performance compared with the group acquiring "non-failing" companies. These findings support the managerial motives for mergers since there appears to be little evidence that mergers are undertaken to increase profitability as implied in neoclassical motives. They also suggest the possible need for a review of public policy towards mergers; perhaps mergers ought to be encouraged only if they prevent impending bankruptcy by the acquisition of failing companies.
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7

Masopustová, Tereza. "Analýza fúzí a akvizic v českém finančním prostoru a vyhodnocení jejich efektů." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-116403.

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Diploma thesis deals with an analysis of mergers and acquisitions on Czech market with evaluation of its effects. Introduction of the thesis contains glossary of related terms in areas of mergers and acquisitions and definition of motivations of companies to implement change. Thesis is focused on financial market and mostly on bank sector. Following part of the thesis is describing history and evolution of mergers and acquisitions on global market and after that on Czech market with emphasis on change from central planned system to market economics. The biggest added value of the thesis is description of valuation methods for ex post analysis of financial transaction between banks. Financial analysis method, evaluation of different subject's market share or evaluation of merged companies are involved. Some of these methods are used on real case of merger of eBanka and Raiffeisenbank that was finished in 2008.
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8

Nakamura, H. Richard. "Motives, partner selection and productivity effects of M&As : the pattern of Japanese mergers and acquisitions." Doctoral thesis, Handelshögskolan i Stockholm, Institute of International Business (IIB), 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-1627.

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9

Bourkaib, Lynda, and Darya Rozhkova. "Value creation and problems of modern mergers and acquisitions (using empirical illustration of Schlumberger company)." Thesis, Linnéuniversitetet, Ekonomihögskolan, ELNU, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-15759.

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Integration through strategy of mergers and acquisitions have become popular all over the world thanks to globalization, technological developments, liberalization, and saturated competitive business environment. On The Journal published on www.globusz.com, it has been announced that the number of M&A corporations has reached 5000 mergers, and the total value of the companies acquired is of about $1.7 trillion in 2000. In USA, it was the period where the most important and largest M&As were ever announced, it was the year where AOL and Time Warner were merged. Most of researches conducted on M&A activities have recognized that firms prefer to enlarge their activity by merging or acquiring new businesses rather than enlarging organically. However, in some cases, results collected are not the ones expected. IBM has made about 800 strategic alliances, Hewlet Packard about 300, and AT with T about 400. This proves that those alliances either with strategic suppliers, or with competitor or partners, they are an effective and a prompt access towards capital increase, talents discovery, effective distribution channels and manufacturing productive designs or operations. According to a study conducted by Coopers and Lybrand, companies that form strategic alliances grow 20% faster and gain 11% more in sales than those who choose to rely solely on their own expertise (Segil 1998). The study also identified that two thirds of middle level firms have entered some form of alliance: 37% with their customers; 35% with their suppliers; 15% with competitors. The gaining from M&As is said to be a means of protecting the market share and of expanding growth domestically and internationally, because it leads to more beneficial using of resources and assets, to more efficient managеmеnt, and to еcоnomies of scale, etc.  Thus, the question to raise is: do results of M&As create real value for the shareholders of acquirers?
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Plucarová, Iveta. "ANALÝZA PŘESHRANIČNÍCH FÚZÍ NA ČESKÉM TRHU V LETECH 2008-2015." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-262378.

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This Master's thesis concerns cross-border mergers on the Czech market. The aim of the thesis is to identify their main trends. Though the theory of both cross-border and domestic mergers is mentioned, the emphasis is placed on the analytical part. The analysis is based on real life data of mergers which were realized from 2008 till 2015 and in which a Czech company took part. The research focuses on the development of quantity and type of cross-border mergers whose project was filed in the public register, quantity of finished mergers, number of participating companies and the country under whose legal system the participating companies operate, the position of Czech companies, ownership structure of participating companies, their legal form, reasons for realization of mergers, exchange ratio, decisive day assessment in relation with the balance sheet date and processing time of a cross-border merger.
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11

Karlsek, Andreas, and Douglas Karlsson. "Motiv och kulturell integration inom företagsförvärv : En studie gällande svenska kunskapsbaserade företag." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30436.

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Företag är i dagens tillvaro ständigt på jakt efter tillväxt och överlevnad. En metod för att lyckas med detta som har börjat ske mer och mer frekvent de senaste åren är att företag köper upp andra företag i form av ett företagsförvärv. Men forskning och litteratur har samtidigt pekat på att företagsförvärv i mer än 50 procent av fallen inte har hjälpt företag att nå fram till rena ekonomiska vinster. Trots detta har antalet företagsförvärv fortsatt att öka år efter år, och ökningen pågår än. Mycket forskning har tittat på en specifik aspekt av företagsförvärv, nämligen den kulturella aspekten. Forskare menar att kulturkrockar och andra problem med kulturen kan ha varit ett av problemen som påverkat och lett till den låga grad av framgång som har nåtts. Samtidigt finns det en bransch som har växt explosionsartat den senaste tiden, nämligen IT-branschen. Informationsteknik har utvecklats mycket i samband med det moderna samhällets tillväxt och det har nu till och med blivit en källa för rikedom som företag mer än gärna tar del av. Inom IT-branschen blir företagens kultur en viktig del att titta på, eftersom en dålig kultur kan få stora konsekvenser om den kunskapsrika personalen påverkas på ett negativt sätt. Denna studie avser därför att ta kännedom av hur svenska IT-företag som genomgått ett företagsförvärv förhåller sig till kulturen och kulturskillnader mellan företagen. I studien har integrationsprocessen undersökts genom intervjuer och skriftliga förfrågningar med åtta personer från sju olika företag inom IT-branschen. I uppsatsen har det också lagts fokus på företagens motiv bakom det gällande förvärvet. Dessutom har företagens årsredovisningar studerats. Resultatet visade att många av de förvärvande företagen absorberade det uppköpta företaget, med vilket menas att det förvärvade företagets arbetsprocess och kultur förändrades för att likna det nya moderbolagets. Undersökningen visade att de mest lyckade företagsförvärven hade ekonomiska motiv i grunden och att majoriteten av de med strategiska motiv ännu inte visat på någon framgång.
Companies today are in constant pursuit of market growth and survival. One possible method to achieve this, M&A, has become more frequent over the years as more and more companies acquire one another. At the same time, researchers have been pointing to the fact that mergers and acquisitions have been failing more than 50 per cent of recorded cases. Despite this, the number of M&A has had a continuous growth that is still going on today. At the same time, the IT-sector has experienced significant growth over the last years. Information technology has developed alongside the modern society’s advancement and has become a source of income for the corporate world. The Swedish IT-sector has been through a number of M&A:s as of late, and with numerous scientists pointing out possible cultural difficulties that can occur during mergers and acquisitions, this area becomes interesting to study. This essay seeks to explore how Swedish knowledge based IT-companies work around these cultural differences between the companies. Eight interviews have been held with mainly CEO:s, discussing their view of the cultural integration between companies during the acquisitions. Questions have also been asked about their motives behind the decision to go through such an expensive affair. The result showed that while the majority of the interviewed companies had a strategic motive, they were not the most successful. Instead, it was the organizations with economic reasoning that generated the most financial success. The study also showed that the most frequent form of integration was absorption.
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12

Gravel, Eric. "Wealth effects and managerial motives in the case of mergers and selloffs, an empirical analysis of the North American pulp and paper industry." Thesis, National Library of Canada = Bibliothèque nationale du Canada, 2001. http://www.collectionscanada.ca/obj/s4/f2/dsk3/ftp04/MQ61345.pdf.

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13

Jechová, Lenka. "Fúze obchodních korporací." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-264562.

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The theme of this diploma thesis is mergers of business corporations. The theoretical part contains transformations of business corporations and their forms. The biggest part of this thesis deals with mergers in the Czech Republic. There are advantages and disadvantages of mergers, motives of mergers and types of mergers. This thesis also includes the merger process, specifics of various types of business corporations and accounting of mergers. For better understand of accounting follows the model example. One part of this thesis is about business combinations according to IFRS and US GAAP. The practical part contains information about several mergers. I am considering if these mergers comply with the law and whether they were successful or not.
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14

Pěta, Jan. "Identifikace synergií při fúzích strojírenských podniků." Doctoral thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-367537.

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The dissertation deals with different approaches to determining the value of synergies of companies implementing mergers in the mechanical engineering industry in the Czech Republic. This topic was chosen because of the high number of mergers, as well as the failure to achieve the effects planned. As a result, the consequence of such transactions is not the expected value growth for the owners. In the theoretical part of the thesis, mergers are defined from a legal point of view, and the historical development in the studied area is described. Based on the results of previous research, the systematization of the motives of mergers was carried out. The most common reason is the planned economic benefits in the form of cost savings or revenue growth. This part also describes the merger efficiency evaluation procedures used in previous research. Two approaches were identified, the first based on financial analysis indicators, and the second on discounted cash flow. The main objective of the dissertation is to propose adjustments to the procedure of valuation of companies implementing mergers in order to make it possible to identify the formation of synergy. Therefore, the data of companies operating in the mechanical engineering industry from 2004 to 2011 was used. As part of factor research, statistical tests of significance and dependence were used; the methods of classification and regression trees, as well as the linear regression model, were used to predict synergy. First, using the revenue indicators and operating profit, the transactions were divided into successful mergers and unsuccessful mergers. Based on this division, statistically significant differences in the financial analysis indicators were identified between companies implementing successful and unsuccessful transactions. Statistically significant differences were identified in the indicators of labour cost to revenues, depreciation to revenues and asset turnover ratio. All of the companies examined (target, bidder and newly created) were valued using the discounted capital cash flow method. Based on this valuation, factors that affect the value of the synergy achieved before implementation of the merger were identified. The indicators of return on assets, short-term financial assets to assets, cash flow to assets, and cash flow to interests were identified as statistically significant. These indicators were subsequently used to create prediction models. The first model predicts whether synergies will be achieved, and the second model predicts what the value of the synergies will be. The second model was subsequently incorporated into the pre-merger company valuation model
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Mikulová, Monika. "Daňové a právní dopady přeshraniční fúze obchodních společností." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2015. http://www.nusl.cz/ntk/nusl-225037.

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This master thesis deals with the characteristics of cross-border mergers, particularly from a legal and tax perspective. The first part defines the basic concepts and legislation, which is related to the cross-border mergers. The second part deals with the analysis of cross-border mergers, in which participated Czech companies. The third part treats the selected states in terms of tax systems. From analyzed states is chosen the most profitable tax system for Czech companies considering cross-border merger.
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Hudečková, Veronika. "Realizace synergií v mezinárodních fúzích a akvizicích." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194116.

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The volume of mergers and acquisitions in 2014 amounted to 3.6 trillion USD. Acquisition activity over the previous year increased by 26 % and the volume of mergers and acquisitions was the third highest in history after 2007 and 2006. The constantly increasing number of mergers and acquisitions and an increase in the volume of capital required for the realization of transactions stand in stark contrast to the high rate of failure. The primary motive for international mergers and acquisitions is the realization of synergies. The paper analyzes in detail the factors that influence the success of international mergers and acquisitions, especially strategic fit, cultural fit and integration. It also analyzes the motives which lead to realization of those transactions and how they relate to the realization of synergies. The results of previous studies are presented in the theoretical part, practical part is focused on a specific acquisition of Anheuser-Busch, which is part of the global brewing group Anheuser-Busch InBev, which in 2014 bought a small Czech brewery - Pivovar Samson.
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Cheung, Kevin, and Morgan Scotte. "Mergers and Acquisitions : Trenden som träffat sportbranschen och Adidas." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-19203.

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Syfte: Syftet med denna uppsats är att ta reda på om det var rätt eller fel av Adidas att genomföra sina M&A:s med hjälp av Tobins q och de bakomliggande strategiska motiven. Metod: Metodansatsen för den studien är en fallstudie. Data har samlats in via både kvantitativa och kvalitativa metoder. Vi har valt att undersöka fyra av Adidas nio olika M&A:s sedan mitten av 1990-talet. Datan har samlats in genom ett deduktivt angreppssätt. Den kvantitativa datan har samlats in via årsredovisningar och affärsdatabaser. Den kvalitativa datan genom semistrukturerade intervjuer och officiella pressmeddelanden. Resultat och slutsatser: I denna fallstudie av Adidas har vi kommit fram till att två av de fyra företagen som undersöktes var övervärderade och de två andra var undervärderade i samband med uppköpen enligt Tobins q modellen. I detta avseende borde Adidas inte ha köpt de övervärderade företagen. Vi har kommit fram till att det var fel av Adidas att köpa Salomon, medan de övriga tre förvärven var berättigade. Det mest centrala motivet som genomsyrade alla affärerna var tillväxt, skillnaden var på vilket sätt detta skulle uppnås.  Bland annat sökte de kompetensen, stärka sin befintliga verksamhet och diversifiera sig. Vi har i våra slutsatser kommit fram till att det var berättigat av Adidas att genomföra dessa affärer eftersom det har hjälpt dem att ta sig till den position som de befinner sig på idag – nämligen en av de mest dominerande aktörerna inom branschen.
Aim: The purpose of this essay is to examine whether it was right or wrong of Adidas to complete their M&A:s using Tobin’s q and the underlying strategic motives. Method: The method for this is essay is a case study. Data has been collected through both a quantitative a qualitative method. We have chosen to examine four of Adidas nine M&A:s since the mid-1990s. The data has been collected through a deductive approach. The quantitative data has been gathered via annual reports and business databases and the qualitative data through semi structured interviews and official press releases. Results and conclusions: We have in this case study concluded that two of the four companies, which we examined, were overvalued and the other two were undervalued in connection with the acquisitions according to Tobin’s q. Regarding to this Adidas shouldn’t have bought the overvalued companies. We concluded that it was wrong of Adidas to buy Salomon, while the other three M&A:s where entitled.  The most central aspect of the motives behind the acquisition was growth. The difference between the affairs was the way to achieve this. Among others were to search for competence, enhance its current business and to diversify themselves. However we have concluded that Adidas were entitled to go through with the affairs since it has helped them to get where they are today – as one of few dominant companies in the industry.
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Grob, Christian. "Unternehmerische Restrukturierungsprojekte Motive und finanzielle Implikationen /." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/99626111001/$FILE/99626111001.pdf.

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Mohr, Lara T. "Die Bedeutung subjektiv-rationaler und emotionaler Manager-Motive bei Mergers & Acquisitions : untersucht am Beispiel der Übernahme von REEBOK durch ADIDAS /." Lohmar ; Köln : Eul, 2009. http://d-nb.info/993733018/04.

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Öberg, Christina. "The Importance of Customers in Mergers and Acquisitions." Doctoral thesis, Linköpings universitet, Industriell marknadsföring och industriell ekonomi, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-11933.

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The aim of the thesis is to identify categories and patterns of how customers impact and are impacted by an M&A. In M&A (merger and acquisition) research the focus is traditionally on the M&A parties alone, and while customers are important elements of the motives behind M&As, they are rarely seen as actors affecting and being affected by an M&A. This thesis researches M&As from M&A parties’ and customers’ perspectives. It categorises and connects M&A parties’ activities related to expectations and activities of customers, with customers’ activities at the acquisition point and at integration. Based on findings from eight M&As, the thesis concludes that customers may be the reasons why companies merge or acquire. Customers may react to the M&A announcement if it involves companies the customers do not want to have relationships with, or based on the fact that customers perceive the M&A as turbulent, for instance. Customer actions, and M&A parties reconsidering their initial intentions, affect integration strategies. The realisation of integration is in turn impacted by customers’ resistance to buy according to M&A parties’ intentions and by customers actively objecting to integration. In short, customers impact M&As through: (i) being a reason to merge or acquire, where the M&A aims at acquirer’s or acquired party’s customers, or markets/positions, and where the M&A is a responsive activity to customers’ previous activities or is based on expectations on customers; (ii) customer reactions or changed buying behaviour; (iii) M&A parties’ pre-integration reconsideration; and (iv) post-integration difficulties, whereby customers impact integration realisation through not seeing the benefit of the M&A and thereby continue to buy as previously, through objecting to integration or through dissolving relationships. Customers are impacted by M&As through: (i) the M&A as possibility for change; (ii) ownership changes, which may lead to changes in competition structures; and (iii) forced integration. This means that the impact that customers have on M&As are both results of their own actions, and also of the expectations that the M&A parties have on customers. Important findings from this thesis concern adjustments of initial M&A intentions, how integration may be resisted so as not to challenge ongoing relationships, and how customers (often) make it difficult to achieve initial M&A goals and integration as the customers do not act in accordance with the integration intentions of the parties involved in the M&A.
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Bártová, Tereza. "Fúze a akvizice." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113468.

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The theme of this diploma thesis is mergers and acquisitions. The theoretical part is given the nature of mergers and acquisitions, their historical development with examples of recent mergers and acquisitions in the Czech Republic and in foreign countries. Thesis also includes a list of motives that lead companies to cross-linking. In the end of theoretical part the procedure followed by limited companies that decide to merge is described. In the practical part is simulated the real merger of two existing limited companies which precedes the description of the business sector of both participating companies and their main motives of merger. The core of the practical part consists in the preparation of draft documents - Project of merger and Agreement of merge. The estimation of property trend, its sources and economic profit.
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Diaz, Gomez Mateo Gonzalo. "The M&A integration: why M&A in the logistic industry fail to achieve success: an exploratory study of the effects of the integration phase on European logistic firms." reponame:Repositório Institucional do FGV, 2016. http://hdl.handle.net/10438/18001.

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The M&A phenomenon has been study for over three decades, yet over this period, there was been modest improvements in M&A success rate. Many scholars estimate that more than 50% of all M&A deals fail to achieve success and many had cited successful integration as key to avoiding the risk of failure. Why so many M&As fail? What are criteria behind achieving a successful integration? Answering those questions encouraged this investigation. The following is an exploratory study of the positive and negative effects of the integration phase on European logistic firms in Belgium, Poland, and The United Kingdom. The study reveals the importance of having a dedicated M&A integration team that can deal with the most common integration issues such as: effective communication, issues with IT platform and its processes, cultural differences, and dealing with the speed of the integration phase.
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Marquart, Thomas. "Star-forming Dwarf Galaxies : Internal motions and evolution." Doctoral thesis, Uppsala universitet, Observationell astrofysik, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-181481.

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The study of dwarf galaxies is important in order to better understand the physics of the young universe and how larger galaxies form and evolve. In this work we focus on Blue Compact Galaxies (BCGs) which havemuch enhanced star formation (starbursts), causing blue colours and strong emission line spectra. Investigating of the inner motions of BCGs provides a means for determining masses and understanding what triggered the current starburst. We have used the Very Large Telescope to perform challenging observations of the stellar motions in several BCGs, as seen in the near-infrared Ca-triplet absorption lines. By comparing these to the kinematics of the ionized interstellar medium, we were able to look into the role of feeback from stellar winds and supernova explosions, as well as further strengthen the notion that the merging of galaxies plays an important role. Spatially resolved spectroscopy can yield information about the 3D-structure of galaxies. We have used a Fabry-Perot interferometer to study the kinematics of the interstellar medium in two samples of galaxies, each containing about twenty objects. We find strong indications for ongoing galaxy mergers that correlate well with the strength of the star-formation activity. Furthermore, by estimating dynamical masses, BCGs are shown to be on average not dynamically supported by rotation. In addition, we have used data from the Sloan Digital Sky Survey to study the frequency of starbursts in the local universe and the connection to their descendants. We selected starbursts by the strength of emission in H-alpha, the first Balmer recombination line, and post-starbursts by the strength of absorption in H-delta. These are indicators of currently ongoing and recent, on the order of 100 Myr, star-formation, respectively. By modelling the stellar populations we derive ages and masses and can establish a link between starbursts and postbursts in a time sequence. We find that starbursts are active on a 100 Myr timescale but are rare objects in the local universe.
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24

Ketonen, Joakim, and Daniel Walldén. "Motiv till fusioner : en jämförelse mellan branscher utifrån tre perspektiv." Thesis, Linköping University, Department of Management and Economics, 2002. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-1040.

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During the twentieth century, mergers&aquisitions have occured in waves where times of low activityfrequently has turned into periods of high activity. M&A:s have been of increasing numbers and growing size, which was extra evident during the last wave during the 1990:s. What are the motives that has made M&A such a widely used strategy? Are there similarities within and across industries regarding merger motives? The empirical material consists of primary and secundary data collected from two mergers in three industries respectively; manufacturing, banking and IT. The analysis make use of three different perspectives, the reason for this being to create understanding and furthermore illuminate the complexity of the problem. The results clearly demonstrate similarities in merger motives within the industries, but also give some support for similarities across the industries. Furthermore, using a multi perspective approach has proved to be a good way of illuminating the problem.


Under 1900-talet har företagsfusioner förekommit i vågformade mönster där tider med lugnare aktivitet har avlösts av tider med något som närmast kan beskrivas som fusionsyra. Fusionsvågornas antal och storlek har efterhand ökat och vågtopparna har vuxit sig allt högre, något som inte minst varit tydligt under de senaste 6-7 åren Vilka är de motiv som har gjort fusioner till ett så vanligt förekommande strategiskt agerande? Finns det likheter inom och mellan branscher avseende motiven att fusionera? Det empiriska materialet består av primär- och sekundärdata insamlat från sex fusioner fördelat på tre branscher; tillverkningsindustrin, bankbranschen och IT-branschen. I analysen används tre skilda perspektiv, och syftet med detta är att skapa bred förståelse och belysa komplexiteten i fenomenet. Resultaten visar på tydliga likheter i motiv inom branscher, samt att det även finns vissa motiv som är branschöverskridande. Vidare innebär de tre perspektiven ett medningsfullt sätt att skapa förståelse och belysa komplexiteten kring motiv till fusioner.

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25

Qaderi, Idris, and Ali Bouzeid. "Drivers and Performance Factors of Mergers and Acquisitions : A Case Study at Deutsche Post DHL." Thesis, Linköpings universitet, Produktionsekonomi, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-138593.

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This thesis explores and evaluates the drivers and performance factors of merger and acquisition (M&A) activity at Deutsche Post DHL (DPDHL). Furthermore, the “success paradox” related to M&A found in theory is addressed by analyzing how well it rhymes with the activity and performance of M&As at DPDHL. The methodology used to reach the aim can be characterized as an explorative and qualitative case study with an inductive approach. We review literature and interview stakeholders both within and outside the DPDHL group to present an in-depth view of the drivers causing M&As and factors affecting the performance of the transactions at DPDHL. Consequently, it has been possible to reach reality driven conclusions and recommendations tailored for DPDHL. We found that the success rate of M&A transactions at DPDHL is high and primarily triggered by strategic motives, such as achieving market power, acquiring capabilities, accessing new markets and to follow customers. In addition, we found that overall, DPDHL has systems and procedures that are consistent with theory findings and views of practitioners. However, we found two improvement areas for the overall success rate of transactions at DPDHL. Firstly, the biggest change for DPDHL going forward will lie within post-merger integration and management. There is a need to develop an independent, non-political, and transparent setup for M&A teams to better integrate and track performance after each transaction. The aim should be to create local ownership at all levels to better reap synergy effects. Secondly, there is a potential benefit to streamline the strategic models used to retain key people after the M&As. Moreover, relating the findings of the study to the “success paradox”, we argue that success ought to be measured on multiple motives instead of by only measuring financial outcome of deals as done historically. In our view, the inadequate measurement of M&A performance is a reason for the seemingly high failure rates found in empirical studies. It would only be logic to measure the success of something by assessing whether or not the motives were achieved, be that strategic or financial.
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26

Johansson, Anders, and Peter Öberg. "Företagsfusioner : en studie av aktörer, motiv och drivkrafter." Thesis, Linköping University, Department of Management and Economics, 2000. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-634.

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Fusionernas antal och storlek har ökat för varje år, och företagsvärlden har präglats av en fusionsyra som är frapperande. Det faktum att fusioner förekommer i så stor utsträckning samtidigt som det påvisas att en majoritet av företagsaffärerna misslyckas förefaller oss vara en paradox. Syftet med uppsatsen är att utifrån ekonomisk teori studera de motiv och drivkrafter som ligger bakom företagsfusioner, och diskutera de olika aktörernas medverkan i fusionsprocessen. I uppsatsen diskuteras också i viss mån vilket utfallet av en fusion blir beroende på vilka motiv och drivkrafter som föreligger. De teorier som används är dels teorier avseende motiv och drivkrafter bakom fusioner, dels appliceras public choice teorin och principal-agent teorin på fusionsprocessen och dess aktörer.Detta beroende på att teorierna behandlar den enskilda individens nyttomaximering och problemet med informationsasymmetri. Motivbilden är mångfasetterad. Den består både av uttalade/officiella och dolda/inofficiella motiv. Företagens uttalade motiv är ofta att uppnå kostnadsbesparingar och samordningsvinster via synergieffekter. De dolda motiven och drivkrafterna utgörs dels av personliga motiv där aktörerna försöker maximera den egna nyttan, dels av yttre psykologiska drivkrafter såsom flockbeteende, hybris och påtryckningar från finansiella rådgivare. Vi har dragit slutsatsen att det föreligger incitament och möjlighet för individuell nyttomaximering hos vissa aktörer, beroende på att en fusion för dessa innebär en rad fördelar. De består främst av ökad prestige och högre löner. Att handla opportunistiskt möjliggörs delvis av den informationsasymmetri som föreligger mellan exempelvis aktieägare och företagsledning.

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27

Šubrtová, Lenka. "Vliv spojování podniků na technickou stránku vedení účetnictví." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359202.

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The diploma thesis introduces the obligations, details, links, contexts and circumstances of integration in relation to the technical aspects of accounting. It provides information on the motives that lead to decisions about company mergers and acquisitions, the phases and principles of these processes, analyzes possible risks, human factors, potential reporting issues, and other practical aspects of accounting management.
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28

Andersson, Schön Felicia, and Staver Alexander Samuelsson. "Icke-finansiella faktorer och hur de kan förklara värdeskapande i samband med en M&A." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-434621.

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Mergers and acquisitions (M&As) är en del av många företags strategier för att nå sina finansiella och organisatoriska mål. Denna studies syfte är att utifrån tidigare forskning undersöka hur icke-finansiella faktorer skulle kunna påverka finansiella faktorer vid M&As och på vilket sätt denna påverkan skapar värde. Studien baseras på observationer av fyra svenska börsbolags årsredovisningar året före en M&A och fem år efter. Resultaten från undersökningen visade att ingen enskild undersökt icke-finansiell faktor kunde konstateras vara mer viktig än någon annan, men att vissa tendenser kan peka på att ledningens erfarenhet och motiv till förvärvet verkar kunna förklara något mer. Studien fick även ett parallellt syfte genom användning av endast offentligt material, vilket gav möjligheten att undersöka vilken typ av information, som forskningen anger som viktigt för framgång vid en M&A, som finns tillgänglig för aktieägare utan insyn. Slutsatsen är att den offentliga information som finns tillgänglig för att kunna bedöma om icke-finansiella faktorer direkt har påverkat finansiella faktorer i dagsläget är otillräcklig. Vidare slutsats är dock att det kan vara icke-finansiella faktorer som påverkar förändringen i finansiella faktorer, även om det inte kan utrönas vilken specifik faktor som bidragit till detta. Undersökningen belyser dock vikten av fortsatta studier på området och att fler faktorer än finansiella resultat behöver vara tillgängliga om aktieägaren ska kunna göra välgrundade investeringsbeslut vid M&As.
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29

Boureima, Soumana Saadatou. "La protection des droits des créanciers dans les opérations de restructuration des sociétés." Thesis, Bordeaux, 2015. http://www.theses.fr/2015BORD0371/document.

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De nos jours, la restructuration est une réalité incontournable qui contribue audéveloppement et à la compétitivité des sociétés in bonis. En général, elle résulte d’une décisionprise par les dirigeants sociaux. Toutefois, sa réalisation peut contrevenir à l’exécution des droits descréanciers antérieurs des sociétés concernées par l’opération. Pour préserver leurs droits, cescréanciers disposent de nombreuses mesures de protection issues aussi bien du droit commun quedu droit spécial. L’identification du fondement de cette protection, à savoir la force obligatoire desengagements pris avant la restructuration de la société débitrice, permet de vérifier l’efficacité decette protection
Restructuring is a reality that contributes to the development and competitiveness ofcompanies in bonuses. It usually results from a decision taken by the companies executives. Itsimplementation, however, may undermine the enforcement of former creditors’ rights by thecompanies involved in the transaction. To preserve their claims, those creditors have manysafeguards from both the common law and the special law. The identification of the basis of suchprotection, namely the binding commitments made before the restructuring of the debtorcompanies, enable the verification of this protection’s effectiveness
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30

Liew, Yoke Ying. "Cross-border mergers and acquisitions : motives and value creation." 2004. http://arrow.unisa.edu.au:8081/1959.8/80476.

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31

Yu-ChiaTseng and 曾俞嘉. "The Motives of Using Private Capital for Financing Mergers & Acquisitions." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/14521402097530608714.

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32

Liang, Ya-Ling, and 梁雅玲. "The Motives and Success Factors of Mergers : An Empirical Study of the Higher Education Institutions." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/5j2s22.

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碩士
國立臺中科技大學
會計資訊系碩士班
106
The purpose of this study is to investigate the motives and success factors of the higher education institution mergers. The questionnaires were delivered to teachers, administrative staff and students. The Analytic Hierarchy Process(AHP) was used to analyze the questionnaire data. The empirical results are summarized as follows: (1) In the aspect of the merger motives, the first important construction is “school operation”. Under this construction, the most important factor is “financial subsidy”. (2) In the aspect of the success factors of mergers, the first important construction is “proposer”. Under this construction, the most important factor is “government push”.
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33

Lai, Chin-yi, and 賴靜頤. "International Mergers and Acquisitions in Banking Industry: Motives, Determinants and Performance of Profitability and Efficiency of Acquiring Firms." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/71648711459061496213.

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碩士
國立中山大學
企業管理學系研究所
94
In the context of increasing consolidation in the banking industry, this research examined the profitability and efficiency performance before and after international mergers and acquisitions of acquiring banks, and the major determinants to improve performance. In a sample of 295 commercial banks and bank holding companies, international mergers and acquisitions does lead to potential improvement in efficiency for acquiring banks. However, no evidence shows that profitability would be improved through international mergers and acquisitions. Further, it is found that enhancement in net interest margin is most significant variable to influence the improvement in profitability; while reduction of administrative costs and net-interest revenues and improvement in generating loans are significant to enhance the efficiency performance.
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34

Schurman, Stephen. "Motives and value changes in corporate acquisitions : evidence from antitrust intervention /." 1999. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:9920168.

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35

Li, Chia Ho, and 李家和. "Factors Associated With Metropolitan Elementary School Teachers’ Leisure and Exercise Participation Motive and Constraint: The Case of Elementary School Teachers in Kaohsiung City Prior to the Merger." Thesis, 2012. http://ndltd.ncl.edu.tw/handle/24657847284331533097.

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碩士
國立高雄師範大學
體育學系
100
Purpose：The purpose of this study was to investigate the factors of the relevant circumstances that motivating and hindering elementary school teachers ' participation in recreational sports in original Kaohsiung city , and analyze the differences under different background. Methods： Questionnaire method was employed for this study, and the subjects are elementary school teachers on regular staff of original Kaohsiung city. The analysis procedures includes：Descriptive statistics Analysis, exploratory factor analysis, independent T-test, one-way ANOVA, independent samples, significant differences in Posteriori comparison, and Pearson’s product-moment correlation. Results：The major findings of this study were as follows:1.Regarding motivation of participating recreational sports in primary school teachers of Kaohsiung city, the wholesomeness dimension is the highest.2.Regarding hindering of participating recreational sports in elementary school teachers of Kaohsiung city, the field dimension is the highest. Conclusion：1. Regarding with different background of the elementary school teachers' Motivation of participating recreational sports in Kaohsiung city, the results all have statistically significant difference. 2. Regarding with different background of the primary school teachers' hindering of recreational sports in Kaohsiung city, the results all have statistically significant difference except average salary monthly . 3.There was a significant relationship between the factors that promote and hinder the participation of primary school teachers in Kaohsiung city. Key Words: Elementary School Teacher, Leisure and Exercise, Leisure and Exercise Participation Motives, Leisure and Exercise Participation Constraints
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