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Targeted M&A Performance: Post-Acquisition Process and Organizational Integration
No full textCorporations use mergers and acquisitions (M&A) as a tactic in implementing strategy,
yet the rate of outcomes that meet targeted performance remains relatively low. Given the
importance and frequency of M&A utilization in management strategy, it is critical that the
success rate in achieving targeted perfomaance improve so that M&A are viable strategic options
for industry. Although pre-acquisition factors and processes such as financial due diligence and
strategic fit may improve the chance of success, significant evidence of correlation between these
elements and targeted performance outcomes does not exist. Further, companies will continue to
combine in’espective ofpre-acquisition coMitions and thus need assistance fi’om research in
post-acquisition moderators of success.
Much of the research of post-acquisition M&A has developed along disciplinary lines
where the process of functional integration is studied separately from integration of people in the
merged organization. This study examines the contribution of both the functional integration and
human capital integration to the targeted post-acquisition performance outcome. A systematic
review of research explores post-acquisition integration literature to identify moderators of
achievement of targeted performance.
The evidence collected supports the theory that successful post-acquisition integration of
combined processes and organizational elements correlates to successful achievement of targeted
acquisition perforrnance. Further, the research supports the theory that, although pre-acquisition
factors influence integration, the post-acquisition process moderates achievement of the targeted
performance outcome. The analysis also provides evidence regarding the importance of
leadership, management of employee-level dynamics, as well as completion of organizational and process integration prior to realization of synergies and targeted post-acquisition
performance. Thus, where many companies identify the end of the post-acquisition process as
the point at which functions combine as targeted, research suggests that closure also needs to
occur on the organizational integration side to optimize possible synergies and acquisition
performance.Targeted M&A Performance: Post-Acquisition Process and Organizational Integration
Sheila Dempsey Chickene
A Thesis
Submitted to the
Graduate Faculty
of
University of Mm’yland University College
in Partial Fulfillment of
The Requirements for the Degree
of
Doctor of Management
Advisory Committee:
Dr. Thomas Mierzwa
Dr. Denise Breckon
March 2013
UMI Number: XXXXXXX
Copyright 2013 by
Chickene, Sheila Dempsey
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University of Maryland University College
Graduate School of Management & Technology
DOCTOR OF MANAGEMENT DEGREE
DISSERTATION APPROVAL FORM
Candidate Sheila Dempsey Chickene has completed all the necessary dissertation
requirements of University of Maryland University College’s Doctor of Management
Program.
APPROVED:
Committee Chah’:
Dr. Thomas J. Mierzwa March 2, 2013
Date:
Committee Co-Chair:
Dr. Denise A. Breckon March 2, 2013
Date:
iii
Abstract
Corporations use mergers and acquisitions (M&A) as a tactic in implementing strategy,
yet the rate of outcomes that meet targeted performance remains relatively low. Given the
importance and frequency of M&A utilization in management strategy, it is critical that the
success rate in achieving targeted perfomaance improve so that M&A are viable strategic options
for industry. Although pre-acquisition factors and processes such as financial due diligence and
strategic fit may improve the chance of success, significant evidence of correlation between these
elements and targeted performance outcomes does not exist. Further, companies will continue to
combine in’espective ofpre-acquisition coMitions and thus need assistance fi’om research in
post-acquisition moderators of success.
Much of the research of post-acquisition M&A has developed along disciplinary lines
where the process of functional integration is studied separately from integration of people in the
merged organization. This study examines the contribution of both the functional integration and
human capital integration to the targeted post-acquisition performance outcome. A systematic
review of research explores post-acquisition integration literature to identify moderators of
achievement of targeted performance.
The evidence collected supports the theory that successful post-acquisition integration of
combined processes and organizational elements correlates to successful achievement of targeted
acquisition perforrnance. Further, the research supports the theory that, although pre-acquisition
factors influence integration, the post-acquisition process moderates achievement of the targeted
performance outcome. The analysis also provides evidence regarding the importance of
leadership, management of employee-level dynamics, as well as completion of organizational
iv
and process integration prior to realization of synergies and targeted post-acquisition
performance. Thus, where many companies identify the end of the post-acquisition process as
the point at which functions combine as targeted, research suggests that closure also needs to
occur on the organizational integration side to optimize possible synergies and acquisition
performance.
Dedication
V
This dissertation is dedicated to family members who were instrumental in the
completion of this body of work. First to my hnsband Paul, son Michael, and daughter Alexa,
thank you for pushing me to get the work done when it would have been nmre fun to do other
things. Thank you as well as for your unwavering belief in nay ability to complete the work
needed for my doctorate and this dissertation. I look forward to our increased time together!
To my Mom and Dad, Marie and Joe Dempsey, thank you for raising your 14 children to
believe anything is possible and for cheering us on even when you may not have agreed with our
choices. To my sister Karen Dempsey, who instigated this adventure, I look forward to
celebrating your eventual Ph.D. completion. To Marianne and Joe Chickene, my second parents,
thank you for your support and enconragement tlu’oughout. Lastly, to Lisa K Hill, my fi’iend
since kindergarten thanks for jumping in as my surrogate at Michael’s graduation - it was
inevitable that the two graduations would coincide.
vi
Ackno~vledgement
I look fondly back on the learning gained through my doctoral experience and have many
to acknowledge for their hand in the successful completion of both my coursework and this
dissertation. First, thank you to Dr. Thomas Mierzwa and Dr. Denise Breckon for acting as
advisor, coach, and editor throughout nay dissertation journey. Yore" guidance was a precious
gift.
In addition to my advisors, i ~vould also like to aclmowledge those in my cohol~t that
journeyed along with me including Rajesh Radakrishnan, Amanda Lle~vellyn, Tammy
Borkowski, Steve Gantz, Dainty Ebb, and Shaun Vaughns. There was definitely strength in
numbers. I feel blessed to have been part of such a talented group of scholars. May your new
knowledge serve you well!
vii
© Copyright by
Sheila Dempsey Chickene
2013
Table of Contents
viii
Table of Contents ...............................................................................v..i.ii
List of Tables ..............................................................................................x. i
List of Figures ............................................................................................x..i
Chapter 1 : Introduction ..........................................................................1.
Background ....................................................................................... 1
Problem Statement ...........................................................................5
Research Questions .......................................................................7
Scope of Study ..................................................................................8
Significance of This Research ...........................................................10
Dissertation Chapters ............................................................................11
Chapter 2: Literature Review ................................................................1..2
Overview .........................................................................................1.2 .
Pre-Acquisition Influences that Create Unique Acquisition Starting Points ....... 12
Perspectives in Post-Acquisition Integration ............................................... 16
Leadership and Communication in Process and Organizational Integration ........ 18
The Influence of Employee-Level Dynamics on Integration ..............................23
Development of a Combined Organizational Culture ....................................... 26
Management of Transition Process and Activities ...................................2..8
The Influence of Processes mad Organization in Post-Acquisition integration.. 32
Chapter 3: Conceptual Framework ........................................................3.5
Introduction ..............................................................................3..5
Conceptual Model Description ..............................................................36
Variables of the Analysis ................................................................ 38
Hypotheses ......................................................................................3.9
Summary of the Research Model ..................................................................44
ix
Chapter 4: Research Method ..................................................................47
Introduction ..............................................................................4.7
Research Objectives ......................................................................4.7
Research Methodology ..................................................................47
Search Strategy ..........................................................................4.9
Data Collection Methods ............................................................... 52
Research Constraints and Limitations ...................:. ............................ 54
Threats to Validity ........................................................................ 55
Subject Matter Expert (SME) Review .................................................57
Chapter 5: Analysis of Findings ............................................................ 58
Introduction ...............................................................................5.8
Systematic Literature Search Results ................................................. 58
Characteristics of Excluded Studies ................................................... 59
Characteristics of Included Studies .................................................... 62
Synthesis of Included Studies .......................................................... 63
Pre-Acquisition Factors & a Well-Executed Post-Acquisition ................... 67
Externally Focused Pre-Acquisition Factors ............................... 68
Internally Focused Pre-Acquisltion Factors ................................ 71
Externally & Internally Focused Pre-Acquisition Factors ............... 74
Leadership and Communication ...................................................... 77
Employees and Organizational Cultm’e ..............................................81
Orgaaaizational and Process integration .............................................. 84
X
Limitations ................................................................................88
Problem Definition ........................................................... 89
Literature Search .............................................................. 89
Gathering Infol~nation fi’om Included Studies ........................... 90
Methods within Individual Studies. ........................................ 91
Integration of Evidence from Individual Studies ........................... 91
Intel~retation of Evidence ................................................... 92
Presentation of Results ........................................................ 92
Conclusion ...................................................................................... 93
Chapter 6: Implications for Management ..................................................... 100
Introduction ..............................................................................100
Implications for Management Theory ................................................. 100
Implications for Management Practice ................................................ 101
Future Trends in M&A .................................................................1.03
Recommendations for Future Research ............................................... 105
References ....................................................................................................109
Appendices ...................................................................................................124
Appendix A: Matrix of Merger and Acquisition Types ........................... 124
Appendix B: Selection Criteria ....................................................... 125
Appendix C: Assesslnent Criteria Tool (ACT) ......................................126
Appendix D: Search Strings ............................................................127
Appendix E: Results of Systematic Literature Search ............................. 128
Appendix F: Sources of Literature ................................................... 129
Appendix G: SME Response Folan ................................................... 130
List of Tables
xi
Table 1 :
Table 2:
Table 3:
Table 4:
Table 5:
Table 6:
Table 7:
Table 8:
Table 9:
Table 10:
Table 11:
Table 12:
Summary of Propositions Derived from Literature Review ................
Summary of Propositions, Variables, and Hypotheses ........................
Summary of Sem’ch Themes .......................................................
Search String Strategy Summary ....................................................
Excluded Studies .....................................................................
Included Study Summaries .........................................................
Externally Focused Pre-Acquisition Factor Studies and Findings .....
Internally Focused Pre-Acquisition Factor Studies and Findings ......
Externally & Internally Focused Pre-Acquisition Factor Studies and
Findings .......................................................................
Leadership and Communication Studies & Findings ..........................
Employee-Level Dynamics & Organizational Culture Studies and
Findings .........................................................................
Organizational & Process Integration Studies and Findings .................
34
45
51
52
61
64
71
73
76
81
84
88
Figure 1 :
Fignre 2:
Figure 3:
List of Figures
Conceptual Model of Post-Acquisition integration for Targeted M&A
Performance ..........................................................................................
Research Model and Hypotheses ....................................................
Evidence Based Model and Hypotheses ..................................
37
46
94
POST-M&A INTEGRATION AND PERFORMANCE 1
Background
Chapter 1: Introduction and Research Problem
Mergers and acquisitions (M&A) are primary tactics in the arena of corporate strategy for
growth and sustainability. Thomson Financial figures show that an estimated 10,000 US
mergers and acquisitions occun’ed in 2006 (Marks & Vansteenkiste, 2008). Cartwright and
Schoenberg (2006) put the global rate at about 30,000 acquisitions in 2004. In spite of its use as
a tactic in corporate growth, estimates of success rates continue to be no higher than about 25-
34% (Deutsch & West, 2010). Some of the highest success rates are estimated at 50%
(Cartwright & Schoenberg, 2006). Further, Marks and Mirvis (1992) claim 33% of M&A result
in resale within five years of acquisition. As such, Haspeslagh and Jemison (1987), refer to
M&A as a risky vehicle for strategic renewal while Pablo and Javidan (2002) categorize the
M&A record of accomplishment as mediocre. Moreover, research indicates that despite decades
of study of factors such as acquisition relatedness, prior acquisition experience, and
organizational complementarity, antecedents for achievement of targeted financial outcomes
remain tmknown (Hitt, Harrison, Ireland, & Best, 1998; King, Dalton, Daily, & Covin, 2004).
Hitt et al. (1998) state, "the fact that acquisitive growth is a significant firm strategy and
many acquisitions are not successful suggests an inadequate theoretical and practical
understanding of this complex phenomenon" (p. 92). Many disciplines are attempting to
understand how acquisition integration processes can improve the probability of success
(Cartwright & Schoenberg, 2006). Research identifies four primary schools of thought that
attempt to explain these phenomena including financial, strategic management, process, and
organizational perspectives (Birkinshaw, Bresman, & HSkanson, 2000; Cartwright &
POST-M&A INTEGRATION AND PERFORMANCE 2
Schoenberg, 2006; Chatteljee, Lubatldn, Schweiger, & Weber, 1992; Creasy, Stull, & Peck,
2009; Harrison, Hitt, Hoskisson, & Ireland, 199t; and Homburg & Bucerius, 2006). Haspeslagh
and Jemison (1987) identify two phases of the M&A process - the activities that occur before the
signing of the agreement and the integration phase that occurs thereafter. The financial and
strategic management schools of thought tend to research the former whereas the majority of the
process and organizational studies align with the latter (Birkinshaw et al., 2000).
The focus of the financial perspective is primarily on wealth creation that results fi’om
efficiencies or synergies in acquisitions (Birkinsha~v et al., 2000; Cartwright & Schoenberg,
2006; and Harrison et al., 1991). The strategic management perspective focuses on the
compatibility or strategic fit of the merging organizations prior to acquisition (Birkinsha~v et al.,
2000; Cartwright & Schoenberg, 2006). Through the 1980’s, the majority of research in M&A
focused on the financial and strategic fit of the acquiring and acquired firms (Barkema &
Schijven, 2008; Nahavandi & Malekzadeh, 1988).
Despite the volume of research in the pre-acquisition arena, Harvey and Lusch (1995)
describe the lack of a comprehensive due diligence model as "disquieting" (p. 5) and call for
expanded resem’ch in this area. A decade later King et al. (2004) provide meta-analytic evidence
of a lack of economic or strategic antecedents of acquisition financial performance. The authors
determined that financial and strategic management factors were not capable of explaining the
success or failure and recommended searching for additional antecedents of success. Although
research continues in the pre-acquisition phase, Barkema and Schijven (2008) note a recent shift
in research to the post-acquisition process with potential to enhance or even predict the
realization of intended acquisition synergies. Given that poor fiscal and strategic due diligence is
not a sufficient explanation for all failures; research needs to look beyond the pre-acquisition
phase of M&A and investigate the post-acquisition phase.
POST-M&A INTEGRATION AND PERFORMANCE 3
In the process and organizational perspectives, the focus is primarily on post-acquisition
management, with evidence that the due diligence phase also benefits from understanding both
process and organizational integration during post-acquisition. The process perspective
investigates the role that an integration strategy and subsequent actions have on the outcome
while an organizational perspective focuses on employee and cultural dynamics of the
integration process (Cartwright and Schoenberg, 2006). Jemison and Sitkin (1986) define the
process perspective as "the acquisition process itselt" (p. 145) and focus on activities that occur
tbxoughout the acquisition. Birldnshaw et al. (2000) define the process perspective as task
integration in the post-acquisition phase of M&A.
If due diligence in the areas of financial and strategic compatibility are insufficient
predictors of success, then study of post-acquisition and these latter areas of process and
organizational integration may provide sought after answers. Cartwright and Schoenberg (2006)
comment that research and insight have tended to develop along disciplinary lines rather than in
a holistic or multi-disciplinary approach. Cartwright and Cooper (1995) recommend a multi-disciplinary
approach to allow for a "collective rather than fragmented contribution to our
understanding of the phenomena" (p. 41). In their study of successful and unsuccessful
acquisitions, Hittet al. (1998) concur with Cartwright and Cooper in concluding that no one
single theory fully explained the success or failure of acquisitions. Whereas fi
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No full textIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Intro -- Title Page -- Copyright Page -- Dedication -- Contents -- Acknowledgments -- Introduction -- 1. Spirit Truth -- 2. From Absorption to Theatricality and Back Again -- 3. "I Will Build a New Present" -- 4. Sons as Authors -- 5. Fathers as Publishers -- 6. The Daughter as Author -- 7. Lovers as Authors -- 8. At Sea with the Family -- 9. Yellow News, Yellow Stories -- 10. The Return Home -- Notes -- Bibliography -- Index -- About Jay WilliamsIn Author Under Sail, Jay Williams offers the first complete literary biography of Jack London as a professional writer engaged in the labor of writing. It examines the authorial imagination in London's work, the use of imagination in both his fiction and nonfiction, and the ways he defined imagination in the creative process in his business dealings with his publishers, editors, and agents. In this first volume of a two-volume biography, Williams traverses the years 1893 to 1902, from London's "Story of a Typhoon" to The People of the Abyss. The Jack London who emerges in the pages of Author Under Sail is a writer whose partnership with publishers, most notably his productive alliance with George Brett of Macmillan, was one of the most formative in American literary history. London pioneered many author models during the heyday of realism and naturalism, blurring the boundaries of these popular genres by focusing on absorption and theatricality and the representation of the seen and unseen. London created an impassioned, sincere, and extremely personal realism unlike that of other American writers of the time. Author Under Sail is a literary tour de force that reveals the full range of London as writer, creative citizen, and entrepreneur at the same time it sheds light on the maverick side of machine-age literature.Description based on publisher supplied metadata and other sources.Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, YYYY. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries
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