Cilt 8 Sayı 3 (2020): Business & Management Studies: An International Journal
Makaleler

ALICI VE SATICI ŞİRKETLERİN KAYNAKLARININ ŞİRKET SATIN ALMALARININ BAŞARISINDAKİ ROLÜ

Ömer Faruk GENÇ
Dr. Öğr. Üyesi., Youngstown Devlet Üniversitesi

Yayınlanmış 2020-09-25

Anahtar Kelimeler

  • Acquisition, Resources, Emerging Markets
  • Firma Satın Almaları, Kaynaklar, Gelişen Pazarlar

Nasıl Atıf Yapılır

GENÇ, Ömer F. (2020). ALICI VE SATICI ŞİRKETLERİN KAYNAKLARININ ŞİRKET SATIN ALMALARININ BAŞARISINDAKİ ROLÜ. Business & Management Studies: An International Journal, 8(3), 2572–2599. https://doi.org/10.15295/bmij.v8i3.1497

Özet

Şirket satın almalarda hem alıcı hem de satıcı şirketlerin kaynakları, satın almaların gerek gerekçeleri, gerekse de sonuçları açısından çalışılmıştır. Yapılan çok sayıda çalışmaya rağmen, hangi kaynakların satın almaların başarısında daha önemli olduğu net değildir.  Bu çalışmanın amacı alıcı ve satıcıların kaynaklarının satın almaların başarısı üzerindeki rolünü incelemektir. Bu konuyu incelemek için 1990 ve 2017 yılları arasında Türkiye`de gerçekleşmiş tüm satın almalar analiz edilmiştir. Gelişmekte olan pazarlarda yapılan 425 şirket satın alma üzerine yapılan regresyon analizleri sonucu, alıcı şirketlerin kaynaklarının satıcı şirketlerinkinden başarıda daha önemli olduğu gösterilmiştir. Kaynakların şirket satın alma üzerine olan etkisi yerel ve uluslararası satın almalar arasında da karşılaştırılmış ve alıcı şirketlerin kaynaklarının ulusal satın almalarda daha etkili olduğu, satıcı şirketlerin kaynaklarının da uluslararası satın almalarda daha önemli olduğu gösterilmiştir. Çalışma bu bulguların literatür ve şirketler için yansımalarının yanı sıra gelecekteki çalışmalar için öneriler içermektedir.         

İndirmeler

İndirme verileri henüz mevcut değil.

Referanslar

  1. Akben, Selçuk E., & Altıok, Yılmaz, A. (2011). The impact of mergers and acquisitions on acquirer performance: Evidence from Turkey. Business and Economics Journal
  2. Akerlof, G. A. (1970). The market for "lemons": Quality uncertainty and the market mechanism. Quarterly Journal of Economics, 84(3), 488-500.
  3. Al-Laham, A., Schweizer, L., & Amburgey, T. L. (2010). Dating before marriage? Analyzing the influence of pre-acquisition experience and target familiarity on acquisition success in the "M&A as R&D" type of acquisition. Scandinavian Journal of Management, 26(1), 25-37. doi:10.1016/j.scaman.2009.11.005
  4. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120.
  5. Bertrand, O., & Zitouna, H. (2008). Domestic versus cross-border acquisitions: Which impact on the target firms' performance? Applied Economics, 40(17), 2221-2238. doi:10.1080/00036840600949397
  6. Blonigen, B. A. (1997). Firm-specific assets and the link between exchange rates and foreign direct investment. American Economic Review, 87(3), 447-465.
  7. Blonigen, B. A., & Taylor, C. T. (2000). R&D intensity and acquisitions in high-technology industries: Evidence from the us electronic and electrical equipment industries. Journal of Industrial Economics, 48(1), 47-70.
  8. Boateng, A., Du, M., Bi, X., & Lodorfos, G. (2019). Cultural distance and value creation of cross-border M&A: The moderating role of acquirer characteristics doi:10.1016/j.irfa.2018.12.009
  9. Brockman, P., Rui, O. M., & Zou, H. (2013). Institutions and the performance of politically connected M&As. Journal of International Business Studies, 44(8), 833-852. doi:http://dx.doi.org/10.1057/jibs.2013.37
  10. Butler, F. C., Perryman, A. A., & Ranft, A. L. (2012). Examining the effects of acquired top management team turnover on firm performance post-acquisition: A meta-analysis Journal of Managerial Issues / PSU.
  11. Caves, R. E. (2007). Multinational entreprise and economic analysis Cambridge University Press.
  12. Chang, S., & Tsai, M. (2013). The effect of prior alliance experience on acquisition performance. Applied Economics, 45(6), 765-773. doi:10.1080/00036846.2011.613767
  13. Chen, F., Meng, Q., & Li, X. (2018). Cross-border post-merger integration and technology innovation: A resource-based view doi:10.1016/j.econmod.2017.07.012
  14. Chen, Y., Hua, X., & Boateng, A. (2017). Effects of foreign acquisitions on financial constraints, productivity and investment in R&D of target firms in china. International Business Review, 26(4), 640-651. doi:10.1016/j.ibusrev.2016.12.005
  15. Colman, H. L. (2020). Facilitating integration and maintaining autonomy: The role of managerial action and interaction in post-acquisition cabability transfer. Journal of Business Research, 109, 148-160. doi:10.1016/j.jbusres.2019.09.063
  16. Colombo, M. G., & Rabbiosi, L. (2014). Technological similarity, post-acquisition R&D reorganization, and innovation performance in horizontal acquisitions. Research Policy, 43(6), 1039-1054. doi:10.1016/j.respol.2014.01.013
  17. Conyon, M. J., Girma, S., Thompson, S., & Wright, P. W. (2002). The productivity and wage effects of foreign acquisition in the United Kingdom. Journal of Industrial Economics, 50(1), 85.
  18. Cooney, J. W., Moeller, T., & Stegemoller, M. (2009). The underpricing of private targets. Journal of Financial Economics, 93(1), 51-66. doi:10.1016/j.jfineco.2008.08.001
  19. Cox, J., Taylor. (1991). The multicultural organization. Executive (19389779), 5(2), 34-47. doi:10.5465/AME.1991.4274675
  20. Davies, R. B., Desbordes, R., & Ray, A. (2018). Greenfield versus merger and acquisition FDI: Same wine, different bottles? Canadian Journal of Economics, 51(4), 1151-1190. doi:10.1111/caje.12353
  21. Delios, A., Gaur, A. S., & Kamal, S. (2009). International acquisitions and the globalization of firms from india. In J. Chaisse, & P. Gugler (Eds.),
  22. Expansion of trade and FDI in asia strategic and policy challenges (1st ed., ) Routledge.
  23. Demirbag, M., Tatoglu, E., & Glaister, K. W. (2008). Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of western FDI in an emerging market. Management International Review (MIR), 48(1), 5-38. doi:10.1007/s11575-008-0002-3
  24. Dhanaraj, C., Lyles, M. A., Steensma, H. K., & Tihanyi, L. (2004). Managing tacit and explicit knowledge transfer in lJVs: The role of relational embeddedness and the impact on performance. Journal of International Business Studies, 35(5), 428-442. doi:10.1057/palgrave.jibs.8400098
  25. Doukas, J. A., & Kan, O. B. (2008). Investment decisions and internal capital markets: Evidence from acquisitions. Journal of Banking & Finance, 32(8), 1484-1498. doi:10.1016/j.jbankfin.2007.05.017
  26. Dunning, J. H. (1993). Multinational enterprise and the global economy Addison-Wesley, Harlow, U.K.,.
  27. Dunning, J. H. (1998). The changing geography of foreign direct investment. In N. Kumar (Ed.), Internationalization, foreign direct investment and technology transfer: Impact and prospects for developing countries, London and New York: Routledge.
  28. Dunning, J. (1981). Multinational production and the multinational enterprise George Allen & Unwin, London.
  29. Dyer, J. H., & Singh, H. (1998). The relational view: Cooperative strategy and sources of interorganizational competitive advantage. Academy of Management Review, 23(4), 660-679. doi:10.5465/AMR.1998.1255632
  30. Dyer, J. H., Singh, H., & Hesterly, W. S. (2018). The relational view revisited: A dynamic perspective on value creation and value capture. Strategic Management Journal (John Wiley & Sons, Inc.), 39(12), 3140-3162. doi:10.1002/smj.2785
  31. Edi Basri, Y. Z., Arafah, W. (2020). The effect of acquisition synergy on firm performance moderated by firm reputation.Journal of Accounting, Finance and Auditing Studies, 6(1), 16-32.
  32. Genç, Ö. F. (2016). comparison of international and domestic acquisitions: A literature review. Journal of Management & Economics Research, 14(4), 128-149. doi:10.11611/yead.282052
  33. Genc, O. F., & Kalkan, B. (2018). Turkish mergers and acquisitions (m&as): A historical view of characteristics, trends, and directions. International Journal of Management Economics & Business / Uluslararasi Yönetim Iktisat Ve Isletme Dergisi, 14(3), 791-805. doi:10.17130/ijmeb.2018343123
  34. Gomez-Mejia, L., & Palich, L. E. (1997). Cultural diversity and the performance of multinational firms. Journal of International Business Studies, 28(2), 309-335.
  35. Gubbi, S. R., Aulakh, P. S., Ray, S., Sarkar, M. B., & Chittoor, R. (2010). Do international acquisitions by emerging-economy firms create shareholder value? the case of indian firms. Journal of International Business Studies, 41(3), 397-418. doi:10.1057/jibs.2009.47
  36. Gubbi, S., & Elango, B. (2016). Resource deepening vs. resource extension: Impact on asset-seeking acquisition performance. Management International Review (MIR), 56(3), 353-384. doi:10.1007/s11575-016-0282-y
  37. Guerrero, S. (2008). Changes in employees' attitudes at work following an acquisition: A comparative study by acquisition type. Human Resource Management Journal, 18(3), 216-236. doi:10.1111/j.1748-8583.2008.00068.x
  38. Gupta, D., & Gerchak, Y. (2002). Quantifying operational synergies in a merger/acquisition. Management Science, 48(4), 517-533. doi:10.1287/mnsc.48.4.517.209
  39. Haleblian, J., & Finkelstein, S. (1999). The influence of organizational acquisition experience on acquisition performance: A behavioral learning perspective. Administrative Science Quarterly, 44(1), 29-56.
  40. Harrison, J. S., Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (2001). Resource complementarity in business combinations: Extending the logic to organizational alliances. Journal of Management, 27(6), 679.
  41. Haspeslagh, P. C., & Jemison, D. B. (1991). Managing acquisitions: Creating value through corporate renewal New York, The Free Press.
  42. He, W., Boateng, A., & Ring, P. (2019). Motives, choice of entry mode, and challenges of bank internationalization: Evidence from china. Thunderbird International Business Review, 61(6), 897-909. doi:10.1002/tie.22062
  43. Hitt, M. A. (2016). International strategy and institutional environments. Cross Cultural & Strategic Management, 23(2), 206-215. doi:10.1108/CCSM-11-2015-0168
  44. Hussinger, K. (2010). On the importance of technological relatedness: SMEs versus large acquisition targets. Technovation, 30(1), 57-64. doi:10.1016/j.technovation.2009.07.006
  45. Huyghebaert, N., & Luypaert, M. (2010). Antecedents of growth through mergers and acquisitions: Empirical results from belgium. Journal of Business Research, 63(4), 392-403. doi:10.1016/j.jbusres.2009.06.003
  46. Ismail, A. (2008). Which acquirers gain more, single or multiple? recent evidence from the USA market. Global Finance Journal, 19(1), 72-84. doi:10.1016/j.gfj.2008.01.002
  47. Jemison, D. B., & Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163. doi:10.5465/AMR.1986.4282648
  48. Khanna, T., & Palepu, K. (1997). Why focused strategies may be wrong for emerging markets. Harvard Business Review, 75(4), 41-51.
  49. Kim, J., & Finkelstein, S. (2009). The effects of strategic and market complementarity on acquisition performance: Evidence from the us commercial banking industry, 1989-2001. Strategic Management Journal, 30(6), 617-646. doi:10.1002/smj.754
  50. King, D. R., Bauer, F., (Derek) Weng, Q., Schriber, S., & Tarba, S. (2020). What, when, and who: Manager involvement in predicting employee resistance to acquisition integration. Human Resource Management, 59(1), 63-81. doi:10.1002/hrm.21973
  51. King, D. R., Dalton, D. R., Daily, C. M., & Covin, J. G. (2004). Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Management Journal, 25(2), 187-200. doi:10.1002/smj .37I
  52. King, D. R., Slotegraaf, R. J., & Kesner, I. (2008). Performance implications of firm resource interactions in the acquisition of R&D-intensive firms. Organization Science, 19(2), 327-340. doi:10.1287/orsc.1070.0313
  53. Krug, J., & Hegarty, W. (1997). Post acquisition turnover among US top management teams: An analysis of the effects of foreign vs. domestic acquisitions of US targets. Strategic Management Journal, 18(8), 667-675. doi:10.1002/(SICI)1097-0266(199709)18:8<667::AID-SMJ918>3.0.CO;2-E
  54. Lamont, B. T., King, D. R., Maslach, D. J., Schwerdtfeger, M., & Tienari, J. (2019). Integration capacity and knowledge‐based acquisition performance. R&D Management, 49(1), 103-114. doi:10.1111/radm.12336
  55. Lee, G., Cho, S. Y., Arthurs, J., & Lee, E. K. (2019). CEO pay inequity, CEO-TMT pay gap, and acquisition premiums. Journal of Business Research, 98, 105-116. doi:10.1016/j.jbusres.2019.01.023
  56. Lin, Z., Peng, M. W., Yang, H., & Sun, S. L. (2009). How do networks and learning drive M&As? an institutional comparison between china and the united states. Strategic Management Journal (John Wiley & Sons, Inc.), 30(10), 1113-1132. doi:10.1002/smj.777
  57. Liou, R., Rao-Nicholson, R., & Sarpong, D. (2018). What is in a name? cross-national distances and subsidiary's corporate visual identity change in emerging-market firms' cross-border acquisitions. International Marketing Review, 35(2), 301-319. doi:10.1108/IMR-10-2015-0225
  58. Madhok, A. (1997). Cost, value and foreign market entry mode: The transaction and the firm. Strategic Management Journal, 18(1), 39-61.
  59. Maharaj, B., & Reddy, M. (2013). To clear or not: Examination of mergers and acquisition cases from small economies. International Journal of Economics & Finance, 5(2), 125-140. doi:10.5539/ijef.v5n2p125
  60. Makri, M., Hitt, M. A., & Lane, P. J. (2010). Complementary technologies, knowledge relatedness, and invention outcomes in high technology mergers and acquisitions. Strategic Management Journal, 31(6), 602-628.
  61. Manne, H. G. (1965). Mergers and the market for corporate control. Journal of Political Economy, 73(2), 110.
  62. Mukherji, A., Mukherji, J., Dibrell, C., & Francis, J. D. (2013). Overbidding in cross-border acquisitions: Misperceptions in assessing and valuing knowledge. Journal of World Business, 48(1), 39-46. doi:10.1016/j.jwb.2012.06.005
  63. Muratova, Y. (2015). The drivers of domestic acquisitions in people's republic of china: A resource-based analysis. Asia Pacific Business Review, 21(4), 500-516. doi:10.1080/13602381.2014.971639
  64. Owen, S., & Yawson, A. (2010). Human development and cross-border acquisitions. Journal of Empirical Finance, 17(4), 689-701. doi:10.1016/j.jempfin.2010.03.004
  65. Piepenbrink, A., & Gaur, A. S. (2013). Methodological advances in the analysis of bipartite networks: An illustration using board interlocks in Indian firms. Organizational Research Methods, 16(3), 474-496. doi:10.1177/1094428113478838
  66. Popli, M., Ladkani, R. M., & Gaur, A. S. (2017). Business group affiliation and post-acquisition performance: An extended resource-based view. Journal of Business Research, 81, 21-30. doi:10.1016/j.jbusres.2017.08.003
  67. Puranam, P., Singh, H., & Zollo, M. (2006). Organizing for innovation: Managing the coordination-autonomy dilemma in technology acquisitions. Academy of Management Journal, 49(2), 263-280.
  68. Ranft, A. L., & Lord, M. D. (2000). Acquiring new knowledge: The role of retaining human capital in acquisitions of high-tech firms. Journal of High Technology Management Research, 11(2), 295. doi:10.1016/S1047-8310(00)00034-1
  69. Reus, T. H., & Lamont, B. T. (2009). The double-edged sword of cultural distance in international acquisitions. Journal of International Business Studies, 40(8), 1298-1316. doi:10.1057/jibs.2009.25
  70. Rugman, A. M., & Verbeke, A. (2004). A perspective on regional and global strategies of multinational enterprises. Journal of International Business Studies, 35(1), 3-18. doi:10.1057/palgrave.jibs.8400073
  71. Rui, H., & Yip, G. S. (2008). Foreign acquisitions by chinese firms: A strategic intent perspective. Journal of World Business, 43(2), 213-226. doi:10.1016/j.jwb.2007.11.006
  72. Saxton, T., & Dollinger, M. (2004). Target reputation and appropriability: Picking and deploying resources in acquisitions. Journal of Management, 30(1), 123-147. doi:10.1016/j.jm.2003.01.006
  73. Schijven, M., & Hitt, M. A. (2012). The vicarious wisdom of crowds: Toward a behavioral perspective on investor reactions to acquisition announcements. Strategic Management Journal, 33(11), 1247-1268. doi:10.1002/smj.1984
  74. Schmitz, P. W., & Sliwka, D. (2001). On synergies and vertical integration. International Journal of Industrial Organization, 19(8), 1281.
  75. Schweiger, D. M., & Lippert, R. L. (2005). Integration: The critical ink in M&A value creation. In G. Stahl, & M. Mendenhall (Eds.), Mergers and acquisitions (pp. 17 - 46) Stanford: Stanford University Press.
  76. Semerciöz, F., & Çakınberk, A. (2003). Stratejik ittifaklar: Türk ilaç dağıtım kanalından bir örnek. Yönetim Dergisi, 14 (46): 23-39.
  77. Stahl, G., & Voigt, A. (2008). Do cultural differences matter in mergers and acquisitions? A tentative model and examination. Organization Science, 19(1), 160-176.
  78. Steigenberger, N., & Mirc, N. (2019). Should I stay or should I go? multi-focus identification and employee retention in post-acquisition integration. Human Relations., doi:https://doi.org/10.1177/0018726719847521
  79. Vermeulen, F., & Barkema, H. (2001). Learning through acquisitions. Academy of Management Journal, 44(3), 457-476. doi:10.2307/3069364
  80. Wangerin, D. (2019). M&A due diligence, Post‐Acquisition performance, and financial reporting for business combinations. Contemporary Accounting Research, 36(4), 2344-2378. doi:10.1111/1911-3846.12520
  81. Wernerfelt, B. (2011). The use of resources in resource acquisition. Journal of Management, 37(5), 1369-1373. doi:10.1177/0149206310371693
  82. Yang, J., Guariglia, A., & Guo, J. (. (2019). To what extent does corporate liquidity affect M&A decisions, method of payment and performance? evidence from china. Journal of Corporate Finance, 54, 128-152. doi:10.1016/j.jcorpfin.2017.09.012
  83. Yıldırım, C. (2017). Turkey' outward foreign direct Investment: Trends and patterns of mergers and acquisitions. Journal of Balkan and Near Eastern Studies, 19(3), 276-293.
  84. Yu, H., Dang, J., & Motohashi, K. (2019). Post-M&A technological capability-building of emerging market firms in china: The case of lenovo. Asia Pacific Business Review, 25(1), 40-60. doi:10.1080/13602381.2018.1513624
  85. Zhou, Y. M. (2011). Synergy, coordination costs, and diversification choices. Strategic Management Journal (John Wiley & Sons, Inc.), 32(6), 624-639. doi:10.1002/smj.889
  86. Zollo, M., & Meier, D. (2008). What is M&A performance? Academy of Management Perspectives, 22(3), 55-77. doi:10.5465/AMP.2008.34587995