Identifying and prioritizing the key success factor of Merger and acquisition process of Iranian companies
Subject Areas : Financial Knowledge of Securities Analysis
S. M. Ali Sadri Tabaie Zavareh
1
(PhD in Accounting, Dep. Of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran)
Ahmad Khodamipour
2
(Associate Prof of Accounting, Dep. Of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran)
Mehdi Bahar Moghaddam
3
(Associate Prof of Accounting, Dep. Of Accounting, Shahid Bahonar University of Kerman, Kerman, Iran,)
Keywords: Mergers and Acquisitions, M&, A Challenges, M&, A strategies, M&, A consequences Grounded theo,
Abstract :
Companies use different growth strategies. Mergers and acquisition is considered to be the fastest by the organizations. Contrary to the continuous failure report of M&A activity in the last two dacades, managers and researches inclinatoin toward this strategy has increasingly been growing. The purpose of this study is to identify and prioritize the key success factor of Merger and acquisition process of Iranian companies. The present research fundamental in terms of objective and in terms of type, descriptive-exploratory. The theme analysis technique used to analyze the qualitative data obtained from the interviews. Data extracted between the years 2015 until 2018. The sampling method is objective oriented and theoretical saturation has happened with performing interview with 15 of population. The results from theme analysis shows the Financial, strategic and human behavior reasons were respectively the most impont casual factors of M&A success. In addition, economic, management, legal and financial infrastructure has been respectively the most important contextual factors of M&A success. Action strategies are pre-merger, Merger and post-merger strategies, which will probably result in concequences such as, facilititation of transaction, financial efficiency, strategic efficiency and organizational efficiency. Challenges to the strategies are respectively, strategic, managerial, and cultural and objectives and forming conditions, mutual incentives, mutual objectives, common resources, procedures and organizational structure were respectily the most important moderators of M&A success.
* دانایی‌فرد، حسن و مجتبی امامی. (1386). استراتژی‌های پژوهش کیفی: تاملی بر نظریه‌پردازی داده‌بنیاد. اندیشه مدیریت، سال اول، شماره دوم، صص 69-97.
* . سجادی، سید حسین و توحید کاظمی. (1395). الگوی جامع گزارشگری مالی متقلبانه در ایران به روش نظریه پردازی زمینه بنیان. فصلنامه علمی و پژ وهشی پژوهش‌های تجربی حسابداری. سال ششم، شماره 21، صص 185-204.
* عسگری, م., & طاعتی, ر. (1396). به کارگیری ماتریس SWOT به منظور بررسی و تحلیل چالشها و فرصتهای ادغام و تملیک شرکتها، مطالعه موردی: شرکتهای فعال در بازار بورس اوراق بهادار . دهمین کنفرانس بینالمللی اقتصاد و مدیریت.
* گرشاسبی, ح., & سعیدی, ح. (1393). بررسی علل موفقیت و شکست ادغام و تملیک در ایران. نشریه بورس, 4(1), 120.
* Kai, D., & Sim , N. (2016). Mergers, Acquisitions, and bank effiriency: Cross-country evidence from emerging markets. Research in Internatoinal business, 36, 499-510.
* Abhijit, S., & Raat, E. (2016). Acquiring control in emerging markets: Foreign acquisitoins in Eastern Europe and the effect on shareholder wealth. Research in International Business and Finance, 37, 33-45.
* Agliardi, E., Amel-Zadeh, A., & Koussisd, N. (2016). Leverage changes and growth options in mergers and acquisitoins. Journal of Empirical Finance, 37-58.
* Ahammad, M., Tarba, S. Y., Yipeng, L., Glaister, K., & Copper, C. L. (2016). Exploring the factors influencing the negotiation process in cross-border M&A. International Business Review, 25(2), 445-457.
* Altunbas, Y., & Ibanez, D. (2004). Mergers and Acquisitions and Bank Performance in Europe: The role of strategic similarities. (398).
* Billet, M., & Yang, k. (2016). Bond tender offers in mergers and acquisitions. .40 . 128–141. Journal of Corporate Finance, 40(1), 128-141.
* Breinlich, H., Volker, N., & Nicolas, S. (2016). International aspects of merger policy: A survey. International journal of Industrial Organization, 1(1), 1-15.
* Camelia, V., & Yuval, M. (2016). Do industrial and geographic diversificatoins have different effects on earnings management? Evidence from UK mergers and acquisitions. International Review of Financial Analysis, 46, 33-45.
* Donders, K., & Evans, T. (2016). Mergers and acquisitoins in TV broadcasting and distribution: Challanges for competition, industrial and media policy. Telematics and Informatics, 33, 674-682.
* Ferris, S. P., Houston, R., & Javakhadze, D. (2016). Friends in the right places: The effect of political connections on corporate merger activity. Journal of Corporate Finance, 41(1), 81-102.
* Glaser, Barney G. (1978). Theoretical Sensitivity: Advances in the Methodology of Grounded Theory, Mill Valley, California: The Sociology Press.
* Glaser, Barney G., & Strauss, Anselm L. (1965), Awareness of Dying. Aldine Publishing Company, 10th edition
* Gugler, K., & Masulis, R. (2005). The Choice of Payment Method in European Mergers and Acquisitions. 3(60), 1345-1388.
* Hayward , M., & Hambrick, D. (1997). Explaining the Premiums Paid for Large Acquisitions: Evidence of CEO Hubris. Administrative Science Quarterly, 42.
* Holger, B., Nocke, V., & Schutz, N. (2016). Internatoinal aspects of merger policy: A survey. Internatoinal Journal of Industrial Organization, 1-15.
* Kai, D., & sim, N. (2016). Mergers, acquisitions and bank efficiency: Cross-country evidence from emerging markets. Research in International Business and Finance, 36, 499-510.
* Kandilov, I., Aslı, L., & Neviana, P. (2017). Cross-border mergers and acquisitions: The importance of local credit and source country finance. Journal of International Money and Finance, 70, 288-318.
* Kantinu, G. (2005). How mergers and acquisitions affect organizational growth rates,. Stanfod University, Doctoral Dissertation of School of Management(5), 1-25.
* Lulu, G., & Reed, R. (2016). Does financing of Chinese mergers and acquisitoins have "Chinese Characteristics"? Economics Letters, 139, 11-44.
* Mahelet, F., & Gautier, L. (2016). Mergers in Cournot markets with environmental externality and product differentiation. Resource and Energy Economics, 45, 65-79.
* Marie, D., Roozenboomb, P., & Vasconcelos, M. (2014). Synergy disclosures in mergers and acquisitions. Internatoinal Review of Financial Analysis, 31, 88-100.
* Martaynova, M., & Renneboog, L. (2006). Mergers and Acquisitions in Europe. in Renneboog L.D.R. 13-75.
* Ravenscraft, D., & Scherer, F. (1987 (b)). Merger, Sell-Offs, and Economic Efficiency.
* Sergery, L., W. Peng, M., Xie, E., & Stevens, C. E. (2015). Mergers and acquisitions in and outof emerging economies. Journal of World Business, 50, 651-662.
* Stanley, F., Lajoux, A., & Nesvold, H. (2007). The Art of M&A: A Merger Acquisition Buyout Guide (4 ed., Vol. 1). McGraw-Hill.
* Steiner, P. (1975). Mergers: Motives, Effects, Politics, .
* Straub, T. (2007). Reasons for Frequent Failure in Mergers and Acquisitions: A comprehensive analysis. 1(1).
* Trautwein, F. (1990). Mergers Motives and Merger prescriptions. 1(11), 183-295.
* Vancea, M. (2011). Challenges and Stake of the post acquisition integration process. Annales Universitatis Apulensis Series Oeconomica, 13(1), 32-38.
* Weber, Y., Tarba, S., & Christina , O. (2013). Comprehensive Guide to Mergers & Acquisitions, A: Managing the Critical Success Factors Across Every Stage of the M&A Process (1 ed., Vol. 1). FT Press.
* Xiang,, L., & Terry, H. (2011). Strategic framework for brand integration in horizontal mergers and acquisitions, Centre for International Manufacturing. Cambridge, Journal of Technology Management,, 4(1), 26-52.
* Yuval , M., & Vasilescu, C. (2016). Do industrial and geographic diversifications have different effects on earnings management? Evidence from UK Mergers and Acquisitions. International Review of Financial Analysis, 46(1), 33-45
_||_
