Performance Implications of Firm Resource Interactions in the Acquisition of R&D-Intensive Firms

We explore the role of resource interactions in explaining firm performance in the context of acquisitions. Although we confirm that acquisitions do not lead to higher performance on average, we do find that complementary resource profiles in target and acquiring firms are associated with abnormal returns. Specifically, we find that acquiring firm marketing resources and target firm technology resources positively reinforce (complement) each other; meanwhile, acquiring and target firm technology resources negatively reinforce (substitute) one another. Implications for management theory and practice are identified

Acquisitions Management in Changing Times

There can be no doubt that this is a time of great change for libraries and librarians, particularly those in technical services. The management and business literature surrounding the topics of management and change has much to suggest and recommend to acquisitions managers struggling with rapid change. This literature can provide some insights into how those management theories and solutions can be applied to acquisitions. Three concerns are addressed here: What are the essential elements of change? How do acquisitions managers lead in this environment, particularly with those who report to them? How do acquisitions librarians cope with change?No embarg

The Department of Defense Acquisition Workforce: Background, Analysis, and Questions for Congress

[Excerpt] This report provides background on the Department of Defense (DOD) acquisition workforce. Specifically, the report addresses the following questions: What is the acquisition workforce? What is the current size of the acquisition workforce? How has Congress sought to improve the acquisition workforce in the past? What are some potential questions for Congress to explore in the area of acquisition workforce management to improve acquisitions

Corporate Governance and Acquisitions: Acquirer Wealth Effects in the Netherlands

We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue acquisitions even when these do not add value for the shareholders. Corporate governance structures serve to constrain managers in their acquisition activity. In this chapter we measure the shareholder wealth effects of acquisitions and the factors that determine these wealth effects, including the governance characteristics of corporations. Firms in the Netherlands are interesting from the perspective of corporate governance, because the managerial board has a relatively strong position vis-à-vis shareholders. Several takeover defenses commonly used in the Netherlands not only limit shareholder influence during takeover battles, but also in absence of such fights. On the other hand, ownership is relatively concentrated, which may provide shareholders with the incentives and power to monitor the management. The average abnormal stock return following acquisition announcements is 1.1%, which is a significant positive effect. There is only a significant negative impact of the so-called structured regime, a situation where several shareholder rights are delegated to the supervisory board. This result suggests that governance improves acquisition decisions.The Netherlands;Corporate governance;Event study;Mergers & acquisitions

Managing in a post-merger/post-acquistion period in service industry: Focus on bank industry in Rochester area

For the past years the takeover technique and merger defense have been paid special attention and have been closely studied. However, the inside experience in newly merged organizations, the challenges that management faces and the solutions for problems often remain uncovered. Most importantly, if the management does not put efforts, the merger is not going to work. This study is an attempt to present a view to an insight of managing in a post-merger/ post-acquisition situation in a service enterprise. The study includes the following aspects: Mergers and Acquisitions: What causes companies to merge? The Process of Merging/Acquiring. Reasons for Mergers and Acquisitions. History of Mergers and Acquisitions. Current situation in Mergers and Acquisitions market: in general, Mergers and Acquisitions in Service Industry, Banking Industry, Hotel Industry. Mergers and Acquisitions practice in Marriott International. Employee satisfaction level in a post-merged situation and its effects. Managing and maintaining employee satisfaction in a post-merged environment

EXTMOV: A Computer Spreadsheet Program For Analyzing Staffing Costs and Benefits

[Excerpt] EXTMOV is a LOTUS 1-2-3 spreadsheet program specially designed to assist those managing their human resources. The program allows you to construct a simulation of your workforce that can depict the dollar-valued implications of various selection, recruitment and turnover management strategies. The relationships in the computer program are based on the external employee movement utility model described in Boudreau and Berger\u27s Monograph, Decision- Theoretic Utility Analysis Applied to Employee Separations and Acquisitions (Boudreau & Berger, 1985). A case study illustrating how this program can be used to suppon managerial decisions about investments in recruitment, selection and turnover management is contained in another Center working paper #91-12 (Boudreau, 1991)