Prozessharmonisierung in fusionierten Dienstleistungsunternehmen im Zeitalter Industrie 4.0

Ein Großteil der globalen Merger & Acquisitions (M&A) finden im Dienstleistungssektor statt. Der Integrationsprozess ist ausschlaggebend für den Erfolg einer M&A. Allerdings tritt die erhoffte Wertschöpfung bei einem Großteil der fusionierten Unternehmen nicht ein. Gerade im Dienstleistungssektor ist das Know-How der Organisation in den Prozessen gebündelt und bildet dadurch den Unternehmenswert, daher kommt der Prozessharmonisierung (PH) eine essentielle Bedeutung für das Gelingen der Post Merger Integration (PMI) zu. Eine effiziente PH und die Etablierung eines gemeinsamen Managementsystems wird in der PMI erschwert durch die oft angespannte Situation des Change Prozesses. Zeitdruck, kulturelle Unterschiede, Interessenskonflikte sowie weitere Störfaktoren können das Vorhaben beeinträchtigen. Insbesondere die Integrationsansätze Absorption und Symbiose erfordern eine neue vereinheitlichte Unternehmensstruktur und beeinflussen Managementsystem und Prozesslandschaft eines Unternehmens erheblich. Gleichzeitig gewinnt die Digitalisierung zunehmend an Bedeutung, so dass im Rahmen der PH eine Modernisierung hinsichtlich Industrie 4.0 / Qualität 4.0 geprüft werden sollte. Die vorliegende Arbeit fasst 10 Einzelbeiträge zum Themenbereich PH in fusionierten Dienstleistungsunternehmen im Zeitalter Industrie 4.0 zu einer kumulativen Dissertation zusammen, mit dem Ziel eine Methode zur PH in der PMI zu entwickeln. Der Forschungsmethode des Design Science Research folgend bauen die Einzelbeiträge aufeinander auf, beginnend mit einer systematischen Literaturanalyse, gefolgt von einer Anforderungsanalyse unter Nutzung der Mixed-Methods-Forschung und der Entwicklung und Anwendung eines Artefakts. Als Artefakt präsentiert die vorliegende Arbeit eine Methode, bestehend aus dem Vorgehensmodell ProMerge! mit zugehörigem Tool ProMergeTool!, das fusionierte Organisationen bei der PH in der PMI methodisch unterstützt. Die Anwendbarkeit und Praxistauglichkeit der Methode wird in einem realen Anwendungsfall demonstriert.:VORWORT I ABSTRACT II INHALTSVERZEICHNIS III ABBILDUNGSVERZEICHNIS V TABELLENVERZEICHNIS VI ABKÜRZUNGSVERZEICHNIS VII 1 MOTIVATION UND PROBLEMSTELLUNG 1 2 FORSCHUNGSDESIGN 3 2.1 WISSENSCHAFTSTHEORETISCHE POSITIONIERUNG 3 2.2 FORSCHUNGSZIEL 4 2.3 FORSCHUNGSMETHODE 5 3 ANFORDERUNGEN AN DAS ARTEFAKT 7 4 AUFBAU DER DISSERTATION 9 4.1 ÜBERBLICK 9 4.2 ZUSAMMENFASSUNG DER EINZELBEITRÄGE 11 4.2.1 Bedarfe zur Prozessharmonisierung in fusionierten Dienstleistungsunternehmen im Zeitalter Quality 4.0 11 4.2.2 Methodologies for process harmonization in the post merger integration phase - a literature review 12 4.2.3 Prozessharmonisierung in der Post Merger Integration – Qualitätskriterien für den Integrationsprozess 13 4.2.4 Process Harmonization Phase Model in Post Merger Integration 13 4.2.5 Significance of Quality 4.0 in Post Merger Process Harmonization 14 4.2.6 Successful Post Merger Process Harmonization in the Triangle of Methodologies, Capabilities and Acceptance 16 4.2.7 Mixed Methods approach as requirements analysis of a method for process harmonization in Design Science Research 17 4.2.8 Creating a Method for Post-Merger Process Harmonization 18 4.2.9 Evaluating a Method for Process Harmonization 19 4.2.10 Prozessharmonisierung in der Post-Merger-Integration mit ProMerge! und ProMergeTool! - ein Anwendungsbeispiel 20 5 DISKUSSION UND FAZIT 21 5.1 DISKUSSION DER ERGEBNISSE 21 5.1.1 Gestaltung als Artefakt 21 5.1.2 Problemrelevanz 22 5.1.3 Suchprozess zur Gestaltung des Artefakts 22 5.1.4 Design Evaluation 22 5.1.5 Kommunikation der Forschungsergebnisse 23 5.1.6 Rigorosität der Forschung 23 5.1.7 Forschungsbeitrag 24 5.2 WISSENSCHAFTLICHER BEITRAG 24 5.3 PRAKTISCHER BEITRAG 25 REFERENZEN 27 ANHANG 1: FRAGEBOGEN FÜR EXPERTENINTERVIEWS 30 ANHANG 2: FRAGEBOGEN QUANTITATIVE ANALYSE 31 ANHANG 3: PROMERGE! 36 ANHANG 4: PROMERGETOOL! - AUSSCHNITTE 37 6 EINZELBEITRAG 1 40 7 EINZELBEITRAG 2 41 8 EINZELBEITRAG 3 42 9 EINZELBEITRAG 4 43 10 EINZELBEITRAG 5 44 11 EINZELBEITRAG 6 45 12 EINZELBEITRAG 7 46 13 EINZELBEITRAG 8 47 14 EINZELBEITRAG 9 72 15 EINZELBEITRAG 10 9

The draft for the 10th amendment of German competition law: towards a new concept of “Outstanding relevance across markets”?

The ministerial proposal for a 10th amendment of the German competition law particularly addresses abuse control and seeks to tighten this pillar of competition policy against the background of the challenges from the digital economy. Next to extending the classic policy instruments of abuse control, the reform proposal suggests to introduce an additional and novel type of market power: the outstanding relevance across markets (ORAM). From an economic perspective, such an institution is interesting as it emphasizes non-horizontal and less direct anticompetitive abuses of market power. We review what type of cases could be subject to such a concept of systemic market power. Furthermore, we address the question whether merger control could also benefit from an ORAM-style conception

Mergers and Business Model Assimilation: Evidence from Low-Cost Airlines Takeovers

This paper examines mergers that lead to an almost immediate replacement of the target firm’s business model in favor of that of the acquiring firm. We examine the post-merger behavior of the two leading European dedicated low-cost airlines, EasyJet and Ryanair, each acquiring another low-cost airline, respectively Go Fly and Buzz. We find that both takeovers had an immediate and sustained impact on both the pricing structures and the extent of inter-temporal price schedules used on the acquired routes, with early booking fares noticeably reduced and only very late booking fares increased. The analysis suggests that the takeovers had a net beneficial effect as a consequence of the introduction of the acquiring firms’ business models and associated yield management pricing systems. .merger policy; Business model; Low-cost airline; Price discrimination; Yield management .

Post-acquisition inventory levels

Merging companies typically anticipate inventory reductions through pooling of inventory, higher purchasing power or elimination of planning uncertainties in a wider supply chain. In contrasts, companies appear to experience an inventory build-up in the quarters after an acquisition. This is the first attempt that I am aware of to develop an understanding for when, how and why the inventory build-up occurs. The research gap is addressed in this work with four research questions. (1) Does the phenomenon of inventory build-ups after mergers exist? (2) When does the inventory build-up occur and does it persist after the post-merger integration? (3) What happens in the post-merger integration and why does the inventory build-up occur? (4) Which companies are affected the most by the inventory build-up? Creating awareness and understanding of the inventory build-up is important because companies may take wrong assumptions when deciding on their next acquisition. The additional inventory position constitutes an implicit premium to the deal value. Unrealistic expectations in the inventory development can affect post-merger integration when companies focus on the wrong actions. Therefore, decision makers should have well founded reasons when they anticipate inventory reductions. The research gap is addressed in this work with four research questions, based on data comprising 926 U.S. mergers in the period 1978-2009. Financial data for four quarters before and eight quarters after the merger is retrieved from Standard & Poor's Compustat database. I compare average inventory levels before and after the merger to show a substantial increase in inventory levels. A more detailed analysis of quarterly inventory growth rates shows when the inventory build-up occurs. Inventory responsiveness is used as a measure that reflects inventory growth adjusted for revenue growth. For a sub-sample of 58 deals, I decompose inventory into raw material, work in progress and finished goods. I use a least square dummy variable regression to show which companies are likely to experience strong inventory build-up. The results of this study confirm that the inventory build-up exists. Mean inventory levels increase by $ 99.4 million or 21.6% in the first year after the merger. The higher inventory levels are not reverted in the second year after the merger as mean inventory increases to 35.3% above pre-merger level. The inventory build-up happens in the first and second quarter after the merger when inventory growth rates peak at 7.9% and 6.9% respectively. Revenue growth can partially explain the inventory build-up. However, other factors including operational changes in supply and production play a role. Companies that typically experience high growth in inventory levels operate in high volume businesses and target smaller companies for acquisitions

Bridging Web 4.0 and Education 4.0 For Next Generation User Training in ERP Adoption

This study addresses the critical issue of user comprehension and application within the sphere of cloudbased Enterprise Resource Planning (ERP) systems, a recurrent challenge exacerbated by the intricate nature of these systems. To bridge the existing gaps in training methodologies, a novel paradigm that synergizes Web 4.0 and Education 4.0 modules with traditional ERP systems is proposed. This innovative framework ushers in a paradigm shift in ERP adoption strategies, promising a marked enhancement in user interaction and efficiency. Rigorous qualitative evaluations, conducted with expert panels and potential end-users, provided robust validation of the framework's transformative potential in the realm of user training for ERP systems. This pioneering approach not only makes a substantial academic contribution by reframing the perception of ERP systems but also holds a significant practical value in ameliorating the user experience with cloud-based ERP systems. In essence, the adoption of a Web 4.0-oriented approach in user training heralds a revolutionary shift in ERP adoption strategies, setting a solid foundation for future explorations in this domain

Bank competition and regulatory reform: the case of the Italian banking industry

This study analyzes the evolution of competitive conditions in the Italian banking industry using firm-level balance sheet data for the period 1983-1997. Regulatory reform, large-scale consolidation, and competitive pressure from other European countries have changed substantially the banking environment, with potentially offsetting effects on the overall degree of competition of the banking market. We find that competitive conditions, relatively unchanged until 1992, have improved substantially thereafter, with estimated mark-ups decreasing over the last five years of the sample period. Also, there is no evidence that banks involved in mergers and acquisitions gained market power; at the same time, however, they exhibit lower than average marginal costs. Finally, after controlling for various factors that may have determined the time pattern of banks’ estimated mark-ups, we still detect a significant unexplained drop in our competitive conditions indicators after 1992. This is consistent with the hypothesis that the introduction of the Single Banking License in 1993 contributed to improve bank competition.Bank supervision ; Banks and banking - Italy

GOODWILL REPORTING IN CORPORATE ACQUISITIONS: THE EFFECTS OF MANAGERIAL DISCRETION UNDER THE NEW ACCOUNTING RULES

Goodwill is a critical issue in the accounting of corporate restructuring activities in terms of both purchase price allocation in corporate acquisitions and the subsequent write-downs. Although the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) new accounting standards provide a reference point for goodwill recognition, the complexity of fair value adjustments and the extensive subjectivity involved in assessing goodwill still make its allocation and the impairment-only approach limitedly transparent. Therefore, this study explores the impact of IFRS 3 (International Financial Reporting Standard 3) on management discretion in goodwill reporting. From a methodological standpoint, the hypotheses are tested on a sample of 68 acquisitions executed by Italian-listed acquirers in the 2012–2020 period. Our results confirm the potential for managerial opportunistic behavior in light of the signaling role of goodwill for investors

the Effects Of Competition Policy Changes On International Trade And Export Flows: Canada Case Estimates

ABSTRACT THE EFFECTS OF COMPETITION POLICY CHANGES ON INTERNATIONAL TRADE AND EXPORT FLOWS: CANADA CASE ESTIMATES by RUBIN LUNIKU May 2014 Advisor: Assoc. Professor Kevin Cotter Major: Economics Degree: Doctor of Philosophy This dissertation investigates whether changes in a country\u27s competition policy affect the flow and direction of its international trade, particularly its exports. We use a monopolistic competition model of trade, which predicts that an increase in domestic firms, resulting from the adoption of a stricter competition policy, has a positive impact on trade volume, including an increase in exports. We empirically test this hypothesis for 14 Canadian manufacturing sectors for the period 1970-1997. We show that the Canadian competition policy, as measured by the concentration ratio of the four largest firms\u27 market share, is inversely and significantly related to the industry\u27s exports, while controlling for other important export determinants. Furthermore, we find that the effect of competition policy changes is bigger in highly concentrated industries than in moderately concentrated ones. This result is in line with the predictions of the monopolistic competition model adopted in the study

Challenges and opportunities managing “Breenfield” Assets – A case study from Norwegian Continental Shelf

This thesis examines the challenges and opportunities in managing "Breenfield" offshore energy assets during Mergers and Acquisitions in the Norwegian Continental Shelf (NCS). The study aims to analyze the dynamics of managing these assets based on existing standards, evaluate the challenges specific to the NCS, and explore methods to address these challenges during mergers and acquisitions. Key findings reveal that organizational aspects, personnel competence, and cultural differences are the primary challenges in the O&M context. Successful integration requires careful planning, consistent governance, standardization, and effective communication. Addressing personnel and organizational aspects, rather than relying solely on technology, is very important for a smooth transitioning. In addition, challenges include managing organizational changes, regulatory compliance, and harmonizing operational practices, necessitating effective communication, change management, and risk assessment. This research contributes to asset management by uncovering challenges and opportunities in managing "Breenfield" assets, filling a literature gap in offshore energy asset management during mergers and acquisitions. It also identifies best practices for future scenarios, promoting successful outcomes and a sustainable energy industry. Despite its contributions, this study has limitations, including limited relevant literature, a focus solely on the NCS offshore energy industry, confidentiality constraints, and a narrow focus on "Breenfield" assets. The research employed qualitative methods, including case study research, literature review, and report analysis. Overall, this thesis provides insights into managing "Breenfield" assets during offshore energy mergers and acquisitions. It aims to enhance asset management practices, improve efficiency, and facilitate successful integration in the energy sector, benefiting professionals, decision-makers, and future researchers