Enhancing post-acquisition organisational performance: the role of leadership.

One of the issues that post-acquisition integration fails to achieve the intended benefits is attributed to poor leadership (Covin et al, 1997; Graebner, 2004; Haspeslagh and Jemison, 1991; Javidan et al, 2004; Nemanich and Keller, 2007; Marks and Mirvis, 1998; Pablo, 1994; Sitkin and Pablo, 2004). These studies point to the fact that effective leadership will lead to the harmonisation of the post-acquisition integration process and that in turn will yield enhanced acquisition performance. However, the association between leadership and post-acquisition performance is not clear, as it is a phenomenon that has not been studied thoroughly and the existing studies indicate conflicting results. Moreover, this association is often complicated by various influences such as the intended level of integration of the two entities, as well as a range of contingency factors such as the motives of the acquisition, acquisition experience, size and relatedness (Birkinshaw et al, 2000; Chatterjee et al, 1992; Datta, 1991; Weber, 1996). Therefore, against this background the main aim of this study is to investigate the relationship between leadership and post-acquisition organisational performance. The objectives of this study arc; (a) to extend the literature on leadership-performance relationship in dynamic environments by empirically investigating the extent to which leadership influences performance in the context of acquisitions, (b) to establish how leadership styles act as a determinant of performance under different acquisition conditions. In meeting this objective the companies that were selected were from both the service and manufacturing industries and had engaged in both domestic and cross-border acquisitions, (c) to establish the extent the relationship between leadership style and performance is contingent upon the degree of integration adopted by the acquiring firm. In meeting this objective this study seeks to further integrate the study of leadership with the literature on the acquisition process. In order to meet these objectives a thorough review of the literature on the post-acquisition integration process was carried out. This review revealed that there are four schools of thought in the literature. After a critical assessment, it was concluded that this study will focus on the process school of thought but will also draw from the organisational behaviour school of thought and the culture school. This enables for a multidisciplinary assessment of the predictors of performance and the role that leadership plays in this context. Established constructs were used to assess the predictors and performance was measured by employing both financial and non-financial indicators overcoming limitations that were present in the literature. This mixture of indicators will allow for a more coherent assessment of performance moving away from the traditional finance literature that has dominated M&A research. The study's variables are: the motives for the acquisition, relatedness (organisational. strategic and organisational culture fit), relative size, previous acquisition experience, transfer of resources, capabilities and knowledge, leadership styles and post-acquisition organisational performance. To identify potential respondents for participation in the study certain criteria were established. The total population that met these criteria was 764. The response level consists of 139 acquisitions (18.7%) and is satisfactory. In order to investigate this relationship multiple and hierarchical regression analyses were used. To meet the second objective the sample was split into two sub-groups according to their industrial classification and market/geographic relatedness. To meet the third objective the sample was divided according to the degree of integration between the acquiring and the target organisation. Finally, backward deletion regression was used to find out the most significant determinants of post-acquisition organisational behaviour in different settings. The results from testing the first objective indicated that leadership has an important role in managing the post-acquisition integration process and enhancing post-acquisition organisational performance. Moreover, following Bass's (1985) classification of leadership styles further investigation of what attributes constitute an effective leader in the post-acquisition integration process were assessed. The results from testing the second and third objective indicated that in different settings different emphasis on leadership will be placed. It was found that in domestic acquisitions leadership does not emerge as a predictor of performance whereas, in cross-border acquisitions leadership has a significant role in achieving higher results. Similarly, in manufacturing firms there were other significant predictors of performance and not leadership, whereas, in service firms leadership was the most significant predictor. The reasons for these differences arc explicitly analysed in the implications of this study. This research contributes to the existing body of knowledge in four distinct areas. It covers the gap in the literature regarding the role of leadership in enhancing post-acquisition organisational performance. It extends and further contributes to the understanding of the process school of thought in acquisitions. It also provides an integrated model of measuring post-acquisition organisational performance combining both financial and non-financial indicators. Finally, it contributes to the literature on the relationship between leadership and performance in dynamic environments. Few studies have focused on this relationship and most of them have been conducted in stable environments (Bass et al, 2003; Nemanich and Keller, 2007) and not in dynamic processes such as an acquisition. This study has successfully placed the study of leadership within the literature on the acquisition process

Assessment of vitamin E status in patients with systemic inflammatory response syndrome: plasma, plasma corrected for lipids or red blood cell measurements?

<b>Background:</b> There is some evidence that the plasma vitamin E status is perturbed as part of systemic inflammatory response and correcting this with other plasma markers may not lead to reliable results. The aim of the present study was to examine the longitudinal inter-relationships between plasma and red blood cell vitamin α-tocopherol in patients with systemic inflammatory response syndrome. <b>Methods:</b> α-tocopherol concentrations were measured, by HPLC, in plasma and red blood cells in normal subjects (n = 67) and in critically ill patients with systemic inflammatory response syndrome (n = 82) on admission and on follow-up. <b>Results:</b> Plasma α-tocopherol was significantly lower in the critically ill patients compared with the controls (all p < 0.001) with 41% of patients having concentrations below the 95% confidence interval. In contrast, when corrected for cholesterol, α-tocopherol concentrations were significantly higher in the critically ill patients compared with the control group (p < 0.001, 27% above the 95% confidence interval) and when corrected for triglycerides, α-tocopherol concentrations were significantly lower in the critically ill patients compared with the control group (p < 0.001). Red blood cell α-tocopherol corrected for haemoglobin was similar (p = 0.852) in the critically ill patients compared with control subjects. The longitudinal measurements (n = 53) gave similar results. <b>Conclusions:</b> These results indicate that there is a discrepancy between vitamin E measurements in plasma, in plasma corrected for lipids and in red blood cells. Although the value of correcting vitamin E concentrations by lipids is well established in population studies, the present study indicates that such correction is unreliable in the presence of systemic inflammatory response syndrome and that vitamin E status should be assessed using red blood cell α-tocopherol measurement

Nitric oxide availability is increased in contracting skeletal muscle from aged mice, but does not differentially decrease muscle superoxide

Reactive oxygen and nitrogen species have been implicated in the loss of skeletal muscle mass and function that occurs during aging. Nitric oxide (NO) and superoxide are generated by skeletal muscle and where these are generated in proximity their chemical reaction to form peroxynitrite can compete with the superoxide dismutation to hydrogen peroxide. Changes in NO availability may therefore theoretically modify superoxide and peroxynitrite activities in tissues, but published data are contradictory regarding aging effects on muscle NO availability. We hypothesised that an age-related increase in NO generation might increase peroxynitrite generation in muscles from old mice, leading to an increased nitration of muscle proteins and decreased superoxide availability. This was examined using fluorescent probes and an isolated fiber preparation to examine NO content and superoxide in the cytosol and mitochondria of muscle fibers from adult and old mice both at rest and following contractile activity. We also examined the 3-nitrotyrosine (3-NT) and peroxiredoxin 5 (Prx5) content of muscles from mice as markers of peroxynitrite activity. Data indicate that a substantial age-related increase in NO levels occurred in muscle fibers during contractile activity and this was associated with an increase in muscle eNOS. Muscle proteins from old mice also showed an increased 3-NT content. Inhibition of NOS indicated that NO decreased superoxide bioavailability in muscle mitochondria, although this effect was not age related. Thus increased NO in muscles of old mice was associated with an increased 3-NT content that may potentially contribute to age-related degenerative changes in skeletal muscle

The effect of the systemic inflammatory response on plasma vitamin 25 (OH) D concentrations adjusted for albumin

<b>Aim</b><p></p> To examine the relationship between plasma 25(OH)D, CRP and albumin concentrations in two patient cohorts.<p></p> <b>Methods</b><p></p> 5327 patients referred for nutritional assessment and 117 patients with critical illness were examined. Plasma 25 (OH) D concentrations were measured using standard methods. Intra and between assay imprecision was <10%.<p></p> <b>Result</b><p></p> In the large cohort, plasma 25 (OH) D was significantly associated with CRP (rs = −0.113, p<0.001) and albumin (rs = 0.192, p<0.001). 3711 patients had CRP concentrations ≤10 mg/L; with decreasing albumin concentrations ≥35, 25–34 and <25 g/l, median concentrations of 25 (OH) D were significantly lower from 35 to 28 to 14 nmol/l (p<0.001). This decrease was significant when albumin concentrations were reduced between 25–34 g/L (p<0.001) and when albumin <25 g/L (p<0.001). 1271 patients had CRP concentrations between 11–80 mg/L; with decreasing albumin concentrations ≥35, 25–34 and <25 g/l, median concentrations of 25 (OH) D were significantly lower from 31 to 24 to 19 nmol/l (p<0.001). This decrease was significant when albumin concentration were 25–34 g/L (p<0.001) and when albumin <25 g/L (p<0.001). 345 patients had CRP concentrations >80 mg/L; with decreasing albumin concentrations ≥35, 25–34 and <25 g/l, median concentrations of 25 (OH) D were not significantly altered varying from 19 to 23 to 23 nmol/l. Similar relationships were also obtained in the cohort of patients with critical illness.<p></p> <b>Conclusion</b><p></p> Plasma concentrations of 25(OH) D were independently associated with both CRP and albumin and consistent with the systemic inflammatory response as a major confounding factor in determining vitamin D status.<p></p&gt

An empirical comparison between stochastic and deterministic centroid initialisation for K-Means variations

K-Means is one of the most used algorithms for data clustering and the usual clustering method for benchmarking. Despite its wide application it is well-known that it suffers from a series of disadvantages, such as the positions of the initial clustering centres (centroids), which can greatly affect the clustering solution. Over the years many K-Means variations and initialisations techniques have been proposed with different degrees of complexity. In this study we focus on common K-Means variations and deterministic initialisation techniques and we first show that more sophisticated initialisation methods reduce or alleviates the need of complex K-Means clustering, and secondly, that deterministic methods can achieve equivalent or better performance than stochastic methods. These conclusions are obtained through extensive benchmarking using different model data sets from various studies as well as clustering data sets

Evaluation of seven barley genotypes under water stress conditions

Received: July 4th, 2022 ; Accepted: November 27th, 2022 ; Published: December 23rd, 2022 ; Correspondence: [email protected] evaluation of seven barley genotypes under water stress conditions using drought tolerance indices was investigated during two agronomical seasons in the experimental field of Agricultural University of Athens in Greece. The experimental design was a split-plot layout in four blocks. Four different levels of irrigation were implemented, with the method of escalated distance from the source of water (drip irrigation line). The experimental plots were protected from rain since the experiment was conducted under a rainout shelter. Measurements of water potential index of the plants were conducted, as well as stomatal resistance and stomatal resistance index of leaves, and grain yield of genotypes. A decrease in water potential index (15–25%) and grain yield (35–54%) was observed in all genotypes as soil moisture decreased. On the other hand, stomatal resistance and stomatal resistance index (26–69%) of leaves increased. Grain yield had a strong relationship with the indices of water potential and stomatal resistance of leaves. Grain yield of all genotypes is affected under water stress conditions, with the six-rowed genotypes being more adaptive than the two-rowed ones. It can be concluded that indices of water potential and stomatal resistance of leaves can be effectively used in the evaluation of genotypes under water stress conditions

Growth performance of gilthead seabream (Sparus aurata) fed low fishmeal diets with innovative ingredients

publishedVersio

Editorial: Focus issue on energy-efficient neuromorphic devices, systems and algorithms

Electronic Instrumentatio

An Inexpensive Flying Robot Design for Embodied Robotics Research

Flying insects are capable of a wide-range of flight and cognitive behaviors which are not currently understood. The replication of these capabilities is of interest to miniaturized robotics, because they share similar size, weight, and energy constraints. Currently, embodiment of insect behavior is primarily done on ground robots which utilize simplistic sensors and have different constraints to flying insects. This limits how much progress can be made on understanding how biological systems fundamentally work. To address this gap, we have developed an inexpensive robotic solution in the form of a quadcopter aptly named BeeBot. Our work shows that BeeBot can support the necessary payload to replicate the sensing capabilities which are vital to bees' flight navigation, including chemical sensing and a wide visual field-of-view. BeeBot is controlled wirelessly in order to process this sensor data off-board; for example, in neural networks. Our results demonstrate the suitability of the proposed approach for further study of the development of navigation algorithms and of embodiment of insect cognition

Emulating long-term synaptic dynamics with memristive devices

The potential of memristive devices is often seeing in implementing neuromorphic architectures for achieving brain-like computation. However, the designing procedures do not allow for extended manipulation of the material, unlike CMOS technology, the properties of the memristive material should be harnessed in the context of such computation, under the view that biological synapses are memristors. Here we demonstrate that single solid-state TiO2 memristors can exhibit associative plasticity phenomena observed in biological cortical synapses, and are captured by a phenomenological plasticity model called triplet rule. This rule comprises of a spike-timing dependent plasticity regime and a classical hebbian associative regime, and is compatible with a large amount of electrophysiology data. Via a set of experiments with our artificial, memristive, synapses we show that, contrary to conventional uses of solid-state memory, the co-existence of field- and thermally-driven switching mechanisms that could render bipolar and/or unipolar programming modes is a salient feature for capturing long-term potentiation and depression synaptic dynamics. We further demonstrate that the non-linear accumulating nature of memristors promotes long-term potentiating or depressing memory transitions