Cultural Change Following International Acquisitions: Cohabiting the Tension Between Espoused and Practiced Cultures

This paper explores post-acquisition cultural change following international acquisitions. Despite the acknowledged complexity of the cultural encounter in acquisitions, less is known about cultural change following acquisitions by global organizations where a tension between espoused vs. practiced cultures co-exists. Our study leads us to identify the drivers, outcomes and directions of post-acquisition cultural change amid such contexts. In contrast to a seemingly singular, monolithical perspective, we present post-acquisition cultural change as a dyadic, bipolar process, whereby acquired firms cohabit the space between espoused and practiced values. Reflecting the acquirer’s cultural regime, targets align with either the acquirer’s espoused or practiced culture. Further, whereas previous research parallels cultural change with explicit initiatives, we find that cultural change results from all post-acquisition integration activity. Given the power of practiced over espoused culture, the findings call for recognition that in global organizations leveraging culture goes beyond leveraging values only. The findings are based on a large-scale qualitative research program, wherein eight international acquisitions conducted by four Finnish, globally-operating industrial acquirers were studied, totalling 166 interviews

Mergers, acquisitions and the evolution of construction professional services firms

Whilst mergers and acquisitions are a favoured means of strategic renewal and expansion for firms, scant academic attention has been placed on the growth patterns of construction professional services firms (CPSFs). This paper focuses on the role of mergers and acquisitions in the evolution of CPSFs. The findings are based on an analysis of the growth patterns of the top 25 CPSFs in the United Kingdom between 1988 and 2013. Since the 1990s, the increase in merger and acquisition activity has shaped the size, international presence, and multidisciplinary reach of the major CPSFs. However, CPSFs differ with respect to the intensity with which mergers and acquisitions are pursued. Whilst large, public limited companies are active acquirers, smaller and/or privately-owned firms succeed in growing with a more selective acquisitive strategy, as they tend to rely more on organic growth. The findings call construction economists to attend to how acquisitions are radically changing the construction landscape and its main players. As the competitive advantage of firms is increasingly human capital-based, the example of the privately-owned CPSFs that rely on organic modes of growth prompts a critical rethink of the role of mergers and acquisitions in firm growth

Evidence-Based Interventions and Strategies for the Grand Challenges Approach: The Need for Judgement

What is the value of evidence-based interventions in addressing “Grand Challenges”? Building upon the EPOS Grand Challenges work (Sakhrani et al., 2017), this paper explores whether evidence-based approaches developed for management and policy are relevant to addressing Grand Challenges. It discusses the criticisms of the Evidence-based Management approach and argues that evidence is a necessary, but not sufficient input in the decisionmaking process of addressing Grand Challenges

A new research agenda for managing socio-cultural integration

Post-acquisition socio-cultural integration has received increasing attention from both scholars and practitioners since the early 1990s. During the past decade, research has increasingly focused on emotions and identity in mergers and acquisitions. This chapter introduces the reader to the vibrant research field and its relevance. This section sets the scene for the book, which provides a deeper understanding of how emotions—both positive and negative—as well as values and identity enable a deeper socio-cultural integration after a merger or acquisition, and how leadership plays a crucial role in making it all happen. This chapter also highlights how the Nordic approach to post-acquisition socio-cultural integration refers to a large community of Nordic academics focusing on the softer social and human side of acquisition, often relying on a huge variety of qualitative methods, and to Nordic companies that are not afraid of adopting a more collaborative approach to post-acquisition integration

Multiple Dimensions of Strategic Spatial Planning: Local Authorities Navigating between Rationalities in Competitive and Collaborative Settings

This article scrutinises the role of strategic and communicative rationalities in strategic spatial planning. It contributes to the theoretical discussion on strategic spatial planning, where communicative rationality has usually been taken as a normative standpoint, despite the evident role of strategic rationality in guiding planning on the ground. To develop means for equally recognising the two rationalities, the article introduces an analytical framework in which four strategic orientations are identified by juxtaposing coordination through communicative and strategic rationalities with competitive and collaborative settings of social interaction. Its applicability is illustrated with the example of strategic spatial planning in Turku (Finland)

Family Business Restructuring:A Review and Research Agenda

Although business restructuring occurs frequently and it is important for the prosperity of family firms across generations, research on family firms has largely evolved separately from research on business restructuring. This is a missed opportunity, since the two domains are complementary, and understanding the context, process, content, and outcome dimensions is relevant to both research streams. We address this by examining the intersection between research on business restructuring and family firms to improve our knowledge of each area and inform future research. To achieve this goal, we review and organize research across different dimensions to create an integrative framework. Building on current research, we focus on 88 studies at the intersection of family firm and business restructuring research to develop a model that identifies research needs and suggests directions for future research