신흥시장 다국적 기업의 국제 인수합병에 대한 참여와 관심이 증대되는 가운데, 본 연구는 2000년부터 2014년까지의 기간 동안 중국과 인도의 다국적 기업들이 완료한 433건의 인수합병 거래를 대상으로 상대적 크기, 문화적 거리, 제도적 거리가 인수합병 성과에 미치는 영향을 비교 분석하였다. 실증분석 결과, 상대적 크기는 인도 기업의 인수합병 성과에 U자형의 비선형적 영향을 미쳤으나, 문화적 거리와 제도적 거리는 인도 기업의 성과에 영향을 미치지 않았다. 반면, 중국 기업 인수 합병 성과의 경우, 상대적 크기에 통계적으로 유의한 영향을 받지 않았으나, 문화적 거리와 제도적 거리에 각각 음(-)의 영향과 양(+)의 영향을 받은 것으로 나타났다.

본 연구는 최고경영자이론(Upper Echelon Theory)을 바탕으로 중국기업의 최고경영자팀(TMT) 특성이 국 제 인수합병 성과에 미치는 영향을 분석하였다. 본 연구는 2007년부터 2016년까지 완료된 중국 상장기업의 국제 인수합병 거래 259건을 대상으로 TMT의 과신, 정치적 연결, 해외경험 수준과 인수합병 성과 간의 관계를 분석하였다. 본 연구결과에 의하면, 중국기업 최고경영진의 과신은 국제 인수합병 성과에 부(-)의 영향을 미치는 것으로 나타났다. 또한 TMT의 정치적 연결은 국제 인수합병 성과에 정(+)의 영향을 미치는 것으로 나타났다. 그러나 TMT의 해외경험은 예상과 달리 국제 인수합병 성과에 영향을 미치지 않았다.

This paper examines the effects of the mergers and acquisitions (M&A) announcement through social media on the consumer perception of the luxury brand consumption. A M&A is becoming more wide spread in the luxury market. Yet, the academic research examining the M&A in the luxury brand context has been sparse albeit the growing interests. Moreover, previous research has not paid attention to the effect of social media as a vehicle to communicate the M&A deal with consumers although social media is increasingly used by luxury brands in their brand communication these days. We aim to fill the gap in the luxury brand literature by examining how a horizontal M&A announcement delivered through social media would affect the brand loyalty derived from the luxury consumption values. Specifically, our research focuses on the four distinctive luxury brand values, which are symbolic, experiential, economic and quality values as well as the perceived sustainability of the M&A deal. We examine how a M&A announcement would affect these five values which in turn influence the brand loyalty, as well as examining the differential effect of social media and non-social media as a brand communication vehicle. In addition, we examine how the vertically differentiated luxury brand perceptions (i.e. different luxury tiers) between acquiring and acquired brands influence the consumption values and brand loyalty. Using a scenario-based online survey, our results reveal several interesting insights on the luxury brand M&A. First, our results show that use of social media as a communication vehicle has differential effects on how the M&A announcement influences consumption values and brand loyalty, comparing with the non-social media communication vehicle. Second, we find that a M&A announcement via social media has a positive impact on the consumer values. Third, the symbolic and experiential values have a positive influence on the brand loyalty, regardless of the luxury tier difference between brands. Fourth, our results show that the perceived sustainability has a positive impact on the brand loyalty as long as the M&A was completed between brands at different tiers. Fourth, the perceived quality has a positive impact on the brand loyalty only if the brand is acquired by a less prestigious brand. Lastly, economic value has a positive impact on the brand loyalty only if the acquiring brand is of more luxurious. In sum, our paper provides useful insights to both academics as well as practitioners in the luxury brand M&A context.

기업들은 시장내 존속과 시장점유율증가, 신 사업개발 등을 위해 많은 경영평가와 분석을 한다. 특히 인수․합병은 시장존속 및 경영권유지에 있어 매우 중요한 경영전략부분이다. 경쟁시장에서 기업들은 자사가 필수적인 자원을 확보하지 못하면 시장에서 사장되어버리거나 경영난에 많은 문제점을 가지게 된다. 따라서 기업들은 자원확보를 위해 동일한 산업계 혹은 타산업계에서 경쟁우위를 가지고 있는 기업을 인수․합병함으로써 시장의 존립을 유지해나간다. 이러한 차원에서 본 연구에서는 국내 게임 업체들을 대상으로 인수․합병에 대한 실태를 파악하여 긍정적인 기업 경영 방향에 대한 전략 구축에 중점을 두었다.

The objective of this study is to examine the differentiated influence of sell-side advisors and buy-side advisors on mergers and acquisitions (M&A). Unlike prior studies on M&A advisors, the study addresses different roles of target and acquirer advisors, and explores their influences on the cumulative abnormal returns (CAR) and acquisition premiums with an empirical analysis of longitudinal data of M&As conducted by Japanese listed firms except financial companies from 1995 to 2012. M&A data were obtained from the Securities Data Corporation’s (SDC) database, and the individual firm data were collected from the Nikkei Economic Electronic Databank System (NEEDS), which provides a wide range of corporate information including financial status, operational performance, and strategy. Using a sample of 452 cases for the CAR and 498 cases for the analysis of acquisition premiums, the empirical results support the hypotheses of the target advisor’s positive association with CAR and acquirer advisor’s positive association with acquisition premiums. The findings of this study indicate the target advisor’s positive contribution to the success of acquisition process and performance, and acquirer advisor’s negative influence on the deal progress. The study provides theoretical implications on M&A research and practical insights into the investment banking industry.

This study discusses several issues which are very important in worldwide mergers and acquisitions, such as cultural differences, culture clashes, operating results and financial quality. A case of SAIC Motor's acquisition of Ssangyong Motor is examined. For this study, 20 financial ratios are used to calculate the financial quality of SAIC in the post-acquisition integration. The result shows that cultural differences possibly have a negative effect on post-acquisition integration and cultural clashes are the root cause of the financial quality plummet. The suggestions are also provided that top managers should pay much more attention to the negative effects of cultural clashes and strengthen cultural integration.

In this paper our main focus is to provide insight into the history of M&A’s for this purpose we have analysed the different waves of M&A. We have analysed these waves in context of available literature and fact and figures. During the study we realised that almost all of the waves of M&A’s ended because of financial crises, although impact and severity of that crises may differ. We analysed the impact of current crises on M&A in global context and in order to establish how companies have and in post crises era i.e. after crises of 2007 onwards how the companies have changed their corporate strategies to accommodate M&A’s. We have also analysed which factors fuelled M&A’s in past and were these factors present in post crises era M&A activities. By first quarter of 2011 the many firms saw new growth opportunities in M&A activities seemed to rebound as large companies used M&A’s as part of their corporate strategy but this was cut short by events like US debt ceiling, down grade of USA’s credit ratings along with fears about Eurozone’s financial health and their impact on future prospects of M&A’s would they continue to prosper or would they be weighed down by these events.