The influence of national culture on the value creating ability of organizations combined from an international merger and acquisition.

摘要

International mergers and acquisitions (IMAs) have become an essential element of a global organization's growth strategy, yet contemporary research found that somewhere between 70 and 90 % of all IMA's failed to create the value that the acquirers expected to achieve. IMA planners and developers typically engaged in a rigorous due diligence assessment prior to entering into the IMA transaction, yet consideration of the effect that differences in national culture may have had on the value creating ability of the IMA were often overlooked. This dissertation systematically reviewed research examining over 5,100 IMAs and found the preponderance of the evidence suggested that these differences in national culture did contribute to value destruction. Differences in national culture were found to have a negative effect on a wide-range of business practices: the ability to innovate; the achievement of the value generating synergies often relied on by the acquirer to make the IMA transaction attractive; as well as the equity market capitalization of the acquirer. Examining this complicated problem through the lenses of Acculturation Theory, Resource Dependency Theory and the Resourced Based Theory of Alliances, this dissertation suggested an alternate model that may be useful in examining the role that national culture plays in IMA value creation.