دوره 32، شماره 3 - ( پاییز 1398 )                   دوره32 شماره 3 صفحات 138-105 | برگشت به فهرست نسخه ها


XML English Abstract Print


Download citation:
BibTeX | RIS | EndNote | Medlars | ProCite | Reference Manager | RefWorks
Send citation to:

Aghazade H, Heidari A, Dehghan Dehnavi M A, Abolmolouki H. Presenting a Comprehensive Framework for Integration and Acquisition Management in the Financial Services Industry. JMDP 2019; 32 (3) :105-138
URL: http://jmdp.ir/article-1-3631-fa.html
آقازاده هاشم، حیدری علی، دهقان دهنوی محمدعلی، ابوالملوکی حسن. ارائه چارچوب جامع مدیریت ادغام و اکتساب در صنعت خدمات مالی (مرور نظام‌‌مند ادبیات). فرایند مدیریت و توسعه. 1398; 32 (3) :105-138

URL: http://jmdp.ir/article-1-3631-fa.html


1- گروه مدیریت بازرگانی دانشکده مدیریت دانشگاه تهران
2- گروه مالی و بانکداری، دانشکده مدیریت و حسابداری ، دانشگاه علامه طباطبایی
3- گروه مدیریت بازرگانی دانشکده مدیریت دانشگاه تهران ، Abolmolouki@ut.ac.ir
چکیده:   (4942 مشاهده)
برخلاف آن‏که امروزه ادغام و اکتساب یکی از مباحث بسیار مهم و پرکاربرد برای تحقق انگیزه‏‌های گوناگون راهبردی در صنعت خدمات مالی است، موارد پرشماری می‏‌توان یافت که این راهبرد به شکست انجامیده است. هدف اصلی پژوهش حاضر، ارائه چارچوبی جامع برای مدیریت ادغام و اکتساب در بستر صنعت خدمات مالی است تا ضمن شناسایی و کشف فرایندهای ادغام و اکتساب، و عوامل موثر موفقیت در هر بخش (به تفکیک مراحل فرایند)، به عنوان ابزاری کاربردی در خدمت مدیران اجرایی قرار گیرد. بدین منظور، در فرایند مرور نظام‏مند ادبیات، جستجو در پایگاه‏‌های اطلاعاتی معتبر در بازه زمانی 2019‌-‌1990 انجام گرفت و از میان 2912 سند مرتبط یافت‏‌شده پس از اعمال معیارهای عدم‏شمول، 101 سند برای تجزیه‌‏وتحلیل متن به نرم‌‏افزار Atlas.ti 8 معرفی شدند. در نتیجه این تحلیل، 403 کد شناسایی شد و پس از تعریف روابط، در قالب 32 مفهوم و 8 مقوله کلی دسته‌‏بندی شد. این 8 مقوله به‌‏دست‏‌آمده همان ابعاد اصلی چارچوب مد نظر پژوهش هستند که شامل مراحل 1. استقرار هوش ادغام و اکتساب؛ 2. برنامه‏‌ریزی و تدوین راهبرد ادغام و اکتساب؛ 3. ارزیابی راهبردی و انتخاب شرکت هدف؛ 4. مذاکره؛ 5. ارزیابی موشکافانه و تحلیل ریسک؛ 6. نهایی‏‌سازی و اعلام ادغام و اکتساب؛ 7. اجرا و یکپارچه‌‏سازی؛ و 8. کنترل راهبردی است. خروجی این پژوهش مدلی جامع برای مدیریت فرایند ادغام و اکتساب است که علاوه بر صنعت خدمات مالی، قابلیت استفاده در دیگر صنایع را پس از تعدیل و همسوسازی راهبردی دارد.
متن کامل [PDF 1021 kb]   (1866 دریافت)    
نوع مطالعه: پژوهشي | موضوع مقاله: اداره امور توسعه
دریافت: 1398/5/17 | پذیرش: 1398/9/30 | انتشار الکترونیک: 1399/3/13

فهرست منابع
1. Aggarwal, R., Edward, J., Mellen, L. E., & Navratil, F. J. (1991). Planning a Successful Acquisitions Strategy: Some Guidelines. Managerial Finance, 17(1), 14-18. [DOI:10.1108/eb013662]
2. Aggarwal-Gupta, M., Kumar, R., & Upadhyayula, R. S. (2012). Success of a Merger or Acquisition-A Consideration of Influencing Factors. International Journal of Management Practice, 5(3), 270-286. [DOI:10.1504/IJMP.2012.048076]
3. Ai, Q. (2014). Key Success Factors in the Management of Post-Acquisition Integration in the Outward Mergers and Acquisitions of Chinese Firms. (For the degree of Doctor of Philosophy), University of London.
4. Altunbaş, Y., & Marqués, D. (2008). Mergers and Acquisitions and Bank Performance in Europe: The Role of Strategic Similarities. Journal of Economics and Business, 60(3), 204-222. [DOI:10.1016/j.jeconbus.2007.02.003]
5. Arbel, A., & Orgler, Y. E. (1990). An Application of the AHP to Bank Strategic Planning: The Mergers and Acquisitions Process. European Journal of Operational Research, 48(1), 27-37. [DOI:10.1016/0377-2217(90)90058-J]
6. Balachandran, B. K. G. M. A. (2004). Merger of Malaysian Banks: Selecting Appropriate Partners. Managerial Finance, 30(4), 19-28. [DOI:10.1108/03074350410769001]
7. Barney, J. B., & Arikan, A. M. (2001). The Resource-Based View: Origins and Implications. The Blackwell Handbook of Strategic Management, 124-188.
8. Barros, R. H., & Domínguez, I. L. (2013). Integration Strategies for the Success of Mergers and Acquisitions in Financial Services Companies. Journal of Business Economics and Management, 14(5), 979-992. [DOI:10.3846/16111699.2013.804875]
9. Bauer, F., Strobl, A., Dao, M. A., Matzler, K., & Rudolf, N. (2018). Examining Links Between Pre and Post M&A Value Creation Mechanisms-Exploitation, Exploration and Ambidexterity in Central European SMEs. Long Range Planning, 51(2), 185-203. [DOI:10.1016/j.lrp.2016.07.002]
10. Bekier, M. M., Bogardus, A. J., & Oldham, T. (2001). Why Mergers Fail. The McKinsey Quarterly, 6-6.
11. Bliss, R. T., & Rosen, R. J. (2001). CEO Compensation and Bank Mergers. Journal of Financial Economics, 61(1), 107-138. [DOI:10.1016/S0304-405X(01)00057-5]
12. Bohlin, N., Daley, E., & Thomson, S. (1998). Successful Post-Merger Integration: Realizing the Synergies. Prism-Cambridge Massachusetts-, 37-50.
13. Bonin, J., & Wachtel, P. (2003). Financial Sector Development in Transition Economies: Lessons from the First Decade. Financial Markets, Institutions & Instruments, 12(1), 1-66. [DOI:10.1111/1468-0416.t01-1-00001]
14. Boyer, E. C., & Choi, J. J. (2006). Mergers and Consolidation of Financial Service Firms: Global Trends and Strategies for Value Creation. International Finance Review, (7), 393-417. [DOI:10.1016/S1569-3767(06)07016-6]
15. Bruner, R. (2004). Where M&A Pays and Where It Strays: A Survey of the Research. Journal of Applied Corporate Finance, 16(4), 63-76. [DOI:10.1111/j.1745-6622.2004.tb00673.x]
16. Byington, J. R., & McGee, J. A. (2012). M&A Due Diligence: How to Uncover Corruption. Journal of Corporate Accounting & Finance, 23(2), 65-70. [DOI:10.1002/jcaf.21739]
17. Caiazza, R., & Volpe, T. (2015). M&A Process: A Literature Review and Research Agenda. Business Process Management Journal, 21(1), 205-220. [DOI:10.1108/BPMJ-11-2013-0145]
18. Calipha, R., Tarba, S., & Brock, D. (2010). Mergers and Acquisitions: A Review of Phases, Motives, and Success Factors. Advances in Mergers and Acquisitions, 9(1), 1-24. [DOI:10.1108/S1479-361X(2010)0000009004]
19. Carpenter, M. A., & Sanders, W. G. (2006). Strategic Management: A Dynamic Perspective, Concepts and Cases. Upper Saddle River: Pearson International.
20. Cartwright, S., & Cooper, C. L. (1993). The Role of Culture Compatibility in Successful Organizational Marriage. Academy of Management Perspectives, 7(2), 57-70. [DOI:10.5465/ame.1993.9411302324]
21. Chanmugam, R., Shill, W., Mann, D., Ficery, K., & Pursche, B. (2005). The Intelligent Clean Room: Ensuring Value Capture in Mergers and Acquisitions. Journal of Business Strategy, 26(3), 43-49. [DOI:10.1108/02756660510597092]
22. Coates, J. C. (2016). M&A Contracts: Purposes, Types, Regulation, and Patterns of Practice. Research Handbook on Mergers and Acquisitions: Edward Elgar Publishing.
23. Cook, R. (1993). Auditing Acquisitions: Part 1-Implementing Acquisitions Strategies. Managerial Auditing Journal, 8(1), 28-34. [DOI:10.1108/02686909310023551]
24. Covin, T. J., Kolenko, T. A., Sightler, K. W., & Tudor, R. K. (1997). Leadership Style and Post-Merger Satisfaction. Journal of Management Development, 16(1), 22-33. [DOI:10.1108/02621719710155454]
25. Davis, S. (2000). Bank Mergers: Lessons for the Future: Springer. [DOI:10.1057/9780230509399]
26. DePamphilis, D. (2019). Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions: Academic Press. [DOI:10.1016/B978-0-12-815075-7.00001-2]
27. Drymbetas, E., & Kyriazopoulos, G. (2014). Post-Acquisition Performance of European Cross-Border Bank M&As. International Journal of Monetary Economics and Finance, 7(4), 328-346. [DOI:10.1504/IJMEF.2014.067721]
28. Epstein, M. J. (2004). The Drivers of Success in Post-Merger Integration.Organizational Dynamics, 2(33), 174-189. [DOI:10.1016/j.orgdyn.2004.01.005]
29. Ferreira, M. P., Borini, F., Vicente, S., & Almeida, M. R. (2017). The Pre-Acquisition Process: The Temporal Hiatus between the Announcement and Completion in Foreign Acquisitions in Brazil. International Journal of Emerging Markets, 12(2), 400-414. [DOI:10.1108/IJoEM-09-2015-0184]
30. Fiorentino, R., & Garzella, S. (2015). Synergy Management Pitfalls in Mergers and Acquisitions. Management Decision, 53(7), 1463-1503. [DOI:10.1108/MD-12-2014-0692]
31. Frantz, T. L. (2017). Dissecting Post-Merger Integration Risk: The PMI Risk Framework'. Advances in Mergers and Acquisitions (Advances in Mergers & Acquisitions, Volume 16): Emerald Publishing Limited. [DOI:10.1108/S1479-361X20170000016008]
32. Fustec, A., & Faroult, T. (2011). Mergers and Acquisitions in the Insurance Sector: Reducing Information Asymmetry. Journal of Intellectual Capital, 12(4), 495-504. [DOI:10.1108/14691931111181698]
33. Galpin, T. J., & Herndon, M. (2014). The Complete Guide to Mergers and Acquisitions: Process Tools to Support M&A Integration at Every Level: John Wiley & Sons.
34. Graebner, M. E., Heimeriks, K. H., Huy, Q. N., & Vaara, E. (2017). The Process of Postmerger Integration: A Review and Agenda for Future Research. Academy of Management Annals, 11(1), 1-32. [DOI:10.5465/annals.2014.0078]
35. Gussoni, M., & Mangani, A. (2012). Corporate Branding Strategies in Mergers and Acquisitions. Journal of Brand Management, 19(9), 772-787. [DOI:10.1057/bm.2012.19]
36. Hagendorff, J., Collins, M., & Keasey, K. (2007). Bank Governance and Acquisition Performance. Corporate Governance: An International Review, 15(5), 957-968. [DOI:10.1111/j.1467-8683.2007.00601.x]
37. Hankir, Y., Rauch, C., & Umber, M. P. (2011). Bank M&A: A Market Power Story? Journal of Banking & Finance, 35(9), 2341-2354. [DOI:10.1016/j.jbankfin.2011.01.030]
38. Harrison, J. S., O'Neill, H. M., & Hoskisson, R. E. (2000). Acquisition Strategy and Target Resistance: A Theory of Countervailing Effects of Pre-Merger Bidding and Post Merger Integration Advances in Mergers and Acquisitions: Vol 1, Emerald Group Publishing Limited.
39. Hart, M. A., & Sherman, A. J. (2006). Mergers and Acquisitions from AZ. Amacom.
40. Harvey, M. G., & Lusch, R. F. (1995). Expanding the Nature and Scope of Due Diligence. Journal of Business Venturing, 10(1), 5-21. [DOI:10.1016/0883-9026(94)00020-U]
41. Haspeslagh, P. C., & Jemison, D. B. (1991). Managing Acquisitions: Creating Value through Corporate Renewal (Vol. 416): Free Press New York.
42. Hassan, I., Chidlow, A., & Romero-Martínez, A. M. (2016). Selection, Valuation and Performance Assessment: Are These Truly Inter-Linked Within the M&A Transactions? International Business Review, 25(1), 255-266. [DOI:10.1016/j.ibusrev.2015.05.004]
43. Hitt, M. A., Harrison, J. S., & Ireland, R. D. (2001). Mergers & Acquisitions: A Guide to Creating Value for Stakeholders: Oxford University Press.
44. Houston, J. F., & Ryngaert, M. D. (1996). The Value Added by Bank Acquisitions: Lessons from Wells Fargo's Acquisition of First Interstate. Journal of Applied Corporate Finance, 9(2), 74-82. [DOI:10.1111/j.1745-6622.1996.tb00116.x]
45. Kansal, S., & Chandani, A. (2014). Effective Management of Change during Merger and Acquisition. Procedia Economics and Finance, 11(3), 208-217. [DOI:10.1016/S2212-5671(14)00189-0]
46. Kitchenham, B., & Charters, S. (2007). Guidelines for Performing Systematic Literature Reviews in Software Engineering.
47. Knilans, G. (2009). Mergers and Acquisitions: Best Practices for Successful Integration. Employment Relations Today, 35(4), 39-46. [DOI:10.1002/ert.20224]
48. Konstantopoulos, N., Sakas, D., & Triantafyllopoulos, Y. (2009). Lessons from a Case Study for Greek Banking M&A Negotiations. Management Decision, 47(8), 1300-1312. [DOI:10.1108/00251740910984550]
49. Krug, J. A., & Harvey Hegarty, W. (2001). Predicting Who Stays and Leaves After An Acquisition: A Study of Top Managers in Multinational Firms. Strategic Management Journal, 22(2), 185-196. https://doi.org/10.1002/1097-0266(200101)22:2<185::AID-SMJ149>3.0.CO;2-M [DOI:10.1002/1097-0266(200101)22:23.0.CO;2-M]
50. Kuriakose, S., & Paul, J. (2016). Strategic and Financial Similarities of Bank Mergers. Review of International Business and Strategy, 26(1), 50-68. [DOI:10.1108/RIBS-09-2013-0084]
51. Lin, P-w. (2005). An Empirical Analysis of Bank Mergers and Cost Efficiency in Taiwan. Small Business Economics, 25(2), 197-206. [DOI:10.1007/s11187-003-6451-y]
52. Marks, M. L., & Mirvis, P. H. (2011). Merge Ahead: A Research Agenda to Increase Merger and Acquisition Success. Journal of Business and Psychology, 26(2), 161-168. [DOI:10.1007/s10869-011-9219-4]
53. McGrath, M. (2011). Practical M&A Execution and Integration: Wiley Online Library.
54. Meglio, O., King, D. R., & Risberg, A. (2015). Improving Acquisition Outcomes with Contextual Ambidexterity. Human Resource Management, 54(1), 29-43. [DOI:10.1002/hrm.21721]
55. Moeller, S., & Brady, C. (2014). Intelligent M&A: Navigating the Mergers and Acquisitions Minefield: John Wiley & Sons.
56. Nelson, T. (2018). Mergers and Acquisitions from A to Z: Amacom.
57. Neuendorf, K. A. (2011). Content Analysis-A Methodological Primer for Gender Research. Sex Roles, 64(3-4), 276-289. [DOI:10.1007/s11199-010-9893-0]
58. Parola, H., & Ellis, K. M. (2014). M&A Negotiation Stage: A Review and Future Research Directions', Advances in Mergers and Acquisitions (Advances in Mergers & Acquisitions, Volume 12): Emerald Group Publishing Limited. [DOI:10.1108/S1479-361X(2013)0000012005]
59. Pasiouras, F., & Tanna, S. (2010). The Prediction of Bank Acquisition Targets with Discriminant and Logit Analyses: Methodological Issues and Empirical Evidence. Research in International Business and Finance, 24(1), 39-61. [DOI:10.1016/j.ribaf.2009.01.004]
60. Petsa-Papanicolaou, L. (2007). Success Factors in Mergers and Acquisitions: Complexity Theory and Content Analysis Perspectives. (For the Degree Doctor of Education), University of San Francisco.
61. Phene, A., Tallman, S., & Almeida, P. (2012). When Do Acquisitions Facilitate Technological Exploration and Exploitation? Journal of Management, 38(3), 753-783. [DOI:10.1177/0149206310369939]
62. Price, J. (2013). Misvaluation: Another Explanation for the Failure of Corporate Acquisitions. Corporate Ownership & Control, 11(1), 777-788. [DOI:10.22495/cocv11i1c9art2]
63. Prompitak, D. (2010). The Impacts of Bank Mergers and Acquisitions (M&As) on Bank Behaviour. (For the Degree of Doctor of Philosophy), University of Birmingham.
64. Pucik, V. (2008). Post-Merger Integration Process in Japanese M&A: The Voices from the Front-Line. Advances in Mergers and Acquisitions, 7, 71-92. [DOI:10.1016/S1479-361X(08)07005-1]
65. Recardo, R. J., & Toterhi, T. (2015). Strategic Integration: How to Realize the Value of an Acquisition. Global Business and Organizational Excellence, 35(1), 6-22. [DOI:10.1002/joe.21641]
66. Reed, S. F., Lajoux, A. R., & Nesvold, H. P. (2007). The Art of M&A: A Merger Acquisition Buyout Guide: McGraw Hill.
67. Rezaee, Z. (2011). Financial Services Firms: Governance, Regulations, Valuations, Mergers, and Acquisitions (Vol. 14): John Wiley & Sons. [DOI:10.1002/9781118269169]
68. Rodríguez-Sánchez, J.-L., Ortiz-de-Urbina-Criado, M., & Mora-Valentín, E.-M. (2019). Thinking About People in Mergers and Acquisitions Processes. International Journal of Manpower, 40(4), 643-657. [DOI:10.1108/IJM-05-2018-0143]
69. Rosenbaum, J., & Pearl, J. (2013). Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Vol. 881): John Wiley & Sons.
70. Ruess, M., & Voelpel, S. C. (2012). The PMI Scorecard. Organizational Dynamics, 1(41), 78-84. [DOI:10.1016/j.orgdyn.2011.12.010]
71. Savovic, S., & Pokrajcic, D. (2013). Due Diligence as a Key Success Factor of Mergers and Acquisitions. Актуальні Nроблеми Eкономіки, 6(144), 424-434.
72. Schmidt, S. L., Urlichs, R., & Richter, A. (2008). Designing Merger Agreements to Ease Merger Integration. Global Business and Organizational Excellence, 28(1), 35-50. [DOI:10.1002/joe.20240]
73. Schönreiter, I. M. (2018). Methodologies for Process Harmonization in the Post-Merger Integration Phase. Business Process Management Journal, 24(2), 330-356. [DOI:10.1108/BPMJ-07-2016-0141]
74. Schriber, S., King, D. R., & Bauer, F. (2018). Acquisition Integration Flexibility: Toward a Conceptual Framework. Journal of Strategy and Management, 11(4), 434-448. [DOI:10.1108/JSMA-05-2018-0049]
75. Shanmugam, B., & Nair, M. (2004). Mergers and Acquisitions of Banks in Malaysia. Managerial Finance, 30(4), 1-18. [DOI:10.1108/03074350410768994]
76. Sherman, A., Morin, D., & LLP, O. (2011). Mergers and Acquisitions: An Introduction. Retrieved August.
77. Smith, H., & Fingar, P. (2003). Business Process Management: The Third Wave (Vol. 1): Meghan-Kiffer Press Tampa.
78. Sun, Z. (2018). Chinese Reverse M&A: The Wu Wei Paradigm of Post-M&A Integration Process. Chinese Management Studies, 12(4), 774-794. [DOI:10.1108/CMS-12-2017-0338]
79. Thach, L., & Nyman, M. (2001). Leading in Limbo Land: The Role of a Leader during Merger and Acquisition Transition. Leadership & Organization Development Journal, 22(4), 146-150. [DOI:10.1108/01437730110395033]
80. Thomas, M., & Weber, C. (2016). Allianz and Its Fateful Acquisition of Dresdner Bank. Strategic Direction, 32(6), 23-26. [DOI:10.1108/SD-03-2016-0040]
81. Trautwein, F. (1990). Merger Motives and Merger Prescriptions. Strategic Management Journal, 11(4), 283-295. [DOI:10.1002/smj.4250110404]
82. Uzelac, B., Bauer, F., Matzler, K., & Waschak, M. (2016). The Moderating Effects of Decision-Making Preferences on M&A Integration Speed and Performance. The International Journal of Human Resource Management, 27(20), 2436-2460. [DOI:10.1080/09585192.2015.1116457]
83. Vong, J. (1996). Soar on Wings Like Eagles. Banker's Journal Malaysia, 97, 4-7.
84. Vrontis, D., Shoham, A., Weber, Y., & Tarba, S. Y. (2012). Mergers and Acquisitions Process: The Use of Corporate Culture Analysis. Cross Cultural Management: An International Journal, 19(3), 288-303. [DOI:10.1108/13527601211247053]
85. Walter, I. (2004). Mergers and Acquisitions in Banking and Finance: What Works, What Fails, and Why: Oxford University Press.
86. Wijnhoven, F., Spil, T., Stegwee, R., & Fa, R. T. A. (2006). Post-Merger IT Integration Strategies: An IT Alignment Perspective. The Journal of Strategic Information Systems, 15(1), 5-28. [DOI:10.1016/j.jsis.2005.07.002]
87. احمدی، موسی، و احمدی، سعید (1396). اوراق مشارکت‌کاهنده راهکار عملیاتی در تامین مالی فرایند ادغام و تملک. تحقیقات مالی اسلامی، 7 (1 پیاپی 13)، 162-127.
88. رهنورد، فرج‌اله (1396). عوامل موثر بر عملکرد ادغام سازمان‌ها در بخش دولتی ایران. مدیریت دولتی، 9(4)، 590-569.

ارسال نظر درباره این مقاله : نام کاربری یا پست الکترونیک شما:
CAPTCHA

بازنشر اطلاعات
Creative Commons License این مقاله تحت شرایط Creative Commons Attribution 4.0 International License قابل بازنشر است.

کلیه حقوق این وب سایت متعلق به فرایند مدیریت و توسعه می باشد.

طراحی و برنامه نویسی : یکتاوب افزار شرق

© 2024 CC BY-NC 4.0 | Management and Development Process

Designed & Developed by : Yektaweb