By Helén Anderson, Virpi Havila, Fredrik Nilsson
A merger or acquisition can be a difficult pastime with a unmarried final objective: to create worth for the landlord. even if, stakeholder thought indicates how this type of slim and one-sided concentration is hazardous to value-creation usually – not just for different stakeholders inside of and out of doors the association, but in addition for the landlord. particularly in a merger or an acquisition, it truly is obvious that there are various teams and people who have a stake within the good fortune or failure of a business.
So a ways, the overpowering majority of analysis within the box of mergers and acquisitions has fascinated by the merging agencies, and so researchers have mostly studied inner stakeholder teams, equivalent to staff and bosses. This ebook indicates how various stakeholders, inner and exterior, may well play a serious function in the course of a merger or an acquisition procedure. The e-book builds on empirical examples that illustrate how a variety of stakeholders play energetic roles in the course of the various stages, and, hence, eventually have an effect on the result and the price formation technique of the merger or the purchase. there's nonetheless a lot debate on how and while to top degree the end result of a merger or an acquisition. With its complete specialise in stakeholders, this quantity explores why a few mergers and acquisitions fail whereas others succeed.
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Extra resources for Mergers and Acquisitions: The Critical Role of Stakeholders
Working Paper, IUI, Handelshögskolan i Stockholm. Hockerts, K. and Moir, L. (2004) ‘Communicating Corporate Social Responsibility to investors, the changing role of the investor relations function’, Journal of Business Ethics, 52(1): 85–98. Holmström, B. and Kaplan, S. (2001) ‘Corporate Governance and merger activity in the United States: Making sense of the 1980s and 1990s, Journal of Economic Perspectives, 15(2): 121–44. Jensen, M. (1993) ‘The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems’, The Journal of Finance, 48(3): 831–80.
Expectations are that companies have responsibilities and obligations to stakeholders, and there is a tradition of stakeholder value rather than shareholder value (Reberioux 2002). During the 1990s the use of the term of ‘shareholder value’ was observable in countries like Germany, France, Finland, and Sweden (Lazonick and O´Sullivan 2000; Tainio, Huolman, and Pulkkinen 2001). Mergers and acquisitions thus became an arena for declaring a commitment to shareholder value for investors, analysts, and business journalists (Hellgren et al.
In total, no less than 100 such ‘standards’ or guidelines for corporate social responsibility have been established by multi-stakeholder groups, industry organisations, unions and NGOs (Jutterström 2006). Furthermore, on ﬁ nancial markets investors became increasingly aware of the importance of social and environmental responsibility for corporate valuation, and some institutional investors started to use ‘socially responsible investment’ criteria in their asset management (Stenström 2008; Vogel 2005).