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• W2899712 abstract "Various authors propose that half of the national and cross-border mergers and acquisitions (M&As) fail to achieve their prior-set targets. One of the most cited cause of failures is ‘culture clashes’. The ‘socio-cultural issues’, as they are in mostly cited, are believed to influence the integration of acquisitions and the overall success of the combined organizations. However, the direction of influence is not always clear for all the identified factors. This research is focusing on technology-driven acquisitions and on the socio-cultural issues that appear during the integration period of such firms into the acquiring large organization. The sponsor of the research is Philips International, through its New Venture Integration department. The research was organized as follows: firstly, a literature review was conducted, in order to identify the most important socio-cultural issues that appear in the post-acquisition period and their influence on acquisitions’ success. Then, a conceptual model of factors and interrelations was developed. This draft model tackles acquisitions in general, not only technology-driven deals, due to insufficient literature on socio-cultural dynamics characterizing the latter. The initial model was further improved after collecting empirical data in ten Philips’ technology-driven acquisitions. The empirical data was analyzed after being transcribed and coded with the help of the MAXQDA software package. The findings helped the researcher improve the initial conceptual model, as technology-driven characteristics are taken into considerations. Finally, the improved scheme of socio-cultural factors and interrelations was tested against the opinions of various external and internal experts: post-acquisition managers from Philips, two other corporations and two consultancy firms. The resulting model proposes that, among the socio-cultural factors that appear in the post-acquisition period, organizational commitment has a central role: all the other identified socio-cultural factors should be tackled in the direction of improving organizational commitment (i.e. changing the employees’ psychological contract towards the new organization). This offsets the role of cultural differences in the post-acquisition period. In other words, this research proposes that it is not the cultural fit that makes or breaks the deal, but the commitment of the resulting organization, towards achieving its vision of the future. Other important factors identified in the model were: communication, leadership commitment & skills, a shared vision of the future and cultural awareness. Cultural factors cannot easily be disentangled in practice from other social factors. Also, solving various cultural issues in the post-acquisition period is possible only after accounting for these other factors. Another insight is that the so-called ‘cultural clashes’ can originate, not from the existing cultural differences themselves, but from exercises of power from the acquirer’s side." @default.
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• W2899712 date "2012-07-23" @default.
• W2899712 modified "2023-09-23" @default.
• W2899712 title "Socio-Cultural Factors Influencing the Success of Technology-Driven Acquisitions: An exploratory study of 10 selected Philips acquisitions" @default.
• W2899712 hasPublicationYear "2012" @default.
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