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Mergers, acquisitions and the evolution of construction professional services firms

机译：建筑专业服务公司的合并，收购和发展

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摘要

Whilst mergers and acquisitions are a favoured means of strategic renewal and expansion for firms, scant academic attention has been given to the growth patterns of construction professional services firms (CPSFs). The role of mergers and acquisitions in the evolution of CPSFs is examined. The findings are based on an analysis of the growth patterns of the top 25 CPSFs in the United Kingdom between 1988 and 2013. Since the 1990s, the increase in merger and acquisition activity has shaped the size, international presence, and multidisciplinary reach of the major CPSFs. However, CPSFs differ with respect to the intensity with which mergers and acquisitions are pursued. Whilst large, public limited companies are active acquirers, smaller and/or privately owned firms succeed in growing with a more selective acquisitive strategy, as they tend to rely more on organic growth. The findings call construction economists to attend to how acquisitions are radically changing the construction landscape and its main players. As the competitive advantage of firms is increasingly human capital-based, the example of the privately owned CPSFs that rely on organic modes of growth prompts a critical rethink of the role of mergers and acquisitions in firm growth.
机译：虽然并购是企业进行战略更新和扩展的首选手段，但对建筑专业服务公司（CPSF）的增长模式的学术关注却很少。审查了并购在CPSF发展过程中的作用。这些发现是基于对1988年至2013年英国排名前25位的CPSF增长模式的分析得出的。自1990年代以来，合并和收购活动的增加已决定了大型CPSF的规模，国际影响力和跨学科影响力CPSF。但是，CPSF在进行合并和收购的强度方面有所不同。大型上市有限公司是活跃的收购方，而小型和/或私有公司则通过更具选择性的收购策略成功成长，因为它们倾向于更多地依靠有机增长。调查结果呼吁建筑经济学家关注收购如何从根本上改变建筑格局及其主要参与者。由于公司的竞争优势越来越以人力资本为基础，依靠有机增长模式的私营CPSF的例子促使人们重新思考并购在公司增长中的作用。

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  • 来源
    《Construction Management and Economics》 |2015年第3期|146-159|共14页
  • 作者

    JOHN CONNAUGHTON; JIM MEIKLE; SATU TEERIKANGAS;

  • 作者单位

    School of Construction Management and Engineering, University of Reading, PO Box 219, Reading RG6 6AW, UK;

    Bartlett School of Construction and Project Management, Bartlett Faculty of the Built Environment, University College London (UCL), 1-19 Torrington Place, London WC1E 7HB UK;

    Bartlett School of Construction and Project Management, Bartlett Faculty of the Built Environment, University College London (UCL), 1-19 Torrington Place, London WC1E 7HB UK;

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  • 原文格式 PDF
  • 正文语种 eng
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  • 关键词

    Acquisition; construction professional services firm; evolution; merger; strategy;

    机译：收购;建筑专业服务公司;演化;合并;战略;

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