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Post-acquisition integration processes in publicly owned professional service companies: Senior professional behaviour and company performance

机译:国有专业服务公司的收购后整合流程:高级专业行为和公司绩效

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摘要

The client relationships and tacit knowledge of professionals are professional service firms' (PSFs') major value creating resources producing challenges in generating post-merger and acquisition value and risks of reducing the productivity or losing key professionals and their clients. The recent emergence of publicly owned PSFs and rapid growth through consolidating smaller privately owned firms potentially increases this risk by integrating small firms and their professionals into large public companies that may be governed very differently. This study explores post-acquisition integration processes: professional behaviours and associated performance implications in two highly acquisitive publicly owned accounting companies. In one company, the integration process was rapid and heavily directed by senior management, while in the second company, integration was more gradual, initially undirected but then facilitated by senior management. The findings suggest that integration processes can impact the behaviour of professionals and acquiring firm performance. This research contributes to the understanding of post-acquisition integration processes in PSFs and decision-making and professional behaviour in recently emerged publicly owned PSFs. The study contributes to knowledge-based theory by identifying factors that can affect the decision authority of executives and how organisational behaviour can constrain the implementation of executive integration decisions. Copyright (c) 2017 John Wiley & Sons, Ltd.
机译:客户关系和专业人士的默契知识是专业服务公司(PSF)的主要价值创造资源,这些资源在产生合并后和收购后的价值方面面临挑战,并降低生产力或失去关键专业人士及其客户的风险。最近出现的公有PSF以及通过合并较小的私有公司而实现的快速增长,可能会通过将小型公司及其专业人员整合到治理可能完全不同的大型上市公司中而增加这种风险。这项研究探索了收购后的整合过程:两家高度收购性的公共会计公司中的专业行为和相关的绩效影响。在一家公司中,集成过程是快速的,并且由高级管理人员直接领导,而在第二家公司中,集成则是比较循序渐进的,最初是无方向性的,但后来得到了高级管理层的协助。研究结果表明,整合过程会影响专业人员的行为并获得公司绩效。这项研究有助于理解PSF中的收购后整合过程,以及最近出现的公有PSF中的决策和专业行为。这项研究通过识别可能影响高管人员决策权限的因素以及组织行为如何限制高管人员整合决策的实施,为基于知识的理论做出了贡献。版权所有(c)2017 John Wiley&Sons,Ltd.

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