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The human factor: a successful acquisition in Brazil

机译:人为因素:在巴西的成功收购

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Purpose - The purpose of this case study was to identify how the human factor influenced the 2010 acquisition of company X's cement factory, located in town C in the Brazilian State of Goias, by the multinational company A. Design/methodology/approach - Seventeen in-depth interviews were conducted with employees who participated of the acquisition process: 15 with professionals with leadership roles at the factory, the others with company A corporate executives. The data collected were qualitatively treated using discourse analysis to unveil the perceptions of the interviewees. Findings - The discussion involved topics such as: resistance to change, uncertainty, employees' expectations and commitment, stress, employee turnover and retention. The present study contextualizes existing theoretical approaches, and its main conclusion confirms that not all M&A processes cause permanent negative impacts that lead to the failure of the acquisition or are perceived as a strong and lasting source of uncertainty by the employees of the involved companies. On the contrary, depending mainly on the perception, employees have of their working conditions at the time the acquisition process takes place; on the strategic relevance of the acquisition to the acquiring company (its motivation); on how the process is managed by the executives of the acquiring company; on the communication strategy employed by the acquiring company, as well as on the understanding of the cultural setting; and on the acquiring company having an organizational culture with policies that value employees, the community and sustainability; this change can be perceived as favourable by employees thus fostering a successful acculturation and outcome. Finally, this study is considered valuable to researchers and practitioners as it indicates that although the human factor is not considered a priority in most M&A processes, it is clearly paramount to its success or failure, specially in lock-in situations when the acquiring and acquired companies have complementary and reciprocal interdependencies. Research limitations/implications - In spite of the contributions of this research to the field of studies on M&A, the authors have to acknowledge limitations, such us: as town C was a small factory at the time of the acquisition, there were only 17 interviewees, which does not constitute a large sample. The possibility of a certain amount of unavoidable subjectivity in both the interviewees when relating their experience and the interviewer when analyzing the collected data. As stated before, being a case study, results cannot be generalized. Originality/value - This research adds to the actual state of the art on M&A signalling that there should be a match between the strategies selected by the executives of the acquiring company and the specificities of the human factor and its cultural environment. Specifically, this case study contributes to theory advancement by proposing the concept of lock-in in M&A.
机译:目的-本案例研究的目的是确定人为因素如何影响跨国公司A在2010年收购X公司位于巴西戈亚斯州C镇的水泥厂。设计/方法/方法-17对参与收购过程的员工进行了深入采访:15名在工厂担任领导角色的专业人员,其他15名与A公司企业管理人员。使用话语分析对收集到的数据进行定性处理,以揭示受访者的看法。调查结果-讨论涉及以下主题:抗拒变革,不确定性,员工的期望和承诺,压力,员工离职和保留。本研究结合了现有的理论方法,其主要结论证实,并非所有并购过程都会造成永久性的负面影响,从而导致并购失败,或者被相关公司的员工视为不确定性的强大而持久的根源。相反,主要取决于人们的看法,员工在进行收购过程中拥有自己的工作条件;收购对收购公司的战略相关性(动机);收购公司的高管如何管理该流程;关于收购公司所采用的沟通策略以及对文化背景的理解;并购公司具有组织文化,其政策重视员工,社区和可持续性;员工认为这种变化是有利的,从而促进了成功的适应和结果。最后,该研究被认为对研究人员和从业者有价值,因为它表明尽管在大多数并购过程中人为因素并不是优先考虑的因素,但显然它对成败至关重要,尤其是在收购和收购的锁定情况下公司之间存在互补和相互依赖关系。研究的局限性/含义-尽管这项研究对并购研究领域做出了贡献,但作者必须承认局限性,例如我们:由于C镇在收购时是一家小工厂,因此只有17名受访者,这并不构成大样本。受访者在联系其经验时和受访者在分析收集的数据时都有一定程度不可避免的主观性的可能性。如前所述,作为案例研究,结果不能一概而论。原创性/价值-这项研究增加了有关并购信号的最新技术水平,即并购公司的高管选择的策略与人为因素及其文化环境的特殊性之间应该有一个匹配。具体而言,本案例研究通过提出并购中的锁定概念为理论发展做出了贡献。

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