TITLE

Mergers and Acquisitions across European Borders: National Perspectives on Preacquisition Due Diligence and the Use of Professional Advisors

AUTHOR(S)
Angwin, Duncan
PUB. DATE
March 2001
SOURCE
Journal of World Business;Spring2001, Vol. 36 Issue 1, p32
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Recent years have seen a huge growth in European cross-border mergers and acquisitions (M&A) and considerable attention has been given to how such deals arise and are completed. However, most theoretical emphasis has been placed upon noncultural factors although it is increasingly recognized in other spheres of management theory that management styles and business performance cannot be separated out from national or regional cultural influence. As a consequence, this exploratory study focuses upon the influence of national differences in business culture upon preacquisition management. In this paper we report the findings of a large-scale exploratory survey into whether such cultural differences are reflected in different perceptions of the value of due diligence and the use of professional advisors in the preacquisition phase. The findings suggest that national cultural differences do play an important role in affecting acquirer's perceptions of target companies and we suggest that this may have important consequences for the negotiation of deals and the subsequent management of the postacquisition phase.
ACCESSION #
4166634

 

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