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Mergers that stick

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To many executives, it might seem like a shrewd move in a recession to swoop in and acquire firms on the cheap--buy low, cut costs, and defy the usual prediction that most mergers will fail to produce economic value in their first two years. And there's a grain of truth to that assumption. While M&A activity has been severely depressed since 2008 and fell dramatically in early 2009, acquiring companies during that period tended to outperform their industry peers in market valuation, according to a global study by Towers Perrin and Cass Business School examining 204 deals, each worth more than $100 million. But outperforming peers during the worst days of the economic crisis simply means that acquirers' stock prices fell by a lower percentage; the companies lost less value than others but did not necessarily create new value. The fact that they could afford to buy at all was a sign of financial health, a factor that alone could account for the better stock market performance. Studies by Boston Consulting Group analysts have shown that in a weak economy acquiring companies add only marginal value by cutting costs. As the economy strengthens, successful mergers will be those that have invested in profitable growth--which requires integrating and motivating employees who will work quickly and smoothly, minimize disruptions, increase market share, innovate, and adapt to emergent trends. To extract lessons about how to manage the human side of integration, I looked deep inside a dozen successful acquisitions as part of a three-year study involving more than 350 interviews in 20 countries..Printed journal

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Ketersediaan

Call Number	Location	Available
	PSB lt.dasar - Pascasarjana	1

Penerbit	Harvard Business School Publishing.,
Edisi	-
Subjek	Human resource management Market research Acquisitions & Mergers Managerial Skills
ISBN/ISSN	178012
Klasifikasi	-
Deskripsi Fisik	-
Info Detail Spesifik	-
Other Version/Related	Tidak tersedia versi lain
Lampiran Berkas	Tidak Ada Data