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Vol.3 No.2
June 2015

 Page Number

 Article Information

1-11

Post-Mergers and Acquisitions: The Motives, Success Factors and Key Success Indicators

Hatem El Zuhairy, Ahmed Taher, and Ingy Shafei

DOI: 10.15604/ejbm.2015.03.02.001

Abstract

There is a wide body of evidence showing a significant increase in the adoption of mergers and acquisitions (M&A) worldwide. Moreover, research confirms that the integration and implementation stage (post-M&A) has a major impact on the success or failure of a merger or acquisition. Therefore it has become increasingly important to explore the post-M&A phase further in order to support the management teams of organizations pursuing a merger or acquisition in meeting all their desired objectives. This paper proposes a framework to help in the successful execution of M&A. The framework contains three main elements: the motives, success factors and key success indicators (KSI). A qualitative research approach using the multiple case study methodology was conducted to test the framework. Ten case studies were selected from the industrial sector in Egypt and used to validate the research. The final version of the M&A framework was provided after applying the research results. Considering the practical implications of the M&A framework, a tool was proposed for its application in light of the balanced scorecard (BSC) methodology. The proposed M&A scorecard tool should be used in the strategic planning and execution of M&A. Both the proposed M&A framework and the M&A scorecard tool should be used to guide the implementation of M&A in order to increase the success rate enjoyed by organizations.

Keywords: Mergers, Acquisitions, Motives, Success Factors, Key Success Indicators

12-37

Analysis of Selected Seasonality Effects in the Following Agricultural Markets: Corn, Wheat, Coffee, Cocoa, Sugar, Cotton and Soybeans

Krzysztof Borowski and Malgorzata Lukasik

DOI: 10.15604/ejbm.2015.03.02.002

Abstract

The commodity market has been becoming one of the main popular segments of the financial markets among individual and institutional investors in recent years, due to downward trend on the stock exchanges. Likely to the equity market, the problem of anomalies in the commodities market is becoming an interesting phenomenon, particularly in the segment of the agricultural market. This paper tests the hypothesis of monthly, the day-of-the week and weekend effects of seven agricultural commodities quoted in the period of 01.01.1994 – 31.12.2014. Calculations presented in this paper indicate the absence of the monthly effect on coffee market and the existence of monthly effect in the case of another six analyzed agricultural commodities: corn, wheat, sugar, cocoa, cotton and soybeans. In the analyzed period, no occurrence of day-of-the-week effect was proven for corn, cotton and soybeans. The day-of-the-week effect was registered on the markets of: wheat, coffee, sugar and cocoa and the weekend effect was observed only on the cocoa market.

Keywords: Market Efficiency, Commodity Market, Corn, Coffee, Cocoa, Sugar, Cotton, Soybeans

38-53

Inter-Firm Cooperation and Internationalization Process: The Example of Polish Manufacturing Companies

Paulina Adamczyk and Mariusz Sagan

DOI: 10.15604/ejbm.2015.03.02.003

Abstract

The purpose of this article is to explore the selected aspects of inter-firm cooperation between the manufacturing firms and their partners. Authors aim also to empirically investigate how this cooperation allows performing a successful internationalization and gaining competitive advantage on the foreign markets. Analysis is carried out on a sample of 7 Polish manufacturing companies that are cooperating with foreign suppliers or customers on a regular basis. Data were gathered using a tailored questionnaire distributed via e-mail. The results show that Polish companies rarely choose cooperative entry methods when aiming for internationalization of their operations. They do not perceive a direct link between cooperation with other Polish companies and the success of internationalization. These results are in line with other research. The conducted study shows that the problem of improving a manufacturer’s competitive position on international markets by developing business relationships is still complex and requires further exploration.

Keywords: Manufacturing, Inter-Firm Cooperation, Business Relations, Business Relationships, Internationalization, Foreign Markets, Competitiveness, Competitive Position

54-73

Guan-Xi, Loyalty, Contribution and ‘Speak-Up Behavior: The Role of Leader-Member Exchange (LMX) as Mediator and Political Skill as Moderat

Chin-Yi Shu and Nguyen Thi Nhu Quynh

DOI: 10.15604/ejbm.2015.03.02.004

Abstract

This study investigates factors that encourage employee‟s speaking-up behavior in the organization which is considered to be a risky behavior. Drawing on the principles of Uncertainty Management Theory (UMT), this research proposes that factors which embodies two key facets of certainty, confidence and control, encourages employees to speak-up to direct supervisors. This study proposes that leader-member exchange (LMX) has a mediating effect on the relationship between Cheng‟s categorization criteria (guan-xi, loyalty, contribution) and speak-up behavior while political skill moderates the relationship between LMX and speak-up behavior. Data collected from 288 subordinates and 92 of their immediate supervisors support all hypotheses. This study reveals the effects of LMX and political skill, on „speak-up‟ behavior and provides practical suggestions to aid employees and organizations maximize the potential of their workforce.

Keywords: Uncertainty Management Theory, Guan-Xi, Loyalty, Contribution, Leader-Member Exchange, Speaking-Up Behavior, Political Skill

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