Lessons on a novel integration approach of emerging market acquisitions in developed countries

Sandra Figueira, Rui Torres de Oliveira, Daniel Rottig and Francesca Spigarelli

International Journal of Emerging Markets, 2020, vol. 16, issue 4, 645-673

Abstract: Purpose - This paper constitutes an explorative study into post-acquisition implementation of emerging market acquisitions in developed countries. More specifically, the study aims to better understand how low capability Chinese firms are able to capture value when acquiring high-capability targets in developed countries through a novel post-acquisition integration approach. In so doing, we set out to contribute to the literature on, and managerial insights into, the factors that determine the success of emerging market acquisitions, in general, and the context-specific use of post-acquisition implementation approaches, in particular. Design/methodology/approach - The study follows a qualitative analysis and multiple case study design based on a phenomenon-based research approach. Data and information were collected through semi-structure executive interviews, observations, secondary sources, company report and media accounts. Findings - Based on institutional theory, this study develops a conceptual framework for a tacit value approach toward the integration of acquisitions of developed market targets by emerging market acquirers. Originality/value - The proposed tacit value approach of post-acquisition integration, which refers to the creation of intangible value over time, differs from the explicit value approach that is associated with the transaction-cost literature and more focused on the creation of tangible value in the short-term.

Keywords: Mergers and acquisitions; Emerging markets; Post-acquisition implementation; Tacit value (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijoemp:ijoem-01-2019-0077

DOI: 10.1108/IJOEM-01-2019-0077

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