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Synergy and goodwill controlling : empirical evidence on determinants and acquisition performance
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ISBN: 3631783469 3631783450 Year: 2019 Publisher: Berlin : Peter Lang,

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As most acquisitions destroy shareholder value, this study examines the effect of synergy and goodwill controlling on acquisition success. Based on a sample of German, Austrian, and Swiss acquirer companies, a descriptive analysis presents design options for the M&A organization and related controlling tasks. Empirical analyses identify various determinants of synergy and goodwill controlling and reveal that acquisitions positively impact financial success in the short term and accounting-based success in the medium term. The results also indicate that synergy and goodwill controlling influence internal and external measures of acquisition success in different ways. Thus, the findings do not only entail implications for acquirers but also for investors, standard setters, and academics.


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Unternehmenskauf in der Praxis
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ISBN: 3704683817 Year: 2019 Publisher: Wien : Verlag Österreich,

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Der Abzug von Kapital aus einer Aktiengesellschaft im faktischen und im Vertragskonzern : Entzug von Vermoegenswerten vor Beendigung eines Konzerns und beim refinanzierten Erwerb.
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ISBN: 3631787510 3631787502 Year: 2019 Publisher: Berlin : Peter Lang,

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Die vorliegende Publikation behandelt den Abzug von Vermögenswerten aus einer Aktiengesellschaft vor dem Hintergrund von zwei praktischen Fallkonstellationen: Zum einen liegt der Untersuchung der Fall zu Grunde, in dem Vermögenswerte in einem Vertragskonzern der beherrschten Gesellschaft entzogen werden, und der Vertragskonzern anschließend beendet wird. Zum zweiten geht es um Fälle des sogenannten »Leveraged Buyout«, des refinanzierten Unternehmenskaufs, bei dem die Vermögenswerte der Zielgesellschaft durch den Finanzinvestor herangezogen werden, um den Kaufpreis zu refinanzieren. Die Publikation geht der Frage nach, ob hierfür ein Beherrschungs- und Gewinnabführungsvertrag rechtlich notwendige Voraussetzung ist, und welche rechtlichen Grenzen dem Entzug von Vermögenswerten gesetzt sind.


Book
Mergers & Acquisitions im Mittelstand : Instrumente, Kennzahlen und Best-Practice-Prozesse
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ISBN: 3648124145 Year: 2019 Publisher: Freiburg ; München ; Stuttgart : Haufe Group,

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Long description: Über die Hälfte der geplanten Unternehmenskäufe und -verkäufe scheitern. Damit der Brückenschlag zwischen Verkäufer und Käufer gelingt, bedarf es der richtigen Strategie und die Unternehmensbewertung muss auf nachvollziehbaren Annahmen fußen. Der gesamte Ablauf erweist sich als Herausforderung für Management und Controlling, nicht zuletzt auch, weil es häufig am spezifischen Know-how und an der Erfahrung mangelt. Unsere Experten haben in diesem Buch die wichtigsten Prozesse, Werkzeuge und Soft Factors" zusammengefasst, damit die Übernahme oder Fusion gelingt und die Post Merger Integration den gewünschten Erfolg erbringt.Inhalte:Integrierte M&amp;A-Prozesse erfolgreich steuernUnternehmensbewertung: von der Nobelpreis-Formel zur DaumenregelDue Diligence verstehen und als Erfolgsfaktor im M&amp;A-Prozess nutzenKennzahlen zur Bewertung digitaler Geschäftsmodelle9 Erfolgsfaktoren für die Post Merger IntegrationM&amp;A im internationalen KontextArbeitshilfen online:Unternehmensbewertung: Verfahren im VergleichUnternehmensbewertung: Ertragswert- und MultiplikatorverfahrenM&amp;A-Transaktion: Term SheetUnternehmensverkauf: Garantie des Net Working Capital  Biographical note: Andreas Klein Professor Dr. Andreas Klein lehrt seit 2003 Betriebswirtschaftslehre mit Schwerpunkt Controlling & International Accounting an der SRH Hochschule Heidelberg und verfügt über mehrjährige Erfahrung in einer internationalen Beratungsgesellschaft. Er ist Mitherausgeber der Schriftenreihe Der Controlling-Berater und als Unternehmensberater und Referent in der Industrie- und Dienstleistungsbranche tätig.

Merger and acquisition brokers: overview and proposals for relief
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Year: 2019 Publisher: [Washington, D.C.] : Congressional Research Service,

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Post-merger management : value creation in M&A integration projects
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ISBN: 1838674535 1838674519 9781838674519 Year: 2019 Publisher: Bingley, England : Emerald Publishing,

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Companies acquire and merge to generate accelerated value growth. But merger integrations pose an enormous challenge to organisations: they are fraught with over-inflated expectations of making rapid synergy gains, laden with pitfalls inherent to complex organisational change, charged with emotion and are often influenced by socio-psychological dynamics. This complicated situation poses risks, and it is no surprise that many merger integrations turn out to be botched jobs.This book pools the current know-how, and closes important knowledge gaps, to offer hands-on advice and practical answers to the many 'how to' questions relating to merger implementation. It also explains the broader M&A context in which integration projects are rooted, providing a crucially important understanding of how to assess the chances of realising synergy potential and evaluate integration risks. The book demonstrates how integration can succeed and provides a candid overview of everything that needs to be done to navigate one of the most challenging areas of entrepreneurial activity. Business integration managers should view this as a vital instruction manual containing the essentials for the successful organisation of merger integration projects. The book guides PMI-managers through all the relevant fields of action to ensure a successful merger which forms a functioning and profitable business.


Periodical
Merger and acquisition brokers: overview and proposals for relief
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Year: 2019 Publisher: [Washington, D.C.] : Congressional Research Service,

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M&A disputes and completion mechanisms
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ISBN: 9041186379 9041186395 9041186255 Year: 2019 Publisher: Alphen aan den Rijn, The Netherlands : Wolters Kluwer,

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Carve-out M&A transitions : a practical guide
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ISBN: 9781787422407 Year: 2019 Publisher: London : Globe Law and Business,

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Book
Post-investment monitoring : intercultural synergy valuation
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ISBN: 1536159603 9781536159608 9781536159592 Year: 2019 Publisher: New York : Nova Science Publishers,

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"This monograph is focused on post-investment issues, particularly on intercultural synergy, and M&A performance. The M&A reasons are the result of globalization, of the need of growth and of achieving synergies. Most of the professionals consider that M&A is one of the most significant business phenomena in the past decades, but warn about the dangers of M&A. The most challenging part of the M&A process is the integration of two entities that present different organizational and national cultures. This monograph emphasizes the relationship between culture, post-merger integration processes, and M&A performance. This monograph exerts to find an explanation for M&A performance in terms of the impact that cultural differences have on the post-merger integration process. It emphasizes the role of post-investment monitoring and intercultural synergies achievement. This monograph offers an extensive insight of the M&A process inasmuch as M&As are a complex domain demanding an interdisciplinary approach. This book is seeking to deepen the apprehension of the impact of cultural differences on M&A performance. M&A performance can be characterized by ambiguity of the concept and a lack of concurrence on measurement procedures. This monograph reveals that cultural synergy can be produced by similarities in organizations but at once by differences. The empirical results deliver contradictory outcomes. Intercultural synergy might be highly significant after the merger or on the contrary have an insignificant effect on firms' performance or even a negative impact. The findings regarding the cross-cultural integration aspects are contradictory and the relation between M&A performance and intercultural synergy is still to be refined. The findings of this book suggest that intercultural synergy is a significant and controversial issue of cross border M&As. Some inconsistent results suggest the need for further research on post-merger integration. The main goal of this book is to uncover intercultural issues that managers encountered during the post-investment phase and they should have discovered during the pre-investment phase. Intercultural synergy has a strong impact on M&A. Both national and organizational cultures are determinants for maximizing the intercultural synergy. This monograph integrates the research on national, organizational and professional culture, into a theory of M&A performance and outcome. It investigates not only the outcomes and intercultural synergy but also the perception on these issues. In the area of intercultural management, this book reveals that the culture clusters make for a very helpful and strong tool. It appears that national culture might influence perceptions on M&A in some culture clusters much more than in others. M&A professionals may benefit from a deeper understanding of cultural values that shape the post-merger integration process and implicitly the M&A performance. The companies that minimize the importance of post-investment monitoring expose themselves to a higher risk of failure. The expectation of the author of this monograph is that the conclusions would help forewarn M&A scholars and practitioners of the need to thoroughly understand the cultural issues influencing the post-M&A processes. This monograph will be useful for academic researchers, postgraduate students, for MBA/Executive Education and for practitioners"--

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