Synergy Value and Strategic Management: Inside the Black Box of Mergers and Acquisitions

ISBN-13: 9783319406695 / Angielski / Twarda / 2016 / 91 str.

Stefano Garzella; Raffaele Fiorentino

Opis

This book addresses synergy management, which poses an important challenge for firms, advisors and practitioners involved in mergers and acquisitions (M&A). Synergy plays a key role in M&A contexts, both in the decision-making process and, subsequently, in the integration phase. However, despite the fact that synergy value is commonly regarded as one of the key success factors in M&A, research shows that firms generally fail to achieve the expected synergy. The extant literature is characterized by a lack of comprehensive models of synergy management: the assessment of synergy value remains a black box for scholars and practitioners alike. The authors provide a comprehensive framework for synergy management by integrating findings from prior research and various disciplines. The framework highlights the main dimensions of synergy management in mergers and acquisitions, common pitfalls, and new models and tools for avoiding them. As such, the book enriches the M&A literature, offers new insights for scholars, and provides valuable guidelines for practitioners involved in synergy management.
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Spis treści

Introduction

1. M&A success and failure: the role of synergy management

1.1. Strategic management, growth strategies, and M&As

1.2. The role of synergy in mergers and acquisitions

1.3. The synergy: an important motivation of M&As

1.4. The synergy: an aim difficult to realize

1.5. The synergy: the risks 

2. Inside synergy assessment: towards the real value of M&As

2.1. The value of synergy

2.2. The strategic factors affecting synergy

2.3. The synergy valuation models

2.4. The assessment of synergy value 

3. Synergy management: from pitfalls to value 

3.1. The synergy pitfalls

3.2. The management of synergy pitfalls

3.3. How to overcome synergy pitfalls: tools and actions

3.4. The synergy statement

Conclusions

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O autorze

Stefano Garzella is Full Professor of Strategic Management at the University Parthenope. He received his PHD in Business Administration from the University of Pisa in 1998. He is a member of SIDREA (Italian association of Professors in Accounting and Management), AIDEA (Italian Academy of Management) and EURAM. He has articles published in Management Decision, Business Process Management Journal and other leading journals. His research focuses on strategic management, M&As, green management and valuation approaches. 

Raffaele Fiorentino is Associate Professor at the University Parthenope, where he teaches Strategic Management and Business Valuation. He received his PHD in Business Administration from the same University in 2008. He was also Visiting Professor at the University of Pisa in 2008 and 2009. He is a member of the board of SIDREA (Italian Association of Professors in Accounting and Management) and EURAM member. He has articles published in Management Decision, Business Process Management Journal and other leading journals. His research interests include strategic change, performance measurement, M&As and sustainability strategies.