- 권한신청
- P-ISSN1738-3110
- E-ISSN2093-7717
- SCOPUS
중소기업 M&A 의사결정 과정에 관한 연구
Case Study on Decision-Making Process for M&A in Small and Medium Companies
문재승 (Department of Business Administration, Daejeon University)
- 다운로드 수
- 조회수
Abstract
Purpose - A rapidly changing business environment places great demands on small and medium-sized enterprises (SMEs). These SMEs need to find strategic alternatives for continued growth and, ultimately, survival. Thus, mergers and acquisitions (M&A) are deemed an acceptable solution. Research to date has dealt with M&A in major organizations and focused on post merger integration (PMI). Our study focuses on SMEs, as they are relatively new and unknown to the public. Therefore, this study highlights successful M&A and decision making for SMEs through a case study analysis. Research design, data, and methodology - For this study, we examined an M&A case between company S, which produces cell phone parts, and company P, which produces SSD cases. We reviewed theories and previous studies in M&A literature. We comprehensively examined the decision-making procedure at each M&A stage, describing the situation of the buying company and the selling company from the period of the M&A announcement through deal completion. In addition, we conducted interviews with both companies. The data regarding this case study were collected through interviews with managers of both companies who actively participated in the M&A process. When necessary, we asked them about additional relevant information during the interviews. Results - The result of the M&A between company S and company P was deemed acceptable with the exception of the long negotiation period. However, company S was not able to prepare for PMI after the acquisition due to a controversy over acquisition values. Moreover, the employees of the newly formed company, especially those who came from company P, complained about the M&A and attempted to leave. Thus, implications for successful M&As of SMEs are as follows: First, the procedural compliance of the M&A is needed. Second, support is needed from the CEO for the working group, rather than excessive intervention during due diligence. Third, the right, talented members of the organization should be part of the process of the M&A. Fourth, the use of various types of outside expert or business consultants is needed. Fifth, the strategic intervention by Human Resource managers is required. Last, sharing M&A information among employees is important as information dissemination will help employees be more receptive to such a change. However, this study has several limitations as a single case study; more varied SME M&A case studies are needed in order to generalize the results of the study. Conclusions - Most of the research dealing with M&As has focused on major companies and PMI and neglected SMEs. Thus, our study focuses on SMEs and the decision-making procedures for M&A. This study has significantly contributed to the literature in this area and has provided practical information around the implications of sound decision-making during M&As. Specifically, the results of the study contribute to the need for research on M&A among SMEs, which to date has often been neglected as a topic of choice.
- keywords
- Small And Medium-Sized Enterprise, Merge & Acquisition, Case Study
참고문헌
Chimucheka, T. (2013). Obstacles to accessing finance by small business operations in the Buffalo city metropolitan municipality. East Asian Journal of Business Management, 3(2), 23-29.
Jemison, D. B., & Sitkin, S. B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.
Jeong, Yeon-Ang, & Son, Il-sang (2007). An exploratory study on the determinants of organizational commitment in M&A. Korean Journal of Business Administration, 20(3), 1011-1039.
Kim, Gyu-Bae, Kim, Byoung-Jai, & Yoon, Jun-Young (2013). A study on the post merger integration of marketing perspectives:Focused on the M&A cases of retail Industry. Journal of Marketing Studies, 21(2), 73-94.
Kim, Wol-Soo, Ban, Sung-Sik, & Park, Jong-Hae (2010). A study on M&A and Managerial performance of corporations listed in KOSDAQ. Journal of the Korean Entrepreneurship Society, 5(2), 101-120.
Kusewitt Jr., J. B. (1985). An exploratory study of strategic acquisition factors relating to performance. Strategic Management Journal, 6, 151-160.
Kwak, Ro-Sung, & Kwon, Ho-Geun (2001). The determinants of M&A negotiation outcomes. International Journal of Negotiation, 7(2), 131-155.
Kwon, In-Su, Kim, Min-Kyung, & Lee, Ji-Man (2007). A study on employees' perception on integration practices during and after M&A and their organization citizenship behavior. Journal of Organization and Management, 31(3), 103-131
Larsson, R., & Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization Science, 10(1), 1-26.
Lee, Hee-Soo (1997). A study on M&A theory and trends. Accounting Information Review, 3, 133-161.
Picot, G. (2002). Handbook of international mergers and acquisitions:Preparation, implementation, and integration. New York, NY: Palgrave Macmillan.
Ryoo, Joo-Han (2009). An explorative study on the success of post merger integration and the role of integration speed. Journal of Korean Corporation Management Review, 28, 263-286.
Schuler, R., & Jackson, S. (2001). HR issues and activities in mergers and acquisitions. European Management Journal, 19(3), 239-253.
Shanley, M. T., & Correa, M. E. (1992). Agreement between top management teams and expectation for post acquisition performance. Strategic Management Journal, 13, 245-267.
Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions:A review of current research and recommendations for the future. Journal of International Management, 10(3), 307-353.
Suh, Eung-Kyo, Lee, Seung-Chang, & Koo, Jae-Sung (2014). The strategic M&A approach based on the leading SME(Small-Medium Enterprise)'s PMI(Post-Merger Integration)failure case. Journal of Strategic Management, 17(1), 51-69.
- 다운로드 수
- 조회수
- 0KCI 피인용수
- 0WOS 피인용수