Burak PEKCAN, Fatma KUSKU

3415

BIRLEŞME VE SATIN ALMALARDA ÖRGÜTSEL UYUM MEKANIZMALARINI ANLAMAK: BANKACILIK SEKTÖRÜNDEN BIR VAKA ARAŞTIRMASI

Amaç- Birleşme ve satın almalar örgütsel değişimi de beraberinde getirmektedir. Başarılı olabilmek için, bu değişime uyum sağlanması çok önemlidir. Değişime uyum sağlanması için örgütlerin yapılarını, süreçlerini ve insan kaynaklarını da bu yönde uyumlu hale getirmeleri gerekmektedir. Bu araştırmada, Türkiye bağlamında gerçekleşen bir sınır ötesi satın alma işlemi sonrasındaki uyum mekanizmalarının açıklanması amaçlanmaktadır. Yöntem- Bu çalışma açıklayıcı araştırma tasarımına dayanmaktadır. Satın alınan kuruluş bünyesinde gerçekleştirilen araştırmada, birincil veriler (kuruluşun yöneticileri ile gerçekleştirilen mülakatlar ve gözlemler) ve ikincil veriler (satın alınan kuruluşun bildiri ve duyuruları, sunumları, organizasyon yapısında zaman içerisinde gerçekleşen değişimler ve diğer kuruluş içi kaynaklar) toplanarak değerlendirilmiştir. Bulgular- Satın almanın ardından her iki şirketin yapısını, süreçlerini ve insan kaynaklarını uyumlu hale getirmek için çeşitli uyum mekanizmaları uygulanmıştır. Örgüt bünyesinde bazı alanlarda derinlemesine uyum gerçekleşirken, bazı alanlar daha az değişmiş veya değişmeden kalmıştır. Ayrıca, örgütsel uyumu hedefleyen mekanizmaların uygulanış biçiminin birleşme sonrası bütünleşme yazınında değinilen şeklinden farklılaşabileceği gözlemlenmiştir. Sonuç- Araştırma sonuçları, satın alım sonrası değişime uyum sağlanması sürecinde yalnızca “görev bütünleşmesi” mekanizmalarının yeterli olmadığı, “insan” ve “kültür” faktörlerinin de satın alım sonrası bütünleşmenin başarısı üzerinde en az ilki kadar önemli olduğunu göstermektedir. İncelenen vakada, satın alınan kuruluş bünyesinde her iki bütünleşme stratejisi altında çeşitli uygulamaların birlikte gerçekleştirildiği, ayrıca yazında değinilmeyen bazı uygulamaların da her iki ana kavram altında pratikte uygulandığı görülmektedir.
Anahtar Kelimeler:

Birleşme ve satın alma, örgütsel değişim, örgütsel uyum, yapısal uyum, kültürel uyum, Türkiye

UNDERSTANDING ORGANIZATIONAL ADAPTATION MECHANISMS IN MERGER AND ACQUISITIONS: A CASE STUDY FROM THE BANKING SECTOR

Purpose- Merger and Acquisitions bring together organizational change. Adapting to this change is essential to be successful. Organizations need to harmonize their structures, processes and human resources in order to successfully adapt to this change. The current study aims to explore the post-integration mechanisms carried out after a multinational acquisition in Turkish context. Methodology- This study is based on descriptive research design. Primary data were collected through interviews and observations made with the managers of the acquired organization. In addition, secondary data were collected by examining the notices and announcements, corporate presentations, changes in organizational structure over time and other internal resources of the acquired company. Findings- Following the acquisition, various integration mechanisms are applied to align the structure, processes and human resources of both companies. In some aspects it was found in-depth integration and alignment, whereas some areas remain less changed or even unchanged. Also, it was observed that the application of mechanisms aimed for organizational alignment may differ from the already mentioned methods in the Post-Merger Integration literature. Conclusion- Research results show that task integration mechanisms by themselves are not sufficient in the process of adaptation to postacquisition integration. Human and culture factors are at least as important as the first one on post-acquisition integration success. In the case examined, it is seen that various mechanisms were applied under both integration strategies within the acquired organization, and some additional mechanisms not mentioned directly in the literature.
Keywords:

Merger and acquisition, organizational change, organizational adaptation, structural adaptation, cultural adaptation, Turkey,

PDF

___

  • Abbasoğlu, O.F., Aysan, A.F., Güneş, A. (2007), Concentration, Competition, Efficiency and Profitability of the Turkish Banking Sector in the Post-Crises Period, MPRA Paper No.5494, [online], http://mpra.ub.uni-muenchen.de/5494/ [Erişim tarihi: 12.02.2020[
  • Aguilera, R. V., ve Dencker, J. H. (2004). The role of human resource management in cross-border mergers and acquisitions. International Journal of Human Resource Management, 15, 1355-1370.
  • Akhavein, J. D., Berger, A. N. ve Humphrey, D. B. (1997), The effects of megamergers on efficiency and prices: evidence from a bank profit function, Review of Industrial Organization, 12, 95–139.
  • Altunbaş, Y. ve Ibanez, D. M. (2004), Mergers and acquisitions and bank performance in Europe. The role of strategic similarities, ECB working paper series no. 398 (European Central Bank, Frankfurt, Germany)
  • Angwin, D. ve Meadows, M. (2015). New integration strategies for post-acquisition management. Long Range Planning, 48(4), 235–251.
  • Angwin, D. N., Mellahi, K., Gomes, E., ve Peter, E. (2016). How communication approaches impact mergers and acquisitions outcomes. International Journal of Human Resources Management, 27(20), 2370–2397.
  • Bansal, A. (2015), Understanding the integration mechanisms practiced during organizational change: Evidence from five M & A transactions, Journal of Organizational Change Management, 28(6), 929-947.
  • Bari, M.W., Abrar, M., Bashir, M., Baig, S.A. ve Fanchen, M. (2019). Soft Issues During Cross-Border Mergers and Acquisitions and Industry Performance, China–Pakistan Economic Corridor Based View, [online], https://journals.sagepub.com/doi/full/10.1177/2158244019845180 , [Erişim tarihi: 03.03.2020]
  • Bari, M. W., Fanchen, M. ve Baloch, M. A. (2016). Management practices and performance of mergers and acquisitions in Pakistan: Mediating role of psychological contract. SpringerPlus, 5, Article 1527. doi:10.1186/s40064-016-3184-3
  • Bauer, F. ve Matzler, K. (2014). Antecedents of M&A Success: The Role of strategic complementarity, cultural fit and degree and speed of integration, Strategic Management Journal, 35, 269-291.
  • Bauer, F., Hautz, J., ve Matzler, K. (2015). Unveiling the myths of M&A integration: challenging general management and consulting practice", Journal of Business Strategy, 36(2), 16-24
  • Bauer, F., King, D. ve Matzler, K. (2016). Speed of acquisition integration: Separating the role of human and task integration, Scandinavian Journal of Management, Elsevier, 32(3), 150-165.
  • Bauer, F., Dao, M. A., Matzler, K., ve Tarba, S. Y. (2017). How Industry Lifecycle Sets Boundary Conditions for M&A Integration, Long Range Planning, 50(4), 501-517.
  • Bereskin, F., Byun, S.K., Officer, M.S. ve Oh, J. (2018). The Effect of Cultural Similarity on Mergers and Acquisitions: Evidence from Corporate Social Responsibility, Journal of Financial and Quantitative Analysis, 53(5), 1995-2039.
  • Bergman, D.R., Savoia, J.R.F. ve Souza, B.M. (2015). Evaluation of Merger and Acquisition Processes in the Brazilian Banking Sector by means of an Event Study, Review of Business Management, 17(56), 1105-1115.
  • Bernad, C., Fuentelsaz, L. ve Gomez, J. (2010). The effect of mergers and acquisitions on productivity: An empirical application to Spanish banking, Omega-International Journal of Management Science, 38(5), 283-293.
  • Bernard, H.R. (2011), Research Methods in Anthropology, Qualitative and Quantitative Approaches, Rowman, Altamira.
  • Bijlsma-Frankema, K. (2001), On managing cultural integration and cultural change processes in mergers and acquisitions, Journal of European Industrial Training, 25(2/3/4), 192-207.
  • Birkinshaw, J., Bresman, H. ve Hakanson, L. (2000). Managing the post-acquisition integration process: How the human integration and task integration processes interact to foster value creation. Journal of Management Studies, 37, 395-425.
  • Blake, R.R. ve Mouton, T.S. (1984) Solving costly organizational conflicts: Achieving intergroup trust, cooperation and teamwork. San Francisco: Jossey-Bass.
  • Bryman, A. (2008), Why do researchers integrate/combine/mesh/blend/mix/merge/fuse quantitative and qualitative research, Advances in Mixed Methods Research, ss. 87-100.
  • Carleton, R.J. (1997) Cultural Due Diligence, Training, 34, 67-80.
  • Cartwright, S. ve Cooper, C. L. (1995). Organizational marriage: “Hard” versus “soft” issues? Personnel Review, 24(3), 32-42.
  • Cartwright, S., Teerikangas, S., Rouzies, A. ve Wilson- Evered, E. (2012). Methods in M&A – a look at the past and the future to forge a path forward. Scandinavian Journal of Management, 28, 95–106.
  • Cassia, L. ve Minola, T. (2012), “Hyper-growth of SMEs”, International Journal of Entrepreneurial Behavior & Research, 18(2), 179-197.
  • Coşkun, S.A. ve Karğın, S. (2016). Sınır Ötesi Birleşme ve Satın Almaların Bankaların Finansal Performansına Etkileri: Üç Banka Üzerinde CAMELS Analizi, Muhasebe ve Finansman Dergisi, Ocak 2016, 41-60.
  • Creswell, J.W. (2012). Educational research: planning, conducting, and evaluating quantitative and qualittive research, Pearson.
  • Dauber, D. (2009), Mergers and acquisitions, integration and culture: what we have learned and failed to learn in the past ten years, Conference of the International Association of Cross-Cultural Competence and Management (IACCM) and CEMS Doctoral Seminar, June 24-26, Vienna.
  • DeLong, G. (2003), Does long-term performance of mergers match market expectations? Evidence from the US banking industry, Financial Management 32, 5-25.
  • DeYoung, R., Evanoff, D. D. ve Molyneux, P. (2009) Mergers and Acquisitions of Financial Institutions: A Review of the Post 2000 Literature, Journal of Financial Services, 36, 87-110.
  • DiMaggio, P. J. ve W. Powell. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields . American Sociological Review, 48, 147-160.
  • Dixon, I. (2005). Cultural issues in mergers and acquisitions: Human resource management. [online]
  • https://www2.deloitte.com/content/dam/Deloitte/us/Documents/mergers-acqisitions/us-ma-consulting-cultural-issues-in-ma-010710.pdf [Erişim tarihi: 11.10.2019]
  • Eisenhardt, K.M. (1989). Building theories from case study research. Academy of Management Review, 14(4), 532–550.
  • Eisenhardt, K.M. ve Graebner, M.E. (2007). Theory building from cases: Opportunities and challenges. Academy of Management Journal, 50(1), 25-32.
  • Elena, B. ve Pascal, F. (2013). The Determinants of Mergers and Acquisitions in Banking, Journal of Financial Services Research, 43(2), 165- 175.
  • Ellis, K.M. ve Lamont, B.T. (2004), ‘Ideal’ acquisition integration approaches in related acquisitions of equals: a test of long-held beliefs, Advances in Mergers & Acquisitions, 3, 81-102.
  • Fadzlan, S. ve Shah, M. H. (2014). The impact of forced mergers and acquisitions on banks' total factor productivity: empirical evidence from Malaysia, Journal of the Asia Pacific Economy, 19(1), 151-185.
  • Flick, U. (2009). An introduction to qualitative research,: Sage Publications, London, UK, ISBN: 1446241319.
  • Gadiesh, O. ve Ormiston, C. (2002), Six rationales to guide merger success, Strategy and Leadership, 30(4), 38-40.
  • George, E. H., Matousek, R. ve Tzeremes, N.G. (2016) Pre-evaluating technical efficiency gains from possible mergers and acquisitions: evidence from Japanese regional banks, Review of Quantitative Finance and Accounting, 46, 47-77.
  • Ghauri, P.N. ve Buckley, P.J. (2003). International mergers and acquisitions: past, present and future. Advances in Mergers and Acquisitions, 2, 207-229.
  • Goddard, J., Molyneux, P., Wilson, J. O. S. ve Tavakoli, M. (2007) European banking: an overview, Journal of Banking & Finance 31, 1911-1935.
  • Goddard, J. Molyneux, P. ve Zhou, T. (2012) Bank mergers and acquisitions in emerging markets: evidence from Asia and Latin America, European Journal of Finance, 18(5), 419-438.
  • Gomes ve diğ. (2012) HRM issues and outcomes in African mergers and acquisitions: a study of the Nigerian banking sector, International Journal of Human Resource Management, 23(14), 2874-2900.
  • Hagendorff, J. ve Keasey, K. (2009). Post-merger strategy and performance: evidence from the US and European banking industries, Accounting and Finance, 49, 725-751.
  • Hajro, A. (2015). Cultural influences and the mediating role of socio-cultural integration processes on the performance of cross-border mergers and acquisitions, The International Journal of Human Resource Management, 26(2), 192-215.
  • Haspeslagh, P. ve Jemison, D. (1991). Making Acquisitions Work, Insead and The University of Texas, 1-31.
  • Hebert, L., Very, P. ve Beamish, P.W. (2005), Expatriation as a bridge over troubled water: A knowledge-based perspective applied to crossborder acquisitions, Organization Studies, 26(10), 1455-1476.
  • Hitt, M. A., Stewart, J. B. ve Lyman, W.P. (2009), Management, Second Edition, Pearson Prentice Hall, New Jersey.
  • Houston, J. F., James, C. M. ve Ryngaert, M. D. (2001), Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders, Journal of Financial Economics 60, 285–331.
  • Ioannis, A. ve Panayiotis, A.P. (2013). Revisiting the merger and acquisition performance of European banks, International Review of Financial Analysis, 29, 237-249.
  • Isoraite, M. (2009), Importance of strategic alliances in company’s activity, Intellectual Economics, 1(5), 39-46.
  • Jemison, D.B. ve Sitkin, S.B. (1986), Acquisitions-the process can be a problem, Harvard Business Review, 64(2), 107-116.
  • Jianbo, S. ve Liu Y. (2013) Cross-border Mergers and Acquisitions of Commercial Banks Based on Strategic Perspective - Case Study of ICBC, Conference: 5th International Conference on Financial Risk and Corporate Finance Management, Jun 29-30, Dalian.
  • Johan, S. (2018) The Strategic Rational of Banking Acquisition in Emerging Market, Journal of Economics & Business, 2(1), 13-21.
  • Johnson, P., Buehring, A., Cassell, C. ve Symon, G. (2007). Defining qualitative management research: an empirical investigation. Qualitative Research in Organizations and Management: An International Journal, 2(1), 23-42.
  • Kedia, B.L. ve Reddy, R.K., (2016). Language and cross-border acquisitions: An exploratory study. International Business Review, 25(6), 1321- 1332.
  • Kerber, K. ve Buono, A. F. (2005). Rethinking organizational change: Reframing the challenge of change management. Organizational Development Journal, 23(3), 23-38.
  • Khan, Z., Soundararajan, V. ve Shoham, A. (2020). Global post-merger agility, transactive memory systems and human resource management practices, Human Resource Management Review, 30, 1-10.
  • Kral, P. ve Kralova, V. (2016) Approaches to Changing Organizational Structure: The effect of drivers and communication, Journal of Business Research, 69, 5169-5174.
  • Lechner, C. ve Dowling, M. (2003), Firm networks: external relationships as sources for the growth and competitiveness of entrepreneurial firms, Entrepreneurship & Regional Development, 15(1), 1-26.
  • Lee, K.H., David C. M. ve Xu, E.Q. (2018). Human capital relatedness and mergers and acquisitions, Journal of Financial Economics, 129, 111- 135.
  • Lin, B.; Hung, S. ve Li, P. (2006), Mergers and acquisitions as a human resource strategy- Evidence from US banking firms, International Journal of Manpower, 27(2),126-142.
  • Lina, N. ve Graziano, P. (2015) Assessment of Mergers and Acquisitions in Banking on Small Open Economy as Sustainable Domestic Financial System Development, Economics & Sociology, 8(1), 71-87.
  • Lindblom, T. ve Von K.C. (2002) Cross-border bank mergers and acquisitions in the EU, Service Industries Journal, 22(4), 41-72.
  • Lindner, J. ve Crane, D. (1993), Bank mergers: integration and profitability, Journal of Financial Services Research 7, 35-55.
  • Liu, H., Li, Y., Yang, R. ve Li, X. (2019): How Do Chinese Firms Perform Before and After Cross-Border Mergers and Acquisitions?, Emerging Markets Finance and Trade, ss.1-17
  • Mahadewi, L. (2018) Post-merger and Acquisition Integration: A Case Review of Dial Henkel And BP Amoco, International Journal of Business Studies, 2(1), 49-61.
  • Marks, M.L. ve Mirvis, P.H. (2001), Making mergers and acquisitions work: strategic and psychological preparation, The Academy of Management Executive, 15(2), 80-92.
  • Masiero, G., Ogasavara, M.H. ve Risso, M.L. (2017), Going global in groups: a relevant market entry strategy?, Review of International Business and Strategy, 27(1), 93-111.
  • Meglio, O. ve Risberg, A. (2011). The (mis)measurement of M&A performance – a systematic narrative literature review. Scandinavian Journal of Management, 27, 418-433.
  • Neuman, W.L. (2003), Social research methods, Qualitative and Quantitative Approaches, Allyn and Bacon, Boston, ISBN: 0205297714
  • Nicholson, R. ve Salaber, J. (2016). Impact of the Financial Crisis on Cross-Border Mergers and Acquisitions and Concentration in the Global Banking Industry, Thunderbird International Business Review, 58(2), 161-173.
  • Nur, I.M. (2012). Soft issues around merger and acquisition. Journal Akuntansi & Management, 7(2), 1-8.
  • Ortiz-de-Urbina-Criado, M., Guerras-Martín, L.Á. ve Montoro, S.A. (2014), “The choice of growth method: strategies and resources”, Academia Revista Latinoamericana De Administracion, 27(1), 30-45.
  • Pablo, A.L. ve Javidan, M. (2009). Mergers and Acquisitions: Creating Integrative Knowledge, John Wiley & Sons, New Jersey.
  • Pfeffer, J. ve Salancik, G. R. (2003). The external control of organizations: A resource dependence perspective: Stanford, CA: Stanford University Press.
  • Pook, A.S.Y., Chong, C.W. ve Yuen, Y.Y. (2017), Effectiveness of cross-border knowledge transfer in Malaysian MSC status corporations,
  • Review of International Business and Strategy, 27(1), 70-92.
  • Radova, N. V. (2012). Estimating the Efficiency of Bank Mergers and Acquisitions, Actual Problems of Economics, 136, 203-211.
  • Reddy, K.S. (2015) The state of case study approach in mergers and acquisitions literature: A bibliometric analysis, Future Business Journal 1, 13-34.
  • Renneboog, L. ve Vansteenkiste, C. (2019). Failure and Success in Mergers and Acquisitions, Journal of Corporate Finance, 58, 650-699.
  • Rexhepi, G., Ramadani, V., Rahdari, A. ve Anggadwita, G. (2017), Models and strategies of family businesses internationalization: a conceptual framework and future research directions, Review of International Business and Strategy, 27(2), 248-260.
  • Ron, M. ve Matte, H. (2014) Merger and Acquisition Activity as Driver of Spatial Clustering: The Spatial Evolution of the Dutch Banking Industry, 1850-1993, Economic Geography, 90(3), 247-266.
  • Rym, A., Boussemart, J.P., Leleu, H. ve Saidane, D. (2013). Mergers and Acquisitions in European banking higher productivity or better synergy among business lines? Journal of Productivity Analysis, 39(2), 165-175.
  • Sales, A.L. ve Mirvis, P.H. (1984), When cultures collide: Issues in acquisition, Managing Organizational Transitions, Irwin Homewood, Illionis, ss. 107-133.
  • Salter, M. S. ve Weinhold, W. A. (1979). Diversification through acquisition. New York: Free Press.
  • Sarala, R.M., Junni, P., Cooper, C.L. ve Tarba, S.Y. (2014) A Sociocultural Perspective on Knowledge Transfer in Mergers and Acquisitions, Journal of Management, 42(5), 1230-1249.
  • Sarıgül, H. ve Kurşunel, F. (2012). Bankacılık Sektöründe Birleşme ve Satın Alma Nedenleri: 2001 – 2011 Türkiye Örnekleri, 11.Ulusal İşletmecilik Kongresi , May 2012, Konya.
  • Schoenberg, R. (2000). The influence of cultural compatibility within cross-border acquisitions: a review. Advances in Mergers and Acquisitions, 1, 43–59.
  • Schuler, R. S. ve Jackson, S. E. (2001). HR issues and activities in mergers and acquisitions. European Management Journal, 19, 59-75.
  • Schweiger, D.M. (2002), M&A Integration: A Framework for Executives and Managers, McGraw-Hill, New York, NY.
  • Schweiger, D.M. ve Denisi, A.S. (1991), Communication with employees following a merger: a longitudinal field experiment, Academy of Management Journal, 34 (1), 110-135.
  • Schweiger, D.M. ve Goulet, P.K. (2005), Facilitating acquisition integration through deep-level cultural learning interventions: a longitudinal field experiment, Organization Studies, 26 (10), 1477-1499.
  • Shrivastava, P. (1986), Postmerger integration, Journal of Business Strategy, 7(1), 65-76.
  • Stahl, G. K., ve Voigt, A. (2005). Impact of cultural differences on merger and acquisition performance: A critical research review and an integrative model. Advances in Mergers and Acquisitions, 4, 51-82.
  • Stahl, G. K., ve Voigt, A. (2008). Do cultural differences matter in mergers and acquisitions? A tentative model for examination. Organization Science, 19, 160-176.
  • Stahl, G. K., Angwin, D. N., Very, P., Gomes, E., Weber, Y., Tarba, S. Y., Noorderhaven, N., Benyamini, H., Bouckenooghe, D., Chreim, S., Durand, M., Hassett, M. E., Kokk, G., Mendenhall, M. E., Mirc, N., Miska, C., Park, K. M., Reynolds, N.S., Rouzies, A., Sarala, R. M., Soloti, S. L., Jr., Sondergaard, M., ve Yıldız, H. E. (2013). Sociocultural integration in mergers and acquisitions: Unresolved paradoxes and directions for future research. Thunderbird International Business Review, 55, 333-356.
  • Steele, D.M. (2014), Mergers & acquisitions: the roles of cultural/relational fit and human integration in cultural/relational convergence and organizational commitment, doctoral dissertation, TUI University, Cypress, California.
  • Teerikangas, S. ve Very, P. (2006). The culture-performance relationship in M&A: From yes/no to how. British Journal of Management, 17, 31-48.
  • Teerikangas, S., Joseph, R.J. ve Faulkner, D. (2012). Mergers and acquisitions: a synthesis. In Faulkner, D., Teerikangas, S. and Joseph, R.J. (eds), The Handbook of Mergers and Acquisitions, 1st edn. Oxford: Oxford University Press, 661–685.
  • Thakur, M. ve Bansal, A. (2015), A framework of HR enablers for successful M&A integration, in Risberg, A., King, D.R. and Meglio, O. (Eds),
  • The Routledge Companion to Mergers and Acquisitions, Routledge Publications, Taylor & Francis Group, London, 40-56.
  • Tuch, C. ve O’Sullivan, N. (2007). The impact of acquisitions on firm performance: a review of the evidence. International Journal of Management Reviews, 9, 141-170.
  • Ullrich, J. ve van Dick, R. (2007). The group psychology of mergers & acquisitions: lessons from the social identity approach. Advances in Mergers and Acquisitions, 6, 1–15.
  • Vaara, E., Tienari, J. ve Santti, R. (2003), The international match: Metaphors as vehicles of social identity-building in cross-border mergers, Human Relations, 56(4) 419-451.
  • Vaara, E., Bjorkman, I. ve Stahl, G.K. (2007), Cultural differences and capability transfer in cross-border acquisitions: the mediating roles of capability complementarity, absorptive capacity, and social integration, Journal of International Business Studies, 38(4), 658-672.
  • Weber, Y. ve Tarba, S.Y. (2010) Human resource practices and performance of mergers and acquisitions in Israel, Human Resource Management Review, 20(3) 203-211.
  • Willis, J.W. (2007). Foundations of Qualitative Research: Interpretive and Critical Approaches: Sage Publications Inc, Thousand Oaks, US, ISBN: 1412927412
  • Wright, M., Hoskisson, R.E., Busenitz, L.W. ve Dial, J. (2001), Finance and management buyouts: agency versus entrepreneurship perspectives,
  • Venture Capital: An International Journal of Entrepreneurial Finance, 3(3), 239-261.
  • Yıldırım, O. (2005) Türk Bankacılık Sektöründe Yeniden Yapılandırma ve Düzenlemelerin Türkiye Ekonomisine Etkileri [online], http://paribus.tr.googlepages.com/o_yildirim5.doc, [Erişim tarihi: 25.12.2018].
  • Yin, R.K. (2003). Case study research: design and methods (3rd edition). Thousand Oaks, CA: Sage, ISBN: 076192552X
  • Zhou, A.J., Fey, C. ve Yıldız, H.E. (2018) Fostering integration through HRM practices: An empirical examination of absorptive capacity and knowledge transfer in cross-border M&As, Journal of World Business, [online], https://doi.org/10.1016/j.jwb.2018.05.005, [Erişim tarihi: 17.01.2021].
  • Zollo, M., ve Singh, H. (2004), Deliberate learning in corporate acquisitions: post-acquisition strategies and integration capability in US bank mergers, Strategic Management Journal, 25, 1233–1256
Research Journal of Business and Management-Cover
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2014
  • Yayıncı: PressAcademia
Arşiv
Sayıdaki Diğer Makaleler

Harun YİLMAZ, Savas S. ATES

Mugahed MAHYOUB, Rasidah Mohd SAID

BIRLEŞME VE SATIN ALMALARDA ÖRGÜTSEL UYUM MEKANIZMALARINI ANLAMAK: BANKACILIK SEKTÖRÜNDEN BIR VAKA ARAŞTIRMASI

Burak PEKCAN, Fatma KUSKU

Aysenur ERDIL

TÜRKİYE’DE İŞ İNSANLARININ ÖRGÜTLER ARASI SOSYAL AĞLARA KATILMA NEDENLERİ

Murat CUBUKCU