Privatization from the acquirer's perspective: A mergers and acquisitions based framework

Journal of Management Studies

Volumn 35, Issue 5, 1998, Pages 618-640

  Uhlenbruck, Nikolaus ^a   De Castro, Julio ^b  

^a CALIFORNIA STATE UNIVERSITY   (United States)

^b UNIVERSITY OF COLORADO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0032164097     PISSN: 00222380     EISSN: None     Source Type: Journal    
DOI: 10.1111/1467-6486.00112     Document Type: Article

References (83)

1. ADLER, M. and DUMAS, B. (1975). 'Optimal international acquisitions'. Journal of Finance, 30, 1-20.
2. AHARONI, Y. (1986). The Evolution and Management of State-owned Enterprises. Cambridge, MA: Ballinger.
3. ASH, N. (1990). 'The privatization dilemma'. Euromoney, September, 145-8.
4. AUSTIN, J. E. (1990). Managing in Developing Countries. New York: The Free Press.
5. AYUB, M. A. and HEGSTAD, S. O. (1986). Public Industrial Enterprises: Determinants of Performance. Washington, DC: The World Bank.
6. BAUMOL, W. J., PANZAR, J. C. and WILLIG, R. D. (1982). Contestable Markets and the Theory of Industry Structure. New York: Harcourt Brace Jovanovich.
7. BEESLEY, M. E. and LITTLECHILD, S. C. (1989). 'The regulation of privatized monopolies in the United Kingdom'. Rand Journal of Economics, 20, 454-72.
8. BOARDMAN, A. E. and VINING, A. R. (1989). 'Ownership and performance in competitive environments: a comparison of the performance of private, mixed, and state-owned enterprises'. Journal of Law and Economics, 22, 1-33.
9. BRAHM, R. (1995). 'National targeting policies, high-technology industries, and excessive competition'. Strategic Management Journal, 16 (Summer), 71-92.
10. CALORI, R., LUBATKIN, M. and VERY, P. (1994). 'Control mechanism in cross-border acquisitions: an international comparison'. Organization Studies, 15, 361-79.
11. CARLIN, W., VAN REENEN, J. and WOLFE, T. (1994). 'Enterprise restructuring in the transition: an analytical survey of the case study evidence from central and eastern Europe'. Working Paper No. 14, European Bank for Reconstruction and Development, London, UK.
12. CHANDLER, A. D. (1962). Strategy and Structure. Cambridge, MA: MIT Press.
13. CHATTERJEE, S. (1986). 'Types of synergy and economic value: the impact of acquisitions on merging and rival firms'. Strategic Management Journal, 7, 119-39.
14. COOK, P. and KIRKPATRICK, C. (1988). 'Privatization in less developed countries: an overview'. In Cook, P. and Kirkpatrick, C. (Eds), Privatization in Less Developed Countries. New York: St Martin's Press, 4-44.
15. COWAN, L. G. (1990). Privatization in the Developing World. New York: Greenwood Press.
16. DAHL, R. A. and LINDBLOM, C. E. (1953). Politics, Economics and Welfare. New York: Harper.
17. DATTA, D. K. (1991). 'Organizational fit and acquisition performance: effects of post-acquisition integration'. Strategic Management Journal, 12, 281-97.
18. DATTA, D. K. and PUIA, G. (1995). 'Cross-border acquisitions: an examination of the influence of relatedness and cultural fit on shareholder value creation in US acquiring firms'. Management International Review, 35, 337-59.
19. DATTA, D. K., PINCHES, G. P. and NARAYANAN, V. K. (1992). 'Factors influencing wealth creation from mergers and acquisitions: a meta-analysis'. Strategic Management Journal, 13, 67-84.
20. DE CASTRO, J. O. and SCHULZE, W. S. (1995). 'The transfer of technology to less developed countries: a model from the perspective of the technology recipient.' Journal of High Technology Management Research, 6, 1, 113-26.
21. DE CASTRO, J. O. and UHLENBRUCK, N. (1997). 'Characteristics of privatization: evidence from developed, less-developed, and former communist countries'. Journal of International Business Studies, 28, first quarter, 123-43.
22. DONAHUE, J. D. (1989). The Privatization Decision. New York: Basic Books.
23. DOUKAS, J. and TRAVLOS, N. G. (1988). 'The effect of corporate multinationalism on shareholders' wealth: evidence from international acquisitions'. Journal of Finance, 43, 1161-75.
24. THE ECONOMIST (1993). 'Selling the state'. 21 August, 18-20.
25. THE ECONOMIST (1995). 'Transition economies: micro chasm'. 4 November, 81.
26. FOWLER, K. L. and SCHMIDT, D. R. (1989). 'Determinants of tender offer post-acquisition financial performance'. Strategic Management Journal, 10, 339-50.
27. FREUDENBERG, T. and BIRD, A. (1991). 'An outsider's primer on East German investment. Mergers & Acquisitions, 25, 5, 50-3.
28. GALAL, A., JONES, L., TANDON, P. and VOGELSANG, I. (1992). Welfare Consequences of Selling Public Enterprises. Washington, DC: The World Bank.
29. GINSBERG, A. and BUCHOLTZ, A. (1990). 'Converting to for-profit status: corporate responsiveness to radical change'. Academy of Management Journal, 33, 445-77.
30. GOODMAN, J. B. and LOVEMAN, G. W. (1991). 'Does privatization serve the public interest?'. Harvard Business Review, 69, 6, 26-38.
31. GREENWOOD, R., HININGS, C. R. and BROWN, J. (1994). 'Merging professional service firms'. Organization Science, 5, 239-57.
32. GRIMSTONE, G. (1989). 'Privatisation: macroeconomics and modalities. In Ramanadham, V. V. (Ed.), Privatisation in Developing Countries. London: Routledge, 103-17.
33. HARRISON, J. S., HITT, M. A., HOSKISSON, R. E. and IRELAND, R. D. (1991). 'Synergies and post-acquisition performance: differences versus similarities in resource allocations'. Journal of Management, 17, 173-90.
34. HARTLEY, K. and PARKER, D. (1991). 'Privatization: a conceptual framework'. In Ott, A. F. and Hartley, K. (Eds), Privatization and Economic Efficiency. Hants, UK: Edward Elgar, 11-25.
35. HASPESLAGH, P. and JEMISON, D. B. (1991). Managing Acquisitions: Creating Value through Corporate Renewal. New York: The Free Press.
36. HIRSCH, W. (1991). Privatizing Government Services: An Economic Analysis of Contracting Out by Local Governments. Los Angeles, CA: University of California Press.
37. HISEY, K. B. and CAVES, R. E. (1985). 'Diversification strategy and choice of entry: diversifying acquisitions abroad by US multinationals'. Journal of International Business Studies, Summer, 51-64.
38. HOWELL, R. A. (1970). 'Plan to integrate your acquisition'. Harvard Business Review, 48, 6, 66-76.
39. HUTCHINSON, G. (1991). 'Efficiency gains through privatization of UK industries'. In Ott, A. F. and Hartley, K. (Eds), Privatization and Economic Efficiency. Hants, UK: Edward Elgar, 87-107.
40. JEMISON, D. B. and SITKIN, S. B. (1986). 'Corporate acquisitions: a process perspective'. Academy of Management Review, 11, 145-63.
41. JENSEN, M. C. (1989). 'Eclipse of the public corporation'. Harvard Business Review, 67, 5, 61-74.
42. KUSEWITT, J. B. (1985). 'An exploratory study of strategic acquisition factors relating to performance'. Strategic Management Journal, 6, 151-69.
43. LAWRENCE, P. R. and LORSCH, J. W. (1967). 'Differentiation and integration in complex organizations'. Administrative Science Quarterly, 12, 1-47.
44. LUBATKIN, M. (1983). 'Mergers and the performance of the acquiring firm'. Academy of Management Review, 8, 218-25.
45. MACMILLAN, I., MCCAFFERY, M. L., and VAN WIJK, G. (1985). 'Competitors' responses to easily imitated new products: exploring commercial banking product introductions'. Strategic Management Journal, 6, 75-86.
46. MARKIDES, C. C. and ITTNER, C. D. (1994). 'Shareholder benefits from corporate international diversification: evidence from US international acquisitions'. Journal of International Business Studies, 25, 343-66.
47. MEJSTRIK, M. and BURGER, J. (1994). 'Privatization in practice: Czechoslovakia's experience in 1989 to mid-1992'. In Rondonelli, D. A. (Ed.), Privatisation and Economic Reform in Central and Eastern Europe: Tne Changing Business Climate. Westport, CT: Quorum Books, 135-58.
48. MERGERS & ACQUISITIONS (1991). 'A cold-eyed agenda for betting on the East. Special Report: The prospects for mergers and acquisitions in Eastern Europe'. Mergers and Acquisitions, 25, 5, 65-70.
49. MULLEN, M. R. (1995). 'Diagnosing measurement equivalence in cross-national research'. Journal of International Business Studies, 26, 573-96.
50. MURTHA, T. P. and LENWAY, S. A. (1994). 'Country capabilities and the strategic state: how national political institutions affect multinational corporations' strategies'. Strategic Management Journal, 15, Summer, 113-30.
51. NAHAVANDI, A. and MALEKZADEH, A. E. (1988). 'Acculturation in mergers and acquisitions'. Academy of Management Review, 13, 79-90.
52. NANKANI, H. B. (1990). 'Lessons of privatization in developing countries'. Finance & Development, 27, March, 43-5.
53. NAPIER, N. K. (1989). 'Mergers and acquisitions, human resource issues and outcomes: a review and suggested typology'. Journal of Management Studies, 26, 271-89.
54. PABLO, A. L. (1994) 'Determinants of acquisition integration level'. Academy of Management Journal, 37, 803-36.
55. PARKER, D. and HARTLEY, K. (1991). 'Do changes in organizational status affect financial pertormance?'. Strategic Management Journal, 12, 631-41.
56. PENNINGS, J. M., BARKEMA, H. and DOUMA, S. (1994). 'Organizational learning and diversification'. Academy of Management Journal, 37, 608-40.
57. PERRY, J. L. and RAINEY, H. G. (1988). 'The public-private distinction in organization theory: a critique and research strategy'. Academy of Management Review, 13, 182-201.
58. PFEFFER, J. and SALANCIK, G. R. (1978). The External Control of Organizations: A Resource Dependence Perspective. New York: Harper & Row.
59. PORTER, M. E. (1980). Competitive Strategy. New York: The Free Press.
60. PORTER, M. E. (1985). Competitive Advantage. New York: The Free Press.
61. RAMAMURTI, R. (1992). 'Why are developing countries privatizing?'. Journal of International Business Studies, 23, 2, 225-49.
62. ROY, K. C. (1991). 'Public sector performance and managerial efficiency under planned development: India's experience'. Economia-Internationale, 44, May-June, 254-68.
63. SALTER, M. S. and WEINHOLD, W. A. (1979). Diversification Through Acquisition: Strategies for Creating Economic Value. New York: The Free Press.
64. SCHERER, F. M. and ROSS, D. (1990). Industrial Market Structure and Economic Performance (3rd edn). Boston, MA: Houghton Mifflin.
65. SCHWEIGER, D. M. and DENISI, A. S. (1991). 'Communication with employees following a merger: a longitudinal field experiment'. Academy of Management Journal, 34, 110-35.
66. SCHWEIGER, D. M. and IVANCEVICH, J. M. (1987). 'The effects of mergers and acquisitions in organizations and human resources: a contingency view'. Presented at the 7th Annual Strategic Management Society Conference, Boston, MA.
67. SHRIVASTAVA, P. (1986). 'Postmerger integration'. Journal of Business Strategy, 7, 1, 65-76.
68. SMITH, A. ([1776] 1937). An Inquiry Into the Nature and Causes of the Wealth of Nations. New York: Modern Library.
69. SPANN, R. M. (1977). 'Rates of productivity change and the growth of state and local governmental expenditures'. In Borcherding, T. E. (Ed.), Budgets and Bureaucrats: The Sources of Government Growth. Durham, NC: Duke University Press.
70. THOMPSON, D. (1989). 'Introducing competition and regulatory requirements'. In Ramanadham, V. V. (Ed.), Privatisation in Developing Countries. London: Routledge, 125-32.
71. TRAUTWEIN, F. (1990). 'Merger motives and merger prescriptions'. Strategic Management Journal, 11, 283-95.
72. VERNON, R. (1988). The Promise of Privatization: A Challenge for American Foreign Policy. New York: Council on Foreign Relations.
73. UHLENBRUCK, N. (1996). 'Privatization in east-central Europe: a mergers and acquisitions perspective'. Unpublished dissertation, University of Colorado, Boulder.
74. VICKERS, J. and YARROW, G. (1988). Privatization: An Economic Analysis. Cambridge, MA: MIT Press.
75. VICKERS, J. and YARROW, G. (1991). 'Economic perspectives on privatization'. Journal of Economic Perspectives, 5, 2, 111-32.
76. WALTER, G. A. and BARNEY, J. B. (1990). 'Management objectives in mergers and acquisitions'. Strategic Management Journal, 11, 79-86.
77. WALTERS, A. A. (1987). 'Ownership and efficiency in urban buses'. In Hanke, S. H. (Ed.), Prospects for Privatization. New York: Academy of Political Science, 83-92.
78. WINTER, S. G. (1994). 'Organizing for continuous improvement: evolutionary theory meets the quality revolution'. In Baum, J. A. C. and Singh, J. V. (Eds), The Evolutionary Dynamics of Organizations. Oxford, UK: Oxford University Press, 90-108.
79. WORTMAN, M. (1990). Privatization in Latin America: New Competitive Opportunities and Challenges. New York: Business International Corporation.
80. YASAI-ARDEKANI, M. (1986). 'Structural adaptations to environments'. Academy of Management Review, 11, 9-21.
81. YOUNG, P. (1987). 'Privatization around the world'. In Hanke, S. H. (Ed.), Prospects for Privatization. New York: Academy of Political Science, 190-206.
82. ZANK, N. S. (1991). 'Perspectives on privatization in LDCs: Encouraging economic growth and efficiency'. In Ott, A. F. and Hartley, K. (Eds), Privatization and Economic Efficiency. Hants, UK: Edward Elgar, 163-83.
83. ZECKHAUSER, R. J. and HORN, M. (1989). 'The control and performance of state owned enterprises'. In MacAvoy, P. W., Stanbury, W. T., Yarrow, G. and Zeckhauser, R. J. (Eds), Privatization and State Owned Enterprises: Lessons From the United States, Great Britain and Canada. Boston, MA: Kluwer, 7-57.