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Title: When David takes over Goliath : emerging market firms, M&A strategy, and post-acquisition integration
Author: Szepan, Marc
ISNI:       0000 0004 6500 6278
Awarding Body: University of Oxford
Current Institution: University of Oxford
Date of Award: 2016
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Over the past decades, Chinese firms have become major competitors in the global M&A space. The present thesis examines one of China's largest and most technology-intensive state-owned enterprises and its acquisitions-based internationalization strategy via a qualitative comparative case study-based research design. Contrary to existing research on firm internationalization that focuses on factors external to the firm, this thesis finds that entry mode decisions can be best explained by explanatory variables internal to the firm. In the area of China business studies, this thesis challenges widely held notions of Chinese state-owned enterprise executives and finds that managerial behaviour at these firms can be characterized as largely rational. Extant management scholarship focuses on the efficiency maximizing function of firm-internal markets. This thesis finds that reliance on internal markets is driven by the objective of effectiveness maximization. Internal markets are a critical post-acquisition integration value driver and integral component of a hybrid approach to post-acquisition integration that combines hierarchical and market-based forms of coordination and that challenges the “light touch” concept widely held in China business studies. Extant studies on knowledge transfer highlight capabilities, motivations, and network positioning as explanatory variables for a firm's absorptive capacity. In contrast, this thesis focuses on “failure avoidance” driven managerial behaviour as the main constraint on a firm's ability to exploit knowledge from its acquisitions. This thesis contributes to the literature by i) exploring an understudied empirical setting (i.e. Chinese state-owned enterprise), ii) answering calls for greater research on post-acquisition integration and the underlying firm-internal mechanisms and dynamics below the level of the firm, and iii) by augmenting existing management theoretical concepts (i.e. firm internal dynamics as entry mode determinants, internal markets as post-acquisition integration value drivers, and managerial behaviour as constraint on absorptive capacity).
Supervisor: Sako, Mari ; Thun, Eric Sponsor: RADMA Foundation
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available