Please use this identifier to cite or link to this item:
Title: Divesting assets and redeploying resources as predictors of the performance of acquisitions: the case of Greece
Authors: Giannopoulous, Marinos
Advisors: Koufopoulous, D
Woods, A
Keywords: Mergers and acquisitions;Post-acquisition performance;Post-crisis;Cost efficiency;Resource-based theory
Issue Date: 2013
Abstract: Post-crisis market realities in Greece are expected to lead to increased M&A activity in the coming years, little evidence is provided in the academic literature on Greek M&A post-acquisition performance and its driving factors. The overall aim of this thesis is to complement and enhance the existing M&A literature by examining the impact of two post-acquisition actions, of asset divestiture and resource redeployment on the long-term performance of Greek M&A deals over the period 2005-2009. The conceptual framework of this thesis draws on the strategic management perspective. Using the cost efficiencies argument, the thesis examines how cost savings, due to asset divestiture affect the post-acquisition performance of both the target and the acquiring firm. In addition, by drawing on the resource-based view of the firm and the dynamic capabilities perspective, the thesis explores the effects of post-acquisition resource redeployment from acquirers to targets and vice versa, on revenue-enhancing capabilities. The findings revealed that the divestiture of the acquirers’ assets does not reduce costs. In addition, the importance of revenue-based synergies was shown, through the mediating variables of market coverage and innovation capabilities. Finally, acquirer’s resource redeployment has a positive and significant effect on cost savings and the same holds true for the resource redeployment to the target. These results indicate that resource redeployment contributes in achieving higher cost efficiency. The originality of this study is that it tries to obtain new insights on the subject of the post-acquisition performance using arguments from the cost-based and resourcebased synergies, the resource-based view (RBV) of the firm and the dynamic capabilities perspective. In addition, this is a large-scale empirical study conducted in Greece drawing on detailed primary data on a high range of post-acquisition actions followed by the managers of the acquiring companies rather than secondary data.
Description: This thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.
Appears in Collections:Business and Management
Brunel Business School Theses

Files in This Item:
File Description SizeFormat 
FulltextThesis.pdf6.39 MBAdobe PDFView/Open

Items in BURA are protected by copyright, with all rights reserved, unless otherwise indicated.