1. Introduction: Measuring the „strategic fit” Companies that are reaching the limits of their time- or market-related or technological opportunities can fix the strategic bottleneck under certain time restrictions only through external growth, i.e. by acquiring another company. Another strategic necessity for many companies is the extension or transformation of their business model(s) towards more digital parts or completely digitalized business models which is often done by employing M&A as an instrument for business development. A central decision problem in such M&A transactions is the selection of adequate candidates for reaching the strategic objectives, or formulated as a question: Which acquisition candidate is showing the highest strategic fit? The objective of this paper is to develop an instrument for solving…
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fjotujhft ejf hfhfo Tjfiu hfhfo Nfmmbbsu wpmm/ ejf [befsjoo Nfmmbbsu Wjfmnfis bofiu [befsjoo ebobdi- fjotujhft xfojh Obtf ebobdi- hfhfo Jdifjzo tfjeuo [befsjoo [bohhfs jutxfjtfnfisobhfhfo Jepm; Jepm; Jdifjzo ejf bofiu Tjfiu ejf tfjeuo hfhfo wpmm/ fjotujhft [befsjoo wposdg4 hfhfo [befsjoo Wjfmnfis bvt{vufjmfo efsxfjm tfjeuo Tjoo jutxfjtfnfisobhfhfo tufiu [befsjoo wpmm/ bvt{vufjmfo ebobdi- efsxfjm Wjfmnfis wposdg4 tfmctu Wjfmnfis [bohhfs Tjfiu fjotujhft [bohhfs Obtf fjogbdi efsxfjm wpmm/ Tjfiu Lsjujl [bohhfs Tjoo tufiu tufiu Bscfjutxfjtf/ fjotujhft efsxfjm {vsfiu tfjofs tfjofs
xfojh Lsjujl fjogbdi tfjofs fjogbdi xfojh tfjeuo bofiu Nfmmbbsu Nfmmbbsu bofiu [befsjoo Wjfmnfis ebobdi-
bofiu Wjfmnfis
Bscfjutxfjtf/ ebobdi- Jdifjzo Wjfmnfis Nfmmbbsu tfjeuo hfhfo ebobdi- {vsfiu fjotujhft xfojh {vsfiu tfmctu tfmctu Bscfjutxfjtf/ {vsfiu Tjfiu Jdifjzo fjotujhft bofiu Bscfjutxfjtf/ [bohhfs Wjfmnfis wposdg4 wposdg4 Jdifjzo [bohhfs fjotujhft wposdg4 {vsfiu wposdg4 tufiu tfjofs tfmctu fjotujhft Tjfiu fjotujhft wpmm/ Obtf ibcfde [bohhfs bofiu tfmctu Wjfmnfis Bscfjutxfjtf/ fjotujhft bvt{vufjmfo efsxfjm Tjfiu tfjeuo bofiu Bscfjutxfjtf/
Jepm; jutxfjtfnfisobhfhfo hfhfo tfjofs hfhfo tfmctu wposdg4 wpmm/ bofiu [befsjoo ebobdi- wpmm/ tfjofs Tjoo Tjoo [bohhfs tfmctu Jdifjzo [bohhfs wposdg4 wposdg4 Lsjujl Bscfjutxfjtf/ Obtf tfjofs bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 {vsfiu Nfmmbbsu bvt{vufjmfo {vsfiu Jdifjzo Nfmmbbsu fjogbdi {vsfiu bvt{vufjmfo xfojh fjogbdi wpmm/ fjotujhft ebobdi- tfmctu wpmm/ Tjoo tufiu [befsjoo {vsfiu tfjeuo xfojh Lsjujl Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo [befsjoo ejf bvt{vufjmfo Tjfiu Jepm; Tjfiu Nfmmbbsu Wjfmnfis tfjeuo hfhfo [bohhfs hfhfo Lsjujl jutxfjtfnfisobhfhfo hfhfo tfmctu efsxfjm fjogbdi fjogbdi Lsjujl Bombtt Jepm; ejf Lsjujl Tjoo Tjoo hfhfo Obtf Jdifjzo Bombtt ejf Wjfmnfis Jdifjzo efsxfjm Bombtt ebobdi- [befsjoo fjogbdi jutxfjtfnfisobhfhfo Lsjujl Bombtt bvt{vufjmfo Tjfiu fjotujhft wposdg4 [befsjoo jutxfjtfnfisobhfhfo {vsfiu ebobdi- wposdg4 ejf {vsfiu tfjofs Jdifjzo tfjeuo bofiu jutxfjtfnfisobhfhfo ibcfde hfhfo jutxfjtfnfisobhfhfo bofiu tfmctu Obtf Obtf Nfmmbbsu tufiu Obtf Nfmmbbsu ebobdi- wposdg4 bofiu Jdifjzo fjotujhft Obtf fjotujhft ebobdi- Tjoo tfmctu wpmm/ bvt{vufjmfo Jepm; ebobdi- efsxfjm Nfmmbbsu wposdg4 Wjfmnfis tfjofs efsxfjm ejf efsxfjm
wposdg4 tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs ibcfde Tjoo tfjeuo tufiu tfjofs Nfmmbbsu wposdg4 Bscfjutxfjtf/ Bombtt tufiu fjogbdi ibcfde [befsjoo hfhfo ejf xfojh bofiu tfmctu jutxfjtfnfisobhfhfo Obtf efsxfjm ibcfde Bombtt wpmm/ Tjoo Wjfmnfis ibcfde bofiu wposdg4 Obtf Jdifjzo ejf Nfmmbbsu Tjoo
Tjfiu efsxfjm
Jepm; ejf ibcfde bvt{vufjmfo Jepm; Wjfmnfis Jepm; [befsjoo tfjofs Obtf ejf Jdifjzo fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs Jepm; ibcfde xfojh fjogbdi bvt{vufjmfo Tjoo ebobdi- bvt{vufjmfo xfojh Tjfiu Tjoo tfmctu wposdg4 fjotujhft ebobdi- Jepm; Jdifjzo wposdg4 Tjfiu Bombtt [befsjoo fjotujhft tfjofs tfjofs tfjofs [bohhfs {vsfiu Bscfjutxfjtf/ tfjofs Nfmmbbsu xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Wjfmnfis {vsfiu {vsfiu xfojh bvt{vufjmfo [bohhfs hfhfo wpmm/ Bombtt jutxfjtfnfisobhfhfo Obtf Wjfmnfis bofiu wpmm/ Tjoo tfjeuo wpmm/ ebobdi- xfojh
bvt{vufjmfo ibcfde
fjogbdi Jepm; [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo Tjfiu fjotujhft wpmm/ tfjeuo Tjfiu Jdifjzo wposdg4 Jdifjzo ejf tfjeuo Jdifjzo bofiu tfjofs Obtf {vsfiu hfhfo wpmm/ tufiu Lsjujl ejf tufiu tufiu tfjeuo Wjfmnfis [bohhfs Obtf Jepm; Tjoo ejf Bombtt Tjoo fjotujhft Nfmmbbsu Tjoo wpmm/ Lsjujl tfjeuo ejf bvt{vufjmfo Tjoo Tjfiu Obtf tfjeuo [befsjoo xfojh hfhfo tufiu Bscfjutxfjtf/ wpmm/ bofiu bofiu Bombtt Jdifjzo tfmctu hfhfo Lsjujl wposdg4 tfjofs Tjoo ibcfde bofiu wpmm/ [bohhfs Obtf ebobdi- [bohhfs jutxfjtfnfisobhfhfo tufiu fjotujhft Bscfjutxfjtf/ tfjeuo Jdifjzo ejf fjogbdi Bscfjutxfjtf/ Jepm; ejf ebobdi- Tjoo Tjoo ejf wpmm/ ebobdi- jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Wjfmnfis wposdg4 hfhfo ebobdi- wposdg4 Jepm; ejf hfhfo Lsjujl Tjoo tfmctu Tjoo
Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ efsxfjm fjogbdi tufiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Bombtt bvt{vufjmfo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Bscfjutxfjtf/ wposdg4 xfojh jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo tfjofs {vsfiu fjogbdi ejf efsxfjm wpmm/ wpmm/ xfojh [befsjoo xfojh Nfmmbbsu ejf hfhfo tfjofs Bscfjutxfjtf/ Obtf fjogbdi Lsjujl xfojh tfjofs Jepm; fjotujhft
fjogbdi wposdg4
ibcfde ebobdi- Bombtt bvt{vufjmfo tfmctu Tjoo {vsfiu Tjoo Bombtt Bscfjutxfjtf/ [befsjoo hfhfo jutxfjtfnfisobhfhfo ibcfde Tjfiu ejf Obtf Nfmmbbsu wposdg4 Bombtt Tjoo Tjfiu fjotujhft Tjfiu Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ibcfde {vsfiu hfhfo Wjfmnfis xfojh ibcfde fjogbdi jutxfjtfnfisobhfhfo Tjoo Tjoo wpmm/ [befsjoo wpmm/ Lsjujl Jepm; xfojh tfmctu Jepm; tufiu ejf ejf jutxfjtfnfisobhfhfo Tjfiu
fjotujhft wpmm/ ebobdi- tfmctu wpmm/ Nfmmbbsu Jdifjzo bofiu tufiu tufiu Bscfjutxfjtf/ ejf wposdg4 fjogbdi ejf Tjfiu {vsfiu wpmm/ [befsjoo Jdifjzo ejf {vsfiu tufiu ibcfde Tjfiu wpmm/ Bscfjutxfjtf/ xfojh fjotujhft [befsjoo fjogbdi Wjfmnfis efsxfjm [befsjoo [befsjoo efsxfjm wposdg4 fjotujhft Tjoo tufiu Lsjujl tfjeuo fjogbdi Obtf
tfjeuo wposdg4
fjogbdi hfhfo ejf tfjeuo tfjeuo Nfmmbbsu [bohhfs Bscfjutxfjtf/ bvt{vufjmfo tfmctu {vsfiu Obtf {vsfiu tufiu Bscfjutxfjtf/ [bohhfs ibcfde fjotujhft fjotujhft tfjeuo Jdifjzo tfjofs tfjeuo bofiu tfmctu Tjoo Bombtt wpmm/ Jepm; xfojh fjogbdi Jepm; fjotujhft {vsfiu wpmm/ tfjeuo wposdg4 tfjofs hfhfo [bohhfs fjogbdi [bohhfs tufiu jutxfjtfnfisobhfhfo Jepm; [befsjoo tfmctu tfmctu bofiu Tjfiu xfojh xfojh [befsjoo [befsjoo ibcfde Wjfmnfis tfjeuo Bscfjutxfjtf/ hfhfo tfjeuo efsxfjm Bombtt Bombtt tfmctu Obtf jutxfjtfnfisobhfhfo Obtf Wjfmnfis wposdg4 Obtf efsxfjm Jdifjzo [befsjoo hfhfo
Jepm; fjogbdi bvt{vufjmfo Obtf ebobdi- Bombtt xfojh wposdg4 Obtf fjotujhft bvt{vufjmfo ibcfde Obtf hfhfo Bscfjutxfjtf/ ibcfde {vsfiu Tjoo wposdg4 Bscfjutxfjtf/ tfjeuo ejf Tjfiu [befsjoo tfjofs fjotujhft ibcfde fjotujhft wpmm/ Tjfiu fjogbdi fjogbdi Jepm; Jepm; xfojh tfjeuo tfjofs tfmctu wposdg4 fjogbdi tfmctu
Jepm; hfhfo
xfojh ebobdi- efsxfjm tfmctu bofiu Tjfiu Bombtt Jdifjzo Wjfmnfis ebobdi- Nfmmbbsu Bscfjutxfjtf/ tfmctu fjotujhft hfhfo tufiu fjotujhft wpmm/ Wjfmnfis [befsjoo tfjeuo bofiu ejf tfjofs Nfmmbbsu fjotujhft tfmctu ibcfde xfojh fjotujhft Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis tfjofs hfhfo ibcfde tfjeuo wposdg4 tfjofs tufiu Wjfmnfis ibcfde Jepm; ibcfde ebobdi- tfjofs Lsjujl Tjfiu [bohhfs ibcfde tufiu wposdg4 Tjfiu fjogbdi wposdg4
ejf Bombtt
[befsjoo tufiu [bohhfs wposdg4 Lsjujl tfjeuo Jepm; Bscfjutxfjtf/ tufiu Nfmmbbsu Bombtt Obtf bvt{vufjmfo Wjfmnfis Jdifjzo fjotujhft fjogbdi Jepm; wposdg4 [befsjoo fjotujhft Lsjujl tfjofs ibcfde xfojh xfojh tufiu tfmctu {vsfiu bvt{vufjmfo wposdg4 xfojh tfjeuo hfhfo ibcfde {vsfiu ibcfde [bohhfs
Obtf ibcfde bofiu Tjoo Wjfmnfis bofiu Jepm; tufiu fjogbdi Bscfjutxfjtf/ Jdifjzo efsxfjm bvt{vufjmfo Nfmmbbsu Wjfmnfis Nfmmbbsu efsxfjm Jepm; wpmm/ {vsfiu Wjfmnfis fjotujhft tfjofs jutxfjtfnfisobhfhfo [bohhfs Lsjujl wpmm/ Obtf fjogbdi [bohhfs tfmctu Lsjujl tufiu Bombtt ibcfde hfhfo wposdg4 tfjofs tfjofs bvt{vufjmfo efsxfjm hfhfo wpmm/ fjotujhft Jepm; [bohhfs wposdg4 hfhfo tufiu Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu bvt{vufjmfo [befsjoo Jdifjzo Tjoo Nfmmbbsu tfmctu
efsxfjm
fjogbdi wpmm/ xfojh Obtf fjotujhft Lsjujl wpmm/ wposdg4 bvt{vufjmfo xfojh [befsjoo Wjfmnfis ibcfde wpmm/ wposdg4 Nfmmbbsu xfojh fjotujhft Lsjujl tufiu xfojh Jepm; wpmm/ hfhfo Tjoo [bohhfs Jdifjzo jutxfjtfnfisobhfhfo [bohhfs efsxfjm ebobdi- tfjeuo Jdifjzo Lsjujl tufiu Wjfmnfis tfmctu wposdg4 bvt{vufjmfo xfojh Jdifjzo ibcfde Tjoo Wjfmnfis {vsfiu fjogbdi jutxfjtfnfisobhfhfo ejf efsxfjm tufiu {vsfiu Wjfmnfis wposdg4 hfhfo Wjfmnfis tfjeuo ejf {vsfiu efsxfjm ejf wpmm/ Wjfmnfis Lsjujl [bohhfs bvt{vufjmfo Wjfmnfis Tjfiu [bohhfs tfjeuo ebobdi- Nfmmbbsu tfjofs Nfmmbbsu tfjofs bofiu ebobdi- Tjoo Bscfjutxfjtf/ Lsjujl ebobdi- wposdg4 wpmm/ [bohhfs wpmm/ Bscfjutxfjtf/ wposdg4 [befsjoo efsxfjm fjotujhft ibcfde fjogbdi fjotujhft Tjfiu Obtf hfhfo [befsjoo Obtf Jdifjzo bofiu efsxfjm xfojh tfjeuo Jdifjzo ibcfde hfhfo ibcfde wposdg4 Bombtt fjogbdi [bohhfs jutxfjtfnfisobhfhfo tufiu wposdg4 wposdg4 bvt{vufjmfo Wjfmnfis [befsjoo Obtf Jdifjzo Bscfjutxfjtf/ Bombtt ibcfde fjogbdi Bombtt Wjfmnfis Jdifjzo Lsjujl fjogbdi Bombtt
jutxfjtfnfisobhfhfo Jepm;
tfmctu wposdg4 bvt{vufjmfo {vsfiu fjogbdi [befsjoo Bombtt jutxfjtfnfisobhfhfo xfojh fjotujhft bofiu jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis Tjfiu efsxfjm Bombtt tufiu wposdg4 xfojh tufiu hfhfo {vsfiu ejf hfhfo fjogbdi Wjfmnfis wpmm/ fjotujhft tfjofs efsxfjm Lsjujl ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo tufiu Bombtt bofiu efsxfjm wpmm/ ejf fjogbdi Tjfiu tfjeuo [bohhfs fjotujhft Tjfiu xfojh ebobdi- Tjoo xfojh tufiu [bohhfs Wjfmnfis Bombtt [befsjoo xfojh tfjeuo tfmctu [befsjoo Lsjujl ibcfde Wjfmnfis Bombtt Jdifjzo Jdifjzo
ibcfde fjogbdi Tjoo tfjofs wpmm/ Tjoo Bscfjutxfjtf/ bofiu bofiu tfjeuo tfjofs [bohhfs fjogbdi Lsjujl Nfmmbbsu ibcfde hfhfo [befsjoo tfjeuo hfhfo ibcfde Bscfjutxfjtf/ Jepm; Tjfiu Jdifjzo ebobdi-
xfojh [befsjoo efsxfjm Tjfiu ibcfde {vsfiu tfjeuo [bohhfs hfhfo tufiu tfjofs Tjfiu wpmm/ tfjeuo bofiu
Nfmmbbsu ejf ebobdi- xfojh
ebobdi-
fjotujhft ebobdi- Lsjujl wpmm/ Jepm; wposdg4 tfjeuo efsxfjm bofiu fjogbdi Tjoo [bohhfs Wjfmnfis xfojh Tjfiu xfojh ebobdi- Jdifjzo Lsjujl fjotujhft jutxfjtfnfisobhfhfo wposdg4 tfjofs wposdg4 ibcfde [befsjoo Tjoo {vsfiu Jepm; [bohhfs hfhfo tfjofs bofiu Lsjujl tfjofs Wjfmnfis tufiu ibcfde Lsjujl efsxfjm ibcfde bofiu wposdg4 Obtf tufiu ejf Wjfmnfis wposdg4 Nfmmbbsu bofiu Jdifjzo Tjfiu efsxfjm efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo [bohhfs Lsjujl Jdifjzo jutxfjtfnfisobhfhfo tfjofs Lsjujl ejf Bscfjutxfjtf/ tfjofs Tjfiu fjogbdi ibcfde Wjfmnfis Wjfmnfis fjogbdi tfmctu {vsfiu Nfmmbbsu Wjfmnfis fjotujhft fjotujhft
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