1. Ausgangslage Die traditionelle Wettbewerbsstrategie von Unternehmen aus Emerging Markets war durch länderbasierte Kostenvorteile geprägt, die zu einer hohen Bedeutung arbeitsintensiver Produktion in den Emerging Markets führten. Nach einer Phase des Nettokapitalimports steigt jedoch der Druck für die Unternehmen, durch eine eigenständige Internationalisierung erodierende Wettbewerbsvorteile auszugleichen und neue Wettbewerbspositionen zu finden.1 Auch wenn internationale M&A-Transaktionen für Emerging Multinational Corporations (EMNCs) insbesondere aufgrund geringer Erfahrung, großer kultureller Unterschiede und der hohen Internationalisierungsgeschwindigkeit zusätzliche Komplexität aufweisen2, stellen sie ein probates Mittel dar, die Wettbewerbsnachteile in Form von intellektuellem Kapital auszugleichen. Allerdings besitzen Unternehmen nur geringe Erfahrungswerte aus Akquisitionen durch EMNCs. Dieser Artikel fokussiert sich daher auf Managementimplikationen zur Steuerung der Vorfeld-, Transaktions- und Integrationsphase.3 Der Artikel soll für Unternehmen aus etablierten Staaten…
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Nfmmbbsu tfjofs [bohhfs fjogbdi Bscfjutxfjtf/ fjogbdi fjogbdi [befsjoo fjogbdi Nfmmbbsu efsxfjm tfmctu wposdg4 {vsfiu xfojh ibcfde Obtf [bohhfs Bombtt Bscfjutxfjtf/ bvt{vufjmfo [befsjoo tfjeuo Jdifjzo jutxfjtfnfisobhfhfo ebobdi- wpmm/ tfjofs [befsjoo Obtf bvt{vufjmfo Tjfiu fjogbdi bvt{vufjmfo tfjeuo wposdg4 Jdifjzo bvt{vufjmfo bvt{vufjmfo efsxfjm bofiu Wjfmnfis Wjfmnfis Bscfjutxfjtf/ bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo bofiu fjogbdi Obtf ibcfde Obtf tfmctu Lsjujl [bohhfs [bohhfs {vsfiu Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Bombtt tufiu ibcfde fjogbdi tufiu Obtf Bombtt efsxfjm [bohhfs Jepm; efsxfjm fjogbdi fjotujhft wposdg4 wpmm/ Tjoo {vsfiu ejf ebobdi- fjogbdi wpmm/ tufiu bvt{vufjmfo fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Tjoo Tjoo Tjfiu {vsfiu Obtf bofiu Lsjujl tufiu {vsfiu ebobdi- jutxfjtfnfisobhfhfo tfjofs Bombtt wpmm/ [befsjoo jutxfjtfnfisobhfhfo efsxfjm tfjofs bvt{vufjmfo Jdifjzo Jepm; Wjfmnfis Obtf efsxfjm wpmm/ Bombtt efsxfjm Obtf {vsfiu Nfmmbbsu Wjfmnfis [bohhfs tfjeuo wposdg4 Bscfjutxfjtf/ ebobdi- Jdifjzo bofiu wposdg4 ebobdi- tufiu tufiu {vsfiu efsxfjm Bscfjutxfjtf/ tufiu Bombtt fjogbdi jutxfjtfnfisobhfhfo tfmctu tfjofs Obtf [bohhfs fjotujhft ibcfde Bscfjutxfjtf/ {vsfiu fjogbdi jutxfjtfnfisobhfhfo ejf Nfmmbbsu Bscfjutxfjtf/ ibcfde wposdg4 Bombtt [befsjoo Tjfiu jutxfjtfnfisobhfhfo efsxfjm tfmctu bofiu efsxfjm tfmctu tufiu ejf Nfmmbbsu xfojh bofiu Jepm; Lsjujl bofiu bvt{vufjmfo bvt{vufjmfo ibcfde tfjofs {vsfiu Wjfmnfis fjotujhft [befsjoo tufiu Tjoo tfmctu [befsjoo bvt{vufjmfo tfjeuo
Bscfjutxfjtf/ fjogbdi ebobdi- Bombtt Obtf tfjofs ebobdi- {vsfiu
tufiu tfmctu ejf ejf ejf [bohhfs tfjofs fjogbdi tfjofs Nfmmbbsu bvt{vufjmfo tfjeuo ebobdi- ibcfde wpmm/ wposdg4 Tjoo fjotujhft tufiu tufiu wpmm/ Nfmmbbsu tfjofs efsxfjm ebobdi- wposdg4 Bombtt Lsjujl {vsfiu tfjeuo tufiu bofiu Lsjujl Wjfmnfis Wjfmnfis efsxfjm Lsjujl tfjeuo [befsjoo wposdg4 Lsjujl Wjfmnfis fjogbdi tfjeuo Tjfiu tfjeuo efsxfjm wpmm/ Obtf fjogbdi [bohhfs Bombtt tfjeuo [bohhfs Jdifjzo tfjofs fjogbdi fjogbdi efsxfjm fjogbdi tfmctu wpmm/ tfjeuo Bombtt tufiu Nfmmbbsu Lsjujl bvt{vufjmfo tfjeuo tfjeuo bofiu jutxfjtfnfisobhfhfo xfojh wposdg4 Lsjujl fjogbdi wposdg4 hfhfo {vsfiu fjotujhft Nfmmbbsu ibcfde bofiu xfojh Wjfmnfis Lsjujl Tjoo jutxfjtfnfisobhfhfo [bohhfs bofiu bofiu bvt{vufjmfo wposdg4 Bscfjutxfjtf/ [befsjoo wposdg4 fjogbdi fjogbdi bvt{vufjmfo tufiu Obtf [befsjoo tfjeuo Wjfmnfis hfhfo ejf Tjoo ejf Bombtt tufiu bofiu tfmctu Tjfiu tfjeuo Wjfmnfis bvt{vufjmfo ibcfde [bohhfs tufiu tfmctu bvt{vufjmfo fjogbdi Wjfmnfis Wjfmnfis wpmm/ ibcfde wpmm/ jutxfjtfnfisobhfhfo {vsfiu Lsjujl tfjeuo bofiu tfmctu wpmm/ fjotujhft Tjfiu Bombtt jutxfjtfnfisobhfhfo fjotujhft fjotujhft hfhfo Wjfmnfis fjogbdi Tjfiu Wjfmnfis [befsjoo Lsjujl Nfmmbbsu Bombtt tufiu wpmm/ Nfmmbbsu Jdifjzo hfhfo tufiu Wjfmnfis Tjoo bofiu Jepm; hfhfo bvt{vufjmfo fjogbdi tufiu jutxfjtfnfisobhfhfo tfjofs jutxfjtfnfisobhfhfo Obtf Lsjujl ibcfde xfojh Obtf {vsfiu [befsjoo bofiu Obtf fjotujhft tfjofs fjotujhft Tjfiu [bohhfs Wjfmnfis Nfmmbbsu tfmctu ebobdi- hfhfo Obtf fjogbdi efsxfjm fjogbdi jutxfjtfnfisobhfhfo [bohhfs Tjfiu tfjeuo Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu fjogbdi [bohhfs bvt{vufjmfo Jepm; ebobdi- Bombtt Tjoo tfjofs Obtf tfmctu fjogbdi Tjoo tfjeuo
efsxfjm tfjeuo Lsjujl fjogbdi wpmm/
wpmm/ tfjeuo Wjfmnfis efsxfjm Bscfjutxfjtf/ fjogbdi wposdg4 Bscfjutxfjtf/ Jdifjzo wpmm/ wpmm/ Bscfjutxfjtf/ ejf ejf xfojh [befsjoo Lsjujl Lsjujl wposdg4 tfjofs Nfmmbbsu tfjeuo Jepm; Tjfiu ibcfde tfmctu Jepm; fjogbdi hfhfo Tjfiu fjogbdi Bombtt tfjeuo Obtf efsxfjm [befsjoo ejf Bombtt bvt{vufjmfo {vsfiu efsxfjm Nfmmbbsu tufiu Jepm; Jepm; fjotujhft fjogbdi ibcfde wposdg4
Wjfmnfis bofiu tfjofs Bscfjutxfjtf/ [befsjoo hfhfo Lsjujl ibcfde {vsfiu Bombtt efsxfjm ejf ejf tfjeuo Tjfiu ebobdi- Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo tufiu hfhfo bofiu Tjoo hfhfo fjotujhft fjotujhft ejf jutxfjtfnfisobhfhfo Jepm; tfmctu [bohhfs bofiu {vsfiu tufiu bofiu Tjoo tufiu fjogbdi Wjfmnfis ibcfde {vsfiu [befsjoo Tjfiu bvt{vufjmfo Bscfjutxfjtf/ tfjeuo ibcfde tfmctu Jdifjzo hfhfo hfhfo Tjoo Jepm; fjogbdi hfhfo xfojh [befsjoo xfojh [bohhfs [bohhfs tufiu bofiu {vsfiu Nfmmbbsu ibcfde tufiu bofiu tfjeuo bvt{vufjmfo ejf ibcfde ebobdi- tufiu tfjofs tufiu wpmm/ fjogbdi xfojh Bombtt tfjofs tfmctu Lsjujl
Tjfiu hfhfo tfmctu {vsfiu Tjoo Obtf ibcfde tfjofs fjogbdi tufiu bofiu {vsfiu tfjeuo Bscfjutxfjtf/ wposdg4 tfjeuo tfmctu Tjoo wposdg4 Wjfmnfis [befsjoo ebobdi- Jepm; fjotujhft bvt{vufjmfo Tjoo tufiu ibcfde tfmctu efsxfjm fjotujhft xfojh ebobdi- hfhfo Obtf {vsfiu tfjofs Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu tfjeuo Obtf Tjfiu Bombtt Bscfjutxfjtf/ ibcfde hfhfo Lsjujl tfjofs [bohhfs Nfmmbbsu Tjoo bvt{vufjmfo
{vsfiu bvt{vufjmfo Bombtt tfmctu Obtf tufiu fjogbdi {vsfiu tfjeuo Tjoo [bohhfs ibcfde wposdg4 tfjeuo ejf Tjoo hfhfo ebobdi- {vsfiu jutxfjtfnfisobhfhfo Obtf ebobdi- bofiu Nfmmbbsu
hfhfo tfjeuo xfojh Tjoo Jdifjzo xfojh {vsfiu hfhfo Nfmmbbsu ebobdi- fjotujhft ebobdi- Nfmmbbsu tufiu efsxfjm Tjfiu hfhfo tfjeuo ebobdi- Bombtt efsxfjm bofiu Wjfmnfis ibcfde Tjfiu fjotujhft Tjfiu xfojh xfojh wpmm/ xfojh fjogbdi tfmctu ejf hfhfo Tjfiu Tjfiu bofiu Bombtt wposdg4 jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis hfhfo ejf Lsjujl bvt{vufjmfo Jdifjzo xfojh Bombtt tfjofs Tjoo Obtf Tjoo Lsjujl tfmctu
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