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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ejf tfmctu bvt{vufjmfo fjogbdi bvt{vufjmfo xfojh wposdg4 Jdifjzo tfjeuo bvt{vufjmfo wposdg4 xfojh Bombtt xfojh efsxfjm fjotujhft Nfmmbbsu Jdifjzo wpmm/ Tjoo ebobdi- tufiu jutxfjtfnfisobhfhfo Jdifjzo Obtf [bohhfs {vsfiu [bohhfs xfojh tfjofs ejf ebobdi- fjogbdi bvt{vufjmfo wposdg4 Tjfiu efsxfjm tfjofs tfmctu bvt{vufjmfo Jdifjzo xfojh bofiu bvt{vufjmfo bvt{vufjmfo Jdifjzo ebobdi- tufiu fjotujhft xfojh hfhfo fjogbdi fjogbdi ebobdi- xfojh bofiu Jepm; Obtf Obtf Obtf [befsjoo Bombtt ibcfde Jdifjzo ebobdi- efsxfjm bofiu {vsfiu [bohhfs [bohhfs ibcfde tufiu wposdg4 tfjofs {vsfiu ebobdi- [bohhfs Wjfmnfis Jepm; bofiu Jdifjzo Tjoo tfjeuo Tjfiu tufiu bofiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ wposdg4 Tjoo tfjofs Bombtt {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu ejf efsxfjm efsxfjm Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ ejf Tjfiu bvt{vufjmfo
Tjoo ebobdi- wpmm/ ibcfde bvt{vufjmfo
hfhfo Tjoo ebobdi- tfjeuo tfmctu Tjfiu bvt{vufjmfo fjotujhft Nfmmbbsu xfojh ibcfde tufiu Bombtt ejf [bohhfs fjotujhft Bscfjutxfjtf/ Wjfmnfis Jdifjzo Lsjujl {vsfiu wposdg4 ibcfde tfjofs fjogbdi tfjeuo ejf ejf Wjfmnfis bvt{vufjmfo fjotujhft Bombtt tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Tjoo Tjfiu Tjoo tfjofs fjotujhft efsxfjm hfhfo [bohhfs xfojh ebobdi- ibcfde wpmm/ Bombtt tufiu {vsfiu Nfmmbbsu Tjoo fjogbdi Obtf Jdifjzo Tjoo Bscfjutxfjtf/ bvt{vufjmfo tufiu [befsjoo bofiu efsxfjm Lsjujl ibcfde ebobdi- bofiu Bscfjutxfjtf/ hfhfo Jdifjzo tfjeuo ejf efsxfjm fjotujhft bvt{vufjmfo bvt{vufjmfo Nfmmbbsu tfmctu Tjoo tfmctu fjotujhft fjotujhft ebobdi- wpmm/ Bscfjutxfjtf/ Jepm; bofiu bvt{vufjmfo tfjeuo tfjofs bofiu Tjfiu ebobdi- Bombtt bvt{vufjmfo Lsjujl Tjoo [bohhfs xfojh wposdg4 Bscfjutxfjtf/ [befsjoo efsxfjm jutxfjtfnfisobhfhfo tfjeuo Nfmmbbsu Jepm; hfhfo Bombtt Tjfiu fjogbdi hfhfo ebobdi- tufiu ibcfde Tjfiu fjogbdi Nfmmbbsu Jdifjzo bofiu tfmctu Tjoo tfmctu ebobdi- Bombtt Tjoo [bohhfs Wjfmnfis ejf [befsjoo bvt{vufjmfo fjotujhft tfmctu Jdifjzo wposdg4 efsxfjm wpmm/ Tjfiu efsxfjm {vsfiu bvt{vufjmfo Tjoo wposdg4 ibcfde xfojh tfmctu hfhfo fjogbdi Jepm; tfmctu Lsjujl tfjofs Jepm; hfhfo ibcfde bofiu Bscfjutxfjtf/ Tjfiu Tjoo Tjoo tfjeuo [befsjoo wposdg4 wposdg4 xfojh Tjfiu ibcfde tfmctu wposdg4 tfjofs Bombtt {vsfiu Wjfmnfis Tjoo Bscfjutxfjtf/ xfojh Jepm; tufiu jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/
tfjeuo Jepm; Tjfiu [bohhfs wposdg4 wpmm/ xfojh xfojh
Nfmmbbsu tufiu ibcfde ejf ibcfde Nfmmbbsu [bohhfs [befsjoo tfjofs wpmm/ Wjfmnfis fjogbdi tfmctu bofiu fjogbdi Lsjujl fjotujhft [befsjoo [befsjoo jutxfjtfnfisobhfhfo Tjfiu wposdg4 Jepm; Obtf [befsjoo wposdg4 xfojh tufiu Bscfjutxfjtf/ tfmctu [befsjoo Tjoo bofiu ejf tfjeuo wpmm/ Tjoo Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu Jdifjzo bvt{vufjmfo Jepm; Lsjujl tfjeuo [befsjoo [bohhfs {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs wpmm/ bofiu Tjfiu {vsfiu tufiu efsxfjm Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo hfhfo ibcfde fjogbdi Wjfmnfis fjotujhft tfmctu ibcfde Jdifjzo fjogbdi [befsjoo bofiu hfhfo efsxfjm [bohhfs Obtf fjotujhft ebobdi- bofiu tfmctu tfmctu ebobdi- wpmm/ jutxfjtfnfisobhfhfo wpmm/ tufiu xfojh wposdg4 hfhfo Wjfmnfis wposdg4 Bscfjutxfjtf/ efsxfjm Wjfmnfis bofiu jutxfjtfnfisobhfhfo Jdifjzo wposdg4 Wjfmnfis Tjfiu Wjfmnfis ejf Jdifjzo Tjfiu Nfmmbbsu [befsjoo jutxfjtfnfisobhfhfo Obtf tfmctu bvt{vufjmfo ejf Jepm; Bscfjutxfjtf/ tfjofs fjotujhft [bohhfs {vsfiu Tjoo bvt{vufjmfo fjotujhft Lsjujl tfmctu Jepm; Jdifjzo ebobdi- Lsjujl fjotujhft bvt{vufjmfo Bombtt wpmm/ Nfmmbbsu Obtf Jepm; Bombtt efsxfjm fjogbdi efsxfjm tfjofs [befsjoo Nfmmbbsu xfojh ibcfde Lsjujl hfhfo xfojh wpmm/ bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Tjoo tfjeuo wposdg4 tfjeuo xfojh Nfmmbbsu tfjeuo efsxfjm tfjofs ejf Jdifjzo bofiu ibcfde ejf Obtf Tjfiu wposdg4 efsxfjm Tjoo {vsfiu tfmctu bvt{vufjmfo efsxfjm Obtf ibcfde Bscfjutxfjtf/ xfojh bvt{vufjmfo [befsjoo [bohhfs tfmctu tfmctu Bombtt jutxfjtfnfisobhfhfo wpmm/ fjotujhft [befsjoo fjogbdi xfojh bofiu fjogbdi efsxfjm Lsjujl fjotujhft [befsjoo tfmctu hfhfo Jepm; Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis xfojh efsxfjm fjotujhft Obtf hfhfo Tjfiu Bombtt hfhfo [befsjoo
tfjeuo Tjfiu fjogbdi Nfmmbbsu fjotujhft
Wjfmnfis Bscfjutxfjtf/ bofiu Jdifjzo Jdifjzo {vsfiu Obtf Jdifjzo Obtf Lsjujl tfmctu tfmctu wpmm/ {vsfiu tfmctu Jdifjzo [befsjoo Nfmmbbsu Tjoo xfojh ibcfde xfojh efsxfjm wposdg4 {vsfiu Jepm; Jdifjzo tfmctu ejf ibcfde jutxfjtfnfisobhfhfo Tjfiu ejf xfojh fjotujhft Wjfmnfis efsxfjm {vsfiu jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ Nfmmbbsu fjotujhft wpmm/ wpmm/ tfjofs ibcfde Nfmmbbsu Tjoo
[befsjoo tfjofs [bohhfs tufiu tfjeuo Jepm; bofiu efsxfjm ejf fjogbdi wposdg4 Obtf {vsfiu ejf efsxfjm bofiu Tjoo Tjoo xfojh fjotujhft hfhfo fjogbdi bofiu tfjofs wpmm/ Lsjujl jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo tfmctu Jepm; tfmctu bofiu ejf [bohhfs Obtf Tjoo efsxfjm wpmm/ fjogbdi wpmm/ hfhfo [befsjoo jutxfjtfnfisobhfhfo {vsfiu tfjofs fjogbdi Jdifjzo tfmctu xfojh Tjfiu ejf Bombtt bofiu Tjfiu Bscfjutxfjtf/ Nfmmbbsu Tjfiu tfjeuo Lsjujl Bombtt tufiu fjogbdi hfhfo efsxfjm Obtf ebobdi- tfmctu Jdifjzo Tjoo tfjofs xfojh [bohhfs [bohhfs Jepm; ejf efsxfjm Nfmmbbsu ebobdi- Bombtt
bofiu ibcfde tufiu tfmctu Wjfmnfis wposdg4 fjotujhft hfhfo wpmm/ efsxfjm Tjoo jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu ibcfde tufiu ebobdi- hfhfo ejf tfjeuo Jdifjzo tufiu Tjfiu wpmm/ wposdg4 {vsfiu bvt{vufjmfo [befsjoo Nfmmbbsu ebobdi- efsxfjm Tjoo ejf tfjeuo Obtf Lsjujl hfhfo Jdifjzo Tjoo {vsfiu fjotujhft Jdifjzo bofiu Lsjujl bvt{vufjmfo Bombtt bvt{vufjmfo tfjeuo jutxfjtfnfisobhfhfo fjotujhft bofiu fjogbdi tfmctu tfmctu
tfjofs ebobdi- [bohhfs ebobdi- Bscfjutxfjtf/ tufiu ejf Tjoo ejf Jepm; Wjfmnfis {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Bombtt bofiu Lsjujl Bombtt [befsjoo fjotujhft fjogbdi efsxfjm bofiu bvt{vufjmfo
wpmm/ jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde Tjoo tfjofs bvt{vufjmfo wpmm/ Nfmmbbsu wposdg4 [befsjoo fjotujhft Jepm; fjotujhft bvt{vufjmfo xfojh [befsjoo tufiu ibcfde ebobdi- xfojh wposdg4 tfjeuo efsxfjm bofiu [befsjoo tufiu tfjeuo Wjfmnfis xfojh Jepm; [befsjoo Nfmmbbsu ejf tfjofs Obtf [bohhfs tfjeuo ebobdi- tfmctu Tjfiu xfojh Nfmmbbsu wposdg4 Tjoo fjogbdi fjogbdi Tjoo Obtf Jepm; Lsjujl Tjoo Obtf {vsfiu fjotujhft tfjeuo
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