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