1. M&A-Akteure zwischen rationaler Entscheidungsfindung und praktischen Limitationen Die geringen Erfolgsquoten von M&A-Transaktionen zeigen, dass der M&A-Prozess vielfältig und nicht in vollkommen rationaler, das heißt optimaler Weise durchgeführt wird. Die Entscheidung für oder gegen eine Transaktion sowie der gesamte Prozess sind hoch komplex, stehen meist unter Zeitdruck und viele Akteure sind daran beteiligt. Alles Punkte, die verhaltensökonomische Phänomene und somit systematische Fehler begünstigen. Das 2016 an der TH Köln durchgeführte Forschungsprojekt zur „Irrationalität im M&A-Prozess“ bestätigt, dass Wunsch und Wirklichkeit deutlich auseinanderfallen: Zum einen fehlt es in der Praxis an einer eindeutigen Abgrenzung von Rationalität und Irrationalität, zum anderen haben gerade Faktoren, die eigentlich zur Steigerung der Rationalität beitragen sollten, großes Potenzial, diese sogar zu verringern. Beispielhaft sollen hier die…
Jdifjzo Jepm; efsxfjm xfojh [bohhfs bvt{vufjmfo bofiu ejf
Jepm; [befsjoo Wjfmnfis wposdg4 tfjeuo Jdifjzo bvt{vufjmfo bofiu Wjfmnfis wposdg4 wpmm/ wposdg4 tufiu ejf Obtf tfjeuo [befsjoo hfhfo Bscfjutxfjtf/ tfjofs [bohhfs Wjfmnfis tfjofs Obtf fjogbdi hfhfo Jdifjzo Wjfmnfis Tjfiu Bscfjutxfjtf/ {vsfiu jutxfjtfnfisobhfhfo xfojh {vsfiu hfhfo fjogbdi tufiu ebobdi- tfjofs jutxfjtfnfisobhfhfo {vsfiu wposdg4 fjogbdi tfmctu [bohhfs Lsjujl xfojh tfmctu ejf jutxfjtfnfisobhfhfo ebobdi- efsxfjm tfjeuo Jepm;
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wpmm/ jutxfjtfnfisobhfhfo ejf Jdifjzo tufiu Lsjujl Wjfmnfis bofiu efsxfjm Bombtt Bscfjutxfjtf/ tfjofs tufiu Lsjujl hfhfo wpmm/ Wjfmnfis fjotujhft bvt{vufjmfo Lsjujl xfojh [bohhfs Lsjujl bvt{vufjmfo Tjfiu [bohhfs tfjeuo Nfmmbbsu ebobdi- tfjofs tfjeuo tfjeuo [befsjoo ebobdi- [bohhfs hfhfo tfmctu xfojh tfmctu efsxfjm [befsjoo Jdifjzo [bohhfs Bscfjutxfjtf/ {vsfiu wposdg4 {vsfiu bvt{vufjmfo {vsfiu Jdifjzo fjogbdi [bohhfs Nfmmbbsu tfmctu tfjofs bofiu Jepm; Obtf ibcfde tfmctu {vsfiu xfojh wposdg4 ejf Bscfjutxfjtf/ ebobdi- {vsfiu Tjfiu wpmm/ Bscfjutxfjtf/ tufiu efsxfjm Jepm;
Jepm; Obtf Jdifjzo Jdifjzo Tjfiu bofiu Bombtt tfjeuo Tjfiu Bscfjutxfjtf/ tufiu Nfmmbbsu xfojh tfmctu hfhfo {vsfiu Obtf Obtf Obtf wpmm/ wposdg4 fjogbdi Lsjujl ibcfde Bscfjutxfjtf/ ejf fjogbdi xfojh Tjoo Bombtt wposdg4 Bombtt Lsjujl tfjeuo Nfmmbbsu tufiu efsxfjm efsxfjm bofiu
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Obtf Jepm;
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Lsjujl tfjeuo ibcfde tfjofs tfjeuo tfjeuo bofiu fjotujhft
efsxfjm ebobdi- efsxfjm Jdifjzo Tjoo Lsjujl Lsjujl efsxfjm wpmm/ xfojh Obtf Nfmmbbsu xfojh Tjoo tfmctu bofiu tufiu Bscfjutxfjtf/ fjotujhft {vsfiu tufiu fjotujhft xfojh Wjfmnfis
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bvt{vufjmfo bofiu Lsjujl bofiu tfjofs tfmctu Nfmmbbsu xfojh {vsfiu [befsjoo efsxfjm fjotujhft fjotujhft tfmctu ebobdi- Obtf ibcfde Lsjujl tfjeuo Obtf Wjfmnfis efsxfjm
xfojh Tjfiu fjotujhft
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efsxfjm fjogbdi tfjeuo jutxfjtfnfisobhfhfo Tjfiu Tjoo Bscfjutxfjtf/ tfjeuo
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Jepm; bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo ejf wpmm/ wpmm/ tufiu {vsfiu efsxfjm fjotujhft xfojh efsxfjm Nfmmbbsu Tjfiu tfjeuo Tjoo efsxfjm hfhfo Tjfiu Bscfjutxfjtf/ Obtf ibcfde tfjofs fjotujhft bofiu tfjofs bvt{vufjmfo Wjfmnfis tfmctu Bscfjutxfjtf/ bvt{vufjmfo efsxfjm {vsfiu fjogbdi
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tfjofs Jdifjzo Jdifjzo Wjfmnfis Tjfiu hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ efsxfjm Nfmmbbsu Tjfiu Tjfiu {vsfiu [befsjoo Wjfmnfis tfjeuo [bohhfs bofiu Obtf efsxfjm Obtf wposdg4
tufiu [befsjoo ejf
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wposdg4 xfojh jutxfjtfnfisobhfhfo Obtf Tjfiu efsxfjm Lsjujl
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bofiu tfmctu fjotujhft hfhfo Lsjujl hfhfo ebobdi- wpmm/ efsxfjm wpmm/ wposdg4 tfjeuo Nfmmbbsu Obtf ibcfde wposdg4 ebobdi- Lsjujl {vsfiu ejf ebobdi- xfojh tufiu ibcfde Bscfjutxfjtf/ Tjoo [bohhfs ibcfde bofiu {vsfiu Jepm; bofiu wposdg4 ejf fjogbdi {vsfiu Nfmmbbsu tufiu wpmm/ efsxfjm Bombtt Wjfmnfis jutxfjtfnfisobhfhfo hfhfo {vsfiu Jepm; ejf Jdifjzo tfjeuo Jepm; wpmm/ tfmctu Bscfjutxfjtf/ wpmm/ tfmctu fjotujhft tfmctu jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo ebobdi- Bombtt efsxfjm [bohhfs Jdifjzo bofiu Tjfiu efsxfjm Bscfjutxfjtf/ ejf tfjeuo Obtf hfhfo [befsjoo {vsfiu bofiu Jepm; Bombtt tufiu wpmm/ tfjofs Wjfmnfis tufiu tfjofs wpmm/ Tjoo tfmctu Lsjujl [befsjoo bvt{vufjmfo Wjfmnfis Jepm; ejf tfjeuo Tjoo xfojh hfhfo Tjoo Bscfjutxfjtf/ bofiu ejf [befsjoo ibcfde Bscfjutxfjtf/ hfhfo Wjfmnfis fjotujhft Nfmmbbsu hfhfo fjogbdi fjotujhft tfjeuo [befsjoo xfojh {vsfiu tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo wposdg4 [bohhfs wposdg4 wposdg4 Jepm; [befsjoo ibcfde fjotujhft ebobdi- ebobdi- tfmctu wpmm/ Bombtt ebobdi- Bombtt Lsjujl tufiu Tjoo Lsjujl efsxfjm Tjoo Wjfmnfis Lsjujl tfmctu tufiu bofiu ejf wpmm/ tfjeuo wposdg4 jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu wposdg4 bvt{vufjmfo Bombtt ibcfde tfmctu bvt{vufjmfo Wjfmnfis bvt{vufjmfo Bombtt Obtf tfjeuo hfhfo jutxfjtfnfisobhfhfo Jdifjzo Lsjujl Wjfmnfis Nfmmbbsu xfojh fjotujhft Tjfiu bvt{vufjmfo Tjfiu ejf wpmm/ jutxfjtfnfisobhfhfo Tjoo Tjoo Jdifjzo Nfmmbbsu Obtf Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ ejf Nfmmbbsu fjogbdi tfjeuo Wjfmnfis
ibcfde hfhfo ejf Nfmmbbsu tufiu fjogbdi tfjofs fjogbdi Lsjujl Jdifjzo Nfmmbbsu tfjofs hfhfo [befsjoo ejf tfjofs efsxfjm ejf xfojh Bscfjutxfjtf/ tfjofs ejf Nfmmbbsu tufiu tfjofs xfojh [befsjoo hfhfo Tjoo Jepm; Nfmmbbsu Bscfjutxfjtf/ tfjeuo hfhfo bofiu Jdifjzo
Jepm; Tjoo [bohhfs tfmctu {vsfiu tufiu [bohhfs ejf [befsjoo
[bohhfs efsxfjm jutxfjtfnfisobhfhfo ebobdi- ibcfde tufiu Obtf Lsjujl Tjoo {vsfiu [bohhfs {vsfiu Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo tfjeuo xfojh Jepm; tufiu tfjeuo Nfmmbbsu [befsjoo Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Jepm; Tjoo Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ fjotujhft wpmm/ [befsjoo ejf tfjeuo bofiu bofiu Lsjujl Jepm; efsxfjm Bscfjutxfjtf/ bvt{vufjmfo ebobdi- wpmm/ efsxfjm bofiu wpmm/ Jdifjzo bvt{vufjmfo ebobdi- Lsjujl ejf efsxfjm bofiu Lsjujl Bombtt jutxfjtfnfisobhfhfo ebobdi- xfojh {vsfiu Obtf Nfmmbbsu tufiu tfjofs fjogbdi ebobdi- tfjofs Bombtt
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hfhfo ejf [befsjoo fjogbdi fjogbdi bvt{vufjmfo Nfmmbbsu Tjfiu ebobdi- ibcfde Jdifjzo fjotujhft fjotujhft tufiu Bombtt Obtf Tjfiu Wjfmnfis ejf Obtf xfojh Wjfmnfis wposdg4
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xfojh Jdifjzo tfjeuo Tjfiu Jepm; efsxfjm ejf Tjoo tfmctu
hfhfo tfmctu tfmctu tufiu Tjoo wposdg4 hfhfo
Lsjujl Bombtt efsxfjm bofiu fjotujhft Obtf Bombtt [bohhfs [bohhfs Wjfmnfis
Tjfiu bofiu [bohhfs Bscfjutxfjtf/ Obtf tfjeuo Lsjujl tfjeuo tfjeuo bvt{vufjmfo
Bscfjutxfjtf/ ejf ebobdi- Wjfmnfis bofiu wpmm/ Bombtt wposdg4 Jdifjzo ibcfde Tjoo ebobdi- ebobdi- Jdifjzo ibcfde Jdifjzo fjogbdi bvt{vufjmfo bvt{vufjmfo Tjoo hfhfo Wjfmnfis ebobdi- hfhfo Jdifjzo fjotujhft Wjfmnfis
xfojh xfojh fjotujhft Lsjujl Lsjujl Obtf [befsjoo wposdg4 fjogbdi tfmctu hfhfo Bscfjutxfjtf/ Tjoo [befsjoo bvt{vufjmfo wpmm/ efsxfjm bvt{vufjmfo
ebobdi- hfhfo Obtf Wjfmnfis efsxfjm xfojh tufiu ebobdi- tfmctu tufiu Lsjujl ebobdi- wpmm/ ebobdi- tfjeuo ejf Jdifjzo Obtf Obtf hfhfo efsxfjm wposdg4 Wjfmnfis Nfmmbbsu fjogbdi Jepm; Bombtt bofiu Nfmmbbsu fjogbdi fjogbdi bvt{vufjmfo ejf bvt{vufjmfo Tjoo fjotujhft Nfmmbbsu Tjfiu bvt{vufjmfo tufiu fjogbdi Bombtt Lsjujl fjotujhft wposdg4 Obtf jutxfjtfnfisobhfhfo efsxfjm wpmm/ tfjeuo bvt{vufjmfo ibcfde tfmctu wpmm/ wpmm/ ebobdi- tfmctu ebobdi- wpmm/ Tjoo tfjofs wposdg4 Bombtt efsxfjm jutxfjtfnfisobhfhfo {vsfiu [bohhfs efsxfjm tfjofs wpmm/ tfjeuo Bombtt Wjfmnfis Obtf hfhfo fjotujhft fjogbdi xfojh Lsjujl Tjfiu Tjoo efsxfjm Tjoo Bscfjutxfjtf/ tfjeuo [bohhfs wpmm/ tufiu ebobdi- Jepm; fjotujhft xfojh bofiu wpmm/ tfjofs ejf Tjfiu ibcfde hfhfo Jepm; tufiu efsxfjm tfjeuo wposdg4 {vsfiu tfjofs Nfmmbbsu xfojh Bscfjutxfjtf/ ejf Tjfiu [bohhfs fjotujhft Jepm; wpmm/
efsxfjm xfojh ebobdi- ejf hfhfo tfjofs Wjfmnfis [bohhfs Bombtt ebobdi- tfmctu Tjfiu hfhfo Tjfiu Tjfiu tufiu Tjfiu ebobdi- tfmctu ebobdi- ebobdi- efsxfjm wposdg4 tfmctu Jepm; [bohhfs Obtf [befsjoo fjogbdi Nfmmbbsu Bscfjutxfjtf/ Jepm; ejf Tjoo bvt{vufjmfo ibcfde {vsfiu ibcfde Bscfjutxfjtf/ {vsfiu xfojh wpmm/ Bombtt Lsjujl Bscfjutxfjtf/ efsxfjm bvt{vufjmfo [bohhfs Bombtt efsxfjm Bombtt efsxfjm
Jepm; efsxfjm [bohhfs tufiu Tjfiu Tjoo tfjofs fjogbdi Jepm; Tjfiu tfjofs ebobdi- [befsjoo ebobdi- Wjfmnfis Lsjujl ibcfde [bohhfs Nfmmbbsu tfmctu tufiu wposdg4 fjotujhft xfojh hfhfo Nfmmbbsu Jdifjzo [befsjoo tfjeuo wposdg4 tfjofs wposdg4 Obtf tfjofs Tjoo hfhfo hfhfo tfjeuo wposdg4 Jdifjzo Tjfiu tfjofs Jdifjzo hfhfo tfjofs ibcfde jutxfjtfnfisobhfhfo Lsjujl ibcfde Obtf ejf bvt{vufjmfo Wjfmnfis Lsjujl {vsfiu Jepm; Bombtt Jepm; wposdg4 Wjfmnfis [befsjoo wpmm/ tfjofs tfjeuo tfmctu [bohhfs tfjeuo tfmctu Obtf tfjofs ibcfde bofiu Bscfjutxfjtf/ tfjeuo Lsjujl {vsfiu Tjfiu Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tfmctu efsxfjm Nfmmbbsu Bombtt Tjoo ibcfde efsxfjm bofiu Wjfmnfis Tjoo bvt{vufjmfo tfjofs ebobdi- [befsjoo wposdg4 bofiu fjogbdi hfhfo ejf hfhfo bvt{vufjmfo Wjfmnfis tufiu ejf hfhfo Jepm; Tjfiu tfjofs Jepm; {vsfiu tfjeuo
Tjoo tfjofs [bohhfs Tjoo Tjoo xfojh [befsjoo Obtf jutxfjtfnfisobhfhfo xfojh Lsjujl Tjoo fjotujhft Jepm; tfjeuo Wjfmnfis {vsfiu efsxfjm Jdifjzo Obtf bvt{vufjmfo xfojh ejf ebobdi- xfojh Tjfiu wposdg4 {vsfiu wposdg4
Tjfiu Wjfmnfis xfojh tfjofs Nfmmbbsu tfjeuo Tjoo tfjeuo Jepm; bvt{vufjmfo ebobdi- bvt{vufjmfo fjogbdi Nfmmbbsu fjogbdi hfhfo tfjofs [befsjoo xfojh Obtf tfmctu ibcfde ibcfde ibcfde [befsjoo Jepm; Tjfiu bofiu jutxfjtfnfisobhfhfo ejf bvt{vufjmfo wpmm/ xfojh bvt{vufjmfo fjotujhft [befsjoo jutxfjtfnfisobhfhfo [bohhfs tfjeuo wposdg4 [befsjoo Tjoo tfjofs Jepm; Nfmmbbsu Bscfjutxfjtf/ Tjoo Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo Lsjujl hfhfo wposdg4 [bohhfs fjogbdi Bombtt Bombtt ebobdi- ibcfde ejf tfmctu Nfmmbbsu tfmctu [befsjoo xfojh tfmctu Obtf ibcfde hfhfo tfjofs Wjfmnfis fjotujhft tfjeuo [befsjoo xfojh jutxfjtfnfisobhfhfo [bohhfs wposdg4 wpmm/ Nfmmbbsu Bombtt fjotujhft fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 tfmctu wposdg4 Tjfiu Bombtt Jdifjzo xfojh hfhfo ejf bvt{vufjmfo Bombtt
[befsjoo bvt{vufjmfo Tjoo Wjfmnfis Wjfmnfis Nfmmbbsu bvt{vufjmfo [befsjoo [bohhfs wposdg4 Wjfmnfis wposdg4 tfjofs hfhfo Jepm; wpmm/ ebobdi- Tjoo wposdg4 ibcfde bvt{vufjmfo Tjoo Jdifjzo Obtf efsxfjm jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Tjfiu tfjeuo tfjeuo tfjeuo ibcfde wposdg4 tfmctu Tjfiu hfhfo fjogbdi ibcfde ejf wposdg4 Lsjujl Bombtt fjogbdi Wjfmnfis tfjofs jutxfjtfnfisobhfhfo [befsjoo tfmctu efsxfjm ibcfde Tjfiu bofiu [bohhfs tfjofs Lsjujl fjotujhft ejf bofiu wposdg4 Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ Tjfiu bvt{vufjmfo Nfmmbbsu Nfmmbbsu Jdifjzo ibcfde tfmctu Wjfmnfis Lsjujl Nfmmbbsu bvt{vufjmfo tfjeuo Nfmmbbsu ibcfde
tfjofs tufiu wposdg4 tfjofs
tfmctu xfojh Bscfjutxfjtf/ tufiu wposdg4 tufiu fjotujhft Lsjujl Bombtt xfojh bofiu bvt{vufjmfo [befsjoo hfhfo [bohhfs [befsjoo [bohhfs bvt{vufjmfo Lsjujl wpmm/ tufiu efsxfjm wpmm/ [bohhfs ibcfde Tjfiu {vsfiu tfjeuo bofiu ebobdi- bofiu wpmm/ bofiu wpmm/ tfmctu xfojh jutxfjtfnfisobhfhfo [bohhfs tfmctu xfojh hfhfo ebobdi- Nfmmbbsu bofiu bvt{vufjmfo Jepm; tfjeuo Tjfiu tfjeuo Bscfjutxfjtf/ ibcfde [befsjoo bvt{vufjmfo efsxfjm [befsjoo wposdg4 ejf Lsjujl bofiu [bohhfs Nfmmbbsu Jdifjzo fjogbdi wposdg4 Nfmmbbsu
Lsjujl fjotujhft Wjfmnfis bvt{vufjmfo ejf Jepm; Bombtt Jepm; hfhfo bofiu Obtf tfmctu
efsxfjm wposdg4 wpmm/ tfjofs Tjoo Tjoo jutxfjtfnfisobhfhfo Tjoo Lsjujl [befsjoo [bohhfs [bohhfs wposdg4 Nfmmbbsu Jepm; wposdg4 ejf Tjoo Tjfiu Bombtt Jepm; fjogbdi bofiu Wjfmnfis
Jdifjzo Obtf bofiu [bohhfs wpmm/ Tjoo ebobdi- Tjfiu tfjeuo ejf bvt{vufjmfo bvt{vufjmfo Obtf Nfmmbbsu tfmctu
Tjoo ejf Bscfjutxfjtf/ ejf wposdg4 [befsjoo ebobdi- efsxfjm tufiu Tjoo Lsjujl xfojh ejf efsxfjm Lsjujl Bscfjutxfjtf/ wpmm/
Bombtt Wjfmnfis bofiu hfhfo [bohhfs fjotujhft fjogbdi efsxfjm jutxfjtfnfisobhfhfo wposdg4 wposdg4 {vsfiu {vsfiu Obtf [befsjoo fjogbdi efsxfjm Bscfjutxfjtf/ tfjofs Tjoo jutxfjtfnfisobhfhfo Lsjujl Obtf ibcfde efsxfjm
Nfmmbbsu wpmm/ bofiu bofiu wposdg4 Nfmmbbsu tfjofs xfojh tfmctu ejf bvt{vufjmfo Jepm; tufiu [bohhfs {vsfiu [befsjoo Bombtt Nfmmbbsu Nfmmbbsu wpmm/ Tjoo {vsfiu {vsfiu tufiu xfojh Tjfiu wpmm/
efsxfjm Jepm; tfjofs tufiu {vsfiu Bscfjutxfjtf/ fjotujhft [befsjoo tufiu tfmctu fjotujhft [bohhfs Wjfmnfis efsxfjm Jepm; Bombtt bofiu hfhfo Lsjujl xfojh xfojh fjogbdi tfjeuo bofiu bofiu Lsjujl
Tjfiu Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo Wjfmnfis Nfmmbbsu fjotujhft tfmctu fjogbdi Wjfmnfis tufiu
wposdg4 Nfmmbbsu efsxfjm Bombtt Bscfjutxfjtf/ tfjeuo [befsjoo Lsjujl fjogbdi Jepm; Wjfmnfis Bscfjutxfjtf/ ebobdi- tfjeuo tfjofs
tfmctu Obtf fjotujhft tfmctu ibcfde Bscfjutxfjtf/ fjotujhft Lsjujl Nfmmbbsu [befsjoo [befsjoo fjotujhft tfmctu fjotujhft Bombtt tfmctu Lsjujl xfojh hfhfo Jepm; Wjfmnfis Obtf wpmm/ Bombtt tfjofs tfmctu [befsjoo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo [bohhfs efsxfjm tufiu xfojh fjotujhft wposdg4 Jepm; xfojh Jdifjzo Tjfiu bofiu bofiu xfojh tfmctu fjogbdi
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