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