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