Abstract
The article proposes a case study of a Merger and Acquisition (M&A) processes in Italy between a temporary agency and an innovative start-up. The aim of the study is to investigate which component of the intellectual capital affects the trust of the companies involved in the M&A process. Results show the key role of trust in start-up’s human capital for the integration of the innovative service into the acquiring company. We suggest that the success of the M&A is given by our model named “circular vision of intellectual capital”.References
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Charmaz, K., Denzin, N.K. & Lincoln, Y.S., (2003). Strategies of qualitative inquiry. Grounded theory: Objectivist and constructivist methods, 249–291.
Chakrabarti, R., Gupta-Mukherjee, S. & Jayaraman, N. (2009) Mars–Venus mar-riages: Culture and cross- border M&A. Journal of International Business Stud-ies, 40, 216–236.
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Currall, S.C., & Inkpen, A.C. (2002). A multilevel approach to trust in joint ventures. Journal of International Business Studies, 33(3), 479-495
Deepak K. Datta (1991). Organizational Fit and Acquisition Performance: Effects of post-acquisizion integration. Strategic Management Journal, 12 (4), 281-297.
De Clercq, D., Fried, V. H., Lehtonen, O., & Sapienza, H. J. (2006). An entrepre-neur's guide to the venture capital galaxy. Academy of Management Perspec-tives, 20(3), 90-112.
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Degbey, W. Y. (2015). Customer retention: A source of value for serial acquirers. Industrial Marketing Management, 46, 11–23.
Dumay John C., (2009). Intellectual capital measurement: a critical approach. Jour-nal of intellectual capital,Vol 10. No. 2, pp 190-210
Duriau, V.J., Reger, R.K. & Pfarrer, M.D., 2007. A Content Analysis of the Content Analysis Literature in Organization Studies: Research Themes, Data Sources, and Methodological Refinements. Organizational Research Methods, 10(1), 5–34
Edvinsson, L. and Malone, M.S. (1997), Intellectual Capital: The Proven Way to Establish Your Company’s Real Value by Measuring Its Hidden Values, Piatkus, London.
Evans, P., Pucik, V., & Björkman, I. (2011). The global challenge: International Human Resource Management. 2nd Edition, McGraw-Hill.
Gebhardt, J. (2003). What “due diligence” really means: Intangible capital and organizational reality. In A. F. Buono (Ed.), Enhancing inter-firm networks and in-terorganizational strategies (Volume 3). Greenwich, CT: Information Age Publish-ing.
Gomes, E., Angwin, D. N., Weber, Y., & Yedidia Tarba, S. (2013). Critical Success Factors through the Mergers and Acquisitions Process: Revealing Pre and Post M&A Connections for Improved Performance. Thunderbird International Business Review, 55(1), 13-35
Gomes, E., Weber, Y., Brown, C., and Tarba, S.Y. (2011). Mergers, Acquisitions and Strategic Alliances: Understanding the Process. USA & UK: Palgrave Mac-millan
Gupta, O. and Roos, G. (2001) “Mergers and acquisitions: Through an intellectual capital perspective”, Journal of Intellectual Capital, 2(3), 297-309
Günter K. S., Chei H. C., Amy L. P. (2012). Does National Context Affect Employee Reactions to Takeovers.A Policy-Capturing Study of the Predictors of Target Firm Member Trust after Acquisitions. ePubWU Insisutional Repository.
Habersam, M. and Piber, M. (2003), Exploring intellectual capital in hospitals: two qualitative case studies in Italy and Austria”, European Accounting Review, 12 (4), 753-79.
Haleblian, J., Devers, C. E., McNamara, G., Carpenter, M. A., & Davison, R. B. (2009). Taking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35, 469–502
Hammersley, M., & Atkinson, P. (2007). Ethnography: Principles in practice. Routledge.
Hofstede, G. (1980). Culture’s consequences: International differences in work related values. Beverly Hills: Sage.
Hormiga, E., Batista-Canino, R. M., & Sánchez-Medina, A. (2011). The role of intellectual capital in the success of new ventures. International Entrepreneurship and Management Journal, 7(1), 71-92.
Inkpen, A. & Currall, S. C. 2004. The coevolution of trust, control, and learning in joint ventures. Organization Science, 15: 586-599.
Jemison, D.B., & Sitkin, S.B. (1986). Corporate acquisitions: A process perspective. Academy of Management Review, 11(1), 145-163.
King, D.R., Dalton, D.R., Daily, C.M., & Covin, J.G. (2004). Meta-analyses of post-acquisition performance: Indications of unidentified moderators. Strategic Man-agement Journal, 25(2), 187-200.
Katz, J., & Gartner, W. B. (1988). Properties of emerging organizations. Academy of Management Review, 13, 429-441.
Kaufmann, L., & Schneider, Y. (2004). Intangibles: a synthesis of current research. Journal of Intellectual Capital, 5, 366-388.
Kavanagh, M. H. & Ashkanasy, M. N. (2006). The impact of leadership and change management strategy on organizational culture and individual acceptance of change during a merger. British Journal of Management, 17(S1), S81-S103
Kramer, R. M. 1999. Trust and distrust in organizations: Emerging perspectives, enduring questions. Annual Review of Psychology, 50: 569-598
Krippendorff, K., 2003. Content Analysis: An Introduction to its Methodology, Sage Pubblications.
Krishnan, R., Martin, X. & Noorderhaven, N. G. (2006). When does trust matter to alliance performance? Academy of Management Journal, 49(5), 894-917
Krug, J.A., & Nigh, D. (2001). Executive perceptions in foreign and domestic acquisi-tions. Journal of World Business, 36(1), 85-105.
Leana III, C. R., & Van Buren, H. J. (1999). Organizational social capital and em-ployment practices. Academy of management review, 24(3), 538-555
Lewicki, R. J., McAllister, D. J. & Bies, R. J. (1998). Trust and distrust: New relation-ships and realities. Academy of Management Review, 23, 438-458
Lichtenstein, B. M. B., and C. G. Brush (2001). How Do ‘Resource Bundles’ Develop and Change in New Ventures? A Dynamic Model and Longitudinal Exploration. Entrepreneurship Theory and Practice 25(3), 37–59.
Liu, Y., (2017). Born global firms’ growth and collaborative entry mode: The role of transnational entrepreneurs. International Marketing Review, 34, 46-67
Liu, Y., & Almor, T. (2016). How culture influences the way entrepreneurs deal with uncertainty in inter-organizational relationships: The case of returnee versus local entrepreneurs in China. International Business Review, 25, 4-14
Loverde, L. (2001). Intellectual capital evaluation: An M&A approach. Knowledge and Innovation, a Journal of Knowledge Management Consortium International, 1(3).
Luiz, A. J., (2000). Measuring intangible corporate assets: Linking business strategy with intellectual capital. Journal of Intellectual Capital, 1, 68-84
Marsden, P. V. (2017). Interpersonal ties, social capital, and employer staffing practices. In Social capital (pp. 105-125). Routledge.
Marr, B., & Roos, G. (2005). A Strategy perspective on intellectual capital. In B. Marr (Ed.), Perspective on intellectual capital. Multidisciplinary insights into manage-ment, measurement and reporting. Boston: Elsevier.
Mouritsen, J. (2006). Problematising intellectual capital research: ostensive versus performative IC. Accounting, Auditing & Accountability Journal, 19(6), 820-841.
Meglio O. (2004). Il processo di integrazione post-acquisizione. Profilo teorico ed esperienze aziendali (Post-acquisition integration process: theories, methods, eexperiences). CEDAM, Padova.
Meritum (2002), Guidelines for Managing and Reporting on Intangibles, TSER Programme, MERITUM, Tucson, AZ.
Michael, A. (2000). Strategic human resource management: a guide to action
Ming-Chin C., Shu-Ju C., Yuhchang H., (2005). An empirical investigation of the relationship between intellectual capital and firms’ market value and financial per-formance. Journal of intellectual capital, 6(2), 159-176
Morris, R., (1994). Computerized content analysis in management research: A demonstration of advantages & limitations. Journal of Management, 20(4), 903–931
Olie, R. (1994). Shades of culture and institutions in international mergers. Organi-zation Studies, 15(3), 381-405
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