Abstract
After a more detailed outline of the research approach, this chapter presents the research results from the case studies conducted, the propositions derived, and also the research results from the questionnaire-based survey which are used to test the propositions derived.
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References
For an overview of different research strategies, see Yin, R.K. (1994), p. 17.
For ground rules on how to formulate hypotheses/propositions in academic research, see e.g., Bortz, J./ Döring, N. (2002), pp. 7 et seqq.
KAPLAN states that ‘case studies [...] provide a firmer basis for [...] theory-building and hypothesis-formulation activities’, Kaplan, R.S. (1986), p. 445.
Yin, R.K. (1994), pp. 17–20.
Chandler, A.D. (1962).
Knyphausen-Aufsess, D. zu (1995), p. 217.
For a brief history of case study research, see e.g., Stoecker, R. (1991), pp. 89–90.
Meyer, J.-A. (2003), p. 475.
YIN has published a book which provides a detailed overview on case study research, Yin, R.K. (1994). For a summary, see Brans, W.J. (1989).
Yin, R.K. (1994), p. 23.
Eisenhardt, K.M. (1989b), p. 535. EISENHARDT reports a process of building theory using case studies, Eisenhardt, KM. (1989b), pp. 536 et seqq. For a critical view of the article by EISENHARDT, see Dyer, W.G./Wilkins, A.L. (1991).
Keating, P.J. (1995), pp. 68 et seqq.
Eisenhardt, K.M. (1989b), pp. 548–549.
Boos, M. (1992), p. 9; Kaplan, R.S. (1986), p. 445.
Lamnek, S. (1989), pp. 11–14.
Literal replication (i.e., cases predict similar results) and theoretical replication (i.e., cases produce contrary results but for predictable reasons), Yin, R.K. (1994), pp. 48–49.
Yin, R.K. (1994), pp. 42–44 and 47–53.
Yin, R.K. (1994), pp. 44–46.
Eisenhardt, K.M. (1989b), pp. 534–535; Meyer, J.-A. (2003), p. 475; Yin, R.K. (1981), pp. 58–59.
Diekmann, A. (2004), pp. 371 et seqq.; Vaus, D.A. de (2001), p. 10.
Eisenhardt, K.M. (1989b), p. 534; Yin, R.K. (1981), p. 59.
Bortz, J./ Döring, N. (2002), pp. 238–239.
For a more detailed overview, see Yin, R.K. (1994), pp. 55 et seqq.
‘The principle is to allow external observers [...] to follow the derivation of any evidence from initial research questions to ultimate case study conclusions’, Yin, R.K. (1994), p. 96.
The logic of pattern matching ‘compares an empirically-based pattern with a predicted one (or with several alternative predictions)’, Yin, R.K. (1994), p. 103.
Chetty, S. (1996), p. 74; Eisenhardt, K.M. (1989b), pp. 546–547; Marshall, C./Rossmann, G.B. (1989), p. 144; Platt, J. (1992), p. 22; Stoecker, R. (1991), p. 91; Yin, R.K. (1994), pp. 21–22.
Yin, R.K. (1994), p. 13.
Kirk, J./ Miller, M.L. (1986), p. 19.
Meyer, J.-A. (2003), p. 477.
Yin, R.K. (1994), p. 36.
For ground rules on questionnaire-based surveys, seee.g., Bortz, J./ Döring, N. (2002), pp. 253 et seqq.
Stier, W. (1996), pp. 68–69.
For a detailed overview, see e.g., Fahrmeir, L. et al. (2004), pp. 17–19.
For an overview of different measures to increase the rate of return of questionnaires, see e.g., Diekmann, A. (2004), pp. 441–443.
Hoffmann, N. (2004).
Meyer, J.-A. (2003), p. 477.
Hoffmann, N. (2004), pp. 21–22; Niederdrenk, R./Karbenk, C. (2002), p. 3.
Fordyce, J.H./ Stewart, S. (1994), p. 50; Smit, H.T. (2001), p. 79.
Fordyce, J.H./ Stewart, S. (1994), p. 50.
Burge, S.W. (1994), p. 34. Other researchers state that it might be beneficial for the success of buy-and-build strategies if the relevant market has an above-average growth rate, Leeuw, D. de (1993), p. 46; Fordyce, J.H./Stewart, S. (1994), p. 50.
Allen, J.R. (1999), p. 717.
Leeuw, D. de (1993), p. 46; Smit, H.T. (2001), p. 82; Zengerling, K. (2003), p. 26.
Hase, S. (1996), pp. 3–4; Müller-Stewens, G. (1992), p. 332. For an overview of relevant literature on the difficulties of integration in the context of M&A transactions, see Grüter, H. (1991), p. 88.
Hoffmann, N. (2004), p. 21; Niederdrenk, R./Karbenk, C. (2002), p. 3. See also Kusewitt, J.B. (1985), p. 161.
See also Trottier, R. (1995), p. 39.
Fordyce, J.H./ Stewart, S. (1994), p. 48. Sources of risk are e.g., slower than anticipated completion of add-on acquisitions, underperformance of target companies, and management problems, Fordyce, J.H./Stewart, S. (1994), p. 51.
Smit, H.T. (2001), p. 82.
Zengerling, K. (2003), p. 26. FORDYCE/STEWART present a description as well as the advantages and drawbacks of an equity structure and a debt structure, Fordyce, J.H./Stewart, S. (1994), p. 52.
Smit, H.T. (2001), p. 82.
Rockholtz, C. (1999), pp. 167–169. For an example of the quantification of synergies based on the DCF approach, see e.g., Kerler, P. (2000), pp. 215–225; Sandler, G.G. (1991), p. 227.
Niederdrenk, R./ Karbenk, C. (2002), p. 4. FORDYCE/STEWART report that buy-and-build strategies also require more manpower from lenders, due to a higher day-to-day involvement, Fordyce, J.H./Stewart, S. (1994), p. 51.
Müller-Stewens, G. (2000), p. 54.
Allen, J.R. (1999), p. 717.
Smit, H.T. (2001), p. 82.
See also Fordyce, J.H./ Stewart, S. (1994), p. 49.
Smit, H.T. (2001), p. 82.
Hoffmann, N. (2004), pp. 23–24.
Fordyce, J.H./ Stewart, S. (1994), p. 49.
Researchers suggest different frameworks to structure the M&A process, see e.g., Kerler, P. (2000), p. 234; Jansen, S.A. (2001a), p. 164; Jung, H. (1993), p. 22; Lucks, K./Meckl, R. (2002), p. 54; Reissner, S. (1992), p. 148; Müller-Stewens, G./Spickers, J./Deiss, C. (1999), p. 37; Vogel, D.H. (2002), p. 116.
See also Trottier, R. (1995), p. 39.
Bühner, R. (1990b), p. 206.
See also Schwetzler, B. (2003).
Leeuw, D. de (1993), p. 46.
Fordyce, J.H./ Stewart, S. (1994), p. 50; Trottier, R. (1995), p. 39.
Zengerling, K. (2003), p. 26.
Fordyce, J.H./ Stewart, S. (1994), p. 50.
For an overview of the theory of the learning curve, see e.g., Hieber, W.L. (1991), pp. 7 et seqq.
Albrecht, S. (1994), p. 182; Bühner, R. (1990b), p. 202; Fowler, K.L./Schmidt, D.R. (1989), p. 346.
Fordyce, J.H./ Stewart, S. (1994), p. 50.
Fordyce, J.H./ Stewart, S. (1994), p. 50.
Trottier, R. (1995), p. 37.
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(2008). Empirical study. In: German Buyouts Adopting a Buy and Build Strategy. Gabler. https://doi.org/10.1007/978-3-8349-9634-3_4
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