Abstract
This paper seeks to identify the social dynamics underlying ″socially driven″ acquisitions and their effect on post-acquisition performance. Drawing on research into social stratification, we formulate hypotheses on how these socially driven acquisitions perform in relation to both the position held by the acquirers’ top managers (CEOs and owners) in the social hierarchy and the extent to which the acquisition context is socially loaded (prestigious). We examine these hypotheses empirically using a sample of 123 Bordeaux châteaux acquired by Chinese companies between 2008 and 2015. Our results show that social dynamics substantially influence post-acquisition performance: socially driven acquisitions can lead to positive performance when their aim is (social) status enhancement, while those that target elite-membership reassertion, defined as conspicuous acquisitions, perform less well. These results encourage the acquisition literature to reconsider the assumed negative post-acquisition performance of self-interest acquisitions. The paper also proposes a broad view of acquisitions, which includes social dynamics.
Résumé
Cet article vise à identifier les dynamiques sociales qui sous-tendent les acquisitions ″socialement-motivées″, ainsi que leur impact sur la performance post-acquisition. Nous appuyant sur la recherche en stratification sociale, nous élaborons les hypothèses sur la manière dont ces acquisitions socialement motivées affichent divers niveaux de performance en fonction à la fois de la position occupée par les hauts dirigeants des acquéreurs (PDGs et propriétaires) dans la hiérarchie sociale et de la mesure dans laquelle le contexte de l'acquisition est socialement chargé (prestigieux). Nous examinons empiriquement ces hypothèses en utilisant un échantillon de 123 châteaux bordelais acquis par des entreprises chinoises durant la période 2008–2015. Nos résultats montrent que les dynamiques sociales influencent substantiellement la performance post-acquisition : les acquisitions socialement motivées peuvent conduire à une performance positive lorsque leur objectif est d’améliorer le statut (social), tandis que celles visant à réaffirmer l'appartenance à l'élite, définies comme acquisitions ostentatoires, sont moins performantes. Ces résultats incitent la littérature des acquisitions à reconsidérer la supposition selon laquelle les acquisitions motivées par l'intérêt personnel impliquent une performance post-acquisition négative. L'article propose également une vision large des acquisitions incluant les dynamiques sociales.
Resumen
Este artículo sirve para identificar las dinámicas sociales de las adquisiciones “socialmente motivadas”, y su efecto en el desempeño posterior a la adquisición. Con base en la investigación sobre estratificación social, formulamos las hipótesis sobre como estas adquisiciones socialmente motivadas en relación tanto a posición que ocupan los altos directivos (directores generales y propietarios) en la jerarquía social como al alcance al cual el contexto de la adquisición es cargado socialmente (prestigio). Examinamos estas hipótesis empíricamente usando una muestra de 123 Bordeaux châteaux adquiridos por empresas chinas entre el 2008 y el 2015. Nuestros resultados muestran que las dinámicas sociales influencian el desempeño posterior a la adquisición: las adquisiciones socialmente motivadas pueden llevar a un desempeño positivo cuando estas buscan realzar el estatus (social), mientras que aquellas que tienen como objetivo reafirmar la pertenencia a la élite, definidas como adquisiciones ostentosas, se desempeñan menos bien. Estos resultados estimulan la literatura sobre adquisiciones a reconsiderar el supuesto desempeño posterior a la adquisición de las adquisiciones por interés propio. Este manuscrito también propone una visión amplia de las adquisiciones, la cual incluye la dinámica social.
Resumo
Este artigo busca identificar as dinâmicas sociais subjacentes a aquisições ″orientadas socialmente″ e seu efeito no desempenho pós-aquisição. Com base em pesquisas sobre estratificação social, formulamos hipóteses sobre como essas aquisições socialmente orientadas se comportam em relação tanto à posição ocupada pelos principais gerentes dos adquirentes (CEOs e proprietários) na hierarquia social quanto à extensão em que o contexto da aquisição é socialmente pleno (prestigioso). Examinamos essas hipóteses empiricamente usando uma amostra de 123 châteaux de Bordeaux adquiridos por empresas chinesas entre 2008 e 2015. Nossos resultados mostram que a dinâmica social influencia substancialmente o desempenho pós-aquisição: aquisições orientadas socialmente podem levar a um desempenho positivo quando seu objetivo é o aumento do status (social), enquanto aquelas que visam reafirmação da associação com elite, definidas como aquisições de visibilidade, têm um desempenho inferior. Esses resultados encorajam a literatura de aquisição a reconsiderar o suposto desempenho negativo pós-aquisição de aquisições de interesse próprio. O artigo também propõe uma visão ampla de aquisições, que inclui dinâmica social.
摘要
本文旨在确定“社会驱动”收购背后的社会动态, 以及它们对收购后绩效的影响。借鉴对社会分层的研究, 我们假设这些社会驱动收购与收购者的高层管理人员(首席执行官和所有者)在社会等级中的地位以及收购情境的社会加载(声望)程度有关。我们使用中国公司在 2008 年至 2015 年间收购的 123 座波尔多酒庄的样本, 对这些假设进行实证检验。 我们的研究结果表明, 社会动态显著影响收购后的表现:当目标是(社会)地位提升时, 社会驱动收购可以带来积极的表现, 而那些被定义为引人注目的以重申精英会员身份为目标的收购表现较差。 这些结果鼓励收购文献重新考虑所假设的自利收购的负面收购后绩效。本文还提出了包括社会动态在内的有关收购的广泛观点。
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ACKNOWLEDGEMENTS
We would like to sincerely thank Professors Olivier Bertrand and Michael Morley for advising us throughout the review process. We are also deeply indebted to our JIBS Area Editor, Professor Klaus Meyer, for his support and dedicated guidance, allowing us to reach the high standards of JIBS, and to our three anonymous reviewers for their challenging and constructive feedback. Finally, we acknowledge the financial support of the ESSCA School of Management and the effective copyediting of Mark Holdsworth.
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Accepted by Klaus Meyer, Area Editor, 28 May 2022. This article has been with the authors for three revisions.
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Bohas, A., Meschi, PX. In vino vanitas: Social dynamics and performance of Chinese château acquisitions in the Bordeaux vineyards. J Int Bus Stud 54, 306–331 (2023). https://doi.org/10.1057/s41267-022-00550-6
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DOI: https://doi.org/10.1057/s41267-022-00550-6