iBet uBet web content aggregator. Adding the entire web to your favor.
iBet uBet web content aggregator. Adding the entire web to your favor.



Link to original content: https://unpaywall.org/10.1007/S11576-013-0386-Y
Fusionen und Unternehmensübernahmen in der Softwareindustrie | WIRTSCHAFTSINFORMATIK Skip to main content
Springer Nature Link
Log in

Fusionen und Unternehmensübernahmen in der Softwareindustrie

Forschungsergebnisse im Bereich Erfolgsdeterminanten

Mergers and Acquisitions in the Software Industry

Research Results in the Area of Success Determinants

  • State of the Art
  • Published:
WIRTSCHAFTSINFORMATIK

Zusammenfassung

Der Beitrag untersucht Ansätze zur Bewertung von Erfolgsdeterminanten bei Mergers & Acquisitions (M&A) in der Softwareindustrie. Auf der Basis einer Literaturanalyse und -klassifikation wird der aktuelle Stand der branchenübergreifenden sowie der softwareindustriespezifischen Forschung aufgezeigt. Die Resultate belegen, dass die Wirkung von Erfolgsdeterminanten kontextabhängig ist und dass viele Faktoren bislang nicht hinreichend für die Softwareindustrie untersucht worden sind. Darauf aufbauend wird der weitere Forschungsbedarf aufgezeigt. Dabei verspricht insbesondere die Berücksichtigung software-industriespezifischer Erfolgsdeterminanten einen zusätzlichen Erklärungsbeitrag zu liefern.

Abstract

This paper analyzes approaches investigating success drivers of mergers and acquisitions (M&A) in the software industry. The literature review covers a classification of research papers in the generic and software industry specific M&A research discipline. The results accentuate that the impact of success factors depends on the research context and that many factors have not been examined so far with respect to the software industry. Building on these insights, the resulting areas for research are pointed out. The investigation of software industry specific factors, in particular, promises to contribute to the analysis of variance in M&A performance.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Subscribe and save

Springer+ Basic
$34.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or eBook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Abb. 1

Literatur

  • Andrade G, Stafford E (2004) Investigating the economic role of mergers. Journal of Corporate Finance 10(1):1–36

    Article  Google Scholar 

  • Barkema HG, Schijven M (2008) How do firms learn to make acquisitions? A review of past research and an agenda for the future. Journal of Management 34(3):594–634

    Article  Google Scholar 

  • Beitel P, Schiereck D (2003) Zum Erfolg von Akquisitionen und Zusammenschlüssen zwischen Banken: Eine Bestandsaufnahme der empirischen Forschung. Zeitschrift für das Gesamte Bank- und Börsenwesen 51(Sonderdruck):501–516

    Google Scholar 

  • Bouwman CHS, Fuller K, Nain AS (2009) Market valuation and acquisition quality: empirical evidence. Review of Financial Studies 22(2):633–679

    Article  Google Scholar 

  • Bruner RF (2001) Does M&A pay? A survey of evidence for the decision-maker. Batten Institute, Charlottesville

    Google Scholar 

  • Bruner RF (2004) Where M&A pays and where it strays: a survey of the research. Journal of Applied Corporate Finance 16(4):63–77

    Article  Google Scholar 

  • Budzinski O, Christiansen A (2007) The Oracle/PeopleSoft case: unilateral effects, simulation models and econometrics in contemporary merger control. Legal Issues of Economic Integration 34(2):1–34

    Google Scholar 

  • Bureau von Dijk (2012) Zephyr annual M&A report – global 2011. http://www.mandaportal.com/getattachment/a4ef4b9d-1732-496c-80ca-a0767b52be7e/Global,-FY-2011. Abruf am 2012-11-07

  • Buxmann P, Diefenbach H, Hess T (2013) The software industry: economic principles, strategies, perspectives. Springer, Heidelberg

    Google Scholar 

  • Datta DK, Pinches GE, Narayanan VK (1992) Factors influencing wealth creation from mergers and acquisitions: a meta-analysis. Strategic Management Journal 13(1):67–84

    Article  Google Scholar 

  • Dutta S, Mia I (2010) Global information technology report 2009–2010. http://www3.weforum.org/docs/WEF_GITR_Report_2010.pdf. Abruf am 2012-11-07

  • Fama EF, Fisher L, Jensen MC, Roll R (1969) The adjustments of stock prices to new information. International Economic Review 10(1):1–21

    Article  Google Scholar 

  • Fettke P (2006) State-of-the-Art des State-of-the-Art Eine Untersuchung der Forschungsmethode „Review“ innerhalb der Wirtschaftsinformatik. WIRTSCHAFTSINFORMATIK 48(4):257–266

    Article  Google Scholar 

  • Gao L, Iyer B (2006) Analyzing complementarities using software stacks for software industry acquisitions. Journal of Management Information Systems 23(2):119–147

    Article  Google Scholar 

  • Haleblian J, Devers CE, McNamara G, Carpenter MA, Davison RB (2009) Taking stock of what we know about mergers and acquisitions: a review and research agenda. Journal of Management 35(3):469–502

    Article  Google Scholar 

  • Harford J (2005) What drives merger waves? Journal of Financial Economics 77(3):529–560

    Article  Google Scholar 

  • Hess T, Loos P, Buxmann P, Erek K, Frank U, Gallmann J, Gersch M, Zarnekow R, Zencke P (2012) ICT providers: a relevant topic for business and information systems engineering? Business & Information Systems Engineering 4(6):367–373

    Article  Google Scholar 

  • Izci E, Schiereck D (2010) Programmierte Wertgenerierung durch M&A in der Business Software-Industrie? M&A Review 20(2):69–74

    Google Scholar 

  • Jope F, Schiereck D, Zeidler F (2010) Value generation of mergers and acquisitions in the technology, media and telecommunications industry. Journal of Telecommunications Management 2(4):369–386

    Google Scholar 

  • Katz M, Shapiro C (1985) Network externalities, competition, and compatibility. The American Economic Review 75(3):424–440

    Google Scholar 

  • King DR, Dalton DR, Daily CM, Covin JG (2004) Meta-analyses of post-acquisition performance: indications of unidentified moderators. Strategic Management Journal 25(2):187–200

    Article  Google Scholar 

  • Klosterberg M (2011) Die Bewertung von Software-Unternehmen. In: Drukarczyk J, Ernst D (Hrsg) Branchenorientierte Unternehmensbewertung. Vahlen, München, S 255–274

    Google Scholar 

  • Laamanen T, Brauer M, Junna O (2013) Performance of acquirers of divested assets: evidence from the US software industry. Strategic Management Journal:1–22

  • Lambert SC, Davidson RA (2012) Applications of the business model in studies of enterprise success, innovation and classification: an analysis of empirical research from 1996 to 2010. European Management Journal: 1–14

  • Léger P-M, Quach L (2009) Post-merger performance in the software industry: the impact of characteristics of the software product portfolio. Technovation 29(10):704–713

    Article  Google Scholar 

  • Léger P-M, Yang S (2005) Network effects and the creation of shareholders ’ wealth in the context of software firm mergers and acquisitions. In: Proc 13th European conference on information systems, Regensburg, Germany, S 1–13

    Google Scholar 

  • MacKinlay CA (1997) Event studies in economics and finance. Journal of Economic Literature 35(1):13–39

    Google Scholar 

  • Mcnamara GM, Haleblian JJ, Dykes BJ (2008) The performance implications of participating in an acquisition wave: early mover advantages, bandwagon effects, and the moderating influence of industry characteristics and acquirer tactics. Academy of Management Journal 51(1):113–130

    Article  Google Scholar 

  • Meglio O, Risberg A (2011) The (mis)measurement of M&A performance – a systematic narrative literature review. Scandinavian Journal of Management 27(4):418–433

    Article  Google Scholar 

  • Mergerstat (2009) Mergerstats free reports: Industry rankings for year 2009. http://www.mergerstat.com/newsite/free_report.asp. Abruf am 2011-08–23

  • Messerschmitt DG, Szyperski C (2005) Software ecosystem: understanding an indispensable technology and industry. MIT Press, Cambridge

    Google Scholar 

  • Osterwalder A (2004) The business model ontology: a proposition in a design science approach. Universite de Lausanne, Lausanne

    Google Scholar 

  • Schief M, Pussep A, Buxmann P (2013) The impact of software business model characteristics on firm performance. In: Proc 4th international conference on software business, Potsdam. Lecture notes in information systems, S 1–12

    Google Scholar 

  • Schiff C (2007) What’s driving the latest wave of business performance management mergers and acquisitions? http://www.b-eye-network.com/view/4120. Abruf am 2012-11-07

  • Stelzer D (2004) Produktion Digitaler Güter. In: Braßler A, Corsten H, Blecker T, Schneider H (Hrsg) Entwicklungen im Produktionsmanagement. Vahlen, München, S 233–250

    Google Scholar 

  • Thanos IC, Papadakis VM (2011) The use of accounting-based measures in measuring M&A performance: a review of five decades of research. In: Cooper CL, Finkelstein S (Hrsg) Advances in mergers & acquisitions. Emerald, Bradford, S 103–120

    Google Scholar 

  • Tuch C, O’Sullivan N (2007) The impact of acquisitions on firm performance: a review of the evidence. International Journal of Management Reviews 9(2):141–170

    Article  Google Scholar 

  • Vom Brocke J, Simons A, Niehaves B, Riemer K, Plattfaut R, Cleven A (2009) Reconstructing the giant: on the importance of rigour in documenting the literature search process. In: Proc 17th European conference on information systems, Verona, S 1–13

    Google Scholar 

  • Webster J, Watson RT (2002) Analyzing the past to prepare for the future: writing a literature review. MIS Quarterly 26(2):13–23

    Google Scholar 

  • Wirtz BW (2003) Mergers & Acquisitions Management: Strategie und Organisation von Unternehmenszusammenschlüssen. Gabler, Wiesbaden

    Book  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Fachgebiet Wirtschaftsinformatik, TU Darmstadt, Hochschulstr. 1, 64289, Darmstadt, Deutschland

    Markus Schief &  Peter Buxmann

  2. Fachgebiet Unternehmensfinanzierung, TU Darmstadt, Hochschulstr. 1, 64289, Darmstadt, Deutschland

    Dirk Schiereck

Authors
  1. Markus Schief
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Peter Buxmann
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Dirk Schiereck
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Markus Schief.

Additional information

Angenommen nach drei Überarbeitungen durch Prof. Dr. Buhl.

This article is also available in English via http://www.springerlink.com and http://www.bise-journal.org: Schief M, Buxmann P, Schierek D (2013) Mergers and Acquisitions in the Software Industry. Research Results in the Area of Success Determinants. Bus Inf Syst Eng. doi: 10.1007/s12599-013-0293-1.

Rights and permissions

Reprints and permissions

About this article

Cite this article

Schief, M., Buxmann, P. & Schiereck, D. Fusionen und Unternehmensübernahmen in der Softwareindustrie. Wirtschaftsinf 55, 421–433 (2013). https://doi.org/10.1007/s11576-013-0386-y

Download citation

  • Received:

  • Accepted:

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11576-013-0386-y

Schlüsselwörter

Keywords

Search

Navigation