The analysis has influenced the companies to merger with special characteristics which creates profitability for the shareholders. This suggests a need to develop discursive approaches to make sense of the media text presented above. In a merger, there are more legal formalities as compared to the acquisition. The premerger studies focus on events or activities that mainly takes place in the premerger phase. Yes, certainly, there are several approaches of cdacds since the 1980s. Principles, theories and approaches to critical discourse. Discourse analysis of environmental policy revisited. Define the research question and select the content of analysis.
In this paper, we examine three merger cases using the pitfalls framework 2 originally presented by the authors in the economicanalysis ofmergers. Other potential mergers to consolidate major regional centres. The merger implementation is the process where merger negotiation proceeds until. Merger and acquisition and strategic alliance initiatives 167 advantage, pace,2 frequency, speed, and rhythm.
Discourse analysis is a useful tool for studying the political meanings that. Hergert 1988 planning for postmerger integrationeight lessons for merger success, long range planning, 21, 825. Apr 20, 2012 approaches to discourse analysis posted on april 20, 2012 by theworldofisnanto there are some approaches to discourse analysis, such as speech act theory, interactional sociolinguistics, ethnography of communication, pragmatics, conversational analysis, variation analysis, etc. The successful case is the merger between statoil and hydro in 2007, and the failure case is the attempt to merge made by telenor and telia in 1999.
The canadian evidence, canadian journal of economics, 19 2, 23660. Merging and acquisition perspective in the pharmaceutical industry abstract the objective of this article is to give an overview on merging and acquisition in the pharmaceutical industry. There are some approaches to discourse analysis, such as speech act theory, interactional sociolinguistics, ethnography of communication, pragmatics, conversational analysis, variation analysis, etc. For testing the efficiency theory of mergers, various researchers hav e carried out event studies to analyze if there is a change in the efficiency of the firm after a merger in terms of creation of shareholders wealth. Thus discourse analysis relates language forms to function that a piece of discourse fulfills. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext.
Mergers and acquisitions edinburgh business school. There are many different approaches and techniques you can use to conduct discourse analysis, but the steps below outline the basic steps you need to follow. Pdf introduction in recent years scholars have started to pay. Financial statement analysis in mergers and acquisitions essay sample financial statement analysis is fundamental to a corporate acquirers assessment of an acquisition or merger candidate. By deploying ratio analysis, kemal 2011 examined the postmerger financial performance of. Johnson, mba, ca, cma, cbv, cpa, cfa campbell valuation partners limited overview financial statement analysis is fundamental to a corporate acquirers assessment of an acquisition or merger candidate. Since the mid1990s, discourse analysis has become an. In scientific texts and debates, it is used indiscriminately, often without being defined. Methods of funding the deals connected with mergers and acquisitions 2 2 4 16 8 total volume of hours 14 14 28 80 54 course content lecture 1. Pdf on apr 3, 2019, lavinia suciu and others published introductory chapter.
Financial statement analysis in mergers and acquisitions. The discourse dynamics approach to metaphor and metaphor. Premerger profitability stream of research focuses on the study of ex ante corporate performance in order to identify potential acquirers and targets. Valuation for mergers and acquisitions second edition barbara s. A strategic approach to implementing mergers and acquisitions. Mergers and performance of conglomerates companies in. Pdf on aug 1, 2009, jason glynos and others published discourse. Corporate performance is considered to have improved if the returns to shareholders are greater after the acquisition or. Pdf this article concentrates on the discursive construction of mergers and. Jul 26, 2018 the merger is done voluntarily by the companies while the acquisition is done either voluntarily or involuntarily. Financial statement analysis in mergers and acquisitions howard e. Discourse analysis as a method for understanding the. Approach, critical discourse analysis, discourse analysis, paradigm, theory.
Pdf justification, legitimization and naturalization of mergers and. A retrospective approach find, read and cite all the research you need on. Mergers and acquisitions motives jrisy motis 1 toulouse school of economics ehess gremaq and university of crete jrissy. The pre and postmerger studies cover activities in both the preand the postmerger phases. Following the mainstream of discourse analysis, the geneva model focuses on.
Free download an introduction to discourse analysis. The premerger planning is the phase where the whole merger strategy is being planned and formulated at the most comprehensive and practical manner. The postmerger studies are classified based on their main research perspective being strategic, human resource, or cultural angwin and vaara 2005. Acquisition of corus group by tata steel in the year 2006. Yet, several scholars have suggested to combine discursive approaches with. The fundamentals of strategic logic and integration for. Merging and acquisition perspective in the pharmaceutical. The concept has become vague, either meaning almost nothing, or being used with more precise, but rather different, meanings in different contexts. The empirical analysis focuses on the comparison of two different mergers, one that was cancelled and one that was successful. A merger has been defined as an arrangement whereby the assets, liabilities and businesses of two or more companies become vested in, or under the control. This usually means justification of particular merger or acquisition deals and legitimization of specific actions taken by management.
In that endeavor, it sheds light on the principles underlying the concept, the methods it draws on, as well as the focal approaches to cda that have thus far been put forth by prominent scholars. Strategic analysis for more profitable acquisitions. As part of its due diligence investigation, a corporate acquirer typically analyzes the current and prospective financial statements of a target company. Among the various inorganic approaches, a merger involves two equal entities combining into one, and acquisition involves a company acquiring controlling stake in another. Less than a decade after the frantic merger activity of the late 1960s, we are again in the midst of a major wave of corporate acquisitions. Once you have developed your question, select a range of material that is appropriate to answer it. Also understand if merger premium is already built into price industry group should know this. Mergers and acquisitions are today very relevant themes in the field of expanding a. The pre merger planning is the phase where the whole merger strategy is being planned and formulated at the most comprehensive and practical manner. An analysis of the performance of the selected companies before and after the merger and acquisition transactions reveals that the. The post merger studies are classified based on their main research perspective being strategic, human resource, or cultural angwin and vaara 2005.
A wittgensteinian approach to discourse analysis this essay seeks to take wittgensteins influence on discourse analysis a step further by using his writings as the theoretical foundation for an approach to analyzing discourse that is distinct from speech act theory, which stems from the. A critical discourse analysis of media texts sage journals. Justification, legitimization and naturalization of mergers and. Justification, legitimization and naturalization of mergers. Discourse historical approach in critical discourse analysis 18. The goal of the analysis is to understand how the markets is valuing the peer group in terms of price to earnings, price to book value, price to cashflow to equity, what the peg ratio is, enterprise value to revenues, ebitda, net assets etc. A total of ten incorporated banks were selected using simple random sampling technique. Pdf download for justification, legitimization and naturalization of mergers and. Mergers and acquisitions as a part of strategic development of a company. Each of these topics, including acquisition comparables, is very important in investment banking and is discussed in a previous module in this training course. However the rationale behind merger and acquisition may vary from one merger to another merger, but normally major success is to increase the value for the company through merger epstein 2004. Organization of mergers and acquisitions 2 4 6 16 12 4. The fundamentals of strategic logic and integration for merger and acquisition projects 10 master thesis marco zappa dmtec, ethz succeed and to discover universally valid performanceenhancing key success factors that do not depend on the specific. The effects of mergers and acquisition on corporate growth.
I propose a categorization of such motives based on the residual. A merger is a contractual and legal statutory transaction where the survival company acquires all assets and liabilities of the target company. Pre merger profitability stream of research focuses on the study of ex ante corporate performance in order to identify potential acquirers and targets. As part of its due diligence investigation, a corporate. Difference between merger and acquisition with example and. The merger is done voluntarily by the companies while the acquisition is done either voluntarily or involuntarily. A discourse dynamics approach to metaphor situated within a complexity dynamic systems perspective is developed. An empirical examination of efficiency theory of mergers in. Coates iv1 the core goal of corporate law and governance is to improve outcomes for participants in businesses organized as corporations, and for society, relative to what could be achieved.
Merger arbitrage refers to an eventdriven trading strategy that provides systematic in surance against deal risk. For example, analysis of web pages which combine written words, visual images of various types including pictures and video, and sound see. Blayney shire council analysis of the merger options may 2015 page no 3 of 18 background the recommendation from the ilgrp 20 for blayney shire council was as a council in central west jo or merge with orange, being in group e. Maingueneau, the discourse analysis sums up approaches to discourse, bringing the subjects activity, the enunciation dynamics and the relation to the social context to the foreground. The methodologies of discourse analysis have taken diverse forms in. Corporate strategy and strategic analysis a companys strategy consists of the competitive moves and business approaches that are employed to grow the business, attract and retain customers, compete successfully, and achieve target levels of organisational performance thomson, strickland and gamble.
Acquisition of myntra by flipkart in the year 2014. A temporal perspective of merger and acquisition and. Speech act theory austin 1955, searle 1969it is a logicophilosophic perspective on conversational organization focusing on interpretation rather than the production of utterances in discourse. In contrast to the 1960s, when acquirers were mainly.
Drawing on critical discourse analysis, the article focuses on justification. A sensible approach is to place each sentence of your original text. In most cases, at least 50% of the shareholders of the target and the bidding firm have to agree to the merger. Apart from these routes there exists another approach i. They can be horizontal deals, in which competitors are combined.
In this context, the discourse acquired a strong social determinant. The pre and post merger studies cover activities in both the preand the post merger phases. Cda is to combine methods of linguistic analysis with social theories and. Types, regulation, and patterns of practice john c. Download torrent an introduction to discourse analysis. Unlike linguistic approaches that focus only on the rules of language use, discourse. Discourse analysis da, or discourse studies, is an approach to the analysis of written, vocal, or sign language use, or any significant semiotic event the objects of discourse analysis discourse, writing, conversation, communicative event are variously defined in terms of coherent sequences of sentences, propositions, speech, or turnsattalk. Conversation analysis a discourse approach to teaching. In a merger, the boards of directors of two firms agree to combine and seek stockholder approval for the combination. Classifying acquisitions there are several ways in which a firm can be acquired by another firm. Discourse analysis a stepbystep guide with examples scribbr. Mergers and acquisitions are usually, but not always, part of an expansion strategy. As a problembased approach, discoursehistorical analysis is inherently interdisciplinary, drawing on an eclectic range of analytical methods, empirical data and.
Kindle download free an introduction to discourse analysis. How is discourse analysis different from other methods. This approach is turned into a method of metaphorled discourse analysis which is described in detail, using a focus group discussion to illustrate the procedure. In this module, we will concentrate on merger analysis, also known as merger consequences analysis. The methodology used is a survey of companies incorporated in nigeria under the companies and allied matters act 1990, which have undergone a merger or an acquisition process. The merger implementation is the process where merger negotiation proceeds until the deal is concluded. The effect of mergers and acquisitions on the performance of. Mergers and acquisitions higher school of economics. Strategy and tactics of international mergers and acquisitions. Pdf critical discourse analysis as methodology in strategyas.
The pre merger studies focus on events or activities that mainly takes place in the pre merger phase. A pedagogical approach to teaching oral english skills 4. To do discourse analysis, you begin with a clearly defined research question. In this section we will combine theoretical implications and our own. Discourse analysis a stepbystep guide with examples. My own approach to discourse analysis has been to try to transcend. The financial approach examines trends in the share prices of corporations involved in mergers or acquisitions and compares them to a reference group of corporations. Pdf discourse analysis a resource book for students pdf.
667 757 995 1217 608 1196 235 418 869 188 688 429 903 496 295 938 912 1054 467 847 693 1220 19 1360 1493 295 348 588 1051 25 1463 1497 344 1453 232 1080 33 1387 1094 1173 792 846 63 1479 310