Consuelo Dolz

Consequences of Integration Heterogeneity in Mergers and Acquisitions

In this paper, we analyze the heterogeneity of acquisition integration processes. Starting with the integration types laid down by Haspeslagh and Jemison (1991), we describe integration processes in terms of their integration level and their integration style. We analyze the postacquisition consequences of integration choice in terms of organizational management analysis, employee turnover, and communication and socialization problems. In a sample of 74 Spanish acquisitions, we demonstrate that management choices about integration level and integration style explain the more relevant consequences of the integration process. They have different consequences in terms of organizational management analysis, employee retention, and communication and socialization.

EMPRESA FAMILIAR, EQUIPOS DIRECTIVOS, DIVERSIDAD Y AMBIDIESTRÍA EN LAS PYMES

El objetivo de este trabajo es analizar el papel del caracter familiar en la ambidiestria de las pequenas y medianas empresas (PyMEs). Proponemos que las capacidades asociadas al caracter familiar de la empresa y a las caracteristicas demograficas de sus elites directivas, especificamente su diversidad, afectan a los procesos de toma de decisiones. Dichas caracteristicas facilitan la percepcion de los cambios en el entorno y la respuesta ante ellos con alternativas que, implicando conflictos o tensiones, permiten aprovechar dichos cambios y, ademas, promueven la habilidad de reconfigurar los recursos para conseguirlo. En una muestra de 132 PyMEs demostramos que la ambidiestria se ve favorecida por el caracter familiar y por la diversidad, en edad y experiencia, de sus equipos directivos. Asi, las empresas mas ambidiestras serian aquellas en las que coincide propiedad y direccion, y no presentan diversidad generacional, pero cuentan con equipos directivos diversos en terminos de edad y experiencia.The purpose of this paper is to analyze the impact of family character on SMEs’ ambidexterity. We propose that family character-associated capacities and top management demographic characteristics, particularly team diversity, can influence decision making. These characteristics facilitate perceiving environment changes, as well as responding to them with alternatives that allow SMEs to take advantage of such changes. In addition, these characteristics promote skills that can help reconfigure resources. In a sample of 132 SMEs, we demonstrate that family character and team diversity management – both in terms of experience and age – can improve ambidexterity. More specifically, in the more ambidextrous firms, owners and top management showed age and tenure diversity, but no generational diversity

Improving the likelihood of SME survival during financial and economic crises: The importance of TMTs and family ownership for ambidexterity

In the context of an economic and financial crisis characterized by scarce munificence and high uncertainty, we examine the role of organizational ambidexterity in SMEs survival, and the TMT and ownership characteristics that influence ambidexterity. Our analysis of Spanish manufacturing SMEs in the context of an international economic crisis suggests that: (1) firm survival is associated with ambidexterity; (2) diversity in TMT tenure improves firm ambidexterity and (3) a negative effect exists between family ownership and ambidexterity, but (4) a positive effect exists between family ownership and survival. This study contributes to our understanding of the antecedents of SME ambidexterity by providing a theoretical model that combines the arguments of upper-echelons theory with those found in family-firm research offering an extended view of corporate elites in SMEs. Our research highlights and provides support to the superiority of ambidexterity for survival under external (crisis) and internal (SMEs) restrictions.

Empresa familiar, equipes administrativas, diversidade e ambidestria em pequenas e médias empresas

El objetivo de este trabajo es analizar el papel del caracter familiar en la ambidiestria de las pequenas y medianas empresas (PyMEs). Proponemos que las capacidades asociadas al caracter familiar de la empresa y a las caracteristicas demograficas de sus elites directivas, especificamente su diversidad, afectan a los procesos de toma de decisiones. Dichas caracteristicas facilitan la percepcion de los cambios en el entorno y la respuesta ante ellos con alternativas que, implicando conflictos o tensiones, permiten aprovechar dichos cambios y, ademas, promueven la habilidad de reconfigurar los recursos para conseguirlo. En una muestra de 132 PyMEs demostramos que la ambidiestria se ve favorecida por el caracter familiar y por la diversidad, en edad y experiencia, de sus equipos directivos. Asi, las empresas mas ambidiestras serian aquellas en las que coincide propiedad y direccion, y no presentan diversidad generacional, pero cuentan con equipos directivos diversos en terminos de edad y experiencia.The purpose of this paper is to analyze the impact of family character on SMEs’ ambidexterity. We propose that family character-associated capacities and top management demographic characteristics, particularly team diversity, can influence decision making. These characteristics facilitate perceiving environment changes, as well as responding to them with alternatives that allow SMEs to take advantage of such changes. In addition, these characteristics promote skills that can help reconfigure resources. In a sample of 132 SMEs, we demonstrate that family character and team diversity management – both in terms of experience and age – can improve ambidexterity. More specifically, in the more ambidextrous firms, owners and top management showed age and tenure diversity, but no generational diversity

Family-owned company, management teams, diversity, and ambidexterity in small and medium-sized companies

El objetivo de este trabajo es analizar el papel del caracter familiar en la ambidiestria de las pequenas y medianas empresas (PyMEs). Proponemos que las capacidades asociadas al caracter familiar de la empresa y a las caracteristicas demograficas de sus elites directivas, especificamente su diversidad, afectan a los procesos de toma de decisiones. Dichas caracteristicas facilitan la percepcion de los cambios en el entorno y la respuesta ante ellos con alternativas que, implicando conflictos o tensiones, permiten aprovechar dichos cambios y, ademas, promueven la habilidad de reconfigurar los recursos para conseguirlo. En una muestra de 132 PyMEs demostramos que la ambidiestria se ve favorecida por el caracter familiar y por la diversidad, en edad y experiencia, de sus equipos directivos. Asi, las empresas mas ambidiestras serian aquellas en las que coincide propiedad y direccion, y no presentan diversidad generacional, pero cuentan con equipos directivos diversos en terminos de edad y experiencia.The purpose of this paper is to analyze the impact of family character on SMEs’ ambidexterity. We propose that family character-associated capacities and top management demographic characteristics, particularly team diversity, can influence decision making. These characteristics facilitate perceiving environment changes, as well as responding to them with alternatives that allow SMEs to take advantage of such changes. In addition, these characteristics promote skills that can help reconfigure resources. In a sample of 132 SMEs, we demonstrate that family character and team diversity management – both in terms of experience and age – can improve ambidexterity. More specifically, in the more ambidextrous firms, owners and top management showed age and tenure diversity, but no generational diversity

CÓMO PUEDEN CREAR VALOR LAS EMPRESAS ADQUIRIDA Y ADQUIRENTE EN UN PROCESO DE INTEGRACIÓN APRENDIENDO DEL SOCIO O CON EL SOCIO

Acquisitions between firms can create value through learning between acquirer and target firm well transferring knowledge from on partner to the other well creating new knowledge. The success in these acquisitions relies on the integration process, achieving that the knowledge of both partners is retained in the combined firm and that new knowledge is created or transferred. The aim of this work is to demonstrate that knowledge is a source of value creation in acquisitions and to analyze how firms are integrated in order to achieve knowledge transfer or knowledge creation. Specifically, we analyze three key management choices of the integration process, the autonomy level, the level of socialization and the level of formalization. Through a study of 45 Spanish acquisitions we demonstrate that the transference and the generation of knowledge are source of value creation. We demonstrate that knowledge transfer between the partners demands an integrations process with low autonomy, high socialization and high formalization. We also demonstrate that integration process when the aim is to generate new knowledge and innovation relies on high socialization