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Privatization from the Acquirer's Perspective: a Mergers and Acquisitions Based Framework

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  • Nikolaus Uhlenbruck
  • Julio de Castro

Abstract

Privatization, especially in developing countries, presents international firms with opportunities for market entry and growth, but acquirers have to consider the distinct characteristics of a state owned enterprise (SOE) and the influence of the government as seller and policy maker. This study introduces a model, based on mergers and acquisitions literature and microeconomic theory, that explains the critical relationships among characteristics of the SOE, the government, and the acquirer. Public administration research suggests that the critical characteristics of SOEs are their sources of funding and their mode of social control of the organization, and recent work in privatizing countries emphasizes the influence of the government. The theoretical framework for the model suggested here is derived from research within the field of strategic management on mergers and acquisitions. The paper develops propositions regarding the organizational fit between private firms and those heretofore owned by governments and discusses research and managerial implications.

Suggested Citation

  • Nikolaus Uhlenbruck & Julio de Castro, 1998. "Privatization from the Acquirer's Perspective: a Mergers and Acquisitions Based Framework," Journal of Management Studies, Wiley Blackwell, vol. 35(5), pages 619-640, September.
    • Handle: RePEc:bla:jomstd:v:35:y:1998:i:5:p:619-640
    DOI: 10.1111/1467-6486.00112
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    Cited by:

    1. Filatotchev, Igor & Wright, Mike & Uhlenbruck, Klaus & Tihanyi, Laszlo & Hoskisson, Robert E., 2003. "Governance, organizational capabilities, and restructuring in transition economies," Journal of World Business, Elsevier, vol. 38(4), pages 331-347, November.
    2. Emita W. Astami & Greg Tower & Rusmin Rusmin & John Neilson, 2010. "The effect of privatisation on performance of state‐owned‐enterprises in Indonesia," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 18(1), pages 5-19, May.
    3. Romero-Martínez, Ana M. & Fernández-Rodríguez, Zulima & Vázquez-Inchausti, Elena, 2010. "Exploring corporate entrepreneurship in privatized firms," Journal of World Business, Elsevier, vol. 45(1), pages 2-8, January.
    4. Arjen H. L. Slangen & Jean‐François Hennart, 2008. "Do Foreign Greenfields Outperform Foreign Acquisitions or Vice Versa? An Institutional Perspective," Journal of Management Studies, Wiley Blackwell, vol. 45(7), pages 1301-1328, November.
    5. Jun Xia & Xufei Ma & Jane W. Lu & Daphne W. Yiu, 2014. "Outward foreign direct investment by emerging market firms: A resource dependence logic," Strategic Management Journal, Wiley Blackwell, vol. 35(9), pages 1343-1363, September.
    6. Lebedev, Sergey & Peng, Mike W. & Xie, En & Stevens, Charles E., 2015. "Mergers and acquisitions in and out of emerging economies," Journal of World Business, Elsevier, vol. 50(4), pages 651-662.
    7. Yuping Zeng & Thomas J. Douglas & Changqi Wu, 2013. "The Seller's Perspective on Determinants of Acquisition Likelihood: Insights from China's Beer Industry," Journal of Management Studies, Wiley Blackwell, vol. 50(4), pages 673-698, June.
    8. Eskil Goldeng & Leo A. Grünfeld & Gabriel R. G. Benito, 2008. "The Performance Differential between Private and State Owned Enterprises: The Roles of Ownership, Management and Market Structure," Journal of Management Studies, Wiley Blackwell, vol. 45(7), pages 1244-1273, November.
    9. Klaus Uhlenbruck & Klaus E. Meyer & Michael A. Hitt, 2003. "Organizational Transformation in Transition Economies: Resource‐based and Organizational Learning Perspectives," Journal of Management Studies, Wiley Blackwell, vol. 40(2), pages 257-282, March.
    10. Apostolov, Mico, 2010. "Corporate Governance in Macedonia – micro and macro analysis," MPRA Paper 27914, University Library of Munich, Germany.

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