Parole chiave
Small high-tech firm
Seller's perspective
Come citare
##plugins.generic.dates.accepted## 2025-06-23
##plugins.generic.dates.published## 2025-11-03
Abstract
Purpose. This research aims to investigate the decision-making processes of sellers in cross-border, ‘opportunity-driven’ acquisitions of small high-tech firms. Specifically, it examines the factors that influence executive-level interest in ownership transfer, the criteria used to evaluate and respond to investor proposals, and the perceived benefits of such acquisitions.
Design/methodology/approach. Given the exploratory nature of the research, a qualitative single-case study methodology was adopted. The study focuses on the acquisition of an Italian small firm specializing in 3D printing services by a Swedish group operating in the same sector.
Findings. The research sheds light on the motivations that drive the management of a small high-tech enterprise to accept an acquisition offer from a foreign firm. It also highlights the key factors influencing the acceptance or rejection of investor proposals and outlines the perceived advantages of the acquisition for the acquired firm.
Practical and social implications. The study presents valuable practical and social implications by enhancing understanding of the seller’s decision-making process in cross-border acquisitions. The findings contribute to knowledge on how such transactions can support the economic development of small high-tech firms.
Originality of the study. The originality of this research lies in its focus on cross-border acquisitions involving high-tech SMEs from the seller’s perspective. To the best of our knowledge, this is one of the first studies to examine this phenomenon.
Riferimenti bibliografici
Aghasi, K., Colombo, M. G., Piscitello, L., & Lamastra, C. R. (2023). Cultural distance and the permanence of acquired CEOs in cross‐border high‐tech acquisitions: combining the acquirer's and CEO's perspectives. R&D Management, 54(3), 450-469. https://doi.org/10.1111/radm.12653
Aureli, S., & Demartini, P. (2015). Rethinking the cross-border acquisition process in terms of territorial social responsibility. World Review of Entrepreneurship, Management and Sustainable Development, 11(4), 429-451. https://doi.org/10.1504/WREMSD.2015.072089
Barbaresco, G, Matarazzo, M., & Rescinti, R. (2018), Le medie imprese acquisite dall’estero. Nuova linfa al Made in Italy o perdita delle radici?, Franco Angeli, Milano.
Birkinshaw, J. M., & Morrison, A. J. (1995). Configurations of strategy and structure in subsidiaries of multinational corporations. Journal of International Business Studies, 26, 729-753. https://doi.org/10.1057/palgrave.jibs.8490818
Boateng, A., Du, M., Wang, Y., Wang, C., & Ahammad, M. F. (2017). Explaining the surge in M&A as an entry mode: home country and cultural influences, International Marketing Review, 34(1), 87-108. https://doi.org/10.1108/IMR-10-2014-0330
Bower, J. L. (2001). Not all M&As are alike: And that matters. Harvard Business Review, 79, 92-102.
Campagnolo, D. & Vincenti, G. (2022). Cross-border M&As: The impact of cultural friction and CEO change on the performance of acquired companies. Journal of International Management, 28(4), 1-20. https://doi.org/10.1016/j.intman.2022.100942
Eulerich, M., Kopp, R., & Fligge, B. (2022). Mergers and acquisitions research—A bibliometric analysis. European Management Journal, 40(6), 832-846. https://doi.org/10.1016/j.emj.2022.09.006
EY (2024), Attractiveness Survey.
Galdino, K. M., Gordon, J., & King, D. R. (2022). The impact of distance on acquisition performance. European Management Journal, 40(6), 857-872. https://doi.org/10.1016/j.emj.2022.09.010
Georgopoulos, A., & Preusse, H. G. (2009). Cross-border acquisitions vs. Greenfield investment: A comparative performance analysis in Greece. International Business Review, 18(6), 592-605. https://doi.org/10.1016/j.ibusrev.2009.07.005
Ghemawat P. (2001). Distance Still Matters: The Hard Reality of Global Expansion. Harvard Business Review 79 (8): 137–47.
Giannini, V., Iacobucci, D., & Orci, M (2022). Fusioni e acquisizioni di imprese in Italia e nelle Marche. Tendenze, opportunità e questioni aperte. Economia Marche - Journal of Applied Economics, 41(1), 61-87. https://doi.org/10.57638/1120-9593FA2022
Graebner M. E., Eisenhardt K. M. & Roundy, P. T. (2010). Success and failure in technology acquisitions: Lessons for buyers and sellers. Academy of management perspectives, 24(3), 73-92. https://doi.org/10.5465/amp.24.3.73
Graebner, M. E., & Eisenhardt, K. M. (2004). The seller's side of the story: Acquisition as courtship and governance as syndicate in entrepreneurial firms. Administrative Science Quarterly, 49(3), 366-403. https://doi.org/10.2307/4131440
Jain, A., Kashiramka, S., & Jain, S. (2025). Two decades of cross-border mergers and acquisitions research: A bibliometric analysis. Review of International Business and Strategy, 35(1), 1-26.https://doi.org/10.1108/RIBS-04-2024-0034
Kochura, O., Mirc, N., & Lacoste, D. (2022). From a dyadic to a triadic perspective: Divestiture research implications for understanding pre-and post-acquisition processes. European Management Journal, 40(6), 943-951. https://doi.org/10.1016/j.emj.2022.10.003
Kohli, R., & Mann, B. J. S. (2012). Analyzing determinants of value creation in domestic and cross border acquisitions in India. International Business Review, 21(6), 998-1016. https://doi.org/10.1016/j.ibusrev.2011.11.006
Lassini U. (2005). La cessione dell’impresa familiare: motivazioni e conseguenze. Economia & Management, 3, 55-70.
Liu, J., Meng, Q., Tseng, F. M., & Sun, Y. (2024). Three Decades of Cross-border Mergers and Acquisitions Research: Mapping the Field and Paths Forward. IEEE Transactions on Engineering Management, 71, 5847-5868. https://doi.org/10.1109/TEM.2024.3371055
Mulherin, J. H., & Boone, A. L. (2000). Comparing acquisitions and divestitures. Journal of Corporate Finance, 6(2), 117-139. https://doi.org/10.1016/S0929-1199(00)00010-9
Resciniti, R., Barbaresco, G., Maggiore, G., & Matarazzo, M. (2015). Foreign acquisitions of Italian medium-sized companies from MNEs. Sinergie Italian Journal of Management, 33, 47-60. https://doi.org/10.7433/s98.2015.04
Reynolds N. S. & Teerikangas S. (2016). The international experience in domestic mergers–Are purely domestic M&A a myth?. International Business Review, 25(1), 42-50. https://doi.org/10.1016/j.ibusrev.2015.07.002
Sestu, M. C., D’Angelo, A., & Majocchi, A. (2023). SMEs prefer JVs: why SMEs' equity entry mode choices are different from those of large firms?. European Journal of International Management, 21(3), 489-508. https://doi.org/10.1504/EJIM.2023.133934
Shimizu, K., Hitt, M. A., Vaidyanath, D., & Pisano, V. (2004). Theoretical foundations of cross-border mergers and acquisitions: A review of current research and recommendations for the future. Journal of international management, 10(3), 307-353. https://doi.org/10.1016/j.intman.2004.05.005
Siggelkow, N. (2007). Persuasion with case studies. Academy of Management Journal, 50(1), 20-24. https://doi.org/10.5465/amj.2007.24160882
UNCTAD, W. (2021). World investment report 2021. Investing in Sustainable Recovery, Geneve, Unite Nation.
Wiedemann, M., zu Knyphausen-Aufseß, D., & Ippendorf, N. (2024). Revisiting Shimizu et al.(2004): What do we know and what should we know about cross-border mergers and acquisitions?. Review of Managerial Science, 1-49. https://doi.org/10.1007/s11846-024-00813-6
Wu, C. W., & Reuer, J. J. (2021). The impact of industry IPOs on acquisitions of new ventures: An information spillovers perspective. Long Range Planning, 54(1), 1-12. https://doi.org/10.1016/j.lrp.2019.101945
Yin, R. K., (1994). Case study research: Design and Methods (2nd ed.), Newbury Park, CA: Sage.
Zilja, F., Benito, G. R., Boustanifar, H., & Zhang, D. (2023). CEO wealth and cross-border acquisitions by SMEs. International Business Review, 32, 1-17. https://doi.org/10.1016/j.ibusrev.2023.102192
TQuesto lavoro è fornito con la licenza Creative Commons Attribuzione 4.0 Internazionale.
Copyright (c) 2025 Aldo Bellagamba, Andrea Perna , Federica Pascucci, Gian Luca Gregori