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Implications of Continental Style on Business Strategy and M&A Performance in the Pharmaceutical Industry for Global Business Sustainability
Received: 20 May 2020 / Revised: 16 June 2020 / Accepted: 17 June 2020 / Published: 18 June 2020
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This study analyzed the moderating effect of country on the relationship between pharmaceutical industry and merger and acquisition (M&A) business strategies (cost advantage strategy and differentiation strategy). A total of 1303 M&A cases between 1995 and 2016 were collected from the Bloomberg database for empirical analysis. Independent variables were predicted by cost benefit strategy and segmentation strategy. The dependent variable of M&A activity, measured for changes in ROA (return on assets). The results show that the compensation strategy was effective when an Asian company acquired in Asia or Europe. On the contrary, when a European company buys in Europe or Asia, M&A is more active, although it is more expensive. On the other hand, when a European company was bought in Asia, the division strategy was effective. The moderating effect of regional context is only positive on the relationship between cost advantage strategy and M&A performance. These results may help companies to make decisions on the emphasis of M&A activities based on country conditions in terms of establishing international business strategies.
Since the mid-90s, mergers and acquisitions (M&A) in the pharmaceutical industry have been used to transform multinational corporations into large economies of scale and to combine the characteristics and strengths of each company to maintain the company’s sustainability. Industry. Sustainability in the global market [1, 2, 3, 4, 5, 6]. The expansion is mainly in America, Europe and Japan [7, 8, 9, 10, 11].
The financial and strategic literature has focused on identifying firm objectives for M&A, such as increasing scale and scope, efficiency, and market power [ 12 , 13 , 14 , 15 ]. Other objectives include identifying the difference between the manager’s personal preference for free cash flow and M&A activities related or not related to acquisitions and capital market results [16, 17, 18, 19, 20, 21, 22]. In addition, studies in management have focused on whether international purchasing is a strategy to increase or decrease value [23,24,25]. However, the results of this work are ambiguous [26, 27], some researchers have observed an increase in the market value of sales firms [28], while others have observed a loss of market value of companies [29], 30, 31, 32.
Researchers have proposed many ideas about the success factors of sustainability in different business contexts, such as shared services, human resources, floor types, management skills and supply chains (33, 34, 35, 36, 37). Currently, Porter [38] suggests that cost leadership and differentiation strategy are the main strategies to gain competitive advantage in the market. A profitable and sustainable investment is based on profit and cash flow using a cost benefit strategy or diversification strategy [39, 40, 41, 42]. We have argued that the choice between cost advantage and differentiation strategy as a business-level strategy can be an important strategic choice that has a significant impact on post-M&A performance.
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However, there may be factors that may moderate the relationship between cost/differential advantage and competitive advantage in the M&A context. Similarly, researchers in the field of M&A research have argued that they influence M&A. For example, Ahmed et al. [43] reported that communication reform contributed positively to cross-border M&A, while national cultural distance and organizational culture differences moderated it negatively. In addition, Uzelac et al. [44] pointed out that decision preferences have a significant impact on the speed and performance of M&A integration. In addition, Gomes et al. [45] presented an update on the dynamic relationships between different perspectives on M&A. Other researchers have conducted studies on the influence of geographic and spatial factors such as country and country-specific differences. Mateev [46] compared Europe and the UK, while Bertrand and Madariga [47] worked in the context of M&A within and outside the UK. However, there are no studies showing comparable results for conditions on continents such as Asia and Europe. Therefore, in this study, we focused on geographic component as a moderator to explain business strategy integration findings such as relationship cost advantage, differentiation strategy, R&D costs, and M&A process and its improved. Country features. By presenting the concept, this study attempts to fill the gap caused by the limitations of previous studies that failed to demonstrate the relationship between cost advantage, differentiation and competitive advantage in Porter’s theory using continental. as a moderating factor. Furthermore, this study has the potential to provide practical methods for managers in the M&A area to improve M&A performance in the context of international business strategies.
The remainder of this paper is structured as follows. First, we reviewed relevant literature and developed research questions in the next section. Next, we presented the data model used in this study and the method we used for this study in the third section. In the fourth part, we presented the results obtained from the analysis. The last chapter presents and outlines the knowledge/practice implications, limitations and future research topics from the perspective of international business sustainability.
An important issue in the M&A literature is whether acquisitions increase the value of companies’ shareholders and, if so, how [17, 23, 48]. Findings to date have been mixed at the local [12, 49] and international levels [27]. Some studies show that most international acquisitions decrease, not increase, shareholder value [50, 51], while others increase some assets [26, 27]. However, previous studies have not examined country differences as moderators, which could help shed more light on the important question of M&A value.
Therefore, as shown in the conceptual diagram in Figure 2, the research questions (RQ) presented herein are related to the effectiveness of the price and differentiation strategy as a business-level strategy to do M&A that affects ROA (return on assets). We therefore examined whether there were differences between countries.
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Porter [38] suggested that cost advantage and differentiation strategies are designed to maintain a competitive position in the industry in the long run. Cost advantage strategy is a process that takes advantage of low cost and the idea of the bottom of the experience curve has a significant impact on companies’ sustainable business strategy [42, 52, 53, 54, 55]. In order to achieve economies of scale and fully manage costs for R&D, services and advertising, it is necessary to develop an institution with the right balance [56]. According to official evidence [39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57], institutions have implemented cost-benefit analysis. The top performance indicators of a segmentation strategy are return on investment (ROI) and revenue.
The company’s differentiation strategy is called R&D investment, an investment that creates technological capabilities to increase the company’s competitive strength and is directly related to the stability of the company [58, 59, 60]. In fact, firms with higher R&D expenditures are said to have better long-term management performance. When a company gets a big investment in R&D