Developing and Developed Markets
Definition and Characteristics of Emerging Markets
Emerging markets refer to countries that are in transition between two states of economic systems. In some cases, the development of markets requires some action from the government, and they have to carry out reforms in order for their countries to start developing. According to the studied literary sources, the transition from a traditional form of economy to an industrial and sophisticated one is a factor that can indicate the success of the development of the system (Paul, 2019). Accordingly, such countries, over time, can be characterized by rapid processes of industrialization, urbanization, and a moderate or rapid level of economic growth.
The term emerging markets was first used in the 1980s by the International Finance Corporation (Schultz, 2021). The researchers described them with the help of specific economic systems, which, due to rapid growth, began to change dramatically, developing their financial system. Thus, it can be said that 1980 is the earliest mention of terms associated with developing countries. It follows that this concept is quite innovative and still requires close attention for development.
Characteristics of Emerging Markets
Over many years of research, scientists have tried to identify emerging markets’ fundamental determinants to have evident characteristics. At the same time, regarding the definition of a developed country, scientists came to one conclusion that this is a region with good progress in infrastructure and economy where there is a high standard of living for citizens (Hanelt et al., 2021; Kim et al., 2021; Paudyal et al., 2021). The definition of developing countries was necessary so that specialists could distinguish such a country in the future. Several main factors highlighted by scientists Jones and Comunale (2019) were identified that are unique to countries with developing economies.
First of all, an important aspect is a high potential for growth, which provides the initial processes for the formation of a new economy. As a rule, developing countries have several or one of the parameters that accelerate the economy at their own expense (Ngan et al., 2019). It could be natural resources, a large population, or growing industrialization in the country.
Another factor that the same researchers discovered is that the appearance of developing stars is somewhat non-obvious since it is plate instability. Many emerging markets are characterized by a lack of economic stability, which can lead to volatility in the stock market. In this way, some economies can make money by fluctuating exchange rates.
In addition, the demographic trend of many developing countries remains a significant problem. According to Ferronato & Torretta (2019), most of these countries have a young population, which at the moment may be passive observers in economic life. However, these markets can be called developing because the labor force, which is currently inactive, will be more actively engaged in the development of the country.
In the literature on developing countries, much attention is paid to the definitions of which markets can be considered as those that are gaining economic importance in the world. Most scholars point out that developing countries tend to exhibit characteristics of both developed and newly discovered economies (Cao & Shi, 2021). Studies of such aspects separate the known factors of economic movement in order to study in more detail aspects of the development of countries.
Assessing Brazil as an Emerging Market
Many studies and papers are devoted to studying those factors that define Brazil as a developing country. This country is one of the world’s largest, making it a potentially attractive place to invest various capital there (Braun et al., 2020). In addition, Brazil is the largest economy in Latin America and the ninth largest in the world. These parameters are cited as an example by many researchers as proof that such a significant economy cannot be considered only developing and not developed.
Different researchers note that Brazil has seen constant stable economic growth over the past few years compared to previous indicators. Such a state of affairs makes it possible to call this country a developing country (Braun et al., 2020; Azevedo et al., 2019). Brazil’s GDP has been steadily growing in recent years, which is also a confirmation of the generally accepted idea that the country is at the stage of development. Many companies wishing to make a profit find this place quite attractive for their investments. This means that their management is confident in the return on investment and the stability of the Brazilian economy.
The scientists in their work concluded that the population of the country is also of great importance in this context, and since it is pretty significant in Brazil, the country has an excellent potential for economic growth (Braun et al., 2020; Azevedo et al., 2019). However, this also requires the concomitant of some factors, such as the availability of enough jobs to provide everyone with a stable income. On this occasion, many scientific works cannot give an unambiguous answer since, in the old days, there was some stratification of society and its division into classes of low-income and wealthy.
A positive aspect of the Brazilian economic system is its diversification. Researchers note that the agricultural sector occupies a prominent place in the country. Faria Oliveira, Carvalho Goncalves, de Bettio, and Pimenta Freire (2022) found that the service and product sector has also added great importance in recent years, and it is growing in Brazil every year. The region’s leading export commodities are coffee, soybeans, sugar, and other agricultural products. Furthermore, many studies note that Brazil has recently become the focus of many business projects that significantly develop the sectors in the country in which their activities are concentrated. The heavy industry in the country is also undergoing major changes as the production of large transport equipment begins to improve there.
At the same time, the country also has a certain number of shortcomings that can hinder sustainable development. As noted earlier, the country has a problem with the distribution of resources since income levels are quite uneven. Some scholars note that this may be a consequence of the poorly established work of the bureaucratic system of the country, which cannot cope with a heavy load (Fischer et al., 2019). In addition, an additional complication is the tax system, which creates obstacles to the full expansion of some businesses.
Economic Differences Between Brazil and the U.S.: A Focus on Business and Mergers & Acquisitions
Brazil and the United States have drastically different structures and functioning of their economic systems. According to Leković (2020), the similarity lies in the fact that the U.S. economy is also highly diversified, with a particular bias in manufacturing and services. In addition, large amounts of natural resources allow the United States to be a leader in the production of crude oil and natural gas production. This is a significant economic advantage that can provide the country with such large volumes of production.
From the point of view of business aspects, countries have significant differences, as their taxation systems differ. Guarnieri, Cerqueira-Streit, and Batista (2020) argue that the complicated system in Brazil puts an additional burden on the business, which can affect the overall production capabilities in the long run. On the other hand, the lower level of complex bureaucracy in the United States allows people in the country to quickly and efficiently fulfill all their business needs.
Taxation also has significant advantages due to its simplicity, which is ensured by the simplified style of filing and processing returns. According to the researchers, this process is also facilitated by a developed technological sector, which can provide the country with enough capacity to service all systems (Guarnieri et al., 2020). The saturation of this area with computerization and the use of modern technologies is an important aspect that should provide certain advantages.
Mergers and acquisitions are also a constant source of economic movement in both countries. The researchers note that over the past few years in Brazil, the level of activity in the business sector has increased due to the implementation of multiple mergers and acquisitions. Katičić (2020) states that in 2020, the largest M&A deal in Brazil was the $11.3 billion acquisition of Eletropaulo by Italian energy company Enel.
Thus, this indicates that the country’s economy has potential and is constantly improving by increasing its financial turnover. Other notable deals in Brazil include the $1.2 billion acquisition of the Petrobras gas pipeline network by an investor group led by Brookfield Asset Management and the $1.1 billion acquisition of Brazilian footwear company Alpargatas by holding company J&F Investimentos (Obinna, 2022). Such takeovers are a natural occurrence in an active market that seeks to develop as quickly as possible.
Merge and Acquisition
Definition and Theory of Mergers and Acquisitions: A Chronological Overview and Key Takeaways
Mergers and acquisitions can be attributed to the processes that consolidate the market of a country in order to make a particular sector of the economy more sustainable. Literature indicates that this process should be understood as merging two or more companies to strengthen their capabilities (Niemczyk et al., 2022). In addition, similar actions can be taken to diversify the portfolio, increase the scale of production, or expand the product line. At the same time, this process can be extended for a relatively long amount of time since it requires the conclusion of many contracts and the approval of agreements with all parties. At the same time, all stakeholders, such as company employees, shareholders, investors, and management, participate in the takeover.
The history of the study of the process of unification and fusion is an important aspect that needs to be studied in more detail. Many researchers who have written works on this topic claim that such business operations have been taking place since the mid-19th century (González-Torres et al., 2020; Liu et al., 2022). However, the essential difference lies in the fact that, at that time, these actions were due to the seizure of natural resources such as oil, gas, or metal deposits.
In today’s sense of the term, researchers in the field note that acquisitions and mergers began to take shape only in the 1980s when many companies realized that this could open up new opportunities for them to expand their business (Whittington, 2019). During this period, such operations began to gain popularity in the financial and industrial sectors, as they contained the most extensive cash flows. Thus, it can be said that the chronological development of associations and acquisitions is due to the awareness of additional opportunities for expanding organizational influence.
Having studied the material on the topic of mergers and amalgamations of companies, some main theories in this area can be identified. According to Wu & Qu (2021), the most common is the theory of synergy, which suggests that companies come together to achieve economies of scale and increase influence, as well as reduce costs and increase efficiency.
However, other theorists highlight the importance of agency theory, which suggests that mergers and acquisitions are the results of conflicts of interest between different stakeholders in the same company (Edi & Susanti, 2021). Shareholders may believe that management is not maximizing shareholder value and therefore seek a merger with another company to increase their profits.
Prevalence of Mergers and Acquisitions in Developed vs. Developing Countries
M&A activity is unevenly distributed across countries because it depends on economic activity. Developed countries such as the U.S., the UK, and Japan have historically been the most active in M&A (Liu et al., 2022). Mentioned scholars explain this by saying that in these countries, the greater availability of funding and the increased complexity of the regulatory framework is commensurate with the size of the domestic market. However, in recent years, developing countries such as China, India, and Brazil have seen a significant increase in M&A activity as their economies have grown and their companies have become more competitive.
Acquisition of Developed Market Firms by Developing Countries: Research Landscape and Findings
Developing countries often prefer to conduct M&A transactions in the markets of developed countries because, in this way, they can achieve better results. The number of papers related to the processes of such acquisitions and mergers is quite limited. This is because most of the research has focused on the acquisition of firms in developing countries by developed countries.
There are some studies that suggest there are severe problems in cross-border M&A activity. This is especially true in terms of cultural differences, legal frameworks, and legal systems since these aspects can differ significantly in developed and developing countries (Liu et al., 2022). Thus, it can be said that internal merger and acquisition operations will be more successful since cultural differences will not be significant.
Despite the difficulties, developing countries acquiring firms in developed markets can reap significant benefits. This can primarily manifest itself in terms of access to technology, knowledge, and experience (Kim et al., 2021). In this regard, developed countries have a certain number of advantages that are manifested in their focus on a particular sector.
In addition, many acquisitions from developing countries to developed countries are driven by the long-term prospects that can be secured through technology acquisition. Kim et al. (2021) state that Chinese companies have acquired several high-tech firms in developed countries such as Germany and the U.S. in order to gain access to their advanced technologies and expertise. Similarly, Indian companies have acquired firms in developed countries to gain access to their distribution networks and market knowledge.
While mergers and acquisitions have historically been driven more by more developed countries, developing countries are becoming increasingly involved in mergers and acquisitions. While research on acquisitions by developing countries in developed markets is limited, it highlights significant challenges in cross-border M&A activities, especially in terms of cultural differences, regulatory frameworks, and legal systems (Behl et al., 2022). However, despite the challenges, developing countries acquiring firms in developed markets can bring significant benefits in terms of access to technology, knowledge, and experience.
Organizational Culture
Definition and Theory of Organizational Culture: Key Theories and Insights
Organizational culture is the norms and values that are shared by the all the people who are related to a particular enterprise. The main functions of this phenomenon are internal integration and external adaptation (Behl et al., 2022; Kim et al., 2021). The process of building an organizational culture is necessary to achieve a high level of cooperation. Behl et al. (2022) in their work state that with the help of this tool, management can more effectively regulate employee relations, thus influencing productivity. Management can plan and predict the desired behavioral motives by forming certain ethical attitudes and value systems in the company.
At the same time, literary sources argue that it is important to take into account the already-established comparative culture so that confrontations do not arise (Kim et al., 2021). Progressive norms and values are often one of the main themes of upcoming reforms in companies.
However, the risks remain that the invested resources and finances will not pay off due to the fact that the reforms will be carried out in the wrong way. According to Kim et al. (2021), this may be partly because in different organizations, the behavior patterns are built in a diametrical way, creating a situation of misunderstanding and rejection by employees of other traditions. In such cases, it is important to take into account elements of organizational culture such as rituals, customs, slang, and certain traditions.
Impact of Organizational Culture on Employee Experience and Performance
At the same time, the organizational culture strongly influences the employees of the company, as it is a component of their daily routine. Thus, employees are exposed to all factors that include culture, such as: customs, rituals, and norms of behavior. Many literary sources focus on the fact that organizational culture is an important component of mergers and acquisitions (Čirjevskis, 2021; Welch et al., 2020). Employees are significantly exposed to the norms and standards that are established in their companies and cannot too easily abandon what has been developed for many years. In this regard, organizational culture has a special influence on employees during the unification of companies.
The earliest research on merger and acquisition theories focused on the financial benefits that companies could derive from consolidation. Scholar Čirjevskis (2021), has argued that the earliest theories in the field claimed that mergers and acquisitions can increase shareholder value through economies of scale.
Subsequent research has rejected the benefit theory and focused on the fact that M&A activity can be the cause of managerial arrogance and misguided ambition. Scholars such as Parker, Petropoulos, and Van Alstyne (2021) have written that in the early research period, scholars singled out agency problems or overly optimistic expectations of ongoing changes as the main reasons for M&A.
Many scholars have begun to explore the possibilities provided by the institutional factors of legal frameworks and cultural differences (Welch et al., 2020). Many other studies by scholars such as González-Torres, Rodríguez-Sánchez, Pelechano-Barahona, and García-Muiña (2020) also pay attention to the strategic motives that guide managers in acquisitions and mergers. Such strategic motives can be innovations that can be acquired along with new companies or access to additional resources.
The M&A academic literature devotes considerable attention to the study of the problems and risks involved in transactions. M&A activities can, in many cases, be accompanied by cultural risks (Khan et al., 2020). Scientists studying this topic began to come to such conclusions in the modern period of research. Frizzo-Barker, Chow-White, Adams, Mentanko, Ha, and Green (2020) elaborate that employees may be subject to increased pressure from management to adopt a new corporate ethic. As a result of the study, it was found that many acquisitions and mergers can create a problematic climate in companies that negatively affects the overall progress. However, such actions may ultimately affect all stakeholders who are involved in the companies.
Numerous studies have concluded that developed countries are more likely to use these methods to expand their capabilities in the context of the geographic and economic drivers of more frequent mergers and acquisitions. Researchers from the Institute of Mergers, Acquisitions, and Alliances found that the U.S., UK, and Canada are the countries with the highest number of M&A transactions in recent decades (IMAA, 2023).
The same data is confirmed by many independent scientists, such as Paudyal, Thapa, Koirala, and Aldhawyan (2021), who argue that developed countries are more susceptible to such operations. This is explained by the fact that companies in countries with better financial opportunities have access to more cash flows and can afford buyouts of other enterprises.
Literature developments in the context of acquisitions and mergers by developing countries is somewhat limited. Most scholars focus on developing countries’ challenges and opportunities in this context. Thus, researchers Ashraf, Doytch, and Uctum (2021) draw attention to the motives of different countries and their goals in making acquisitions of companies from other regions. As an example, researchers cite the motives for finding new markets and capturing potential valuable innovative technologies owned by various foreign firms.
At the same time, scholars Moghadam, Mazlan, Chin, and Ibrahim (2019) also highlight that the most common problems in concluding such transactions are discredit, cultural rejection, and complicated integration after the acquisition. These factors together make it possible to understand exactly how things are in different markets and what goals are guided by organizations in developing countries in an acquisition and acquisition scenario.
Merge of Two Organizational Cultures
Theoretical Background
Competing Values Framework
Many researchers highlight that one of the most exciting theories in organizational culture is the Competing Values Framework (CVF). This theory has received much attention in various scientific papers and continues to develop to this day. It was developed by Robert Quinn and Kim Cameron, who paid much attention to the types of change that are inherent in companies with certain organizational cultures (Zeb et al., 2021). Scholars O’Neill, De Vries, and Comiskey (2021) argue that the CVF is based on two dimensions—internal-external and flexible control—that define four types of culture: clan, adhocracy, market, and hierarchy.
Differences in the types of cooperation between employees and the relationship of managers with employees characterize different cultures. Clan culture is characterized by collaboration and teamwork orientation, adhocracy by creativity and innovation, market culture by competition and achievement, and hierarchical structure and stability orientation (Beus et al., 2020). Thus, it is possible to say that organizational culture is different depending on many factors that vary depending on the relationship of employees.
Cultural Web Model
Another critical theory in the field of organizational culture is the Cultural Web model. This system was designed and developed by Gerry Johnson and Kevan Scholes, who relied on the main elements such as history, symbols, power structure, organizational structure, control system, and rituals (Gaias et al., 2019).
At the same time, the same researchers define this theory as fundamental in the context of the analysis of each individual element of companies. This enables scientists Johnson, Nathan, and Rawski (2022) to analyze the components of organizational cultures based on each of its specific elements that characterize individual areas of companies. Each element contributes to the overall culture of the organization and helps shape employee behavior.
Effects on Employees, Challenges, and Benefits
Organizational culture has a significant impact on the performance and behavior of employees. The literature in this area of research highlights many factors influencing how culture affects the overall system of production and especially in acquisitions or mergers. Scholars Paais & Pattiruhu (2020) highlight socialization as one of the main factors that shape the holistic attitude of workers towards management and organization. This process is critical and is of great importance for the coordinated work and operation of all personnel.
Many researchers argue in their work that when employees are well-socialized in a team, this contributes to increased productivity and cohesion (Juliati, 2021; Sabuhari et al., 2020). When employees are socialized with a strong culture, they are more likely to adopt the company’s values and behaviors. In addition, such behavior also positively affects the overall motivation of employees, which is an essential factor in performing tasks responsibly (Suprapti et al., 2020). In this regard, it is important to conduct further research on this topic in order to find out how organizational culture can be improved.
The merging of two organizational cultures can be a complex process that has been explored in many papers, focusing on aspects that have been separately described above. Many scholars define organizational culture as a set of company-specific elements and norms of behavior that directly influence employee relationships and behavioral patterns that determine performance (Isensee et al., 2020).
In this regard, researchers Srisathan, Ketkaew, and Naruetharadhol (2020) designate the process of their merger as a vital part of full-fledged absorption, which is possible only by finding compromises that satisfy both sides. One of the crucial issues in the merging process is the control and management of cultural differences. Joseph and Kibera (2019) argue that differences in behavior and established norms can lead to frequent conflicts and misunderstandings. In such cases, merging is a complex process that requires careful control.
Management of Differences in Organizational Cultures
One of the significant issues that stand out in the thematic literature is the management of differences in organizational cultures. Researchers clarify that cultural differences can be a constant source of conflict and misunderstanding in newly formed organizations (Carvalho et al., 2019). Thus, keeping track of crucial features in the cultures of the two companies is the main task in mergers. In addition, scientists also indicate that it is vital to regulate cultural differences since they are an integral part of the nature of employees (Hanelt et al., 2021). This means that a merger can be a long and painstaking process that has a high chance of being a game changer that has both disadvantages and advantages.
The positive aspects of combining organizational cultures include the creation of a more sustainable and competitive company. This opinion is shared by Wiley, McCormac, and Calic (2020), who argue that overcoming differences and finding compromises can be the foundation for reliable work in the future. At the same time, literary developments focus on determining which aspects should be combined.
In some cases, the experience of both organizations and their resilient properties may be the right combination to strengthen one against the other (Schmiedel et al., 2019). In addition, the merger, according to Schmiedel, Müller, and Vom Brocke (2019), could lead to improved financial performance, increased market share, and increased innovation. Accordingly, it can be concluded that companies must clearly understand their strengths and weaknesses to use them to achieve sustainability and stability goals properly.
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