Revisión del tema de sinergias corporativas: origen, resultados y beneficiarios
DOI:
https://doi.org/10.1016/j.estger.2017.04.004Palabras clave:
Sinergia, Empresa multinegocios, Estrategia corporativa, Fusiones, AdquisicionesResumen
La materialización de sinergias es un reto para la administración de empresas multinegocios. En este texto se presenta el estado del conocimiento sobre las sinergias en el subcampo de la estrategia corporativa. Para ello se estudian artículos publicados entre 2003 y 2015 en revistas académicas, reconocidas por el Institute for Scientific Información ISI Web of Science y por Scimago. Esta revisión de tema diferencia las investigaciones que abordan las sinergias como resultado en la etapa de adquisición y se centra en la de integración, donde la práctica administrativa toma mayor relevancia. Por lo tanto, se propone estudiarlas sinergias a partir de criterios de clasificación identificados en la literatura: origen, resultados y beneficiarios. De esta forma, reconocer la diversidad de sinergias abre un camino para enfrentar el reto de la administración multinegocios.
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Referencias
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Cao, Q., Gedajlovic, E. y Zhang, H. (2009). Unpacking organizational ambidexterity: Dimensions, contingencies, and synergistic effects. Organization Science, 20(4), 781–796.
Chandler, A. (1991). The functions of the HQ Unit in the multibusiness firm. Strategic Management Journal, 12, 31–50.
Chatterjee, S. (1986). Types of synergy and economic value: The impact of acquisitions on merging and rival firms. Strategic Management Journal, 7(2), 119–139.
Christensen, R., Andrews, K. y Bower, J. (1973). Business policy text and cases. Homewood: Richard D. Irwin.
Clougherty, J. y Duso, T. (2011). Using rival effects to identify synergies and improve merger typologies. Strategic Organization, 9(4), 310–335.
Connell, J. y Voola, R. (2007). Strategic alliances and knowledge sharing: Synergies or silos? Journal of Knowledge Management, 11(3), 52–66. http://dx.doi.org/10.1108/13673270710752108
De Wit, B. y Meyer, R. (2010). Strategy sythesis: Resolving strategy paradoxes to create competitive advantage (3rd ed.). United Kingdom: Cengage Learning.
Eisenhardt, K. y Galunic, C. (2000). Coevolving. At last, a way to make synergies work. Harvard Business Review, 78(1), 91–101.
Eisenhardt, K. y Pienzunka, H. (2011). Complexity theory and corporate strategy. En P. Allen, S. Maguirey, y B. McElvey (Eds.), The SAGE Handbook of Complexity and Management (pp. 506–523). London: SAGE.
Fraunhoffer, R. y Schiereck, D. (2012). Consolidation of the energy sector, potential synergies, and realized shareholder value —Survey and new insights from top managers’ perceptions. Problems and Perspectives in Management, 10(2), 81–92.
Fulghieri, P. y Hodrick, L. S. (2006). Synergies and internal agency conflicts: The double-edged sword of mergers. Journal of Economics y Management Strategy, 15(3), 549–576.
Galunic, C. y Eisenhardt, K. (2001). Architectural Innovation and Modular Corporate Forms. Academy of Management Journal, 44(6), 1229–1249.
Garzella, S. y Fiorentino, R. (2014). A synergy measurement model to support the pre-deal decision making in mergers and acquisitions. Management Decision, 52(6), 1194–1216.
Goold, M. y Campbell, A. (1998). Desperately seeking synergy. Harvard Business Review, 76(5), 131–143.
Goold, M., Campbell, A. y Alexander, M. (1994). How corporate parents add value to the stand alone performance of their businesses. Business Strategy Review, 5(4), 33–55.
Goold, M. y Luchs, K. (2003). Why diversify? Four decades of management thinking. En D. Faulkner y A. Campbell (Eds.), The Oxford handbook of strategy: Corporate strategy (II) (pp. 18–42). New York: Oxford University Press.
Govindarajan, V. y Fisher, J. (1990). Strategy, control systems, and resource sharing: Effects on business-unit performance. The Academy of Management Journal, 33(2), 259–285.
Haleblian, J., Devers, C., McNamara, G., Carpenter, M. y Davison, R. (2009). Tacking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469–502.
Harrison, J. S., Hitt, M. A., Hoskisson, R. E. y Ireland, R. D. (1991). Synergies and postacquisition performance: Differences versus similarities in resource allocations. Journal of Management, 17(1), 173.
Hill, C. (1994). Diversification and economic performance: Bringing structure and corporate management back into the picture. En R. Rumelt, D. Schendel, y D. Teece (Eds.), Fundamental issues in strategy. A research agenda (pp. 297–321). Boston: Harvard Business School.
Hitt, M., Ireland, D. y Hoskisson, R. (2007). Administración estratégica: competitividad y globalización. Mexico: Thomson.
Huesch, M. D. (2013). Are there always synergies between productive resources and resource deployment capabilities? Strategic Management Journal, 34(11), 1288–1313.
Hungenberg, H. (1993). How to ensure that headquarters add value. Long Range Planning, 36(6), 62–73.
Johnson, G., Scholes, K. y Whittington, R. (2006). Dirección rstratégica (7.a ed.). Madrid: Pearson.
Kanter, R. M. (1989). When giants learn to dance. London: Simon y Schuster.
Karim, S. y Kaul, A. (2015). Structural recombination and innovation: Unlocking intraorganizational knowledge synergy through structural change. Organization Science, 26(2), 439–455.
Kay, N. M. y Diamantopoulos, A. (1987). Uncertainty and synergy: Towards a formal model of corporate strategy. Managerial y Decision Economics, 8(2), 121–130.
Knoll, S. (2008). Part I: Introducing and classifying cross-Business synergies 2. Concept and characteristics of cross-business synergies. [Doctor economiae dissertation]. University of St. Gallen, Wiesbaden. Dissertation no 3391.
Krishnan, H., Krishnan, R. y Lefanowicz, C. E. (2009). Market perception of synergies in related acquisitions. Academy of Strategic Management Journal, 8, 99–119.
Larsson, R. y Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization Science, 10(1), 1–26.
Martin, J. y Eisenhardt, K. (2003). Cross-business synergy: Recombination modularity and the multi-business team. Paper presented at the Academy of Management.
Pablo, A. (1994). Determinants of acquisition integration level: A decision making perspective. Academy of Management Journal, 37(4), 803–836.
Pitelis, C. N. (2007). A behavioral resource-based view of the firm: The synergy of Cyert and March (1963) and Penrose (1959). Organization Science, 18(3), 478–490.
Porter, M. (1985). Competitive strategy: Creating and sustaining a superior performance. New York: Simon & Schuster.
Porter, M. (1987). From competitive advantage to corporate strategy. Harvard Business Review, 65(3), 43.
Prahalad, C. y Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 79–91.
Rumelt, R. (1982). Diversification strategy and profitability. Strategic Management Journal, 3(4), 359–369.
Rumelt, R., Schendel, D. y Teece, D. (1994). Fundamental issues in strategy, a research agenda. Boston: Harvard Business School Press.
Shaver, J. M. (2006). A paradox of synergy: Contagion and capacity effectos in mergers and acquisitions. Academy of Management Review, 31(4), 962–976.
Sundaramurthy, C., Pukthuanthong, K. y Kor, Y. (2014). Positive and negative synergies between the CEO’s and the corporate board’s human and social capital: A study of biotechnology firms. Strategic Management Journal, 35(6), 845–868. http://dx.doi.org/10.1002/smj.2137
Trautwein, F. (1990). Merger motives and merger prescriptions. Strategic Management Journal, 11, 283–295.
Vermeulen, F. y Barkema, H. (2001). Learning through acquisitions. Academy of Management Journal, 44(3), 457–476.
Williamson, O. (1994). Strategizing, economizing, and economic organization. En R. Rumelt, D. Schendel, y D. Teece (Eds.), Fundamental issues in strategy. A research agenda (p. 636). Boston: Harvard Business School.
Wu, W. P. y Choi, W. L. (2004). transaction cost, social capital and firms’ synergy creation in chinese business networks: An integrative approach. Asia Pacific Journal of Management, 21(3), 325–343.
Ye, G., Priem, R. L. y Alshwer, A. A. (2012). Achieving demand-side synergy from strategic diversification: How combining mundane assets can leverage consumer utilities. Organization Science, 23(1), 207–224.
Zaheer, A., Castañer, X. y Souder, D. (2013). Synergy sources, target autonomy, and integration in acquisitions. Journal of Management, 39(3), 604–632.
Zhou, Y. M. (2011). Synergy, coordination costs, and diversification choices. Strategic Management Journal, 32(6), 624–639.
Battisti, G. y Stoneman, P. (2010). How innovative are UK firms? Evidence from the Fourth UK Community Innovation Survey on Synergies between technological and organizational innovations. British Journal of Management, 21(1), 187–206.
Campbell, A., Goold, M. y Alexander, M. (1995). The value of the parent company. California Management Review, 38(1), 79–97.
Cao, Q., Gedajlovic, E. y Zhang, H. (2009). Unpacking organizational ambidexterity: Dimensions, contingencies, and synergistic effects. Organization Science, 20(4), 781–796.
Chandler, A. (1991). The functions of the HQ Unit in the multibusiness firm. Strategic Management Journal, 12, 31–50.
Chatterjee, S. (1986). Types of synergy and economic value: The impact of acquisitions on merging and rival firms. Strategic Management Journal, 7(2), 119–139.
Christensen, R., Andrews, K. y Bower, J. (1973). Business policy text and cases. Homewood: Richard D. Irwin.
Clougherty, J. y Duso, T. (2011). Using rival effects to identify synergies and improve merger typologies. Strategic Organization, 9(4), 310–335.
Connell, J. y Voola, R. (2007). Strategic alliances and knowledge sharing: Synergies or silos? Journal of Knowledge Management, 11(3), 52–66. http://dx.doi.org/10.1108/13673270710752108
De Wit, B. y Meyer, R. (2010). Strategy sythesis: Resolving strategy paradoxes to create competitive advantage (3rd ed.). United Kingdom: Cengage Learning.
Eisenhardt, K. y Galunic, C. (2000). Coevolving. At last, a way to make synergies work. Harvard Business Review, 78(1), 91–101.
Eisenhardt, K. y Pienzunka, H. (2011). Complexity theory and corporate strategy. En P. Allen, S. Maguirey, y B. McElvey (Eds.), The SAGE Handbook of Complexity and Management (pp. 506–523). London: SAGE.
Fraunhoffer, R. y Schiereck, D. (2012). Consolidation of the energy sector, potential synergies, and realized shareholder value —Survey and new insights from top managers’ perceptions. Problems and Perspectives in Management, 10(2), 81–92.
Fulghieri, P. y Hodrick, L. S. (2006). Synergies and internal agency conflicts: The double-edged sword of mergers. Journal of Economics y Management Strategy, 15(3), 549–576.
Galunic, C. y Eisenhardt, K. (2001). Architectural Innovation and Modular Corporate Forms. Academy of Management Journal, 44(6), 1229–1249.
Garzella, S. y Fiorentino, R. (2014). A synergy measurement model to support the pre-deal decision making in mergers and acquisitions. Management Decision, 52(6), 1194–1216.
Goold, M. y Campbell, A. (1998). Desperately seeking synergy. Harvard Business Review, 76(5), 131–143.
Goold, M., Campbell, A. y Alexander, M. (1994). How corporate parents add value to the stand alone performance of their businesses. Business Strategy Review, 5(4), 33–55.
Goold, M. y Luchs, K. (2003). Why diversify? Four decades of management thinking. En D. Faulkner y A. Campbell (Eds.), The Oxford handbook of strategy: Corporate strategy (II) (pp. 18–42). New York: Oxford University Press.
Govindarajan, V. y Fisher, J. (1990). Strategy, control systems, and resource sharing: Effects on business-unit performance. The Academy of Management Journal, 33(2), 259–285.
Haleblian, J., Devers, C., McNamara, G., Carpenter, M. y Davison, R. (2009). Tacking stock of what we know about mergers and acquisitions: A review and research agenda. Journal of Management, 35(3), 469–502.
Harrison, J. S., Hitt, M. A., Hoskisson, R. E. y Ireland, R. D. (1991). Synergies and postacquisition performance: Differences versus similarities in resource allocations. Journal of Management, 17(1), 173.
Hill, C. (1994). Diversification and economic performance: Bringing structure and corporate management back into the picture. En R. Rumelt, D. Schendel, y D. Teece (Eds.), Fundamental issues in strategy. A research agenda (pp. 297–321). Boston: Harvard Business School.
Hitt, M., Ireland, D. y Hoskisson, R. (2007). Administración estratégica: competitividad y globalización. Mexico: Thomson.
Huesch, M. D. (2013). Are there always synergies between productive resources and resource deployment capabilities? Strategic Management Journal, 34(11), 1288–1313.
Hungenberg, H. (1993). How to ensure that headquarters add value. Long Range Planning, 36(6), 62–73.
Johnson, G., Scholes, K. y Whittington, R. (2006). Dirección rstratégica (7.a ed.). Madrid: Pearson.
Kanter, R. M. (1989). When giants learn to dance. London: Simon y Schuster.
Karim, S. y Kaul, A. (2015). Structural recombination and innovation: Unlocking intraorganizational knowledge synergy through structural change. Organization Science, 26(2), 439–455.
Kay, N. M. y Diamantopoulos, A. (1987). Uncertainty and synergy: Towards a formal model of corporate strategy. Managerial y Decision Economics, 8(2), 121–130.
Knoll, S. (2008). Part I: Introducing and classifying cross-Business synergies 2. Concept and characteristics of cross-business synergies. [Doctor economiae dissertation]. University of St. Gallen, Wiesbaden. Dissertation no 3391.
Krishnan, H., Krishnan, R. y Lefanowicz, C. E. (2009). Market perception of synergies in related acquisitions. Academy of Strategic Management Journal, 8, 99–119.
Larsson, R. y Finkelstein, S. (1999). Integrating strategic, organizational, and human resource perspectives on mergers and acquisitions: A case survey of synergy realization. Organization Science, 10(1), 1–26.
Martin, J. y Eisenhardt, K. (2003). Cross-business synergy: Recombination modularity and the multi-business team. Paper presented at the Academy of Management.
Pablo, A. (1994). Determinants of acquisition integration level: A decision making perspective. Academy of Management Journal, 37(4), 803–836.
Pitelis, C. N. (2007). A behavioral resource-based view of the firm: The synergy of Cyert and March (1963) and Penrose (1959). Organization Science, 18(3), 478–490.
Porter, M. (1985). Competitive strategy: Creating and sustaining a superior performance. New York: Simon & Schuster.
Porter, M. (1987). From competitive advantage to corporate strategy. Harvard Business Review, 65(3), 43.
Prahalad, C. y Hamel, G. (1990). The core competence of the corporation. Harvard Business Review, 68(3), 79–91.
Rumelt, R. (1982). Diversification strategy and profitability. Strategic Management Journal, 3(4), 359–369.
Rumelt, R., Schendel, D. y Teece, D. (1994). Fundamental issues in strategy, a research agenda. Boston: Harvard Business School Press.
Shaver, J. M. (2006). A paradox of synergy: Contagion and capacity effectos in mergers and acquisitions. Academy of Management Review, 31(4), 962–976.
Sundaramurthy, C., Pukthuanthong, K. y Kor, Y. (2014). Positive and negative synergies between the CEO’s and the corporate board’s human and social capital: A study of biotechnology firms. Strategic Management Journal, 35(6), 845–868. http://dx.doi.org/10.1002/smj.2137
Trautwein, F. (1990). Merger motives and merger prescriptions. Strategic Management Journal, 11, 283–295.
Vermeulen, F. y Barkema, H. (2001). Learning through acquisitions. Academy of Management Journal, 44(3), 457–476.
Williamson, O. (1994). Strategizing, economizing, and economic organization. En R. Rumelt, D. Schendel, y D. Teece (Eds.), Fundamental issues in strategy. A research agenda (p. 636). Boston: Harvard Business School.
Wu, W. P. y Choi, W. L. (2004). transaction cost, social capital and firms’ synergy creation in chinese business networks: An integrative approach. Asia Pacific Journal of Management, 21(3), 325–343.
Ye, G., Priem, R. L. y Alshwer, A. A. (2012). Achieving demand-side synergy from strategic diversification: How combining mundane assets can leverage consumer utilities. Organization Science, 23(1), 207–224.
Zaheer, A., Castañer, X. y Souder, D. (2013). Synergy sources, target autonomy, and integration in acquisitions. Journal of Management, 39(3), 604–632.
Zhou, Y. M. (2011). Synergy, coordination costs, and diversification choices. Strategic Management Journal, 32(6), 624–639.
Publicado
2017-06-14
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Cómo citar
Revisión del tema de sinergias corporativas: origen, resultados y beneficiarios. (2017). Estudios Gerenciales, 33(143), 153-162. https://doi.org/10.1016/j.estger.2017.04.004
