Information Systems Review (경영정보학연구)

The Korea Society of Management Information Systems (한국경영정보학회)
권호 표지

An Integrated Model on the Determinants of Successful Post-M&A Information Systems Integration: A Comparative Case Study of Two Financial Firms in Korea

인수.합병 이후 성공적인 정보시스템 통합 결정요인에 대한 통합적 모델 연구: 국내 금융기관 비교사례분석 중심으로

  • 이창진 (연세대학교 정보대학원) ;
  • 이정훈 (연세대학교 정보대학원)
  • Published : 2009.08.31
Download PDF
⟨ Previous Next ⟩

Abstract

A number of companies are considering for merger and acquisition (M&A) as one of business strategies for their growth and survival. However, many of them do not create the synergy they had sought, and failed M&A, often result in negative outcomes in terms of productivity, market share, profitability and turnover of qualified employees. There have been numerous research studies conducted to analyze the factors that determine the success and failure of M&A, and it has been found that with the increasing dependence of many companies on information systems, post-M&A IS (information systems) integration success has a critical effect on the success of M&A. However, there have been very few studies on post-M&A IS integration success, and most have been restricted to integration of IS organizations or physical information systems. In order to conduct a comprehensive research on the factors that affect the success of post-M&A IS integration, this study surveyed preceding researches on not only information systems but also strategic management, economics, finance, HRM (human resource management) and organization management. Based on the findings, a comprehensive and integrated model of the influential factors on post-M&A IS integration has been proposed. The proposed model categorizes the factors into perspectives of M&A, strategy, organization, HRM and IS, and provides an empirical evaluation of each factor on the success of IS integration based on comparative case studies.

수 많은 기업들이 기업 성장 및 생존 전략의 일환으로 인수 합병 (M&A, merger and acquisition)을 선택하고 있다. 그러나 상당수의 기업들이 본래 의도했던 시너지 효과를 창출하지 못하고 인수 합병 실패로 인해 생산성 저하, 시장 점유율 하락, 수익 감소, 유능한 직원의 이직 등 많은 부작용을 경험하고 있다. 이에 따라 인수 합병 성공 및 실패 원인을 분석하고자 하는 많은 연구가 진행되었고, 정보시스템에 대한 기업들의 의존도 증가와 더불어 인수 합병 이후 정보시스템 통합(post-M&A information systems integration)이 인수 합병 성공에 결정적인 영향을 미치는 것으로 확인되었다. 그러나 인수 합병 이후 정보시스템 통합 성공에 대한 연구가 매우 부족하며, 대부분의 선행연구가 정보시스템 조직 통합 또는 물리적인 정보시스템의 통합 등과 같이 단편적으로 이루어져 왔다. 본 연구에서는 인수 합병 이후 정보시스템 통합 성공에 영향을 미치는 요인들에 대한 포괄적인 연구를 위하여 정보시스템뿐만 아니라 전략 경영, 경제학, 재무학, 인사관리, 조직관리 분야의 선행연구를 조사하였다 이를 기반으로 인수 합병 이후 정보시스템 통합 영향요인에 대한 통합 모델을 제시하였다. 제시된 모형에서는 영향요인들을 인수 합병 관점, 전략 관점, 조직 관점, 인사관리 관점, 정보시스템 관점으로 재 분류하고, 사례연구를 통하여 각 요인들이 정보시스템 통합 성공에 미치는 영향을 실증적으로 검증하였다.

Keywords

References

  1. A1aranta, M., "Evaluating Success in Post-MergerIS Integration: A Case Study", Electronic Journal of Inlormation Systems Evaluation, Vo1.8, No.2, 2005, pp. 143-150
  2. A1aranta, M., "Managing the Change Process of the Post-Merger Enterprisc System Intcgration: A Case Study", International Journal of Information Systems and Change Management, Vol.l, No.l, 2006, pp. 62-81 https://doi.org/10.1504/IJISCM.2006.008287
  3. Alaranta, M. and S. Henningsson, "Shaping thePost-Merger Infonnation Systems Integration Strategy", Proceedings of the 40th Annual Hawaii International Conference on System Sciences, 2007
  4. Bhagat, S., A. Shleifer, R. W. Vishny, G. Jarrel, and L. Summers, "Hostile Takeovers in the 1980s:The Return to Corporate Specialization", Brookings Papers on Economic Activity: Microeconomics,1990, pp. 1-84
  5. BirkinShaW，J., H. Bresman, and L. Hakanson, "MAnaging the Post-Acquisition Integration Process:How the Human Integration and Task Integration Processes Interact to Foster Value Creation", Journal of Management Studies, Vo1.37,No.3, 2000, pp. 395-425
  6. Bjorkman, I., G. K. Stahl, and E. Vaara, "Cultural Differences and Capability Transfer in Cross-borde-Acquisitions: The Mediating Rolcs of Capability Complementarity, Absorptive Capacity,and Social Integration", Journal of International Business Studies, Vo1.38, No.4, 2007,pp. 658-672 https://doi.org/10.1057/palgrave.jibs.8400287
  7. Brown, C. V. and J. S. Renwick, "Alignment of the IS Organization: The Special case of Corporate Acquisitions", ACM SIGMIS Database, Vo1.27,No.4, 1996, pp. 25-33 https://doi.org/10.1145/252829.252833
  8. Buck-Lew, M., C. E. Wardle and N. Pliskin, "Accounting for Information Technology in Corporate Acquisitions", Information and Management, Vol.33, No.6, 1992, pp. 363-369
  9. Conyon, M. J., S. Ginna, S. Thompson， and P. W.Wright, "The impact of Mergers and Acquisitionson Company Employment in the United Kingdom", European Economic Review, Vo1.46,No.l, 2002, pp. 31-49 https://doi.org/10.1016/S0014-2921(00)00086-6
  10. Epstein, M. J., "The Drivers of Success in Post Mergerlntegration", Organizational Dynamics, Vol.33, No.2, 2004, pp. 174-189 https://doi.org/10.1016/j.orgdyn.2004.01.005
  11. Franks, J. and C. Mayer, "Hostile Takeovers and the Correction of Managerial Failure", Journalof Financial Economics, Vo1.40, No.1, 1996,pp. 163-181
  12. Giacomazzi, F., C. Panella, B. Pemici, and M.Sansoni, "Information Systems Integration in Mergers and Acquisitions: A Nonnative Model", Information and Management, Vo1.32, No.6,1997, pp. 289-302. https://doi.org/10.1016/S0378-7206(97)00031-1
  13. G1aser, B. G. and A. L. Strauss， The Discovery of Grounded Theory: Strategies for QualitativeResearch, Aldine Transaction, 1967
  14. Haspeslagh, P. C. and D. B. Jemison, Managing Acquisitions: Creating Value through Corporate Renewal, Free Press, 1991
  15. Larsson， R. and S. Finkelstein, "Integrating Strategic，Organizational and Human Resource Perspectives on Mergers and Acquisitions: A CaseSurvey of Synergy Realization", Organization Science, Vo1.10, No.l, 1999, pp. 1-26. https://doi.org/10.1287/orsc.10.1.1
  16. Lee, A. S., "A Scientific Methodology for MIS case Studies", MIS Quarterly, Vo1.13, No.1, 1989,pp. 33-50 https://doi.org/10.2307/248698
  17. McKieman, P. and Y. Merali, "Integrating Information Systems after a Merger", Long Range Planning, Vo1.28, No.4, 1995, pp. 4-62 https://doi.org/10.1016/0024-6301(95)00027-G
  18. Merali, Y. and P. McKieman, "The Strategic Positioning of Information Systems in Post-Acquisition Management", Journal of Strategic Information Systems, Vol.2, No.2, 1993, pp.105-124 https://doi.org/10.1016/0963-8687(93)90003-S
  19. Robbins, S. S. and A. C. Stylianou, "Post -Merger Systems Integration: The Impact on IS Capabilities", Information and Management, Vo1.36,No.4, 1999, pp. 205-212
  20. Schnitzer, M., "Hostile versus Friendly Takeovers", Economica Vol.63, No.249, 1996, pp. 37-55. https://doi.org/10.2307/2554633
  21. Schuler, R. and S. Jackson, "HR Issues and Activities in Mergers and Acquisitions", European Management Journal, Vol.19, No.3, 2001, pp.239-253 https://doi.org/10.1016/S0263-2373(01)00021-4
  22. Seo, M. G. and N. S. Hill, "Understanding the Human Side of Merger and Acqisition: An Integrative Framework", The Journal of Applied Behavioral Science, Vo1.41, No.4,2005, p. 422
  23. Stylianou, A. C., C. J. Jeffries, and S. S. Robbins, "Corporate Mergers and the Problems of IS Integration", Information and Management, Vo1.31, No.4, 1996, pp. 203-213 https://doi.org/10.1016/S0378-7206(96)01082-8
  24. Thompson Financial., "Mergers and Acquisitions Review(Fourth Quarter 2007)", Thomson Financial, 2007, AvailabLe at http://www.thomson. com/pdf/financialf1eague _ tab1e/ma/4Q2007/4Q07 _MA_FinanciaL_Advisory
  25. WijnhOven, F., T. Spil, R. Stegwee, and R. T. A.Fa, "Post-Merger IT Integration Strategies: An IT Aligrunent Perspective", Journal of Strategic Information Systems, Vo1.15, No.1, pp.5-28
  26. Yin, R. K., Case Study Research: Design and Methods, Sage Publications Inc., 2003