ارائه الگوی هم‌افزایی مالی با رویکرد نظریه داده بنیاد
محورهای موضوعی : مدیریت مالی
حمید عیسی زاده لزرجانی
1
(گروه مدیریت، واحدعلی آباد کتول، دانشگاه آزاد اسلامی، علی آبادکتول، ایران.)
پرویز سعیدی
2
(گروه مدیریت و حسابداری، واحد علی آباد کتول، دانشگاه آزاد اسلامی، علی آباد کتول، ایران.)
مریم بخارائیان خراسانی
3
(گروه حسابداری، واحد علی کتول، دانشگاه آزاد اسلامی، علی آبادکتول، ایران.)
جمادوردی گرگانلی دوجی
4
(گروه حسابداری، واحد علی کتول، دانشگاه آزاد اسلامی، علی آبادکتول، ایران.)
کلید واژه: هم‌افزایی مالی, ادغام و اکتساب, نظریه داده بنیاد.,
چکیده مقاله :
پژوهش حاضر با هدف ارائه الگوی هم‌افزایی مالی انجام شده است. روش پژوهش حاضر ماهیت اکتشافی - بنیادی داشته و از رویکرد نظریه داده بنیاد استفاده کرده است. این پژوهش پس از انجام 15 مصاحبه نیمه ساختار یافته (اشباع نظری) از صاحب‌نظران در زمینه بانکداری و اعضای هیأت علمی دانشگاه‌ها با استفاده نمونه‌گیری از نوع غیراحتمالی هدفمند به روش نمونه‌گیری گلوله برفی انجام گرفته است. برای تحلیل داده‌های حاصل از مصاحبه‌ها و کدگذاری، از نرم افزار مکس کیودا 2020 در سه مرحله كدگذاري باز، كدگذاري محوري و كدگذاري انتخابی پس از استخراج 308 کد باز، 63 مفهوم و 15 مقوله انجام گرفت و بر اساس آن، الگوی کیفی پژوهش نیز ارائه شد. نتایج نشان داد شرایط علّی هم‌افزایی‌مالی، شامل ضرورت هم‌افزایی مالی در ادغام، هم‌افزایی مشارکت مالی، هم‌افزایی نوآوری مالی و هم‌افزایی توانمندی مالی و شرایط زمینه‌ای، شامل هم‌افزایی فناوری مالی، هم‌افزایی سازمانی و هم‌افزایی بازار می‌شود. همچنین، شرایط مداخله‌گر شامل هم‌افزایی مدیریتی و هم‌افزایی رشد می‌شود. پدیده اصلی هم‌افزایی مالی به‌سوی رقابت پایدار است. همچنین، راهبردها شامل راهبرد هم‌افزایی مالی در فرآیند ادغام، هم‌افزایی منابع انسانی و هم‌افزایی توسعه‌ای منجر به ارائه تصویر ذهنی مبتنی بر اهمیت فرآیند هم‌افزایی مالی و تمایز این فرآیند با سایر جنبه‌های ارزش هم‌افزایی در اثر ادغام که باعث یکپارچگی می‌شود. در نهایت، پیامدهای مورد انتظار هم‌افزایی مالی شامل هم‌افزایی عملیاتی، هم‌افزایی عملکرد مالی و هم‌افزایی سود مالی است.
The current research was conducted to present a financial synergy model. The current research method has an exploratory-fundamental nature and has used the grounded theory approach. This research was conducted after conducting 15 semi-structured interviews (theoretical saturation) of experts in banking and university faculty members using non-probability purposeful sampling by snowball sampling method. To analyze the data from the interviews and coding, MAXQDA 2020 software was used in three stages open coding, central coding, and selective coding after extracting 308 open codes, 63 concepts, and 15 categories, and based on that, a qualitative model of the research was also presented. The results showed that the causal conditions of financial synergy include the necessity of financial synergy in integration, financial partnership synergy, financial innovation synergy, and financial capability synergy, and background conditions include financial technology synergy, organizational synergy, and market synergy. Also, intervening conditions include managerial synergy and growth synergy. The main phenomenon of financial synergy is sustainable competition. Also, the strategies include financial synergy strategy in the integration process, human resources synergy, and developmental synergy leading to the presentation of a mental image based on the importance of the financial synergy process and distinguishing this process from other aspects of the value of synergy as a result of integration which causes integration. Finally, the expected consequences of financial synergies include operational and performance synergies and profit synergies.
Bauer, F., & Friesl, M. (2024). Synergy evaluation in mergers and acquisitions: an attention‐based view. Journal of Management Studies, 61(1), 37-68. https://doi.org/10.1111/joms.12804
Bhardwaj, J. K., Vijayvargia, M., & Hussain, T. (2021). Synergy Impact of Merger in Banking Industry-Special Reference to Dena Bank and Vijaya Bank. Internation Journal Of Advance Research And Innovative Ideas In Education, 7(4), 242-246.
Bousquet, J. (2017). Synergies Valuation in M&A [Master's Thesis, HEC Paris University]. https://www.vernimmen.com/ftp/Memoire_Finance_Julien_BOUSQUET_Synergie_Valuation_in_M_A.pdf
Čirjevskis, A. (2021). Measuring Synergies of Banks’ Cross-Border Mergers by Real Options: Case Study of Luminor Group AB. Journal of Risk and Financial Management, 14(9). https://doi.org/10.3390/jrfm14090403
Dacanay, S. J. O. (2007). Profit and cost efficiency of Philippine commercial banks under periods of liberalization, crisis and consolidation. The Business Review, 7(2), 315-322.
Feldman, E. R., & Hernandez, E. . (2022). Synergy in Mergers and Acquisitions: Typology, Life Cycles, and Value. Academy of Management Review, 47(4), 549-578. https://doi.org/10.5465/amr.2018.0345
Han, J., Zheng, Q., Xie, D., Muhammad, A., & Isik, C. (2023). The construction of green finance and high-quality economic development under China’s SDGs target. Environmental Science and Pollution Research, 1-12.
Haris, M., Iqbal, M., & Hadiyati, P. (2020). Synergy of Sharia Banks and Financial Technology in The Development of Micro, Small and Medium Businesses in Indonesia. Jurnal Reviu Akuntansi dan Keuangan, 10(1), 115-126.
Hariyanti, A. H. (2023). An Analysis of Synergy Effect from Acquisition in PT Hakaaston and Its Subsidiary. Journal Manajerial, 10(2), 284-302. https://doi.org/10.30587/jurnalmanajerial.v10i02.5581
Jafari Samet, A. (2018). Merger, an Effective Approach to Prevent Bank Failure. Journal of Monetary & Banking Research, 11(37), 437-466. [In Persian]
Khan, M., & Jain, P. (2007). Financial management. Tata McGraw-Hill. India
Kimetto, M. (2019). Effect of Synergy through Mergers and Acquisitions on a Firm's Financial Performance in Kenya: A Case of Sidian Bank [Master's thesis, Chandaria School of Business, United States International University. Africa]. http://erepo.usiu.ac.ke/11732/4725
Knoll, S. (2008). Cross-business synergies: A Typology of Cross-Business Synergies and a Mid-range Theory of Continuous Growth Synergy Realization. Gabler Verlag Wiesbaden, Springer Science & Business Media. Germany.
Loukianova, A., Nikulin, E., & Vedernikov, A. (2017). Valuing synergies in strategic mergers and acquisitions using the real options approach. Investment Management and Financial Innovations, 14(1), 236-247.
Luciano, E., & Wihlborg, C. (2018). Financial synergies and systemic risk in the organization of bank affiliates. Journal of Banking & Finance(88), 208-224. https://doi.org/10.1016/j.jbankfin.2017.11.011
Luo, B., Ni, S., Fu, X., & Sun, X. (2023). A Synergistic Extraction for the Separation of Scandium with Cyanex572 and Cyanex923. ChemistrySelect, 8(42), e202302380.
Maranan, S. E., Reyes, S. M. D., Amar, A. G., Balaguer, C. D., & Medina, S. A. F. (2019). Financial Synergy On Mergers And Acquisition Of Commercial Banks. International Journal of Advanced Research and Publications, 3(4), 10-14.
Mertens, D. M. (2007). Transformative paradigm: Mixed methods and social justice. Journal of mixed methods research, 1(3), 212-225. https://doi.org/10.1177/1558689807302811
Novickytė, L., & Pedroja, G. (2015). Assessment of mergers and acquisitions in banking on small open economy as sustainable domestic financial system development. Journal of Scientific Papers Economics & Sociology, 8(1), 72-88. https://doi.org/10.14254/2071-789X.2015/8-1/6
Rao, V. R., Yu, Y., & Umashankar, N. (2016). Anticipated vs. actual synergy in merger partner selection and post-merger innovation. Marketing Science, 35(6), 934-952.
Rashidi, D., Moghimi, T., & Zadegan Bavi, H. (2010). The solution to create strategic synergy through business units and common services in the Keshavarzi Bank 4th International Conference on Strategic Management, Tehran, [In Persian]
Rizvi, S. K. A., Rahat, B., Naqvi, B., & Umar, M. (2024). Revolutionizing finance: The synergy of fintech, digital adoption, and innovation. Technological Forecasting and Social Change, 200, 123112. https://doi.org/10.1016/j.techfore.2023.123112
Samani, A., & Shariati, M. (2013). Synergy of elements of knowledge management and empowerment in Tejarat Bank of Tehran 2nd International Conference on Management, Entrepreneurship and Economic Development, QOM, [In Persian]
Sarmad, Z., Bazargan, A., & Hijazi, E. (2006). Research methods in behavioral sciences. Tehran: Agh. [In Persian]
Shen, J., Zhang, S., Wang, H., Wang, R., Hu, Y., Mao, Y., & Wang, B. (2023). Unlocking the potential of silicon anodes in lithium-ion batteries: a claw-inspired binder with synergistic interface bonding. eScience, 100207.
Sinkkonen, A. (2019). Evaluating the performance of a merger through synergy capture: evidence from Finland [Master's thesis, School of Engineering Science, Lappeenranta-Lahti University of Technology. Finland]. https://urn.fi/URN:NBN:fi-fe2019061720770
Smirnova, Y. (2014). Motives for Mergers and Acquisitions in the Banking Sector of Kazakhstan IRI Economics ConferenceE, conomcs questions, issues and problems, International Research Institute, Komarno. http://www.irisro.org/IRIEconomicsConf2014.pdf
Spickard, P. (2010). The Illogic of American Racial Categories. Racially Mixed people in America, Thousand Oaks, Routledge.
Tarigan, L. Y. P., & Lie, M. (2022). Analysis of Financial Performance from Synergistic Value Pre and Post Merger and Acquisition. Jurnal Ekonomi, 11(01), 553-566.
Yakimtsov, V. (2015). Laws of synergy in the economy, business and the operation process of the manufacture (organization). European Scientific Journal, 1, 325-333.
Yu, J. (2015). Synergistic Model Construction of Enterprise Financial Management Informatization Proceedings of the 2015 International Conference on Electrical, Computer Engineering and Electronics, Atlantis Press. https://www.atlantis-press.com/proceedings/icecee-15/24627
