Title: Rethinking the cross-border acquisition process in terms of territorial social responsibility

Authors: Selena Aureli; Paola Demartini

Addresses: Department of Management, Bologna University, Via Capo di Lucca, 34, Bologna, Italy ' Department of Business Studies, University Roma Tre, Via Silvio D'Amico 77, 00145 Roma, Italy

Abstract: Mergers and acquisitions are usually analysed as an outcome of the buyer's strategic decision-making process, while the position of the target company and its stakeholders is often under-researched. Thus this paper aims to analyse acquisitions from the point of view of the selling firm's stakeholders and understand their role in these operations. An in-depth examination of a case study reveals that stakeholders' needs can be at the forefront of the operation and that deep involvement in a local community can affect the decision of the owner to sell his/her company to foreign investors perceived as a potential threat to the local environment. Results confirm that in Italy there is the presence of a collective desire for social responsibility within the territory.

Keywords: international acquisitions; social responsibility; territorial responsibility; local environment; small and medium-sized enterprises; SMEs; interpretivism; case study; Chinese firm; stakeholder role; cross-border acquisitions; mergers and acquisitions; M&A; Italy.

DOI: 10.1504/WREMSD.2015.072089

World Review of Entrepreneurship, Management and Sustainable Development, 2015 Vol.11 No.4, pp.429 - 451

Received: 21 Dec 2014
Accepted: 08 Jan 2015
Published online: 30 Sep 2015 *

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