Managing Cultural Differences examines the cultural and organizational complexities which arise during mergers & acquisitions, joint ventures and alliances. More than 50% of all corporate alliances fail, and those concluded across cultural divides are even less likely to succeed. These failures can be due to the executives concentrating on the financial strategic aspects of the deal at the expense of cultural, organizational and execution aspects.
As a result of a 5-year research, Piero Morosini found that national cultural differences are not necessarily detrimental to cross-border mergers and alliances, but rather if handled effectively can actually enhance corporate performance. Managing Cultural Differences demonstrates that superior 'execution skills' can lead to the successful implementation of overseas alliances. It is based on rigorous research methods, backed up with indepth interviews with Senior Executives and real world case studies of leading multinationals. The book explains the strategic relationship between national cultural differences, execution and the performance of global and corporate alliances.
The unique findings in this book are a reflection of the author's background that has combined academia and management. Piero Morosini is a Research Fellow at the Wharton Risk Management and Decision Process Center, USA and a Managing Consultant at Andersen Consulting Strategic Services Group in Milan. He was formerly a consultant for McKinsey & Co and has had extensive international experience with JP Morgan and Flemings. Morosini has published in leading academic journals such as European Management Journal and Journal of International Business Studies.
Jan Leschly, Chief Executive, SmithKline Beecham
Dr Morosini's research takes a radical view of the complex arena of global partnerships. In articulate style he outlines both the negative and positive aspects, as well as meticulously examining the key links of many such corporate alliances.
He clearly illustrates that national cultural differences are not necessarily detrimental to performance and stresses that a company's execution orientation can become a major competitive advantage in global mergers and acquisitions, joint ventures and alliances. With the number of M&As set to continue well into the next century, Dr Morosini's significant findings can become a benchmark for any company seeking to become part of a global corporate alliance.
Sir Michael Perry, CBE, Chairman, Centrica Plc
Piero Morosini identifies the management of cultural and executional differences between firms as the key to effective mergers and acquisitions. The Marketing Council in Great Britain champions an integrated approach to business management, which has as its aim the unremitting drive for customer preference. Dr Morosini's analysis of British Airways argues persuasively that this approach was the key to that company's transformation from merger to its current standing as global leader.
Sir Peter Bonfield, Chief Executive, British Telecommunications
As CEO of a company with more than 50 alliances around the globe, I warmly welcome the publication of this book. Successful alliances depend on mutual understanding, vision and trust. A proper comprehension of the cultural background of each partner and each market is essential if you are to achieve your objectives.
Paul Kleindorfer, Professor of Decision Sciences and Economics, Wharton School
Dr Morosini not only informs his earlier path-breaking research on this area, but he opens new vistas for research and practice for the future. His findings are very significant indeed in this the new age of global partnerships.
Jean-Pierre Lehmann, Executive Director, Swiss-Asia Foundations
Dr Morosini's work has significant corporate strategy and government policy implications. Research on national culture, execution and global alliances is of great academic and managerial interest, but requires a difficult mix of solid technical skills and cultural sensitivity. Dr Morosini's work, track record and approach are very rare indeed in combining these qualities.
Masaru Yoshitomi, Vice-Chairman, Long Term Credit Bank of Japan Research Inst
This kind of research certainly enriches our understanding of globalization in the context of various cultural influences on FDI and its performance.
Paul Stonham, Editor, European Management Journal
The contents, field and treatment of the subject are all first-class. The Wharton School is a renowned crucible for academics, and the author has worked with some of the School's best academics. Dr Morosini's makes new contributions to thinking on business alliances, making use of and reference to the major contributions to this field and synthesizing them in eloquent language.
