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AbstractA giant wave of corporate restructuring has rolled through the global corporate landscape ever since the early 1980s, and to date there are still no signs of it slowing down. Much of the restructuring took place under the banner of increasing corporate financial performance, but a significant by‐product of the deep‐rooted organisational change it involves is additional strain on the organisation's relationships with employees, communities, taxpayers, governments and other stakeholders. This commentary paper first assesses four qualitatively different types of corporate restructuring and the corresponding techno‐rational explanations and justifications for their occurrence. Next, it demonstrates how these restructuring transactions can frustrate a firm's relationships with market and non‐market parties. It then goes beyond the techno‐rational perspective by discussing four types of public affairs instruments, and framing them as facilitating measures which companies can take to appease actors that have the potential to inhibit organisational restructuring efforts. The authors thus rethink corporate restructuring by focusing on the crucial role that public affairs activities can play in the management of the market and non‐market pressures associated with the redesign of organisational structures and portfolios. Copyright © 2004 Henry Stewart Publications

Das Buch versteht sich als Handreichung für Manager und Studierende der Wirtschaftswissenschaften, wie eine Restrukturierung von Unternehmen angesichts eines durch Privatisierung und Liberalisierung geprägten wirtschaftlichen Umfelds zu bewerkstelligen ist. Es helfe nigerianischen Unternehmen und Banken, schreibt der Autor großspurig, im 21. Jahrhundert zu überleben, zu wachsen und zu gedeihen. Die mit Fallstudien illustrierten 17 Kapitel behandeln Zusammenschlüsse und Käufe von Unternehmen und deren rechtliche Grundlagen, Management Buy-Out und Buy-In, das Management bei der Restrukturierung von Banken und Unternehmen, Qualitätsmanagement, die Motivation von Angestellten, die Liquidation von Unternehmen und die nigerianischen Erfahrungen mit Privatisierung. (DÜI-Sbd)

AbstractCorporate restructurings, by their very nature, are inherently disrupting. With managerial discretion potentially curtailed, the ripple effects of restructurings are likely to be widespread and long‐lasting. This paper examines one ripple effect of corporate restructurings: the effects of donations from corporate philanthropic foundations after acquisitions. By extending the business strategy merger and acquisition (M&A) literature to include philanthropic activities and applying the corporate citizenship literature to an M&A context, the author creates a model and tests hypotheses. Simultaneous examination of the impacts of corporate citizenship and business strategy is warranted in today's research on corporate restructurings, since larger acquisitions are occurring more frequently, and acquisitions have the potential to adversely affect large numbers of individuals. As ever‐larger firms consolidate, with record‐breaking merger announcements, the potential for increased scrutiny by the media, shareholders, anti‐trust officials and salient stake‐holders is heightened. These findings, contrary to predictions, suggest that corporate philanthropy increases during the first year after an acquisition within the same industry. Moreover, the increase is sustained. Philanthropic donations continue to increase three years after acquisitions within the same industry. Implications for public affairs executives is examined. Copyright © 2004 Henry Stewart Publications