Nonmarket strategies in cross-border mergers and acquisitions process and performance
: the case of a telecommunication multinational

  • Konstantin Victor Willy Eller (Student)

Student thesis: Master's Thesis


Literature rarely examines the effects of nonmarket strategies on cross-border mergers andacquisitions (CBMA) performance. This dissertation addresses the gap by analyzing how andwhy nonmarket strategies are used and affect CBMA performance. Based upon a single case study, six semi-structured interviews and additional sources were analyzed. The study identifies nonmarket strategies which the case company uses aiming to obtain organizational legitimacyfrom various stakeholders. This research reveals that the effects of nonmarket strategies on the case company’s CBMA performance vary across specific nonmarket activities. Corporate Social Responsibility (CSR), as the first subcategory of nonmarket strategies, positively affects CBMA performance, while the effects of Corporate Political Activity (CPA), the secondsubcategory, depend on the specific activity used. The CPAs lobbyism and financial campaigncontributions positively affect CBMA performance, whereas hiring former politicians has noeffects on CBMA performance. Another insight is that an integration of CSR and CPA positively impacts CBMA performance. This dissertation identifies obtained organizational legitimacy of various stakeholders as the mechanism bridging nonmarket strategies and CBMA performance. Social Reputation and a population’s CPA acceptance are revealed as factors affecting the effectiveness of CSR and CPA in CBMA, respectively. This study contributes tothe literature by providing new insights regarding the effects of nonmarket strategies on CBMA performance, the underlying mechanism, and factors impacting the effectiveness of nonmarket strategies in CBMA. Additionally, it confirms research implying positive effects of the integration of CSR and CPA on organizational performance and extends this research to CBMA.
Date of Award20 Oct 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPiotr Wójcik (Supervisor)


  • Cross-border M&A
  • Acquisition performance
  • Nonmarket strategy
  • Corporate social responsibility (CSR)
  • Corporate political activity (CPA)


  • Mestrado em Gestão e Administração de Empresas

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