Title RAST MALIH I SREDNJIH PODUZEĆA KROZ AKVIZICIJE : DOKTORSKA DISERTACIJA Title (english) ACQUISITIVE GROWTH OF SMALL AND MEDIUM ENTERPRISES : DOCTORAL THESIS Author Petra Mezulić Juric Mentor Mirela Alpeza (mentor)Committee member Sanja Pfeifer (predsjednik povjerenstva)Committee member Sunčica Oberman Peterka (član povjerenstva)Committee member Ivona Vrdoljak Raguž (član povjerenstva)Granter Josip Juraj Strossmayer University of Osijek Defense date and country 2020-03-27, Croatia Scientific / art field, SOCIAL SCIENCES Universal decimal classificationUDC ) 658 - Business management, administration. Commercial organization Abstract Rast malih i srednjih poduzeća uglavnom je promatran kroz prizmu organskog rasta, unatoč
činjenici kako mala i srednja poduzeća mogu ostvariti rast na različite načine, a jedan od mogućih
načina je korištenjem akvizicija. Većina provedenih istraživanja i razvijenih teorija povezana je s
praćenjem akvizicija velikih poduzeća, dok akvizicije koje provode mala i srednja poduzeća
predstavljaju zanemareno područje istraživanja.
Ova doktorska disertacija nastoji kroz kvalitativno empirijsko istraživanje pridonijeti dubljem
razumijevanju akvizicijskih procesa kroz koje prolaze mala i srednja poduzeća, te dati odgovor na
pitanje zašto se vlasnici malih i srednjih poduzeća odlučuju za akviziciju kao metodu rasta.
U teorijskom dijelu disertacije dan je pregled prethodnih istraživanja o rastu malih i srednjih
poduzeća, te pregled istraživanja o akvizicijama, posebno malih i srednjih poduzeća. Također, u
teorijskom dijelu disertacije prikazano je i analizirano vanjsko okruženje kao i specifičnosti
okruženja Republike Hrvatske.
Empirijski dio disertacije korištenjem kvalitativne istraživačke metodologije, prvenstveno studije
slučaja daje prikaz i usporedbu osam slučajeva akvizicija koje su u Hrvatskoj proveli vlasnici malih
i srednjih poduzeća. Analiza slučajeva omogućila je identifikaciju moriva poduzetnika za
provođenje akvizicije, ostvarenih efekata, te specifičnih izazova s kojima su se susretali.
Rezultati empirijskog istraživanja ukazuju kako je kod poduzetnika u odabranom uzorku izrazito
naglašena potreba za povjerenjem i prethodnim poznavanjem prodavatelja upravo zbog
nerazvijenosti ekosustava, te kako su poduzetnici uglavnom preuzimali poduzeća unutar industrije.
Jednako tako istraživanje je otkrilo kako su poduzetnici pokazali visoku razinu samouvjerenosti,
samostalno ulazili u proces, bili kreativni u načinu financiranja i provođenja akvizicija, te kroz
proces učili. U konačnici istraživanje je ukazalo i kako su poduzetnici u promatranim slučajevima
uspjeli ostvariti veće sinergijske efekte u odnosu na očekivane, što je pozitivno utjecalo na
reputaciju poduzeća, daljnji organski rast, te otvorenost prema novim akvizicijama.
Abstract (english) Entrepreneurial growth has traditionally been observed through the lens of organic growth even
though SMEs can achieve growth in different ways (e.g. by using acquisition). Acquisitions as a
phenomenon have predominantly been studied on samples of large companies, therefore published
research and theories have been developed almost exclusively from the studies of large acquisition
deals.
This doctoral thesis uses a qualitative research design based on in-depth case studies to explore the
acquisition process of SMEs in the specific context of the undeveloped market such as the Croatian.
Also, this thesis seeks to contribute to a deeper understanding of the acquisition processes that
SMEs go through, and entrepreneurs’ motivation to undertake the acquisition.
The theoretical part of the thesis gives an overview of previous research on SME growth, as well
as an overview of research on the acquisitive growth of SMEs. Further, this part also explores the
external environment and analyses specifics of the Croatian entrepreneurial ecosystem in the
context of acquisitive growth.
The empirical part of the thesis provides a comparison of eight in-depth case studies of acquisitions
conducted by entrepreneurs in Croatia. A comparative analysis of the cases was made to identify
entrepreneurs' motives for acquisition, challenges they faced during the process and the effects.
The results of the empirical research point out due to the undeveloped ecosystem the importance
of trust and the prior relationship between buyer and seller. Also due to undeveloped ecosystem,
entrepreneurs mostly acquire companies within the industry. Further, entrepreneurs have shown a
high level of self-confidence and have entered the process on their own without the advisors
support. Entrepreneurs have been creative in the financing of acquisitions. They learned through
the process and gained new important experience and acquisition knowledge. Finally, the research
also indicated that entrepreneurs were able to achieve greater synergies than expected, which had
a positive effect on the company's reputation as well as further organic growth.
Keywords
mala i srednja poduzeća
rast
akvizicije
akvizicijski rast
Keywords (english)
SMEs
growth
acquisition
acquisitive growth
Language croatian URN:NBN urn:nbn:hr:145:424508 Promotion 2020 Study programme Title: International inter-university postgraduate interdisciplinary doctoral program ENTREPRENEURSHIP AND INNOVATIVENESS Type of resource Text File origin Born digital Access conditions Access restricted to students and staff of home institution Terms of use Created on 2020-09-11 09:31:13
