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Int. J. Automotive Technology and Management, Vol. 17, No. 1, 2017

Relational resources and capabilities in acquisitions, joint ventures and alliances in the automotive industry Mário Sacomano Neto* Federal University of São Carlos, UFSCar, Brazil Email: [email protected] *Corresponding author

Eliciane Maria da Silva Methodist University of Piracicaba, UNIMEP, Brazil Email: [email protected]

Andrea Lago da Silva Federal University of São Carlos, UFSCar, Brazil Email: [email protected]

Charles Kirschbaum Insper, Brazil Email: [email protected] Abstract: This article analyses the resources, capabilities and advantages of relational processes of acquisitions, joint ventures, alliances and partnerships in the automotive sector based on an analysis of five dyad case studies. These strategies imply significant structural and relational changes constrained by a systemic disintegration of production and new governance structures such as inter-firm partnering and networking. Data were collected using interviews, participant observation, documents and specialised publications and were evaluated based on the content analysis technique. The results of the survey indicate that these mergers, acquisitions and joint ventures: 1) have enabled automakers and supplier growth through the process of internationalisation; 2) are driven by different objectives, but mainly by geographical locations and technological, managerial, institutional and market resource complementarities; 3) reveal a significant exchange of resources and capabilities acquired through these relationships at intra- and/or inter-organisational levels in the internationalisation process. Keywords: relational resources; capabilities; alliances; acquisitions; joint ventures; alliances; networks; international business; entry models; emergent countries; automobile industry.

Copyright © 2017 Inderscience Enterprises Ltd.

Relational resources and capabilities in acquisitions Reference to this paper should be made as follows: Sacomano Neto, M., da Silva, E.M., da Silva, A.L. and Kirschbaum, C. (2017) ‘Relational resources and capabilities in acquisitions, joint ventures and alliances in the automotive industry’, Int. J. Automotive Technology and Management, Vol. 17, No. 1, pp.72–95. Biographical notes: Mário Sacomano Neto is a Full Professor of Organization Theory in Industrial Engineering Department at University Federal of São Carlos. He reveived his PhD degree in Industrial Engineering at University Federal of São Carlos. He is a Visiting Scholar at University of Chicago (USA) in Political Science Department. He received his Master’s degree in Industrial Engineering at University of São Paulo and his Bachelor’s degree in Business Administration at Pontificia Universidade Católica. His research has been published in a number of Brazilian and international journals including RAUSP, Review of Business Management, Production Journal, International Journal of Operation Management, Supply Chain Management: an International. His areas of interest are organizational theory; economic sociology; institutionalism; social networks; organisational fields. Eliciane Maria da Silva is an Assistant Professor at the Methodist University of Piracicaba (UNIMEP), São Paulo Brazil. She holds a PhD degree in Production Engineering at the Engineering School of São Carlos (EESC), University of São Paulo (USP). She was a Visiting Scholar at the University of Bath, UK. She has published in Journal Cleaner Production. Her current research project is funded by the Research Agency from the State of Sao Paulo (FAPESP). Andrea Lago da Silva is an Associate Professor at Department of Production Engineering/UFSCar, since 1994. She received her PhD in Business in 1999 from University of São Paulo and her MSc in Production Engineering in 1993 from Federal University of Santa Catarina. She teaches marketing and services operation management and research methodology. Her primary areas of research are in supply chain management, marketing channels and services operations. Her research has been published in a number of Brazilian and international outlets including RAUSP, Production Journal, Sloan Management Review, Supply Chain Management: An International Journal and also in book chapters. She was a Visiting Scholar abroad twice at ESSEC (France) and also at Department of Marketing and Logistics of University of Tennessee at Knoxville. Charles Kirschbaum graduated at Administration from Fundação Getulio Vargas – SP (1994). He received his Masters at Science Politics from Universidade de São Paulo (2005) and his PhD at Administration from Fundação Getulio Vargas – SP (2006). He is an Assistant Professor since 2009 at INSPER. He serves as a member of editorial board of case studies as Insper and was Director of Insper Cultura from 2009 to 2011. He received his Post-Doctoral at Centro de Analise e Planejamento (CEBRAP). His areas of interest are organisational theory; institutionalism; social networks; organisational fields; business strategy. This paper is a revised and expanded version of a paper entitled ‘Relational resources and capabilities in acquisitions, joint ventures and alliances in the automotive industry’ presented at 20th International Colloquium of Gerpisa, Groupe dÉtudes et de Recherches Permanent sur lÍndustrie et les Salariés de lÁutomobile (GERPISA), 30–31 May and 1 June 2012.

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M. Sacomano Neto et al.

Introduction

Growth through mergers, acquisitions and joint ventures are the main internationalisation strategies of automakers (Garcia-Pont and Nohria, 2002; Casseres, 2003). The automotive industry has been going through a continuous process of concentration which has increased in recent decades. Mergers and acquisition transactions between automakers and their auto parts suppliers reached an unprecedented level in 2015. Based on data for the first six months of 2015, deal values amounted to US $48 billion for the full year in 2015, a 340% increase compared to 2014, according to the seventh annual ‘Consolidation in the Global Automotive Supply Industry’ report (Ostermann et al., 2016). Therefore, the automotive industry shows a continuous concentration process, as well as internationalisation strategies supported by mergers, acquisitions, alliances and joint ventures. These transactions reveal a significant geographic rearrangement of this industry (Jullian and Pardi, 2013; Freyssenet and Lung, 2000; Boyer, 1998). These strategies encompass significant structural and relational changes constrained by changes in production models (Uzzi, 1997; Jullian and Pardi, 2013) and new governance structures such as inter-firm partnering and networking (Dilk et al., 2008; Müller, 2009). There are several possibilities for the analysis of governance structures and combined perspectives: institutional (Venkatraman et al., 1994), strategic (Contractor and Lorange, 1988), structural (Rooks et al., 2013; Mamavi et al., 2015) and transactional. Complementary resources and capabilities from strategic alliances have been discussed in seminal papers (Dyer and Singh, 1998; Lavie, 2006), as they generate the development of relational rents. However, there are gaps in the literature regarding the relationship between relational aspects and the internationalisation of companies (Saleh et. al., 2014) in particular the relational resource flows between external actors, such as suppliers, customers and strategic partners (Gulati, 2007). This paper combines resource-based and relational views to identify resources and capabilities inside and outside of companies (Johanson and Vahlne, 1977; Dyer and Singh, 1998; Lavie, 2006, 2007; Hervas-Oliver and Albors-Garrigoss, 2009). The resource-based view places a stronger emphasis on internal capabilities and resources as essential elements of competitive ability, but the network theory and the relational view see external relationships as central to capturing resources and capabilities (Johanson and Vahlne, 1977; Lavie, 2006, 2007; Hervas-Oliver and Albors-Garrigoss, 2009; Huggins, 2010). These types of transactions and relations give rise to a high level of exchange of resources and competencies. As stated by Lavie (2006), many resources and capabilities are made possible through these transactions, in which companies acquire resources and capabilities relevant to the competitiveness of enterprises. Hence, the network of inter-organisational relations in which organisations are embedded influences their economic action and performance (Gulati, 2007). Furthermore, various authors have highlighted the role of networks and new governance structures (Powell, 1990; Borgatti and Li, 2009) as central elements for internationalisation (Meyer et al., 2009; Peng et al., 2008; Hitt et al., 2004) and for acquiring new resources and capabilities (Johanson and Vahlne, 1977; Lavie, 2006, 2007; Hervas-Oliver and Albors-Garrigoss, 2009; Gurcaylilar-Yenidogan, 2014). Specifically, there is a growing number of studies aimed at highlighting the role of networks and the relational model as central elements for the internationalisation of companies (Hitt et al.,

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2004; Carneiro and Dib, 2007; Rezende, 2002; Peng et al., 2008; Meyer et al., 2009). The relational model of internationalisation involves: 1

Essential knowledge about internationalisation processes that is engendered in the relationship between the local subsidiary and external actors.

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Diverse experiences in the same country where they take place according to the relationships that are formed.

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An existing relationship that can be used to facilitate integration by building bridges, directly and/or indirectly, to make connections with other important relationships (Johanson and Vahlne, 1977).

In the course of analysis of these types of relationships and local/global networks, the following questions have arisen: 1

Was there an exchange of resources and capabilities among the companies in acquisitions, joint ventures, alliances?

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What kind of resources are involved?

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Can the external resources be absorbed by partners complementing and substituting internal resources?

As pointed out, these are important questions about alliance strategies and the extent to which inter-organisational relations, in which organisation is embedded, influence performance (Gulati, 2007). In this context, this article analyses the resources, capabilities and advantages of relational processes of acquisitions, joint ventures, alliances and partnerships in the automotive sector based on an analysis of five dyad case studies (three dyads from automakers and two dyads from auto parts suppliers, represented by dyads). Moreover, this study analyses the types of resources acquired through relationships (such as physical, organisational, essential and valuable, institutional, technological and geographical resources). As such, the study contributes to understanding how firms acquire new resources and capabilities through strategic alliances (Kogut, 1988; Powell et al., 1996) associated with the process of internationalisation (Buckley and Casson, 2009; Chen, 2006). As a consequence, the examination of the resources, capabilities and advantages of relational processes of acquisitions, joint ventures, alliances and partnerships in the automotive sector enables us to understand new forms of governance, global value chains, inter-firm strategic knowledge and resources, capabilities in inter-firm networks and complementarity of resources in inter-firm strategies. In the next section, we present the concepts of mergers, acquisitions, joint ventures and alliances. In the following section, we link these concepts to resources and capabilities through the theoretical review on relational view and resource base view. Afterwards, we describe the empirical research methodology. Then, we present the results, analysis and discuss what kind of external resources and capabilities can be used by companies in the inter-organisational relationship process, Finally, the conclusions are drawn in the last section.

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Mergers, acquisitions, joint ventures and alliances

Mergers and acquisitions are recurring transactions in the national and international economy and are strongly associated with company growth processes and have motivated many studies in Brazil (Miranda and Martins, 2002; Klotzle, 2002; Zilber and Piekny, 2005; Camargos and Barbosa, 2009) and worldwide (Fligstein and Shin, 2004; Poley, 2005; Firstbrook, 2007; Morrison et al., 2008; Yang, 2009). Mergers and acquisitions involve sector-specific dynamics and may lead to the concentration of capital and market (Rodrigues, 1999; Rosenberg et al., 2010). According to Harrison (2005), mergers occur when two companies join to form a new company. On the other hand, an acquisition occurs when an organisation takes over control of the shares of another organisation (Harrison, 2005). Joint ventures occur when two or more companies form a new company (Eiriz, 2001; Pires, 2004). Alliances are defined as independent companies with mutual participation in the business, without necessarily involving new investments (Pires, 2004). Mergers, acquisitions and joint ventures involve transactions in the domain of finances, unlike transactions that involve the technical/production domain (such as consortia, joint production agreements, and research and development agreements) or the commercial domain (such as purchasing centres, franchises and groups of exporters), as stated by Eiriz (2001). However, mergers, acquisitions and joint ventures may involve the production and technical domains when a company acquires such capabilities through these transactions. Harrison (2005) also states that mergers, acquisitions and alliances are strategies for: 1

entering new markets

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acquiring new products or services

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learning new resource conversion processes

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acquiring knowledge and necessary skills

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integrating vertically

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expanding geographically

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meeting the needs of corporate portfolios.

Several authors also point out that mergers, acquisitions, joint ventures and alliances are a means for acquiring resources and local institutional adaptation as an entry strategy that companies use to enter certain countries (Hitt et al., 2004; Meyer et al., 2009; Peng et al., 2008). Rather than investing in a new plant (called a greenfield entry), companies establish a joint venture or acquire a local company. Several authors describe the advantages gained from the standpoint of institutional adaptation of the organisation to the local market and also as a way to gain access to resources (Hitt et al., 2004; Peng et al., 2008; Meyer et al., 2009). Other studies have examined complementary theories to understand the acquisition of internal and external resources, including the resourced-based view (RBV), the relational view (Dyer and Singh, 1998; Mesquita et al., 2008) and the network theory (Lavie, 2006; Lewis et al., 2010; Huggins, 2010). These


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research fields are related with the current paper and the main concepts are presented in the next section.

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Resources and capabilities among companies

Lavie (2006) argues that firms can acquire unique and valuable resources from the inter-firms knowledge sharing. Lavie (2006) developed a framework, called ‘extension of the resource-based view’, which analyses and classifies the income earned by shared and non-shared resources in networks of alliances. The author emphasises that competitive advantage should be analysed under conditions of homogeneity, heterogeneity and immobility of the resources in partner alliances, considering the traditional view of the RBV. Thus, companies that are not in the partnership cannot access these resources, and resources cannot be developed by separate action of the company in the market. Lavie (2006) postulates that when alliances are formed, each firm contributes to a set of resources with the expectation that future benefits will be generated by sharing the resources of the two companies. The model developed by Lavie (2006) shows how each company has a subset of shared resources and a subset of non-shared resources and that, by sharing them, the focal participant (company) in the alliance is affected by the resources of its partners, gaining competitive advantage. On the other hand, the RBV theorises that the resources and capabilities are developed inside organisations and are rare, valuable, inimitable and irreplaceable generating sustainable competitive advantages (Barney, 1991; Barney and Clark, 2007). Grant (1991) lists additional characteristics of resources and capabilities that determine sustainable competitive advantage, namely, durability, non-transparency, non-transferability and non-replicability. Therefore, the source of sustainable competitive advantages considers two assumptions: heterogeneity and resource immobility (Barney, 1991; Barney and Clark, 2007). Resources include tangible and intangible capital, e.g., brands, technological knowledge developed in-house, machinery, personal skills, etc. (Wernerfelt, 1984). In addition, resources can be converted into final products through a wide range of goods and mechanisms such as licenses and patents, financial and physical assets and human capital (Amit and Schoemaker, 1993). However, these features in themselves only define the potential of the activity, since they are passive and reactive (Wu et al., 2010). Capabilities are the ability to perform complex tasks coordinated within groups of people through the use of resources (Grant, 1991). They are often developed in functional areas and combine physical, human and technological resources (Amit and Schoemaker, 1993). They represent the ability to promote a set of personal skills to use resources efficiently and are specific to companies, emerge gradually over time, and are influenced by the company’s history and actions resulting from their decisions (Wu et al., 2010). Combining the RBV and the relational view of social networks offers insight into the capability of resources inside and outside of companies (Johanson and Vahlne, 1977; Lavie, 2006, 2007; Hervas-Oliver and Albors-Garrigoss, 2009) and an understanding of how resources and capabilities can be generated and acquired in network relationships. For instance, Mesquita et al. (2008) results showed that joint knowledge acquisition is positively related to investments in capabilities and specific assets from the relationship between dyads. Artz and Brush (2000) identified significant investments in equipment

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and tools to develop products and technique skills shared through the alliance strategic process. To this end, we list several resources acquired through relationships (Barcellos et al., 2010; Barney, 1991; Meyer et al., 2009; Peng et al., 2008; Hervas-Oliver and Albors-Garrigos, 2009; Huggins, 2010), such as physical, organisational, institutional, technological and geographical resources. In this context, this article examines the resources, capabilities and advantages of relational processes of acquisitions, joint ventures, alliances and partnerships in the automotive sector based on an analysis of five case studies (three automakers and two auto parts suppliers). The resources include physical, organisational, institutional, technological, and geographical resources. Hence, the study contributes to a more indepth understanding of the terms of how the relational aspects have an impact on the results of strategic alliances highlighting tacit knowledge, resources and valuable information on alliances (Gulati, 2007; Buckley and Casson, 2009; Chen, 2006). The methodology of our empirical research is presented in the next section.

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Methodology

According to Ketokivi and Choi (2014), the main characteristic of scientific research is transparency. When carrying it out, the logic that leads to options made by researchers should be clear in terms of the research approach chosen, sample selection and data collection, as well as the data treatment and analyses. Therefore, the methodology used in this study is exploratory, descriptive, qualitative and based on case studies (Collins and Hussey, 2009; Yin, 2007). The research is exploratory as it sought to verify points based on experiences from the actors and it analyses the context to which they are submitted (Barratt et al., 2011). Regarding the qualitative approach, researchers should establish criteria to choose the interviewees, checking their ability to provide the information needed to solve the proposed problem (Bauer and Gaskell, 2002). This research is suitable for the qualitative approach, as it attempted to analyse a phenomenon focused on a specific context in order to find theoretical points which can be used by manufacturers in practice. According to Yin (2007), case studies consider the contemporaneity of the problem, investigating the phenomenon, with limits and clearly defined contexts, without losing sight of the depth. The choice of case study also allows for the use of various sources of evidence in order to clarify the reason for the decisions taken, as they were implemented and which results were obtained, focusing more on understanding rather than measuring (Yin, 2007; Barratt et al., 2011). Case studies are useful in answering questions such as ‘what’ or ‘how’ (Yin, 2007), and they are a suitable method for studying emerging practices such as the concentration of the automotive industry and how this affects product and production development strategies for manufacturers and parts suppliers who work in the Brazilian market. The primary data collected from the five surveyed companies enabled us to understand the gains in terms of relational resources and capabilities. Table 1 summarises the dyads of the companies analysed, the nature of the relationship established between them, the reasons for being included in the sample and the interviewees. The interviews with managers from different Brazilian subsidiaries took place between 2010 and 2012.

Relational resources and capabilities in acquisitions Table 1

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Dyads analysed, nature of the relationship, reasons for companies to be included and information about data collection

Dyads analysed

Reason to be included in the sample

Interviewees/length of interview

GM-Daewoo

To understand the joint venture between GM and Daewoo and the subsequent acquisition of Daewoo by GM in 2000.

Two interviews with the industrial manager from GM (GM Brazilian subsidiary), lasting four hours.

Renault-Nissan

To understand the global alliance and arrival of Nissan in Brazil.

Two interviews with the industrial manager from (Renault Brazilian subsidiary), lasting three hours and twenty minutes.

Chery-Venko

To understand the partnership and commercial representation for internationalisation of the Chinese company, Chery, in Brazil.

Two interviews with the CEO (Chery Brazilian subsidiary), lasting two hours.

VOSS AutomotiveHeller

To understand the joint venture in Brazil and subsequent acquisition of Heller by VOSS

Two interviews with the CEO (Voss Brazilian subsidiary), lasting four hours.

Federal MogulTandN and Cooper

To understand the resources and capabilities which originated from the global acquisition of TandN and Cooper by Federal Mogul.

Two interviews with the industrial director (Federal Mogul Brazilian subsidiary), lasting two hours.

Primary data was collected using interviews and observations. Semi-structured interviews were conducted with individuals from companies in the dyads. According to Yin (2007), this helps provide a flexible instrument to collect in-depth information and understand both sides of the relationship between companies. Semi-structured questionnaires were developed, which were assessed by knowledgeable people in the field and then validated after conducting a pilot test (Yin, 2007). Furthermore, observations considering: language; stories and organisational behaviour were made by the researchers, who took notes and shared them with each other to analyse the content. Secondary data was collected using archival information provided by companies, data available in specialised magazines and newspapers in different issues, as cited in the paper (The Economist, Automotive News, USATODAY), national and international specialised sources in the study of the automotive sector (Lung, 2000; Pricewaterhouse Coopers, 2008; Autozine, 2011; Automotive Business, 2011; Poggetto, 2011; Chiconi, 2011), as well as information from companies or joint venture websites. In total, five top executives from companies were interviewed. The interviews lasted from 1–2 hours each. All interviews were recorded and transcribed for further analysis. In addition, notes, impressions and ideas that arose during the data collection were also documented and added to the case study database (Yin, 2007; Barratt et al., 2011). Furthermore, to increase the reliability of the data collected, follow-up e-mails were sent in case there were missing details during the analysis (Voss, 2009). After transcribing all the interviews and observation, the data was analysed qualitatively using content analysis (Bardin, 2008; Voss, 2009). This analysis was conducted by one single researcher. The text was divided into convenient units, coding, and the possibility of slightly different interpretations from the content was considered.

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For this reason, we sought triangulation of information and other forms of validating data (Krippendorff, 2013). The aim of this study was to obtain reliable research, triangulation and validation of data using multiple data sources (interviews, document analysis and observations), replication between the cases, conducting pilot tests, using well-defined protocol and creating a database of cases (Voss, 2009; Näslund et al., 2010). The context of the interview, intentions, gestures and background to the interview influenced the analysis. These variables prevent the analyses from being completely replicable (Krippendorff, 2013). In order to make the analysis more replicable, some points defined by Krippendorff (2013) were followed, such as: researchers having prior knowledge of the purpose of the analysis and the topic discussed, as well as being knowledgeable about the interviewee’s situation during the interview. In addition to the texts from the interviews, notes obtained from observations made during visits to companies and analysis of documents provided by them were also evaluated in terms of content to support the analysis.

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Results

This section presents the results of the research. General information is presented for each dyad and the resources acquired through the relationship between the companies are described.

5.1 The case of GM-Daewoo By imposition of the Korean Government, foreign companies were required to enter into joint ventures with local companies (Automotive Business, 2011). Thus, in 1976, GM entered the Asian market through this joint venture. After Asia’s financial crisis in the late 1990s, GM purchased a majority share in 2001 and founded GM Daewoo (GMDAT). In February 2005, GM invested U$ 49 million, thereby raising its share in the company to 48.2%. In addition, GM disbursed U$ 21 million to acquire 6.9 million shares in Suzuki Motors for GM Daewoo in August of the same year. General Motors’ share in GM Daewoo then increased to 50.9% (Autozine, 2011).Suzuki still holds 11% of GMDAT, but is reportedly considering the possibility of selling this share to GM. GMDAT has design, engineering, research and development facilities that are involved in various GM product development projects. According to statements collected at the Brazilian subsidiary of GM, GMDAT today has design, engineering, and R&D centers that develop many GM vehicles worldwide. GMDAT designs are used extensively in overseas markets – Chevrolet in America, Opel and Vauxhall in Europe, Holden in Australia, and Chevrolet and Buick in China. Previously, Suzuki also sold rebadged Leganza in the US market to fill its vacancy in mid-size cars. GMDAT has become increasingly important for the future of GM, according to statements collected in the interviews. In the past it was seen as a “cheap source of small cars for North America and Europe.” Now, with increasing investments in R&D and design capability, Korea “has become the leading engineering center for the development of its global Delta small-car platform”, states the interviewee.


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The interviews indicated that several capabilities and resources have been shared throughout the long-standing relationship between the American and Korean groups. According to an interviewee, initially “the partnership with Daewoo was very important for GM to gain access to the Asian market”, and for “GM to gain access to technology for the production of smaller and more economical cars”. After the economic crisis in 2008, the position of the Korean subsidiary in the GM group intensified and a significant part of GM’s vehicle designs come from the plant in Korea. Thus, the design previously developed at Opel (GM’s European Subsidiary) is now mostly developed in Korea, although “for reasons of cost, manpower and competitiveness, Opel is still part of the group, but not in the same leading condition” with respect to car design. With regard to GM’s partnership with Daewoo, according to the interviewee, “GM sent people from Korea to Europe and then back to Korea. The designers, engineers, and everything else required for establishing a center of excellence in Korea”. Thus, Daewoo, the company through which GM entered Asia, now has a strategic status in the group because of its competence in vehicle design, which has led to the absorption of shared resources, according to Kale et al. (2000) and Lavie (2006). Table 2 describes the resources acquired through the relationship between the companies. Table 2 Dyad General MotorsDaewoo

Resources acquired through the relationship Relational resources

Main authors

Physical resources – geographic location in Asia favoured the production and sale of GM in several Asian countries. Currently, the plant in Korea is the global vehicle design centre.

Barney (1991), Barcellos et al. (2010)

Essential and valuable resources – technology for the production of small cars and small capacity engines. Today, the global platform to develop vehicles for the group is in Korea.

Barney (1991), Barcellos et al. (2010), Lavie (2006)

Institutional resources – institutional adaptation at the time of entry of GM in the Asian market, in terms of rules, culture, and psychological distance between the companies and their respective markets.

Meyer et al. (2009), Peng et al. (2008), Huggins (2010)

Organisational resources – the intense exchange of information enabled Daewoo to use several of GM’s vehicle designs and later gave GM access to the expertise in the design of small cars and small capacity engines.


Resource complementarity – high resource complementarity in terms of geographic location and physical resources and also with respect to vehicle design.


The GM-Daewoo relationship has enabled GM to begin its internationalisation in Asia through a joint venture. During the Asian crisis in 1999, GM purchased the Korean division and the Daewoo brand became extinct. However, a very interesting aspect of this partnership is that it gives GM access to the Asian market and to the technology to develop Daewoo vehicles.

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Therefore, there is a relationship of complementarity, as pointed out by Lavie (2006) and Barcellos et al. (2010), and a gain in expertise, according to Anand and Khanna (2000). From a geographic standpoint, GM’s entry was enabled by the joint venture, which involved the appropriation of physical (Barcellos et al., 2010) and institutional resources, such as rules, laws and customs (Scott, 2013).

5.2 The case of Renault-Nissan The Renault-Nissan alliance (involving cross-shareholdings) was consolidated in 1999 by executives from the two automakers, Louis Schweitzer and Yoshikazu Hanawa. Renault acquired 44.4% of Nissan’s capital, while Nissan acquired a 13.5% share in Renault, shortly thereafter raising its stake in the group to 15% (Renault, 2011). In 2011, the companies reported record worldwide sales of 8.03 million units, sharply up from its 2006 sales of 5.9 million units (Chiconi, 2011). Table 3 describes the resources acquired through the relationship between these companies. Table 3 Dyad RenaultNissan


Main authors

Physical resources – market expansion for one of the companies in Europe and unforeseen market entry of Renault in Japan and other countries. Opening of the Latin American market for Nissan. The alliance also involves a global purchasing structure and shared platforms.

Barney (1991), Barcellos et al.(2010)

Essential and valuable resources – acquisition of knowledge about shared platforms, shared development of vehicles and R&D; dealerships with participation in both groups generate different types of knowledge and essential and valuable resources.


Institutional resources – enabled Nissan’s entry into Brazil and Renault’s entry into China and the USA. The institutional resources correspond to the rules, norms and customs of the Brazilian market, which are facilitated by one of the companies.


Organisational resources – intensive exchange of information and common practices enabled the two companies to create formal and informal planning, control and coordination on a global level.


Resource complementarity – high resource complementarity from the standpoints of geography, technology and the market.


According to information collected in the interviews, the alliance between the companies is highly complementary and synergic. Firstly, from the geographic standpoint, because Nissan is strong in Japan, China and the US, where Renault had little or no participation. “Renault made three unsuccessful attempts to enter the US; Renault also went to China because China is in the hands of Nissan and Nissan already produces more than 1 million


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cars a year there”. In contrast, Renault has a strong presence in Europe and South America. In addition to geographic considerations, Nissan has been investing in SUVs, pick-ups, and 4×4 cars, which are products in which Renault still has not gained a market share. Renault is also very strong in diesel engines in Europe, and Nissan did not have this power train technology. According to an interviewee, “this complementarity is simply awesome, awesome...” In this sense, in addition to geographic complementarity, there are also complementarities related to products such as vehicle portfolios, purchasing, physical structures and engine technology. In Brazil, Renault was instrumental in launching the first 60 Nissan dealers, who were owners of Renault dealerships, in addition to partnerships for engine assembly. Renault has three manufacturing units in Brazil, an engine plant, a passenger car plant, and a utility vehicle plant where Renault manufactures Nissan cars. The latter plant has a contract whereby Nissan pays Renault for manufacturing its vehicles. The two companies also have joint investments in R&D and new platforms. The company also has a partnership with Renault-Nissan Organization, the company that resulted from the alliance, which specialises in the global purchasing for the alliance.

5.3 The case of Chery-Venko The Chery-Venko partnership began when the Chinese automaker chose Brazil as one of its core markets. According to reports, for this automaker, Brazil represented a relatively important step in its history of internationalisation. The representative of Venko had experience in importing other brands and models such as Suzuki, SsangYong, and Mahindra, particularly Asian brands. The interviewee stated that “Chery had the idea of entering Brazil by itself, without a local company. Up to that time I was acting as a consultant to the company, and one of its employees here was learning about advertising, vehicle approval regulations, labor laws, Law No. 6729 (The Renato Ferrari Law), contracts with partners, and traffic laws”. Soon after that, Chery gave up the idea of entering Brazil by itself and struck a deal with Venko, whose chief executive would be hired by Chery Brazil. According to the interviewee, “Then they called me and told me: “We have changed our mind, we do not feel prepared to enter Brazil, and we want you to find a group to represent us””. Venko’s extensive advice enabled Chery initially to import cars to Brazil and, according to an announcement, build a factory in Jacarei. Table 4 summarises Chery-Venko’s shared resources. This partnership allowed the Chinese company to enter the market with fewer market and institutional uncertainties. The interviewee stated, “I have always made it a point to place a renowned international consulting company in this environment so that they also received information from a credible third party, since taxes in Brazil involve import tax, IPI, PIS and COFINS, ICMS, and port fees. There were also all the negotiations with the government about the import tax”. He stated that, with the factory in Uruguay (which assembles CKDs) “We negotiated the ACE2 agreement with the Brazilian government, which is a bilateral automotive agreement between Brazil and Uruguay. We worked out the details and I participated in the entire process”.

84 Table 4 Dyad CheryVenko

M. Sacomano Neto et al. Resources acquired through the relationship Relational resources

Main authors

Physical resources – Venko facilitated Chery’s entry into Brazil and helped in the negotiations with the government for the new plant in Jacarei, SP.


Essential and valuable resources – Chery’s partnership with Venko has allowed for adjustments to be made in Chery’s cars for the Brazilian users and enabled Chery to develop skills in operating in international markets, which means it has also gained competence to act in other similar markets.


Institutional resources – this partnership has enabled Chery to adapt to Brazilian labour legislation; taxation; vehicle homologation; legislation; environmental permits; rules and dynamics of the sector in Brazil; negotiations with municipal, state and federal agencies; negotiation of taxes and import trading and diminished the company’s psychological distance.


Organisational resources – the partnership has enabled Chery to enter Brazil and informal relationships based on trust were essential to the company’s advancement in Brazil and other markets.


Resource complementarity – because Venko is a commercial representative, there is a relative complementarity of resources, particularly of institutional and market-related resources.


However, the Chery-Venko relationship “had a date and time and expiration date”, according to the interviewee, “although [this relationship] was based on mutual trust”. In this process, the representation of another Chery brand – Karry, a line of small trucks, was also negotiated with Venko. A central element of the Chery-Venko relationship was trust, and the interviewee stated that, “At this point, we started from a bond, which in Mandarin is ‘coxi’, which means a bond of trust”.

5.4 The case of VOSS-Heller VOSS’s activities in Brazil started in 1995 through a joint venture with a local company called Heller Tech from Diadema. This relationship started as a joint venture, but after five years, in 2000, VOSS bought the partner company and moved to Diadema, which is close to the automakers located in São Paulo’s ABC region. Heller Tech was a Brazilian company managed by Germans. According to the interviewee, “This is what attracted VOSS, which needed a tube manufacturing partner, and is also why VOSS Brazil today represents a center of excellence in the manufacturing of extruded tubes among its subsidiaries around the world”. Table 5 describes the resources acquired through the VOSS-Heller relationship.

Relational resources and capabilities in acquisitions Table 5 Dyad VOSSHeller

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Main authors

Physical resources – the joint venture enabled VOSS to enter the Brazilian market. Its acquisition of Heller allowed VOSS to definitely acquire Heller’s physical resources and establish its operations in São Paulo’s ABC region.


Essential and valuable resources – Heller Tech held extrusion technology which was perfected by VOSS. Today the Brazilian subsidiary is the world centre in this segment (involving geographic and product development resources).


Institutional resources – Heller was the local partner that enabled VOSS’s entry into Brazil through the joint venture and helped VOSS with regard to labour laws, taxation and other proceedings arising from its joint venture with Heller.


Organisational resources – the relationship between the two companies, and shared routines and knowledge enabled VOSS to acquire technologies, physical resources and know-how.


Resource complementarity – high resource complementarity


Because the product is expensive to export, pipe alternatives had to be developed for the various regions of Brazil, since pipes used in Germany have to withstand freezing temperatures, but this type of customisation is not necessary in Brazil, and also increases costs unnecessarily. The interviewee explained that this technology has been somewhat improved by VOSS Brazil and other companies are also using the same technology. According to the interviewee, the Brazilian subsidiary is the leader in extrusion technology, and “the group will have a factory in China and very probably in Poland. But since the center of excellence in extrusion is Brazil, VOSS Brazil will be the one to decide who will develop what, what machinery to purchase, what equipment to use, the stability of the process, repeatability of the material, and the suppliers”. This has given the Brazilian subsidiary considerable autonomy in the development of this market.

5.5 The case of Federal Mogul-TandN-Cooper Federal Mogul returned to Brazil through its purchase of the companies TandN and Cooper. Through its purchase of TandN it acquired a new brake manufacturing company in Araras, in the state of São Paulo (a joint venture between TandN, Freios Varga and Ferruti) and a headlight manufacturer in Diadema. According to an interviewee, the brake manufacturer is also the outcome of a joint venture with a Brazilian company, since TandN had a joint venture with Freios Vargas (a Brazilian family enterprise), which teamed up with TandN to establish this company to manufacture brake pads. There were also other acquisitions. “Federal Mogul acquired another group or part of a group, Cooper Automotive, which was another group in the range of U$ 2 million. Cooper Automotive has a plant in Diadema, where it manufactures headlights, mainly for motorbikes. Within a year or two Federal Mogul obtained three plants in Brazil, which

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came from two different groups, one of which was also a global joint venture” stated the interviewee. Therefore, Federal Mogul’s presence in South America has been strengthened through its acquisition of TandN and Cooper now has a stronger presence in Asia thanks to the acquisition of TandN. From a worldwide standpoint, TandN’s focus was a more European one, with its various plants in Europe, and the company was already expanding into South America, Africa and Asia. In contrast, Federal Mogul had a much stronger presence in the US. The two companies engaged in certain similar activities in terms of engine components, but Federal Mogul had never participated in the lighting business, since that was not its core business. “It considered itself an engine components enterprise”. Cooper’s ignition, spark plugs, coils and engine business became part of Federal Mogul, which resulted in a very interesting complementarity. Table 6 summarises the resources acquired through the relationship between the companies. Table 6 Dyad


Main authors

Physical resources – with the purchase of TandN and Cooper, Federal Mogul entered the Brazilian market with three different plants.


Essential and valuable resources – it acquired expertise in sectors that were new to the company.


Institutional resources – the acquisition allowed Federal Mogul entry into the country, and its institutional adaptation was consolidated throughout the operation of its subsidiaries.


Organisational resources – the company developed and employed new product portfolios (involving geographic resources and the development of new markets).


Resource complementarity – high resource complementarity enabled the company to operate in other market segments. However, the process of incorporation of knowledge was slower due to cultural differences between the groups of companies.

Barney (1991), Hervas-Oliver and Albors-Garrigos (2009), Barcellos (2010)

As for integration between the companies after the acquisition, the interviewee stated that: “It was a very time consuming process, and finding this synergy, checking the activities, and downsizing the structures was all very slow, because there was a very strong power struggle between TandN, which had a strongly European profile and did things differently, and the American company Federation Mogul. The synergies were being gradually incorporated into the group.”

Federal Mogul’s reasons for making the acquisitions are strongly influenced by the company’s geographic location. Synergies have been incorporated and rethought after the purchase. According to the interviewee, “It is very obvious from our CEO’s discourse, when he states that we must increase our participation in the regions, that there is a very clear mandate to grow in these regions, since gains in Europe and the US are marginal”.


6

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Analysis and discussion

Several decades later, GM took over Daewoo and to a certain extent its expertise in designing and manufacturing cars, which involved mainly technological resources such as know-how in engine design and, according to Hervas-Oliver and Albors-Garrigos (2009), the appropriation of relational resources (Lavie, 2007; Huggins, 2010). Today this subsidiary is the leading center of global vehicle design, according to the statements of interviewees and to secondary data. Thus, GM’s relationship with Daewoo enabled it to acquire various types of resources through relationships, particularly institutional and technological resources. The Renault and Nissan alliance involves important relational resources, such as the geographic location of the plants (Barney, 1991; Barcellos et al., 2010) and cooperation between the companies for entry into each market (Peng et al., 2008; Meyer et al., 2009), sharing other resources such as facilities and technology (Lavie, 2006). To a certain extent, this alliance involves huge complementarities such as geographic, technology, management, infrastructure and vehicle design resources, as pointed out by (Ghosn, 2002). As observed by Segrestin (2005), building a new collective identity required specific managerial models to design simultaneously common purposes and collective identity of the Renault–Nissan Alliance. Chery’s internationalised occurred thanks to a significant number of joint ventures around the world. The automaker has joint ventures in many countries, which help reduce its costs and investment risks. Chery has plants in Egypt, Malaysia, Uruguay, Iraq, Syria, Russia, Ukraine, Uruguay, and in other markets. In Brazil, its partnership with and representation by a Brazilian company enabled to enter the market here, where there is a diverse acquisition of institutional resources (Peng et al., 2008, Meyer et al., 2009). Venko was also helpful with market-related issues with the overall negations for Chery’s entry into Brazil, involving essential and valuable resources (Barney, 1991; Barcellos et al., 2010). It is strongly associated with the perspective of networks for internationalisation where there are important local partners for internationalisation, supported by the idea of relational internationalisation, according to Carneiro and Dib (2007), Rezende (2002), Rezende and Versiani (2010), Meyer et al. (2009), Peng et al. (2008) and Hitt et al. (2004). The case of VOSS exemplifies how a subsidiary may have a high relative importance, such as that pointed out by Rezende (2002) and Rezende and Versiani (2010). The joint venture between these companies enabled VOSS to obtain knowledge as essential and valuable as extrusion (Barney, 1991; Barcellos et al., 2010), based on a relational model of internationalisation (Carneiro and Dib, 2007; Rezende, 2002; Rezende and Versiani, 2010; Meyer et al., 2009; Peng et al., 2008; Hitt et al., 2004). Today, the Brazilian subsidiary is the center of excellence in extrusion of the global group. In the case of Federal Mogul, it is interesting to observe how its strategy may be significantly influenced after its acquisition of the other companies. When Federal Mogul acquired TandN and Cooper, the company still did not know how certain product portfolios would be developed for the group and it acquired valuable and essential resources, as Barney (1991) and Barcellos et al. (2010) pointed out. A curious case was that of the headlights division in Diadema, because by acquiring the two companies it also took over a company operating in this sector. Until that time, this had not been part of the automaker’s strategy, since it is much more active in the area of engines and brakes.

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In the course of analysis of these types of relationships and local/global networks the following questions has arisen: 1

Was there an exchange of resources and capabilities among the companies in acquisitions, joint ventures, alliances?

2

What kind of resources are involved?

3

Can the external resources be absorbed by partners complementing and substituting internal resources?

In the literature review concerning the relationship between relational aspects and the internationalisation of companies, in particular the relational resources flow between external actors (Saleh et al., 2014; Gulati, 2007), some gaps were identified in the literature. The cases show different relational resources of acquisitions, joint ventures, alliances and partnerships in the automotive sector. The results corroborate those of Harrison (2005) who states that mergers, acquisitions and alliances are strategies for learning new resource conversion processes; acquiring knowledge and necessary skills; expanding geographically and to acquire new resources and capabilities, as indicated by many studies, such as: Lavie (2006, 2007), Hervas-Oliver and Albors-Garrigoss (2009); Gurcaylilar-Yenidogan (2014). Results reveal a significant exchange of resources and capabilities acquired through these relationships at intra-and/or inter-organisational levels. Therefore, it can be concluded that exchanging resources and capabilities are enabled by internal and external relations, as pointed out by Lavie (2007). It can also be concluded that acquisitions and mergers are forms of governance and control strategy in many cases, as described by Fligstein (1985). The literature on institutions, resources and networks makes a significant contribution to understanding the cases (Hitt et al., 2004; Peng et al., 2008; Meyer et al., 2009). Thus, as observed, the acquisitions and joint ventures depend on the relationships with local actors in order to acquire resources and adapt institutionally. Furthermore, the network of inter-organisational relations in which organisations are embedded influences their economic action and performance (Gulati, 2007). These networks are essential to capture and develop new skills and knowledge because the internationalisation of the automotive industry depends on the emergence of new forms of production organisation, strongly associated with intra- and inter-regional and/or national alliances. Accordingly, the study contributes to understanding how firms acquire new resources and capabilities through strategic alliances (Kogut, 1988; Powell et al., 1996) associated with the process of internationalisation (Buckley and Casson, 2009; Chen, 2006) in the automobile industry. In the international business literature, this topic has grown, as explored in Buckley and Casson (2009) concerning the complementary and supplementary resource in strategic alliances, and Chen (2006) as Taiwanese companies rely on relationships and capabilities of local companies to internationalise business activities in Europe. Mergers, acquisitions and joint ventures enabled the internationalisation and growth of automakers and suppliers in different markets. However, there is no evidence that other internationalisation strategies are less used or less successful. Therefore, comparative studies are interesting to understand the relation between organisational growth and relational process in more depth.


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As the study concludes, these relations of mergers, acquisitions and joint ventures are driven by different objectives, but mainly by geographical locations, technological, managerial, institutional and market resource complementarities. However, it is important to emphasise that every merger, alliance and joint venture has its own specific objectives, due to their contingent characteristics. Probably, other possible objectives are plausible, e.g. establishing market power, increasing political relations, economical rents, legitimacy, reducing transactions costs and so on. Therefore, as the objectives of mergers and acquisitions are very different, new studies related to the institutional theory, the transaction costs theory, the resource dependence theory, the fields theory and network analysis are very interesting to further understand this subject.

7

Final remarks

According to Humphrey et al. (2000), the auto industry is reorganising into three markets: 1

Protected autonomous markets (PAMs), comprising countries that are protected from external competition through domestic markets, e.g., India, China and Malaysia.

2

Integrated peripheral markets (IPMs) comprising countries located near major markets such as Mexico, the Czech Republic, Hungary and Poland.

3

Emerging regional markets (ERMs) composed of countries included in emerging blocks, such as Brazil and Argentina, Russia and Turkey.

The process of internationalisation and concentration of this market is strongly associated with mergers, acquisitions, and other forms of transactions such as joint ventures, alliances and intra- and inter-regional and/or national incorporations (Boyer and Freyssenet, 2000; Salerno, 2002; Carvalho, 2005). Consumer markets and automobile manufacturing have dictated a new geographic rearrangement of automakers. Automakers invariably depend on the geographic location of consumption and on low cost production. Mergers, acquisitions, joint ventures, alliances and cross-shareholdings have been instrumental in the process of internationalisation of manufacturers, with American and European companies controlling interest in Asian companies and vice-versa. Thus, a new stage of internationalisation was established in recent years and mergers, acquisitions, and joint ventures have become strategies for entering and penetrating these markets, as pointed out by Meyer et al. (2007) and Lin et al. (2009). These forms of entry are strongly associated with the perspective of international networks or a relational model of internationalisation (Carneiro and Dib, 2007; Rezende, 2002; Rezende and Versiani, 2010), which was originally proposed by Johanson and Vahlne (1977). This perspective differs from economic models of internationalisation in that it is more atomistic. The relational model suggests that the adoption of economic development strategies by companies is influenced by network relationships (Coviello and Munro, 1997; Hertz and Mattsson, 1994). Thus, mergers, acquisitions, joint ventures and alliances are a means of acquiring resources outside companies, as described by Lavie (2006); Huggins (2010); Hervas-Oliver and Albors-Garrigos (2009). According to Rodrigues (1999), Eiriz (2001) and Rosenberg et al. (2010), mergers, acquisitions, joint ventures and alliances are

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strategic actions that companies take to expand their geographic scope and other important resources. In the cases of this study, mergers, acquisitions, joint ventures and alliances not only open the way to enter new markets, but are also a way to learn new resource conversion processes and acquire knowledge and skills, as noted by Harrison (2005), while local institutional adaptation is another strategy adopted by enterprises to gain entry into certain countries (Peng et al., 2008; Meyer et al., 2009). These connections and relationships among companies lead to the creation of inter-organisational capabilities, according to Lavie (2006). According to this author, the partners in mergers, acquisitions, joint ventures and alliances receive ‘relational revenues’, a finding that is confirmed by the results of this survey. The revenues obtained through these relationships come from routines, shared knowledge, complementary resources, governance mechanisms, and other sources, according to our findings. In this process, knowledge is transferred to some extent from one group to another, in some processes more than in others. This can be considered knowledge spillover (the overflow of knowledge from one company to another) among these automakers. According to the interviewees’ statements, in the reported cases there is intense transmission of knowledge in the processes of mergers, acquisitions, joint ventures and alliances. The internationalisation of the automotive industry depends on the emergence of new forms of production organisation, strongly associated with intra and interregional and/or national alliances. Thus, this study corroborates the findings of other studies, i.e., that mergers and acquisitions represent a major internationalisation strategy of the automotive industry (Boyer and Freyssenet, 2000; Salerno, 2002; Carvalho, 2005), whereby companies associate themselves with other companies to form a network which shares a wide variety of resources. This is also in line with the relational perspective of internationalisation, whereby joint ventures and partnerships with local companies provide access to local resources (Rezende, 2002; Hitt et al., 2004; Carneiro and Dib, 2007; Peng et al., 2008; Meyer et al., 2009; Rezende and Versiani, 2010;). One limitation of the study is that it explores more the positive side of mergers, alliances and joint ventures. Therefore, new studies about the ‘dark side’ of mergers, alliances and joint ventures are needed. Another limitation of the study is concerning the number of interviewed people by companies, only one manager interviewed per case study. Some limitations should be considered in this paper. The fact of using only a few personal interviews as an information source can be biased from the point of view of the interviewee and the researcher. This bias includes the fact that managers may not disclose some information so as not to affect the company’s interest or the investigator may not understand the answers well which can cause distortion in his analysis. Dealing with this research topic, we assume that few managers in each company have the kind of information we need. This fact reduces dramatically the number of possible interviews that we might carry out. For future research, it is recommended to conduct more interviews, using consultants, researchers in the field and market analysts who are not necessarily managers in the main companies. This would improve the triangulation robustness. Nevertheless, this study helps us to understand the exchange of resources and capabilities among companies, enabling us to understand the competitive dynamics and internationalisation processes of the automotive sector. Future research into affiliations among companies (Lavie, 2007), constellations (Lazzarini, 2008), relational contracts (Ferguson et al., 2005; Tiwana, 2008) and forms of governance (Huggins, 2010) should contribute to a more in-depth understanding of the network resources and internationalisation.


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