This article concentrates on the discursive construction of mergers and acquisitions in the media. Drawing on critical discourse analysis, the article focuses on justification, legitimization and naturalization processes in three historically significant cases in the Finnish media. The analysis reveals four distinctive discourse types- `rationalistic', `cultural', `societal' and `individualistic'-and elaborates their structural characteristics. The analysis shows that rationalistic discourses typically dominate discussion, while the other discourses are subordinated to the rationalistic discursive practices. This usually means justification of particular merger or acquisition deals and legitimization of specific actions taken by management. In the longer run, this is likely to lead to naturalization of specific management practices in the mergers and acquisitions context.
Alvesson, M. and Kärreman, D. (2000) `Varieties of Discourse: On the Study of Organizations through Discourse Analysis, Human Relations53: 1125-1151.
2.
Barry, D. and Elmes, M. (1997) `Strategy Retold: Toward a Narrative View of Strategic Discourse', Academy of Management Review2: 429-452.
3.
Billig, M. (1995) Banal Nationalism. London: Sage.
4.
Boje, D.M. (1991) `The Storytelling Organization: A Study of Story Performance in an Office-supply Firm', Administrative Science Quarterly36: 106-126.
5.
Boje, D.M. (1995) `Stories of the Storytelling Organization: A Postmodern Analysis of Disney as"Tamara-Land"', Academy of Management Journal38: 997-1035.
6.
Brown, A.D. and Jones, M.R. (2000) `Honourable Members and Dishonourable Deeds: Sensemaking, Impression Management and Legitimation in the "Arms of Iraq Affair"', Human Relations53: 655-690.
7.
Brown, G. and Yule, G. (1983) Discourse Analysis. Cambridge: Cambridge University Press.
8.
Bruner, J. (1986) Actual Minds, Possible Worlds. Cambridge, MA: Harvard University Press.
9.
Bruner, J. (1990) Acts of Meaning. Cambridge, MA: Harvard University Press.
10.
Buono, A.F. and Bowditch, J.L. (1989) The Human Side of Mergers and Acquisitions. Managing Collisions between People, Cultures, and Organizations. San Francisco: Jossey-Bass.
11.
Calás, M.B. and Smircich, L. (1996) `From "the Woman's" Point of View: Feminist Approaches to Organization Studies', in S. Clegg, C. Hardy and W. Nord (eds) Handbook of Organization Studies. Newbury Park, CA: Sage.
12.
Cartwright, S. and Cooper, C.L. (1990) `The Impact of Mergers and Acquisitions on People at Work: Existing Research and Issues', British Journal of Management1: 65-76.
13.
Cartwright, S. and Cooper, C.L. (1993) `The Psychological Impact of Merger and Acquisition on the Individual: A Study of Building Society Managers', Human Relations46: 327-347.
14.
Chatterjee, S. , Lubatkin, M.H., Schweiger, D.M. and Weber, Y. (1992) `Cultural Differences and Shareholder Value in Related Mergers: Linking Equity and Human Capital', Strategic Management Journal13: 319-334.
15.
Cicourel, A. (1980) `Three Models of Discourse Analysis: The Role of Social Structure', Discourse Processes3: 101-132.
16.
Coulthard, R.M. (1994) Advances in Written Text Analysis. London: Routledge.
17.
Czarniawska, B. (1997) Narrating the Organization. Chicago: University of Chicago Press.
18.
Czarniawska, B. (1999) Writing Management: Organization Theory as a Literary Genre. Oxford: Oxford University Press.
19.
Datta, D.K. (1991) `Organizational Fit and Acquisition Performance: Effects of Post-acquisition Integration', Strategic Management Journal12: 281-297.
20.
Davis, R.E. (1968) `Compatibility in Corporate Marriages', Harvard Business Review46 (July-August): 86-93.
21.
De Cillia, R. , Reisigl, M. and Wodak, R. (1999) `The Discursive Construction of National Identities', Discourse and Society10: 149-173.
22.
Derrida, J. (1978) Writing and Difference. Chicago: University of Chicago Press.
23.
Derrida, J. (1982) Margins of Philosophy. Chicago: University of Chicago Press.
24.
Drew, P. and Heritage, J. (1992) Talk at Work: Interaction in Institutional Settings. Cambridge: Cambridge University Press.
25.
Duhaime, I.M. and Schwenk, C.R. (1985) `Conjectures on Cognitive Simplification in Acquisition and Divestment Decision Making', Academy of Management Review10: 287-295.
26.
Dunford, R. and Jones, D. (2000) `Narrative in Strategic Change', Human Relations53: 1207-1226.
27.
Ericson, M. (1991) Iggesundsaffären: Rationaliteter i en strategisk förvarvsprocess [The Case of Iggesung: Rationalitites in a strategic acquisition process]. Stockholm: EFI.
28.
Fairclough, N. (1992) Discourse and Social Change. Cambridge: Polity Press.
29.
Fairclough, N. (1997) Critical Discourse Analysis: The Critical Study of Language. London: Longman.
30.
Fairclough, N. (2000) `Guest Editorial: Language and Neo-liberalism', Discourse and Society11: 147-148.
31.
Fisher, W. (1987) Human Communication as Narration: Toward a Philosophy of Reason, Value, and Action. Columbia, SC: University of South Carolina Press.
32.
Foucault, M. (1973) The Order of Things: The Archaeology of Human Sciences. New York: Vintage Books.
33.
Foucault, M. (1980) Power/Knowledge. Selected Interviews and Other Writings 1972-1977. (Edited by C. Gordon). Brighton: Harvester.
34.
Fournier, V. (1998) `Stories of Development and Exploitation: Militant Voices in an Enterprise Culture', Organization5: 55-80.
35.
Fowler, K.L. and Schmidt, D.R. (1989) `Determinants of Tender Offer Post-acquisition Financial Performance', Strategic Management Journal10: 339-350.
36.
Garsten, C. and Grey, C. (1997) `How to Become Oneself: Discourses of Subjectivity in Post-bureaucratic Organizations', Organization4: 211-228.
37.
Gertsen, M.C. , Søderberg, A.-M. and Torp, J.E. (1998) `Different Approaches to Understanding of Culture in Mergers and Acquisitions', in M.C. Gertsen, A.-M. Søderberg and J.E. Torp (eds) Cultural Dimensions of International Mergers and Acquisitions. Berlin: Walter de Gruyter.
38.
Grant, D. , Keenoy, T. and Oswick, C. (eds) (1998) Discourse + Organization. London: Sage.
39.
Greenwood, R. , Hinings, C.R. and Brown, J. (1994) `Merging Professional Service Firms', Organization Science5: 239-257.
40.
Halliday, M.A.K. (1978) Language as Social Semiotic: The Social Interpretation of Language and Meaning. Baltimore, MD: Edward Arnold.
41.
Halliday, M.A.K. (1994) An Introduction to Functional Grammar (2nd edn). London: Edward Arnold.
42.
Hamilton, P.M. (1997) `Rhetorical Discourse of Local Pay', Organization4: 229-254.
43.
Haspeslagh, P.C. and Jemison, D.B. (1991) Managing Acquisitions: Creating Value through Corporate Renewal. New York: The Free Press.
44.
Hirsch, P.M. (1986) `From Ambushes to Golden Parachutes: Corporate Takeovers as an Instance of Cultural Framing and Institutional Integration', American Journal of Sociology91: 800-837.
45.
Hunt, J.W. (1990) `Changing Pattern of Acquisition Behaviour in Takeovers and the Consequences for Acquisition Processes', Strategic Management Journal11: 69-77.
46.
Jeffcut, P. (1994) `From Interpretation to Representation in Organizational Analysis: Postmodernism, Ethnography and Organizational Symbolism', Organization Studies15: 241-274.
47.
Keenoy, T. , Oswick, C. and Grant, D. (1997) `Organizational Discourses: Text and Context', Organization4: 147-157.
48.
Kerfoot, D. and Knights, D. (1993) `Management, Masculinity and Manipulation: From Paternalism to Corporate Strategy in Financial Services in Britain', Journal of Management Studies30: 659-677.
49.
Kitching, J. (1967) `Why do Mergers Miscarry?', Harvard Business Review45 (November-December): 84-101.
50.
Kleppestø, S. (1993) Kultur och identitet vid føretagsuppköp och fusioner [Culture and identity in mergers and acquisitions]. Stockholm: Nerenius & Santérus förlag.
51.
Knights, D. and Morgan, G. (1991) `Strategic Discourse and Subjectivity: Towards a Critical Analysis of Corporate Strategy in Organizations', Organization Studies12: 251-273.
52.
Kuisma, M. (1998) `Cooperation in Competition: Finland, an Example of Successful Development, 1918-1938', in J. Batou and T. David (eds) Uneven Development in Europe 1918-1939: The Obstructed Growth of Agricultural Countries. Geneva: Droz.
53.
Kuronen, M.-L. , Tienari, J. and Vaara, E. (2000) "Päättyykö Meritan viidak-koretki?' Kielitieteilijän ja organisaatiotutkijan tulkintaa muutoksen sosiaalisesta rakentumisesta tiedotusvälineissä' ('Will Merita Bank's Jungle Trip Come to an End?' Interpretations of a Linguist and an Organizational Researcher on the Social Construction of Change in the Media), Virittäjä4: 518-541.
54.
Kusewitt, J.B. (1985) `An Exploratory Study of Acquisition Factors Relating to Performance', Strategic Management Journal6: 151-169.
55.
Larsson, R. (1990) Coordination of Action in Mergers and Acquisitions. Interpretive and Systems Approaches towards Synergy. Lund: Lund University Press.
56.
Larsson, R. and Finkelstein, S. (1999) `Integrating Strategic, Organizational and Human Resource Perspectives on Mergers and Acquisitions: A Case Survey of Synergy Realization', Organization Science10: 1-26.
57.
Levinson, H. (1970) `A Psychologist Diagnoses Merger Failures', Harvard Business Review48: 139-147.
58.
Litvin, D.R. (1997) `The Discourse of Diversity: From Biology to Management', Organization4: 187-209.
59.
Lubatkin, M.H. and Lane, P.J. (1996) `Psst... the Merger Mavens still have it Wrong!', Academy of Management Executive10: 21-39.
60.
Lyotard, J.-F. (1979) The Postmodern Condition: A Report on Knowledge. Manchester: Manchester University Press.
61.
McKinlay, A. and Starkey, K. (1998) Foucault, Management and Organization Theory. London: Sage.
Martin, J. (1982) `Stories and Scripts in Organizational Settings', in A.H. Hastorf and A.M. Isen (eds) Cognitive Social Psychology. New York: Elsevier/North-Holland.
64.
Martin, J. , Feldman, M., Hatch, M.J. and Sitkin, S. (1983) `The Uniqueness Paradox in Organizational Stories', Administrative Science Quarterly28: 438-453.
65.
Mazza, C. and Alvarez, J.L. (2000) `Haute Couture and Pret-h-porter. The Popular Press and the Diffusion of Management Practices', Organization Studies21: 567-588.
66.
Morgan, G. (1980) `Paradigms, Metaphors and Puzzle-solving in Organization Theory', Administrative Science Quarterly25: 605-622.
67.
Morgan, G. (1983) `More on Metaphor: Why We Cannot Control Tropes in Administrative Science', Administrative Science Quarterly28: 601-607.
68.
Mumby, D.K. and Clair, R. (1997) `Organizational Discourse', in T.A. van Dijk (ed.) Discourse as Structure and Process. Volume 2. London: Sage.
69.
Nahavandi, A. and Malekzadeh, A.R. (1988) `Acculturation in Mergers and Acquisitions', Academy of Management Review13: 79-90.
70.
Napier, N.K. (1989) `Mergers and Acquisitions, Human Resource Issues and Outcomes: A Review and Suggested Typology', Journal of Management Studies26: 271-289.
71.
Napier, N.K. , Simmons, G. and Stratton, K. (1989) `Communication during a Merger: Experience of Two Banks', Human Resource Planning12: 105-122.
72.
Newton, T. (1998) `Theorizing Subjectivity in Organizations: The Failure of Foucauldian Studies?', Organization Studies19: 415-447.
73.
O'Connor, E. (1995) `Paradoxes of Participation: Textual Analysis and Organizational Change', Organization Studies16: 769-803.
74.
Olie, R. (1994) `Shades of Culture and Institutions in International Mergers', Organization Studies15: 381-405.
75.
Oswick, C. , Keenoy, T. and Grant, D. (1997) `Managerial Discourses: Words Speak Louder than Actions?', Journal of Applied Management Studies6: 5-12.
76.
Pablo, A.L. (1994) `Determinants of Acquisition Integration Level', Academy of Management Journal37: 803-836.
77.
Phillips, N. and Hardy, C. (1997) `Managing Multiple Identities: Discourse, Legitimacy and Resources in the UK Refugee System', Organization4: 159-185.
78.
Ridell, S. (1998) `Sanomalehden lukija—tuo kuuliainen kuluttaja' (The Newspaper Reader-That Obedient Consumer), Tiedotustutkimus2: 92-100.
79.
Risberg, A. (1998) Ambiguities Thereafter: An Interpretive Approach to Acquisitions. Lund: Lund University.
80.
Sales, A.L. and Mirvis, P.H. (1984) `When Cultures Collide: Issues in Acquisitions', in J. Kimberley and R. Quinn (eds) New Futures: The Challenge of Managing Corporate Transitions. Homewood, IL: Dow Jones-Irwin.
81.
Salter, M.S. and Weinhold, W.S. (1979) Diversification through Acquisition. New York: Free Press.
82.
Schneider, S.C. and Dunbar, R.L.M. (1992) `A Psychoanalytic Reading of Hostile Takeover Events', Academy of Management Review17: 337-567.
83.
Schweiger, D.M. and DeNisi, A.S. (1991) `Communication with Employees Following a Merger: A Longitudinal Field Experiment', Academy of Management Journal34: 100-135.
84.
Schweiger, D.M. , Ivancevich, J.M. and Power, F.R. (1987) `Executive Action for Managing Human Resources before and after Acquisition', Academy of Management Executive1: 127-138.
85.
Sturdy, A. (1997) `The Consultancy Process-An Insecure Business?', Journal of Management Studies34: 389-413.
86.
Tainio, R. and Virtanen, K. (1996) `Governance Structures in Finnish Corporations', ZfB-Ergängungsheft3: 1-13.
87.
Tienari, J. (1999) Through the Ranks, Slowly: Studies on Organizational Reforms and Gender in Banking. Helsinki: Helsinki School of Economics and Business Administration.
88.
Tienari, J. (2000) `Gender Segregation in the Making of a Merger', Scandinavian Journal of Management16: 111-144.
89.
Tienari, J. and Tuunainen, V.K. (1998) `Merging for the Future: Orchestrated Blending and the Ambiguity of Organizational Culture', The Finnish Journal of Business Economics47: 447-473.
90.
Tienari, J. , Vaara, E. and Kaihua, K. (1999) `Talouden diskurssin uudistamisen jäljillä—Eli miten yritysjärjestelyä käsitellään suomalaisessa lehdistössä' ['The (re)production of economic discourses: How are mergers and acquisitions dealt with in the Finnish media'], Hallinnon Tutkimus: 232-250.
91.
Tsoukas, H. (1991) `The Missing Link: A Transformational View of Metaphors in Organizational Science', Academy of Management Review16: 566-585.
92.
Vaara, E. (1999a) Towards a Rediscovery of Organizational Politics: Essays on Organizational Integration Following Mergers and Acquisitions. Helsinki: Helsinki School of Economics and Business Administration.
93.
Vaara, E. (1999b) `Cultural Differences and Postmerger Problems: Misconceptions and Cognitive Simplifications', Nordiske Organisasjonsstudier1: 59-88.
94.
Vaara, E. (2001) `Role-bound Actors in Corporate Combination: A Study of Decision Making in Change Processes Following a Merger', Scandinavian Journal of Management17: 481-509.
95.
Vaara, E. (forthcoming) `On the Discursive Construction of Success/Failure in Narratives of Post-merger Integration', Organization Studies.
96.
van Dijk, T.A. (1997) Discourse as Structure and Process. London: Sage.
97.
Very, P. , Lubatkin, M., Calori, R. and Veiga, J. (1997) `Relative Standing and the Performance of Recently Acquired European Firms', Strategic Management Journal18: 593-614.
98.
Walter, G. (1985) `Culture Collisions in Mergers and Acquisitions', in P. Frost, G. Moore,M. Reis Louis, C. Lundberg and J. Martin (eds) Organizational Culture. Beverly Hills, CA: Sage.
99.
Welcomer, S.A. , Gioia, D. and Kilduff, M. (2000) `Resisting the Discourse of Modernity: Rationality versus Emotion in Hazardous Waste Siting', Human Relations53: 1175-1206.
100.
Willmott, H. (1993) `Strength is Ignorance; Slavery is Freedom: Managing Culture in Modern Organizations', Journal of Management Studies30: 515-552.
101.
Xu, Q. (2000) `On the Way to Knowledge: Making a Discourse at Quality', Organization7: 427-454.
