Image and identification of bank customers after a merger or acquisition
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Published
20-12-2019
Paula Álvarez González
Mª Carmen Otero Neira
Abstract
Mergers and acquisitions are a common strategy in the Spanish banking sector. The activities and changes they cause have an important effect on the relationship with customers of this type of entities. These processes involve many and very fast changes that generate great uncertainty on the clients. At the same time, they significantly affect their perception of the entity, and, in particular, their connection and identification with it. Therefore, the objective of this research is to analyze the effect of bank mergers or acquisitions on the relationship between the variance in the perceived image of the entity by the consumer and the identification of consumers with it. Also, the moderating roles of the demographic variables and variables of bank behavior are analyzed. Through a structural equation model and using a sample of customers of merged entities in Spain, results suggest that consumers perceive a decline in their identification with the entity, explained by the perception of changes in the attitude and behavior of the organization and of the staff, as well as in the communication that occurs during and after the process of merger or acquisition. In addition, the moderating roles of gender of consumers and the level of education are confirmed.
How to Cite
Álvarez González, P., & Otero Neira, M. C. (2019). Image and identification of bank customers after a merger or acquisition. Cuadernos De Gestión, 20(1), 89–110. https://doi.org/10.5295/cdg.170740pa
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Keywords
Corporate identification, image, Mergers & Acquisitions, banking, moderator effects
References
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Andreassen, T. W. and Lindestad, B., 1998. Customer loyalty and complex services. The impact of corporate image on quality, customer satisfaction and loyalty for customers with varying degrees of service expertise. International Journal of Service Industry Management, 9 (1), 7-23. DOI: 10.1108/09564239810199923
Appelbaum, S. H., Lefrancois, F., Tonna, R. and Shapiro, B. T., 2007. Mergers 101 (part one): training managers for communications and leadership challenges. Industrial and Commercial Training, 39 (3), 128-136. DOI: 10.1108/00197850710742225
Ashforth, B. E., Harrison, S. H. and Corley, K. G., 2008. Identification in organizations: An examination of four fundamental questions. Journal of Management, 34 (3), 325-374. DOI: 10.1177/0149206308316059
Balmer, J.M.T., 1998. Corporate identity and the advent of corporate marketing. Journal of Marketing Management, 14 (8), 963-96. DOI: 10.1362/026725798784867536
Barkema, H.G. and Schijven, M., 2008. Towards Unlocking the Full Potential of Acquisitions: The Role of Organizational Restructuring. Academy of Management Journal, 51(4), pp. 696-722.
Bartels, J., Douwes, R., Jong, M. and Pruyn, A., 2006. Organizational identification during a merger: determinants of employees’ expected identification with the new organization. British Journal of Management, 17 (S1), S49-S67. ISSN 1045-3172
Bernad, C., Fuentelsaz, L. and Gómez, J., 2009. El efecto del horizonte temporal en el resultado de las fusiones y adquisiciones: el caso de las cajas de ahorros españolas. Revista Europea de Dirección y Economía de la empresa, 18 (4), 49-68.
Bhattacharya, C. B. and Sen, S., 2003. Consumer-company identification: A framework for understanding consumers’ relationships with companies. Journal of Marketing, 67 (2), 76-88. DOI: 10.1509/jmkg.67.2.76.18609
Bigné, E. and Currás, R., 2008. ¿Influye la imagen de responsabilidad social en la intención de compra? El papel de la identificación del consumidor con la empresa. Universia Business Review, tercer trimestre, 10-23. ISSN: 1698-5117
Bravo Gil, R., Matute Vallejo, J. and Pina Pérez, J. M., 2010. Las asociaciones de la imagen como determinantes de la satisfacción en el sector bancario español. Cuadernos de Economía y Dirección de la Empresa, 13 (43), 9-35. ISSN: 1138-5758
Bravo Gil, R., Montaner Gutiérrez, T. and Pina Pérez, J. M., 2009. La imagen corporativa de la banca comercial. Diferencias entre segmentos de consumidores. Universia Business Review, 1 (21), 66-83. ISSN: 1698-5117
Bravo, R., Matute, J. and Pina, J. M., 2011. Efectos de la imagen corporativa en el comportamiento del consumidor: Un estudio aplicado a la banca comercial. Innovar, 21 (40), 35-52. ISSN: 0121-5051
Campa, J.M., 2004. Fusiones y Adquisiciones en Europa: Una asignatura pendiente. Universia Business Review, 2º trimestre, 12-19.
Chin, W.W., Marcolin, B.L. and Newsted, P.R., 2003. A partial least squares latent variable modeling approach for measuring interaction effects: Results from a Monte Carlo simulation study and an electronic-mail emotion/adoption study. Information systems research, 14 (2), 189-217. DOI: 10.1287/isre.14.2.189.16018
Colombo, G., Conca, V., Buongiorno, M. and Gnan, L., 2007. Integrating cross-border acquisitions: a process-oriented approach, Long Range Planning, 40, 202-222.
Cording, M., Christmann, P. and King, D., 2008. Reducing Causal Ambiguity in Acquisition Integration: Intermediate Goals as Mediators of Integration Decisions and Acquisition Performance. Academy of Management Journal, 51 (4), 744-767.
Currás Pérez, R., 2010. Identidad e imagen corporativas: revisión conceptual e interrelación. Teoría y Praxis, (7), 9-34.
Currás Pérez, R., 2012. Antecedentes y consecuencias de la identificación del consumidor con la empresa: revisión conceptual y clasificación. Cuadernos de Administración, 25 (44), 93-115.
Dauber, D., 2012. Opposing positions in M&A research: culture, integration and performance. Cross Cultural Management, 19 (3), 375-398.
DeYoung, R., Evanoff, D. D. and Molyneux, P., 2009. Mergers and acquisitions of financial institutions: a review of the post-2000 literature. Journal of Financial services research, 36 (2-3), 87-110. DOI: 10.1007/s10693-009-0066-7
Dutton, J. E., Dukerich, J. M. and Harquail, C. V., 1994. Organizational images and member identification. Administrative Science Quarterly, 39, 239-263. DOI: 10.2307/2393235
Elstak, M.N., Bhatt, M., Van Riel, C.B.M., Pratt, M.G. and Berens, G.A.J.M., 2015. Organizational Identification during a Merger: The Role of Self-Enhancement and Uncertainty Reduction Motives during a Major Organizational Change. Journal of Management Studies, 52 (1), January, 32-62. DOI: 10.1111/joms.12105
García de los Salmones, M., Pérez Ruiz, A. and Rodríguez Del Bosque, I., 2010. El proceso de lealtad hacia un servicio financiero: Análisis comparativo en función de la edad. XXII Congreso Nacional de Marketing AEMARK, Santander, 48.
Giessner, S. R., 2011. Is the merger necessary? The interactive effect of perceived necessity and sense of continuity on post-merger identification. Human Relations, 64, 1079–98. DOI: 10.1177/0018726711406979
Gleibs, I. H., Mummendey, A.and Noack, P., 2008. Predictors of change in postmerger identification during a merger process: a longitudinal study. Journal of Personality and Social Psychology, 95 (5), 1095-1112. DOI: 10.1037/0022-3514.95.5.1095
Hair, J.F., Bush, R.P. and Ortinau, D.J., 2010. Investigación de mercados en un ambiente de información digital, 4ª ed. McGraw Hill Educación, México.
Hair, J.F., Ringle, C.M. and Sarstedt, M., 2011. PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19 (2), 139-151. DOI: 10.2753/MTP1069-6679190202
Jones, C. and Volpe, E. H., 2010. Organizational identification: Extending our understanding of social identities through social networks. Journal of Organizational Behavior, 32(3), 413-434. DOI: 10.1002/job.694
Kato, J., 2012. Customer reactions and competitive responses to mergers in a B2B service Industry. Tesis doctoral, Cranfield University School of Management.
Kato, J. and Schoenberg, R., 2012. Customer and competitor responses to mergers and acquisitions: An empirical investigation in the logistics industry. En: Finkelstein, S., & Cooper, C.L., ed. Advances in Mergers and Acquisitions, 11. Emerald, 157-182.
Kummer, C. and Steger, U., 2008. Why merger and acquisition (M&A) waves reoccur: The vicious circle from pressure to failure. Strategic Management Review, 2 (1), 44-63.
Lowry, P.B. and Gaskin, J., 2014. Partial least squares (PLS) structural equation modeling (SEM) for building and testing behavioral causal theory: when to choose it and how to use it. IEEE Transactions on professional communication, 57 (2), 123-146. DOI: 10.1109/TPC.2014.2312452
Marín Rives, L. and Ruiz de Maya, S., 2007. La identificación del consumidor con la empresa: más allá del marketing de relaciones. Universia Business Review, (13), 62-75.
Melewar, T.C., 2003. Determinants of the corporate identity construct: a review of the literature. Journal of Marketing Communications, 9 (4), 195-220. DOI: 10.1080/1352726032000119161
Papavasileiou, E. Z., Swain, S. D. and Bhattacharya, C.B., 2008. Consumers’ Reactions to Acquisitions of Socially Responsible Companies. Advances in Consumer Research, 35, 1015-1016.
Pérez, A. and Rodríguez del Bosque, I., 2015. How customers construct corporate social responsibility images: Testing the moderating role of demographic characteristics. BRQ Business Research Quarterly, 18 (2), 127-141. DOI: 10.1016/j.brq.2014.04.003
Pintado-Blanco, T. and Sánchez-Herrera, J., 2013. Imagen Corporativa: Influencia en la gestión empresarial. ESIC Editorial.
Ringle, C. M., Wende, S. and Will, A., 2005. SmartPLS 2.0.M3. Hamburg: SmartPLS, http://www.smartpls.de.
Ruiz, S. and Marín, L., 2008. La identificación del consumidor con la empresa. Antecedentes e influencia sobre el comportamiento. Revista Española de Investigación de Marketing, 12 (2), 45-65.
Tompkins, J. and Hendershott, R., 2012. Outside director-shareholder agency conflicts: evidence from bank consolidation. Corporate Governance, 12 (3), 378-391.
Tran, M. A., Nguyen, B., Melewar, T. C. and Bodoh, J., 2015. Exploring the corporate image formation process. Qualitative Market Research: An International Journal, 18 (1), 86-114. DOI: 10.1108/QMR-05-2014-0046
Van Dick, R., Ullrich, J. and Tissington, P. A., 2006. Working Under a Black Cloud: How to Sustain Organizational Identification after a Merger. British Journal of management, 17 (S1), S69-S79. DOI: 10.1111/j.1467-8551.2006.00479.x
Van Knippenberg, D., Van Knippenberg, B., Monden, L. and de Lima, F., 2002. Organizational identification after a merger: A social identity perspective. British Journal of Social Psychology, 41 (2), 233-252. DOI: 10.1348/014466602760060228
Van Leeuwen, E., Van Knippenberg, D. and Ellemers, N., 2003. Continuing and changing group identities: The effects of merging on social identification and ingroup bias. Personality and social psychology bulletin, 29 (6), 679-690. DOI: 10.1177/0146167203029006001
Andreassen, T. W. and Lindestad, B., 1998. Customer loyalty and complex services. The impact of corporate image on quality, customer satisfaction and loyalty for customers with varying degrees of service expertise. International Journal of Service Industry Management, 9 (1), 7-23. DOI: 10.1108/09564239810199923
Appelbaum, S. H., Lefrancois, F., Tonna, R. and Shapiro, B. T., 2007. Mergers 101 (part one): training managers for communications and leadership challenges. Industrial and Commercial Training, 39 (3), 128-136. DOI: 10.1108/00197850710742225
Ashforth, B. E., Harrison, S. H. and Corley, K. G., 2008. Identification in organizations: An examination of four fundamental questions. Journal of Management, 34 (3), 325-374. DOI: 10.1177/0149206308316059
Balmer, J.M.T., 1998. Corporate identity and the advent of corporate marketing. Journal of Marketing Management, 14 (8), 963-96. DOI: 10.1362/026725798784867536
Barkema, H.G. and Schijven, M., 2008. Towards Unlocking the Full Potential of Acquisitions: The Role of Organizational Restructuring. Academy of Management Journal, 51(4), pp. 696-722.
Bartels, J., Douwes, R., Jong, M. and Pruyn, A., 2006. Organizational identification during a merger: determinants of employees’ expected identification with the new organization. British Journal of Management, 17 (S1), S49-S67. ISSN 1045-3172
Bernad, C., Fuentelsaz, L. and Gómez, J., 2009. El efecto del horizonte temporal en el resultado de las fusiones y adquisiciones: el caso de las cajas de ahorros españolas. Revista Europea de Dirección y Economía de la empresa, 18 (4), 49-68.
Bhattacharya, C. B. and Sen, S., 2003. Consumer-company identification: A framework for understanding consumers’ relationships with companies. Journal of Marketing, 67 (2), 76-88. DOI: 10.1509/jmkg.67.2.76.18609
Bigné, E. and Currás, R., 2008. ¿Influye la imagen de responsabilidad social en la intención de compra? El papel de la identificación del consumidor con la empresa. Universia Business Review, tercer trimestre, 10-23. ISSN: 1698-5117
Bravo Gil, R., Matute Vallejo, J. and Pina Pérez, J. M., 2010. Las asociaciones de la imagen como determinantes de la satisfacción en el sector bancario español. Cuadernos de Economía y Dirección de la Empresa, 13 (43), 9-35. ISSN: 1138-5758
Bravo Gil, R., Montaner Gutiérrez, T. and Pina Pérez, J. M., 2009. La imagen corporativa de la banca comercial. Diferencias entre segmentos de consumidores. Universia Business Review, 1 (21), 66-83. ISSN: 1698-5117
Bravo, R., Matute, J. and Pina, J. M., 2011. Efectos de la imagen corporativa en el comportamiento del consumidor: Un estudio aplicado a la banca comercial. Innovar, 21 (40), 35-52. ISSN: 0121-5051
Campa, J.M., 2004. Fusiones y Adquisiciones en Europa: Una asignatura pendiente. Universia Business Review, 2º trimestre, 12-19.
Chin, W.W., Marcolin, B.L. and Newsted, P.R., 2003. A partial least squares latent variable modeling approach for measuring interaction effects: Results from a Monte Carlo simulation study and an electronic-mail emotion/adoption study. Information systems research, 14 (2), 189-217. DOI: 10.1287/isre.14.2.189.16018
Colombo, G., Conca, V., Buongiorno, M. and Gnan, L., 2007. Integrating cross-border acquisitions: a process-oriented approach, Long Range Planning, 40, 202-222.
Cording, M., Christmann, P. and King, D., 2008. Reducing Causal Ambiguity in Acquisition Integration: Intermediate Goals as Mediators of Integration Decisions and Acquisition Performance. Academy of Management Journal, 51 (4), 744-767.
Currás Pérez, R., 2010. Identidad e imagen corporativas: revisión conceptual e interrelación. Teoría y Praxis, (7), 9-34.
Currás Pérez, R., 2012. Antecedentes y consecuencias de la identificación del consumidor con la empresa: revisión conceptual y clasificación. Cuadernos de Administración, 25 (44), 93-115.
Dauber, D., 2012. Opposing positions in M&A research: culture, integration and performance. Cross Cultural Management, 19 (3), 375-398.
DeYoung, R., Evanoff, D. D. and Molyneux, P., 2009. Mergers and acquisitions of financial institutions: a review of the post-2000 literature. Journal of Financial services research, 36 (2-3), 87-110. DOI: 10.1007/s10693-009-0066-7
Dutton, J. E., Dukerich, J. M. and Harquail, C. V., 1994. Organizational images and member identification. Administrative Science Quarterly, 39, 239-263. DOI: 10.2307/2393235
Elstak, M.N., Bhatt, M., Van Riel, C.B.M., Pratt, M.G. and Berens, G.A.J.M., 2015. Organizational Identification during a Merger: The Role of Self-Enhancement and Uncertainty Reduction Motives during a Major Organizational Change. Journal of Management Studies, 52 (1), January, 32-62. DOI: 10.1111/joms.12105
García de los Salmones, M., Pérez Ruiz, A. and Rodríguez Del Bosque, I., 2010. El proceso de lealtad hacia un servicio financiero: Análisis comparativo en función de la edad. XXII Congreso Nacional de Marketing AEMARK, Santander, 48.
Giessner, S. R., 2011. Is the merger necessary? The interactive effect of perceived necessity and sense of continuity on post-merger identification. Human Relations, 64, 1079–98. DOI: 10.1177/0018726711406979
Gleibs, I. H., Mummendey, A.and Noack, P., 2008. Predictors of change in postmerger identification during a merger process: a longitudinal study. Journal of Personality and Social Psychology, 95 (5), 1095-1112. DOI: 10.1037/0022-3514.95.5.1095
Hair, J.F., Bush, R.P. and Ortinau, D.J., 2010. Investigación de mercados en un ambiente de información digital, 4ª ed. McGraw Hill Educación, México.
Hair, J.F., Ringle, C.M. and Sarstedt, M., 2011. PLS-SEM: Indeed a silver bullet. Journal of Marketing Theory and Practice, 19 (2), 139-151. DOI: 10.2753/MTP1069-6679190202
Jones, C. and Volpe, E. H., 2010. Organizational identification: Extending our understanding of social identities through social networks. Journal of Organizational Behavior, 32(3), 413-434. DOI: 10.1002/job.694
Kato, J., 2012. Customer reactions and competitive responses to mergers in a B2B service Industry. Tesis doctoral, Cranfield University School of Management.
Kato, J. and Schoenberg, R., 2012. Customer and competitor responses to mergers and acquisitions: An empirical investigation in the logistics industry. En: Finkelstein, S., & Cooper, C.L., ed. Advances in Mergers and Acquisitions, 11. Emerald, 157-182.
Kummer, C. and Steger, U., 2008. Why merger and acquisition (M&A) waves reoccur: The vicious circle from pressure to failure. Strategic Management Review, 2 (1), 44-63.
Lowry, P.B. and Gaskin, J., 2014. Partial least squares (PLS) structural equation modeling (SEM) for building and testing behavioral causal theory: when to choose it and how to use it. IEEE Transactions on professional communication, 57 (2), 123-146. DOI: 10.1109/TPC.2014.2312452
Marín Rives, L. and Ruiz de Maya, S., 2007. La identificación del consumidor con la empresa: más allá del marketing de relaciones. Universia Business Review, (13), 62-75.
Melewar, T.C., 2003. Determinants of the corporate identity construct: a review of the literature. Journal of Marketing Communications, 9 (4), 195-220. DOI: 10.1080/1352726032000119161
Papavasileiou, E. Z., Swain, S. D. and Bhattacharya, C.B., 2008. Consumers’ Reactions to Acquisitions of Socially Responsible Companies. Advances in Consumer Research, 35, 1015-1016.
Pérez, A. and Rodríguez del Bosque, I., 2015. How customers construct corporate social responsibility images: Testing the moderating role of demographic characteristics. BRQ Business Research Quarterly, 18 (2), 127-141. DOI: 10.1016/j.brq.2014.04.003
Pintado-Blanco, T. and Sánchez-Herrera, J., 2013. Imagen Corporativa: Influencia en la gestión empresarial. ESIC Editorial.
Ringle, C. M., Wende, S. and Will, A., 2005. SmartPLS 2.0.M3. Hamburg: SmartPLS, http://www.smartpls.de.
Ruiz, S. and Marín, L., 2008. La identificación del consumidor con la empresa. Antecedentes e influencia sobre el comportamiento. Revista Española de Investigación de Marketing, 12 (2), 45-65.
Tompkins, J. and Hendershott, R., 2012. Outside director-shareholder agency conflicts: evidence from bank consolidation. Corporate Governance, 12 (3), 378-391.
Tran, M. A., Nguyen, B., Melewar, T. C. and Bodoh, J., 2015. Exploring the corporate image formation process. Qualitative Market Research: An International Journal, 18 (1), 86-114. DOI: 10.1108/QMR-05-2014-0046
Van Dick, R., Ullrich, J. and Tissington, P. A., 2006. Working Under a Black Cloud: How to Sustain Organizational Identification after a Merger. British Journal of management, 17 (S1), S69-S79. DOI: 10.1111/j.1467-8551.2006.00479.x
Van Knippenberg, D., Van Knippenberg, B., Monden, L. and de Lima, F., 2002. Organizational identification after a merger: A social identity perspective. British Journal of Social Psychology, 41 (2), 233-252. DOI: 10.1348/014466602760060228
Van Leeuwen, E., Van Knippenberg, D. and Ellemers, N., 2003. Continuing and changing group identities: The effects of merging on social identification and ingroup bias. Personality and social psychology bulletin, 29 (6), 679-690. DOI: 10.1177/0146167203029006001
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