Rethinking the cross-border acquisition process in terms of territorial social responsibility

Mergers and acquisitions are usually analysed as an outcome of the buyer's strategic decision-making process, while the position of the target company and its stakeholders is often under-researched. Thus this paper aims to analyse acquisitions from the point of view of the selling firm's stakeholders and understand their role in these operations. An in-depth examination of a case study reveals that stakeholders' needs can be at the forefront of the operation and that deep involvement in a local community can affect the decision of the owner to sell his/her company to foreign investors perceived as a potential threat to the local environment. Results confirm that in Italy there is the presence of a collective desire for social responsibility within the territory.