A Phenomenographical Study of the Barriers to Implementing Merger and Acquisition Strategies in Iran's Entrepreneurial Ecosystem

Document Type : Research Paper

Authors

1 Business, Islamic studies and management faculty, Imam Sadiq University, Tehran, Iran

2 Business,, Islamic studies and management faculty, Imam Sadiq University, Tehran, Iran

10.22059/jed.2025.384775.654437

Abstract

Objective: One of the key indicators of development within a country’s entrepreneurial ecosystem is the presence of essential infrastructure and foundational components necessary for successfully implementing and realizing large-scale merger and acquisition (M&A) strategies. These strategies, especially relevant in developing countries and emerging economies, play a vital role in fostering ecosystem growth, sustainability, and diversification by creating synergies, accessing new resources, and supporting innovation. Establishing a suitable foundation for the effective operation of M&A processes can significantly impact the overall advancement of a nation’s entrepreneurial ecosystem. This study, using a phenomenographical research approach, aims to identify the obstacles and contributing factors to the failure of M&A strategies within Iran's entrepreneurial ecosystem, offering insights into the unique challenges of this context and potentially guiding policymakers and practitioners.

Method: To comprehensively identify the obstacles and factors that hinder the success of M&A strategies in Iran’s entrepreneurial ecosystem, researchers selected the phenomenographical method—a qualitative approach ideal for exploring participants’ diverse experiences. Data were collected through semi-structured interviews with ten individuals actively involved in Iran’s entrepreneurial ecosystem who have direct experience in M&A processes. Data collection continued until theoretical saturation was achieved, ensuring that insights were robust and representative. After data collection, key internal and external dimensions were extracted through systematic data analysis. The findings were then reviewed by the interviewees and a selection of experts in the field to ensure the validity and reliability of the study’s conclusions.

Results: The findings from this study, categorized according to Isenberg’s entrepreneurial ecosystem model, are presented across six critical dimensions: policy, finance, culture, supports, human capital, and markets. Each of these dimensions reflects specific challenges and elements critical to understanding M&A strategy failure in Iran. The analysis identified 12 fixed elements and 85 variable elements, which were thoroughly examined to highlight the structural, financial, cultural, and managerial barriers affecting M&A processes. This detailed classification of elements offers a comprehensive understanding of the limitations and intricacies present within Iran’s entrepreneurial ecosystem.

Conclusion: The results indicate that implementing M&A strategies within Iran’s entrepreneurial ecosystem faces extensive challenges and barriers. These challenges, systematically classified in alignment with Isenberg’s model, encompass 12 internal dimensions with fixed elements, such as 'facilitation tools,' 'regulatory and legal components,' 'macroeconomic and banking systems,' 'financial support and networking,' 'cultural alignment and organizational development,' 'structural and managerial barriers to cultural interactions,' 'institutional provision and coherence,' 'promotion and facilitation within the entrepreneurial ecosystem,' 'organizational improvement and development,' 'workforce attraction and motivation,' 'competition and business environment,' and 'growth and development opportunities.' This study emphasizes that understanding these obstacles is crucial for policymakers, entrepreneurs, and stakeholders seeking to strengthen M&A strategies in Iran. Addressing these multi-faceted barriers could enable a more resilient, adaptive, and growth-oriented entrepreneurial ecosystem, ultimately leading to enhanced economic development and innovation capacity at the national level.

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References

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Journal of Entrepreneurship Development
Volume 18, Issue 1
May 2025
Pages 28-66

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