engleski

The Role of Cross-Border Mergers and Aqcuisitions for Selected European Transition Economies

Cross-border mergers and acquisitions, as a part of the growth strategy, but also as a research field of numerous scientists and consultants, represent prominent phenomenon of developed capitalist world since the end of 20th century. Researches regarding cross-border M&A are present in economic literature for a long time period starting from 1890s, but nowadays in time of globalization their impact is particularly remarkable in terms of size and geographical dispersion. The focal interests of this paper are cross-border transactions in transition economies. Selected CEE countries are Slovenia, Croatia, Bosnia and Herzegovina, and Serbia. These countries are deficient in cross-border transaction analysis and are interesting for academic research since they resemble in political history and current transition processes. Analyzed transactions were cross-border mergers and acquisitions, precisely cross-border acquisitions since they account more than 95% of all cross-border transactions in selected CEE countries. Results indicate that trends in M&A activities in selected CEE countries are consistent with general - national and globe – economic tendencies. Furthermore, the dynamics of cross-border M&As are largely similar to those of domestic M&As for each country, even though they differ in volume. However, due to their international nature, cross-border M&As also involve unique challenges, as countries have different economic, institutional (i.e., regulatory), and cultural structures. Due to the growing importance and popularity of cross-border M&As, this study provides relevant review of the extant literature across different areas, applicable empirical research concerning influence of cross-border M&As for economic development of transition economies and finally provides potential areas for future research.

cross-border M&As; Slovenia; Croatia; Bosnia and Herzegovina; Serbia

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