engleski

Cross-border mergers and acquisitions in Southeast Europe: cases from Croatia, Romania and Bulgaria

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 selected Southeast European countries. These countries (Croatia, Romania and Bulgaria) are deficient in cross-border transaction analysis and are interesting for academic research since they are comparable economies and resemble in political history. 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 countries. Results indicate that trends in M&A activities in selected 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; Croatia; Romania; Bulgaria

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