Naslov
Cross-border M&A activity in developed and developing European countries

Autori
Višić, Josipa ; Tomas, Ivana ; Škrabić, Blanka

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
International Scientific Conference "Economic Policy and Global Recession" : Conference Monograph / Praščević, A. ; Cerović, B. ; Jakšić, M. - Beograd, 2009, 267-278

ISBN
978-86-403-1012-3

Skup
International Scientific Conference "Economic Policy and Global Recession"

Mjesto i datum
Beograd, Srbija, 25.09.2009. - 27.09.2009

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
Cross-border M&A; Developing European countries; Economic activity; Dynamic Panel Models

Sažetak
Due to intensified global competition, turbulences in the business environment and numerous market opportunities in 21st century enterprises are facing with complex decision making process in order to achieve their business goals. The ever demanding environment forces enterprises to become more resistant in order to keep up with competitors in the volatile business conditions surrounding them. As any other active entity, a company is forced to grow and to develop. In order to react with a swift and effective response to economic changes, enterprises often choose external rather than internal growth. Mergers and acquisitions (M&A) are a form of external growth and main reasons for their enforcement include the search for new markets or increased market power, improved efficiency through synergy, risk diversification, financial motivations, as well as personal motives of managers. Throughout 20th century M&A activity has grown and expanded and nowadays it is becoming even more important as a result of increasing interest of foreign investors in enterprises in European transitional economies. Cross-border M&A flows allow enterprises to diversify their production abroad and to benefit from business opportunities that domestic enterprises may not perceive valid or may not be able to exploit. Ascending openness and economic growth of transitional countries gives their companies an important role while analyzing M&A. Enterprises in transitional, still developing countries, are becoming more important as they are perceived as targets and even as bidders. However, empirical analysis on M&A activity in mentioned countries is relatively scarce in comparison to analysis made on developed countries. Considering prior statements as well as the fact that global recession causes difficulties in every aspect of economic activity, identification of determinants of value of cross-border M&A is appointed as fundamental objective in this paper. Econometric analysis of panel data for developed and developing European countries is used in order to establish a relation between M&A and economic activity for periods between 1994 and 2007.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA