Naslov
Trans-border M&As: some early observations on post-acquisition developments involving Croatian companies acquired by foreign company groups

Autori
Kaštelan Mrak, Marija ; Sokolić, Danijela ; Vretenar, Nenad

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, neobjavljeni rad, znanstveni

Skup
5th International Conference “Economic Integrations, Competition and Cooperation”

Mjesto i datum
Lovran, Hrvatska, 22.04.2005. - 23.04.2005

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Nije recenziran

Ključne riječi
corporate governance; ownership structures; post acquisition performance; Croatia

Sažetak
The paper argues whether foreign owners bring prosperity to individual firms and to society in Croatia, especially at times when there is a sell-out of a larger Croatian company to a foreign business group. We analize the influence of ownership structures on the financial performance of Croatian companies by comparing firms with a majority share of foreign ownership with companies that are still dominantly owned by the government privatization fund. We also look at companies privatized through ESOP programmes as a third referential group. The main hypothesis is that ownership structures affect governance and it can lead to better firm performance providing owners have the authority to act and possess pertinent information and adequate incentives. Our study does indicate that foreign owners achieve better financial performance than other ownership structures. However, based on our research alone, we cannot argue that such performance results solely out of better governance.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA