Search results for "Merger"
showing 10 items of 79 documents
Governance forms drivers in bio-pharmaceutial inter-firm relationships
2012
Networking benefits are acknowledged by many studies in the industrial organization and strategic management fields; transaction cost theory agency and property right theory provide the economic foundations to the market-hierarchy dilemma; while Resource based-view (RBV), relational and evolutionary theories provide the strategic foundation of the inter-firm relationships. All this theoretical strands investigate reasons that push firms to formalize their relationship in different governance structures. The bio-pharmaceutical industry has the characteristics to offer to the potential partners both exploitation or exploration alliances benefits. In particular some elements play a “pivot” rol…
Apvienošanās un iegādes mobilās telekomunikāciju rūpniecībā Gana: motivācija un ietekme uz uzņēmumu
2020
Pētījuma pamatotība ir saistīta ar apvienošanās un pārņemšanas (M & A) motīvu un ietekmes noteikšanu telekomunikāciju nozarē Ganā. Ganas telekomunikāciju nozarē ir bijuši daži ieguvumi, kuriem ir tendence negatīvi ietekmēt ekonomiku, kā arī šāda biznesa stratēģiskā lēmuma motīvu neskaidrība. Nepareizi interpretēti motīvi parasti negatīvi ietekmē iegādi un apvienošanos noteiktā laika posmā. Tas notiek tāpēc, ka nespēj noskaidrot motīvus un uzzināt naudas vai kapitāla ieņēmumu summu, kas nepieciešama ieguldījumiem procesā, lai realizētu savus mērķus. Whiles dažas apvienošanās ir izrādījušās vērtīgas šajā procesā, citas nav attaisnojušās vēlamajām cerībām. Tas ir, ka daudz darbinieku pēc apvie…
Three essays on mergers and acquisitions and earnings management in Europe
2020
The general objective of the thesis is to analyze how bidders include the earnings management (EM) by target firms in M&A negotiations in Europe, particularly when setting the terms of the M&As, such as the bid premiums and the percentage to acquire. Three specific objectives are proposed to achieve that. Firstly, the thesis analyzes the context of M&As in Europe to understand better the European market of corporate control. Secondly, the research examines the relation between the EM of targets and the premiums offered by acquirers, at deal announcements, and the role of the industry relatedness between firms involved in the deal. Thirdly, the study examines the association between the EM o…
A study on The Factors Affecting Merger and Acquisition Decision In Nepalese Banking Sector
2016
Master's thesis Business Administration BE501 - University of Agder 2016 The main purpose of this study is to find out the factors that would lead to making decision regarding going for merger and acquisition among the banks in Nepalese banking sector. This thesis finds out various factors that would affect merger and acquisition decision in banking sector based upon previous studies, and tries to check whether these are significant in case of Nepalese banking sector or not. Four theories: neo-classical, agency, behavioral and resource dependency; have been taken into consideration for purpose of finding out factors affecting decision to go for merger and acquisition. Based upon the previou…
Good and useless FDI: The growth effects of greenfield investment and mergers and acquisitions
2017
We explore the effect of foreign direct investment (FDI) on economic growth, distinguishing between mergers and acquisitions (M&As) and “greenfield” investment. A simple model underlines that, unlike greenfield investment, M&As partly represent a rent accruing to previous owners, and do not necessarily contribute to expanding the host country's capital stock. Greenfield FDI should therefore have a stronger impact on growth than M&A sales. This hypothesis is supported by our empirical results that are based on a panel of up to 127 industrialized, emerging, and developing countries over 1990 to 2010.
Earnings management of target firms and deal premiums: The role of industry relatedness
2022
This paper contributes to the merger and acquisitions (M&A) literature by providing evidence for the role of industry relatedness in the association between target firms' earnings management (EM) before the deal and the premium offered by the acquirer. We argue that familiarity with the industry's policies and practices is a crucial factor that helps acquirers to see through targets' EM. Our evidence supports this prediction in relation to accounting manipulation as we observe that the income increasing accrual manipulation of the target results in significantly higher premiums offered by acquirers in interindustry deals, which is not the case when targets and acquirers belong to the same i…
Before and after: employees' views on corporate social responsibility: energy‐sector stakeholders in Nordic post‐merger integration
2009
PurposeThe aim of this paper is to describe and qualitatively explain certain observations concerning corporate social responsibility from the personnel standpoint with special reference to various stakeholders.Design/methodology/approachThe observations were made in connection with earlier studies on organizational change. The paper draws on stakeholder thinking and offers a view regarding the way employees perceive business issues concerning CSR in relation to corporate stakeholder groups. Should a business give priority to the interests of its owners or take all stakeholder groups equally into account? How do employees see their own relations with other stakeholder groups, and do their v…
Corporate entrepreneurship and governance: Mergers and acquisitions in Europe
2022
Mergers and acquisitions (M&A) are a form of corporate entrepreneurship involving strategic decisions that require discussion and approval by the board of directors of the acquiring firm. We focus on board attributes to analyze the entrepreneurial function of the board of directors and its involvement in corporate entrepreneurship. Building on different theories (agency theory, resource dependence theory, stewardship theory, and stakeholder theory), we examine whether board composition affects the number of acquisitions, the risk involved in bids, and the creation of value for the acquirer's shareholders. For a sample of European firms over the period 2002 to 2020, we find that board size a…
‘It's Not Like Everything Changes Just With a Click on New Year's Eve’ : Perceptions on Educational Issues of University Mergers in Finland
2021
The study explored educational perceptions concerning Finnish university mergers. The data were collected by interviewing academics and students (n = 30) in four merger projects. Qualitative content analysis was applied to the data. According to the findings, (i) the implications of the merger with regard to educational activities were primarily connected to the institutions’ own culture and history; (ii) new openings in education, teaching, and learning were only moderate in scope at the time of the interviews; (iii) there is strong potential for the enhancement of teachers’ pedagogical competence; (iv) creating a joint organisational and educational culture is a challenging and time-consu…
L'optimisation fusion - confusion : une synthèse privilégiée du droit et du chiffre
2010
It is not always easy to dissociate, in the settlement problems, tax and accounting, the main thing and the ac cessory. Generally, mergers are in this case, simplified mergers and universal transmissions, too. When professionals want, in this field, to optimize integrated, legal choices - tax - accounting, it is often obliged to treat the problem, without assistanc e. This autonomy look that this subject is at the crossroads of several disciplines and it is necessary to compose, without really opposing them. The field of mergers and confusion is a good synthesis of the link Law - management. The company which wishes to absorb its 100 % subsidiary can choose between simplified fusion and dis…