Search results for "Mergers"
showing 10 items of 45 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…
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…
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…
La caída de las cajas de ahorros españolas. Cuestión de rentabilidad, tamaño y estructura de propiedad=The Fall of Spanish Savings Banks. Question of…
2012
En España entre 2010 y 2011 se ha producido una gran restructuración financiera, que ha llevado a la práctica desa-parición de las Cajas de Ahorros mediante fusiones y posterior cambio de estructura de la propiedad convirtiéndose en bancos. Esta gran restructuración ha sido promovida por el Banco de España, como salida para que las entidades financieras subsistieran a la crisis que les afectaba. Este trabajo analiza los bancos y cajas del sistema financiero español durante los cuatro años previos al comienzo de la reestructuración financiera del 2010. El objetivo es comprobar si existen diferencias en cuanto a rentabilidad por causas de tamaño y tipo de gobierno de la entidad (cajas de ahor…
Breaking off the engagement : A case study about the decision to stand alone in a time of mergers in the Higher Education sector
2019
Master's thesis Innovative governance and public management ME523 - University of Agder 2019 The development in the Higher Education (HE) sector hasfor the past decade been characterized by structural changes in form of government-initiated mergers. The aim of such structural changes was to enhance the quality by concentrating the resources in fewer but stronger institutions. The signals from the Ministry of Education and Research about such changes was the start of a wave of mergers in the sector, whichover a few years resulted in a decrease in the number of Higher Education Institutions (HEI)from 33 to 21. However, not all of the negotiation processes about potential mergers turned out to…
Seat Competitiveness and Redistricting: Evidence from Voting on Municipal Mergers
2013
We analyze how (anticipated) changes in the competitiveness of the seats of municipal councilors affect their voting behavior over municipal mergers. The competitiveness of the seats changes because the merger changes the composition of political competitors and the number of available seats in the next election. We use this variation for identification and find that the smaller the increase in the competitiveness of a councilor's seat, the more likely he is to vote for the merger. These effects are not related to the behavioral responses of the voters, but arise from the councilors’ desire to avoid electoral competition.
External knowledge sourcing for R&D activities: antecedents and implications of governance mode choice
2014
This paper investigates how internal and external factors affect the choice between alliances and joint ventures (A&JVs) and mergers and acquisitions (M&As) for the external sourcing of research and development (R&D) activities, and whether or not such a choice is really con- tingent, that is, is it the best choice in terms of its impact on firms’ innovative performance under those circumstances? We build a set of hypotheses based on both the transaction-cost theory and the resource-based view, and test them through a secondary data source analy- sis. We found that companies adopt either R&D M&A or A&JV depending on internal (e.g. resources and capabilities, innovation experience) and exter…