Effectiveness of corporate mergers and acquisitions in developed and emerging countries

• Authors: Adam Kucharski , Jakub Marszałek

Title variants

PL

Efektywność fuzji i przejęć przedsiębiorstw w krajach rozwiniętych i rozwijających się

Abstracts

PL

Celem artykułu jest porównanie efektów fuzji i przejęć realizowanych przez podmioty z krajów rozwiniętych i rozwijających się. Artykuł obejmuje transakcje konsolidacyjne zrealizowane w latach 2000–2018 przez giełdowe spółki z branży motoryzacyjnej. Obserwacji poddano 764 transakcje konsolidacyjne pozyskane z bazy Thomson Reuters Eikon, dla których przyjęto metodę pomiaru efektywności opartą o relację kursu akcji z indeksem giełdowym. Analizę danych przeprowadzono z wykorzystaniem metod statystyki opisowej oraz metod wnioskowania statystycznego. Porównanie efektywności fuzji i przejęć zrealizowanych w krajach rozwiniętych i rozwijających się nie wykazało istotnych różnic w sensie statystycznym. Oznacza to, że uwarunkowania makroekonomiczne kraju, z którego pochodzi przedsiębiorstwo, nie mają istotnego wpływu na szanse powodzenia realizowanej przez niego konsolidacji. Firmy z krajów rozwijających się okazały się bardziej rentowne i mniej zadłużone, posiadały także wyższą płynnością finansową. Z kolei podmioty z krajów rozwiniętych charakteryzowały się lepszymi wskaźnikami efektywności działania, co sugeruje, że osiągały wyższe marże. Rezultaty przeprowadzonego badania przeczą więc tezie o znaczeniu pozycji kosztowej dla efektywności podmiotów, zwłaszcza w krajach rozwijających się. Analiza wyników porównania obu grup przedsiębiorstw pozwala przypuszczać, że czynniki determinujące sukces konsolidacji mają charakter mikroekonomiczny i są niezależne od kraju, w którym realizowana jest transakcja.

EN

The aim of the article is to compare the effects of mergers and acquisitions carried out by entities from developed and emerging countries. The article covers consolidation transactions completed between 2000 and 2018, exclusively by listed automotive companies. 764 consolidation transactions extracted from the Thomson Reuters Eikon database were observed, for which an efficiency measurement method based on the relationship of the share price to the stock market index was adopted. Data analysis was carried out using descriptive statistics and statistical inference methods. A comparison of the efficiency of M&As completed in developed and emerging countries showed no significant differences in a statistical sense. This means that the macroeconomic conditions of the country from which the company originates have no significant impact on the chances of success of the consolidation implemented by the company. Companies from emerging countries were found to be more profitable, with higher liquidity and were less indebted. On the other hand, entities from developed countries had better operating efficiency ratios, suggesting that they achieved higher margins. The study thus also contradicts the thesis that cost position is important for the efficiency of entities, especially in emerging countries. In the context of the results of the comparison between the two groups of companies, it is reasonable to assume that the determinants of consolidation success are microeconomic in nature and are independent of the country in which the transaction takes place.

Keywords

PL

fuzje i przejęcia; zarządzanie finansami; wzrost przedsiębiorstwa

EN

mergers and acquisitions; financial management; enterprise growth

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Ekonomia Międzynarodowa
• Year: 2022
• Issue: 37
• Pages: 5-21

Dates

published

2022

Contributors

author

Adam Kucharski

• CEO of Premium Foams Sp. z o.o.

• https://orcid.org/0000000210981530

author

Jakub Marszałek

• Uniwersytet Łódzki, Wydział Zarządzania, Katedra Zarządzania Finansami Przedsiębiorstwa

• https://orcid.org/0000000276651497

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Identifiers

DOI

10.18778/2082-4440.37.01

Biblioteka Nauki

28407254