Search results

1

Determinants of the financing structure of the acquiring companies in the pre-merger period. Results of the research

100%

Fałat-Kilijańska I., Gláserová J., Luty P., Otavová M.

Nauki o Finansach

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2020

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issue vol. 25, nr 4

16-42

EN

The article’s main objective is to identify the factors influencing the financing structure and capital changes in the pre-merger periods in the acquiring companies. The authors examined the relations between various industries and different size companies. Based on the analyses, it can be concluded that in small companies, the explanatory variables identified based on the literature review were statistically insignificant in many periods (in fact almost all). Completely different behaviour was observed in the group of large companies, where the same set of explanatory variables was statistically significant. The result of the research on the existence of non-linear relationships between company parameters is that in the case of some variables, there is no question of a linear nature of dependence. The study analysed the five years preceding the mergers of 307 business entities. The source of the survey data was the database prepared by the company InfoCredit SA for the Accountants Association in Poland. The authors used Statistica software and inductive reasoning for the study – supported by Spearman’s rank correlation analysis, linear and polynomial regression analysis, and variable scatter analysis.

PL

Podstawowe cele artykułu to identyfikacja czynników determinujących kształtowanie struktury finansowania oraz określenie ich zmian w okresach przed połączeniem w spółkach dokonujących przejęć. Badając strukturę finansowania, sprawdzono również, jakie relacje zachodzą w różnych sektorach aktywności gospodarczej. Udzielono odpowiedzi na pytania, czy i w jaki sposób wielkość spółek determinuje kształtowanie struktury kapitału. Analizą objęto pięć lat poprzedzających transakcje połączenia 307 jednostek gospodarczych. Źródłem danych badania była baza danych przygotowana przez spółkę InfoCredit SA na zlecenie Stowarzyszenia Księgowych w Polsce. W pracy wykorzystano oprogramowanie Statistica. Zastosowano wnioskowanie indukcyjne wsparte analizą korelacji rang Spearmana, analizą regresji liniowej i wielomianowej oraz analizą rozrzutu zmiennych.

2

The Processes of Consolidation and Effectiveness of Commercial Banks in the Years 2008-2013

94%

Gałecka A.

Olsztyn Economic Journal

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2015

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vol. 10

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issue 2

173-184

EN

The paper analyzes the mergers and acquisitions in the banking sector in Poland, and determined their impact on the structure of the sector and its effectiveness. The analysis was conducted between 2008 and 2013. In the analyzed sector was found growing concentration of capital in the form of mergers and acquisitions. All indications are that this trend will be maintained in subsequent years. Dominant share in the Polish banking sector are entities controlled by foreign investors, but in the period has been a slight decrease in this regard. In the analyzed period made as a result of mergers and acquisitions, we can observe an increase of concentration of the banking sector. In the period 2008-2013 there was a decrease in effectiveness of commercial banks; operation, which was caused by deteriorating macroeconomic situation. It can be said that the continuous consolidation processes in the period 2008-2013 have not influenced an improvement of financial results in the analysed sector, but the effects of these processes can be seen only in the long term.

3

Determinants of Companies’ Financial Performance Following M&A Transactions in Poland

94%

Ocieszak M.

Central European Management Journal

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2020

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vol. 28(4)

51-66

EN

Purpose: This study identifies and analyzes the factors that impact the financial performance of companies after a merger and acquisition transaction. Methodology: As many as 130 Polish market observations were analyzed with an OLS regression model to verify the research hypotheses. Results: The results reveal that the company’s size, performance before the transaction, and its international nature translated into improvement of post-transaction financial performance. Moreover, industry diversification transactions and CEO changes in acquiring a company had a negative impact on the company’s financial performance after the transaction. Originality: This investigation is the first study devoted to the Polish market in the research field of M&A determinants with the use of such a large sample.

4

Chinese mergers and acquisitions on the European market in the chemical sector

83%

Łopacińska K.

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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2017

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issue 486

24-35

EN

The article focuses on the case study analysis of selected Chinese companies which concluded agreements such as mergers and acquisitions on the European market in the chemical sector between 2005 and 2015, that is: the agreements between BorsodChem Zrt and Wanhua Industrial Group, as well as between Pirelli and National Chemical Corp. The purpose of the paper is to recognise the premises and results of those investments. Therefore, first specifics of the Chinese chemical sector and the characteristics of the analysed companies have been presented. Then the analysis of the premises, the strategic goals, as well as the course of the agreements and the implications of these forms of integration, in the context of shaping the economic strength, position and direction of strategic growth of companies on the European market have been presented.

5

M&A Cooperative Games

83%

Nastych M. A.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2014

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vol. 9

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issue 1

119-130

EN

Cooperative game theory instruments application to the corporate finance M&A research issues provide an ability to extend the field considered and conclusions obtained. The paper presents the M&A cooperative games modeling and its empirical implementation to analyze the airline strategic alliance as M&A deal.

6

Performance changes around banks mergers and acquisitions: evidence from Poland

83%

Budny K., Krasodomska J., Świetla K.

Nauki o Finansach

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2019

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issue vol. 24 no. 2

28-45

EN

This study investigates the influence of M&A on the performance of banks operating in Poland. We use a sample of 14 transactions that occurred in the Polish banking sector from 2001 to 2015. Our data set includes pre and post-merger accounting information covering a period of two years before and after the merger. We follow Pilloff’s [1996] approach to determine the average performance changes measured with ROAA and ROAE. According to the research results, M&As transactions seem to affect profitability as both ROAA and ROAE means change. However, these changes do not follow the same trend. The correlations between the acquirer’s pre-merger weighted performance measured with ROAA and ROAE and merger-related changes in performance are significant and negative. The same situation is observed as regards the target pre-merger weighted performance measured with ROAE and merger-related changes in performance. The results also suggest that large acquirers are associated with less successful M&A.

7

DEVELOPMENTS AND CHALLENGES OF MEASURING M&A PERFORMANCE ON A CORPORATE AND MACROECONOMIC LEVELS

71%

Ciegis R., Andriuskevicius K.

Oeconomia Copernicana

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2017

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vol. 8

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issue 2

191-220

EN

Research background: This study presents the results of the research which aimed to identify and critically discuss existing methodologies in the merger and acquisition field. Value creation to merging and acquiring firms and national countries constitute the center of the research. This study distinguishes between specific methodologies employed to gauge M&A performance on a micro- (corporate) and macro- (economy and society) economic levels. The final section of the paper concludes with a theoretical methodological framework integrating methodologies employed to measure M&A performance on a firm level and methodologies measuring consequences and effects of M&A on the economy. The aim of the analysis described in the paper is to ascertain and evaluate theoretically existing methodologies used in empirical studies that would allow proper and critical understanding of the results of various findings in the holistic and global M&A area. Purpose of the article: The purpose of the paper is to investigate and critically discuss the methodologies employed within the M&A performance framework with the focus on specific anticipated outcomes of the M&A deal and methodology measuring this outcome. The following objectives are being raised: (1) To identify recent developments in the M&A market and determine challenges and changes they encompass. (2) To identify and critically discuss anticipated outcomes of the M&A deal and existing methodologies measuring M&A performance on the corporate level; (3) To identify and critically discuss anticipated outcomes of the M&A deal on the economy and methodologies measuring consequences and effects of M&As on the macro- economic level; (4) To integrate methodologies measuring M&As performance on a micro- and macro- economic levels into theoretical methodological framework enabling scholars and practitioners to evaluate M&A performance from a holistic perspective. Methods: Based on previous studies, the authors conduct a structured literature review aimed to critically discuss and evaluate developments and challenges of measuring M&A performance on corporate and macroeconomic levels. The research is carried out as a structured assessment of past literature. The findings from scientific articles and studies by various scholars are being categorized, grouped and summarized to discern a meta‐analytic view of the work carried out to date. Finally, deep analysis of scientific literature, logical comparative analysis, systematization of scientific article and business cases are employed in the article. Findings & Value added: The paper evidences developments and challenges of measuring M&A performance on corporate and macroeconomic levels. The re-search elaborates on several key developments in M&A methodology and performance studies carried out in empirical works during the last two decades. The findings help to independently and objectively assess performance of M&A from a holistic perspective.

8

Przełomowy rok na rynku windykacyjnym – analiza fuzji i przejęć w 2015 roku

71%

Gemra K.

Zeszyty Naukowe PWSZ w Płocku. Nauki Ekonomiczne

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2016

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vol. 1(23)

259 - 267

EN

The article presents issues related to mergers and acquisition transactions on a debt collection market. The first part is a summary of theoretical aspects of M&A transactions. The next part presents an analysis and description of the debt collection market in Poland. The key part of an article is an analysis of transactions made in 2014-2015, when debt collection companies started processes of margers and acqusitions. The last part of the article is a summary and an attempt to predict what the debt collection market may look like in the upcomming years, taking into consideration possible transactions.

PL

Artykuł prezentuje zagadnienia związane z transakcjami fuzji i przejęć na rynku windykacyjnym. W pierwszej części dochodzi do krótkiego podsumowania teoretycznych aspektów transakcji fuzji i przejęć. Następnie przedstawiono analizę i opis rynku windykacji w Polsce. Kluczową część artykułu stanowi analiza dokonanych transakcji w latach 2014 – 2015 kiedy to mieliśmy do czynienia z otwarciem się firm windykacyjnych na procesy łączenia lub przejmowania. Na zakończenie artykułu dochodzi do podsumowania oraz próby przewidzenia jak w kolejnych latach może wyglądać rynek windykacji w Polsce biorąc pod uwagę możliwe transakcje.

9

Does the structure of the board of directors improve M&A performance?

60%

Chadam A. A.

International Journal of Synergy and Research

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2018

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vol. 7

EN

Purpose – The research focuses on examining which characteristics can raise or diminish board effectiveness in the context of M&A activities of companies.Design/methodology/approach – The nature of the research was quantitative, and the sample was selected purposefully. The data was retrieved from four databases: ThomsonOne, Eventus, Institutional Shareholder Platform (ISS) and Compustat. The final sample consisted of 2613 mergers and acquisitions and was selected by applying the following criteria: both the bidder and the target were US-based companies, the acquirer was a listed company, the acquisition announcement took place over the period 2008 – 2017, the deal value exceeded USD 1 million, the transaction resulted in a control gain over the target company. M&A performance was assessed using cumulative abnormal return (CAR) method, while the board influence was examined using ordinary least square (OLS) regression. Five hypotheses regarding the influence of board independence, gender diversity, board size, CEO duality and type of elections were tested in the research.Findings – Two out of five hypotheses were confirmed in the study. Board independence and board classification increase bidders’ CARs over the deal announcement period.Research limitations/implications: The main limitation is related to the measurement of M&A performance, which is relatively difficult to quantify. Moreover, the method of selection of the sample, especially a higher proportion of companies from certain industries could affect the outcomes and underestimate the impact of gender diversity. Further research could investigate the deals in the long-term perspective and apply different criteria in the sample selection process.Practical implications: The outcome of this study is of importance to acquisitive and non-acquisitive companies by aiding them in finding an optimal board structure, which can effectively monitor and motivate the CEO, leading to profitable decisions concerning not only M&A but all major investments.Originality/value: The study investigates the topic of board effectiveness in the M&A context, which the research coverage is still very limited. The study covers five board characteristics and several control variables to increase the robustness of the results and ensure their correct interpretation. Finally, the sample consists of the most recent data, which enables to draw up-to-date conclusions that consider constantly developing corporate governance law and trends regarding the board structure and composition.

10

Skuteczność fuzji i przejęć w procesie konsolidacji przedsiębiorstw

60%

Kowalska B.

Zeszyty Naukowe Małopolskiej Wyższej Szkoły Ekonomicznej w Tarnowie

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2009

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issue 2(13) t. 2

99-115

PL

Pomimo iż fuzje oraz przejęcia są obecnie powszechnymi zjawiskami, badania ekspertów z tej dziedziny dowodzą, że wiele firm nie uzyskuje w procesie konsolidacji oczekiwanej wartości rynkowej i zysków, głównie ze względu na fakt bagatelizowania podczas integracji aktywów niematerialnych. Sukces fuzji gwarantuje bowiem ich zdaniem uchwycenie punktu równowagi między aktywami materialnymi i niematerialnymi oraz wpływ przywództwa. Badania potwierdziły, że polskie podmioty przygotowują się znacznie gorzej do procesu fuzji lub przejęcia niż zagraniczne, a w ich przygotowaniu do konsolidacji dominuje brak dokładnych wyliczeń przy analizie efektów ekonomicznych. Analiza czynników mających wpływ na powodzenie fuzji czy też przejęcia jasno wskazuje, że łączenie jedynie aktywów materialnych, chociaż rozpatrywane zazwyczaj w pierwszej kolejności, nie zapewni rozwoju nowo powstałej organizacji. Należy bowiem zadbać jednocześnie o elementy niematerialne, które w miarę pogłębiania integracji procesów i systemów będą obejmowały: ład korporacyjny, zaangażowanie pracowników i zarządzanie relacjami z klientami.

EN

The author focus on presentation and analysis of main factors having influence on successful and efficient consolidation process. The results introduced in a lecture come from two global reports prepared by the Hay Group in cooperation with La Sorbonne and Mergermarket. The third report shows the studies conducted by Capital Market Area of BZ WBK. The Hay Group has identified two key factors, which provide a firm foundation for a smooth integration process, which companies should adopt to become the part of few successful few. The first one is striking the right balance. Companies should carefully consider how to align and integrate both tangible and intangible assets to be successfully merged, as well as use properly the time between announcement and completion to advance fully both tangible and intangible assets. The second factor is the impact of leadership. We need to acknowledge here, that the roles required in a M&A context are often one or two levels higher than current capacity of senior managers. Top team selection needs to be carried out quickly, as the sooner key roles are defined and allocated, the better level of integration between organizations we can achieve. The top team must also demonstrate the new company values to the workforce in everything they do. The research of Capital Market Area of BZ WBK points out poor preparation of a consolidation process made by Polish companies. In specialists' opinion companies do not analyze potential benefits, which may be achieved in M&A transactions. Most of interviewed managers point out the necessity of better preparation of an integration plan, as well as due diligence analyze in future consolidation processes. The results confirm, that the benefits a successful merger can gain are indisputable. Despite the impact of recent sub-prime lending on the average the availability of credit overall, M&A remains a trusted weapon in the growth strategies of organizations. Customers must pay due attention to a company's real value, which is found in its boardroom, human capital and business culture. When the balance is achieved between tangible and intangible assets, it provides a solid foundation for strategic growth and ensures return on investment.

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