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PURPOSE: This study was conducted to examine the effect of CEO characteristics and firm reputation on firm performance after conducting mergers and acquisition. The object of this research is companies that carry out mergers and acquisitions listed on the Indonesia Stock Exchange (IDX) from 2014-2018., DESIGN/METHODOLOGY/APPROACH: In selecting the sample, this research used a purposive sampling method. This study uses the SmartPLS program to analyze the data. Company performance is measured by Buy and Hold Abnormal Return. This study uses acquisition experience, previous acquisitions with positive performance, average acquisitions, acquisition success rate, experience in acquiring the same industry, and political connections to measure CEO characteristics. The Firm Reputation is measured by price earning ratio., FINDINGS: The results of this research indicate that choosing a CEO who has high experience, knowledge, and capability will increase the firm's reputation and performance., PRACTICAL IMPLICATIONS: The findings in this study will greatly help management to maximize the firm's performance when conducting mergers and acquisitions and management can also minimize failures by choosing a CEO who has the capability and is more experienced., ORIGINALITY/VALUE: The novelty of this research is implementing the theory of hubris and RBV by adding firm reputation as a mediating variable that strengthens the relationship between CEO characteristics and CEO political connections on firm performance after mergers and acquisitions., peer-reviewed

PURPOSE: The aim of this article is to answer the question, whether COIVD-19 pandemic is different from a past pandemic. In the past, pandemics' death rate was a crucial driver to economic impact., METHODOLOGY: Panel data for 26 EU countries for industrial production, stringency index, economic support index, and COVID-19 death rate were assessed for significant determinants of economic activity measured by industrial production. At the first panel, estimation was conducted. Following discussion, Granger causality tests indicated links between death rate, stringency, and economic support., FINDINGS: COVID-19 pandemic is different from previous pandemics, as the government action alters the connection between death rate and economic activity. Lockdown policy acts stronger on financial performance and later on the death rate., PRACTICAL IMPLICATIONS: Still, death rate is the primary driver for economic performance by influencing government decisions. Only breaking the link between cases and death rate would help to combat COVID-19., ORIGINALITY/VALUE: The study is another one indicating vaccine rollout is crucial. But novel approaches suggest non-pharmaceutical intervention would not bring normality in the longer term, as the death rate made the government act., peer-reviewed

Las pequeñas y medianas empresas (pymes) son elementos esenciales de la estructura empresarial en Portugal. Debido a sus características intrínsecas, se convierten en un objetivo atractivo para los inversionistas extranjeros, lo que trae consecuencias en el ámbito financiero y económico, particularmente en la rentabilidad. A nivel internacional, el debate sobre su influencia en la rentabilidad es amplio, con una parte que defiende la importancia de la propiedad extranjera en la rentabilidad, y la otra su irrelevancia. La muestra de este estudio está compuesta de 5667 pymes portuguesas de diversos sectores y cubre el periodo de 2014 a 2018. Se usó un modelo de efectos aleatorios para análisis de datos de panel. Además de la muestra completa, también se realizan análisis con la muestra segmentada entre microempresas, pequeñas y medianas empresas y empresas pertenecientes a la industria manufacturera o al comercio al por mayor. Los resultados muestran que el capital extranjero no tiene una influencia significativa en la rentabilidad de las pymes. As pequenas e médias empresas (PME) são uma importante componente da estrutura empresarial portuguesa. Devido às suas características intrínsecas, estas tornam-se um alvo atrativo de investimento por parte de forças extranacionais, o que tem consequências a nível económico-financeiro, mais especificamente ao nível da rendibilidade. É amplo o debate acerca da influência do capital estrangeiro, com autores a defender a sua importância e outros a sua não significância em termos de rendibilidade. O objetivo geral deste estudo é verificar qual o impacto do capital estrangeiro na rendibilidade das PME. Através da análise de dados para 5.667 PME portuguesas, dos mais diversos setores de atividade e para o período de 2014 a 2018, é empregue uma regressão de dados em painel, mais especificamente o modelo de efeitos aleatórios. Para além da amostra completa, são igualmente realizadas regressões com a amostra segmentada entre micro, pequenas e médias empresas e empresas pertencentes à indústria transformadora ou ao comércio por grosso. Os resultados evidenciam que a origem externa do capital não exerce qualquer influência significativa na rendibilidade daquelas empresas.