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Fifteen percent drop in local demand observed after acquisitions of local breweries by large firms. A large stream of literature shows that the emotional bond between consumer and brand can induce a sense of psychological ownership, and shocks to this relationship, such as brand repositioning or acquisitions, can induce a negative consumer reaction. This article provides a large-scale empirical study on such brand "transgressions" in the context of acquisition of local breweries by large conglomerates. Our analysis covering 40 brand acquisitions shows a strong negative reaction to acquisitions on social media. Analysis of transaction data shows that this adverse sentiment results in a 15% drop in baseline demand in the local market following the acquisition. This represents a significant negative shock to the acquired brand, as the local region accounts for more than one-fifth of brand sales on average, even in the long run. The decline begins immediately following the acquisition and manifests in both sales and product ratings. Our findings indicate a more pronounced reaction to acquisitions by "big business" and provide evidence of demand spillover in the home market to competing brands that remain locally owned. The theoretical and managerial implications of our findings are discussed. History: Catherine Tucker served as the senior editor. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mksc.2022.0383. [ABSTRACT FROM AUTHOR]

Purpose – This study investigated how the Covid-19 pandemic impacted cross-border acquisitions. Though literature suggests that cross-border investments decreased during the pandemic, there is little conclusive evidence on specific characteristics in the execution of particular acquisitions during such times. We applied the case study format to conduct our investigation by (1) providing a classification of influences on cross-border procedures and (2) highlighting critical characteristics during three phases of acquisitions, namely, search, negotiation and integration periods. Design/methodology/approach – The grounded theory approach was applied to three in-depth case studies of German companies that acquired Japanese targets during the Covid-19 pandemic. Data were supplemented by information received through additional case studies of German subsidiaries in Japan and interviews with consultants. Findings – Firms had already intended to acquire their respective targets, with their decisions having been made prior to the Covid-19 pandemic. Thus, the pandemic had no impact on target selection in the case firms. Owing to travel restrictions, information exchange was limited which inevitably led to higher usage of digitalization. While several barriers led to delays in negotiations, prevailing mutual trust and assistance from consultants helped to reduce difficulties. During the integration period, we found delays in synergy creation and increases in remote communication. Nevertheless, the digital workflow improved the efficiency. Originality/value – Our study provides novel insights into the execution of cross-border acquisitions impacted by the Covid-19 pandemic. We discuss new implications for mergers and acquisitions (M&A) research and practice for the post-pandemic era, focusing on German firms acquiring Japanese targets.

Copyright of Studia Universitatis Babes-Bolyai, Theologia Reformata Transylvanica is the property of Babes-Bolyai University, Cluj-Napoca, Romania and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study investigates the economic consequences of the IFRS 3 (2008) requirement for fair valuing earnouts. Using a hand-collected sample of earnout fair value estimates in acquisitions completed by Australian firms, we find that a significant portion of acquirers overstate initial earnout liabilities and strategically reverse them as operating gains to boost post-M&A earnings. These overstatements are more pronounced when acquirers face investment- and performance-related pressure but attenuated in the presence of high-quality auditors and debt-financed deals. Acquirers also obfuscate earnout-related disclosures, inhibiting investors' assessment of earnout values. By doing so, managers extend their tenure. Further analysis reveals that IFRS 3 (2008) leads to a significant increase in both the frequency and magnitude of earnouts in public acquirers' transactions. Overall, we highlight the accounting benefit of earnouts for acquirers under IFRS 3 (2008), with implications for investors, analysts, auditors, and standard setters. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: G34; M41. [ABSTRACT FROM AUTHOR]

Purpose: Aspects of ESG have become key considerations during many M&A transactions. This ranges from the type of assets a firm purchases, to evaluating the management practices of target firms, to incorporating ESG assessments into due diligence checklists and valuation models, to including specific ESG provisions in the sale and purchase agreement (SPA). Companies are increasingly concluding that a more robust focus on ESG in deal-making allows for greater value to be captured. This article identifies how companies can go about incorporating ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example is provided. Design/methodology/approach: This article provides key actions firms can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example from a large state-owned Norwegian utility is provided. Findings: Various components of ESG have rapidly become key considerations in transactions. Firms that incorporate ESG across their M&A process, both pre- and post-deal can reap significant benefits. While firms that ignore ESG during M&A not only miss the upside potential, but also risk making damaging and costly deal mistakes. Practical implications: M&A practitioners will find this article particularly useful, as many firms struggle with how to effectively include ESG in their transactions. This article provides M&A practitioners with key actions they can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. A case example from a large state-owned Norwegian utility is provided. Originality/value: The body of literature about M&A transactions is extensive, as is the recent writing about the importance of ESG to firms' costs, revenue, and societal impact. This article brings these two aspects together by providing M&A practitioners with key actions they can take to incorporate ESG throughout the deal process, from pre-deal analysis through post-transaction integration. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Finance & Financial Law / Finanse i Prawo Finansowe is the property of Wydawnictwo Uniwersytetu Lodzkiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Digital ecosystems penetrate many areas of modern life, they integrate many services and are growing partially through acquiring start-ups. These can lead to a rise of their market power, which in turn has caused the increased attention of antitrust regulators in recent years . The new changes into the Russian antitrust law contain the requirement for scrutiny for mergers above 7 billion of rubbles. This additional criterion is designed to include the acquisitions of startups by digital ecosystems that currently do not need to be announced to the Russian antitrust service. As for economic literature, there is no consensus on the way mergers with startups affect markets, in particular, venture capital market. The purpose of this work is to assess the effects of mergers of digital ecosystems with Russian startups in different niches of the venture investment in these niches. Methodologically, our study is based on economic theory and particularly on industrial organisation, antitrust economics; we also use econometrics while estimating causal inferences. We perform econometric analysis of panel data and matching to evaluate the effect of mergers of digital ecosystems with startups. In our quantitative analysis we use data collected from the website Rusbase, which gathers information on deals with Russian startups building primarily on open sources. In our study, we conclude that niches where digital ecosystems more actively purchase or invest in startups tend to be lower investments, smaller total and average purchase prices, which may indicate some washing out of investments in such niches. However, the effect we see may be present due to the changing popularity of niches and/or bringing forward of investor decisions, and not to the kill zone that is claimed to be one of the downsides of such mergers, since we observe a short-term increase in the number of investment decisions in a niche during the period when a startup is acquired by the digital ecosystem.

We draw on group information-processing theory to investigate how target boards of directors may contribute to target value capture during the private negotiations phase in acquisitions. We view target boards as information-processing groups and private negotiations as information-processing tasks. We argue that target board meeting frequency is associated with increased processing—gathering, sharing, and analyzing—of acquisition-related information, which improves target bargaining and, ultimately, target value capture. We further posit that this value-enhancing effect of target board meeting frequency is more pronounced when target board composition improves the ability of target boards to process acquisition-related information. Finally, we expect that meeting frequency is more consequential for target bargaining and value capture when acquisition complexity imposes high information-processing demands on the target boards during private negotiations. Empirical evidence from a sample of acquisitions of publicly listed firms in the United States offers support for our group information-processing perspective on board contribution to shareholder value in firms targeted for acquisition. Funding: This work was supported by the Strategy Research Foundation [Dissertation Grant SRF-2015DP-0016]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/orsc.2022.1643. [ABSTRACT FROM AUTHOR]

Facing constant pressures to grow, established firms increasingly harness external innovation by collaborating with and eventually acquiring startups. To succeed in their exit through acquisition, startup firms and incumbents have to master three steps (the "3 Cs") that enhance the co-specialization with the acquirer: establishing the Complementarity of offerings, generating Customer endorsement, and attracting an acquirer executive Champion. Drawing on a multiple-case, inductive study of seven Israeli startup acquisitions completed by two acquirers from the information and communications technology (ICT) industry, this article illustrates the different approaches pursued by the startup firms and their acquirers to succeed in managing pre- and post-acquisition processes. [ABSTRACT FROM AUTHOR]

Networks change when either the ties or the nodes are modified. Research on interfirm networks has conceptualized network change as being driven almost exclusively by modifications in ties (additions and deletions). Yet firms frequently engage in actions that modify the ownership and existence of nodes: acquisitions "collapse" nodes, divestitures "split" nodes, industry entries "create" nodes, and industry exits "remove" nodes. The literatures on corporate strategy and organizational networks have mostly overlooked the implications of node-modifying actions for network change. We explore those implications in three ways. First, we systematically analyze and compare the network-changing properties of the six node- and tie-changing actions. Second, we link the strategic objectives that boundedly rational firms pursue through each corporate action to changes in their ego network positions (openness, closure, and status). Third, we consider how these local network changes set off ripple effects that create externalities for the networks of the focal firm's immediate partners and that modify the structure of the global network. The result is a much more expansive understanding of the mechanisms driving structural change in interfirm networks. [ABSTRACT FROM AUTHOR]

In 2020, a survey was conducted of timberland investment professionals. The focus of the survey was collecting and examining transaction cost data within the timberland investment space. The data collected were generally lacking in the public domain, as well as academic literature, yet it provides insight into the significant costs that are involved in timberland investing. The survey revealed that the U.S. South and the Pacific Northwest have significant differences in investor expectations for transaction costs. The objective of the current study was to explore the differences in transaction costs for the two regions and to uncover the relationships between (1) timberland transaction costs; (2) investment interest; and (3) prior experience in owning, investing, or managing timberland in either region. The findings of this work confirmed that transaction costs were a statistically significant predictor of investor interest in the U.S. South and the Pacific Northwest. The findings also showed that prior ownership, investment, or management experience in either region were a statistically significant predictor of investor interest in the U.S. South and the Pacific Northwest. Furthermore, this work explores factors that appear to rationalize the high investor interest in the Pacific Northwest, despite investor expectations of much higher transaction costs associated with timberland acquisition within this region. [ABSTRACT FROM AUTHOR]

Mergers and acquisitions in healthcare are increasingly leading to changes in firm management. This paper studies how a change in firm management impacts clinical performance using data on an understudied phenomenon: medical practice acquisitions by physician practice management companies (PPMCs). PPMCs market themselves as offloading the administrative burden of running a medical practice without compromising physician autonomy over clinical decisions. However, a PPMC's management strategy and practices, such as performance monitoring and financial incentives, could influence physician behavior. For example, some PPMCs advertise increasing revenue through better financial management, whereas others also advertise improving quality through better clinical management. In this paper, I collect data on three large PPMCs that manage the practices of more than 40% of obstetricians and gynecologists (Ob-Gyns) in Florida between 2006 and 2014. An Ob-Gyn's main clinical decision in childbirth involves a tradeoff between financial and clinical outcomes: cesarean sections (C-sections) are often more highly reimbursed than vaginal births but pose risks to maternal and infant health when not medically necessary. Using difference-in-differences methods, I find heterogeneous effects on C-sections depending on a PPMC's publicized management strategy. Physicians acquired by PPMCs that focus on financial management increase the use of C-sections, resulting in less clinically appropriate care and worse patient outcomes. The opposite result is found when PPMCs focus on clinical management. I provide qualitative and quantitative evidence that differences in firm management are the most likely driver of changes in C-sections. This paper informs how the corporatization of medicine can alter clinical performance outcomes. This paper was accepted by Stefan Scholtes, healthcare management. Funding: This project was supported by grants from the Agency for Healthcare Research (AHRQ), the National Science Foundation (NSF), and Wharton's Mack Institute for Innovation [Mack Institute Research Fellowship]. The analysis was conducted using data from the State of Florida's Agency for Healthcare Administration (AHCA). The content is solely the responsibility of the author and does not necessarily represent the official views of AHRQ, NSF, Mack Institute, or AHCA. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4571. [ABSTRACT FROM AUTHOR]

Drawing on signaling theory, we explore the signaling effect of family firm status on firm value in the acquisition context as well as important contingencies influencing the signal's effectiveness. Based on a sample of 486 observations of acquisitions in France, Germany, Italy, and Spain from 2011 to 2019, our empirical results suggest that acquirers purchase family firms at a higher firm value than non-family firms. This relationship is moderated by the target firm's financial performance (i.e., high vs. low) and listing status (i.e., private vs. public) prior to an acquisition, as well as the type of acquirer (i.e., financial vs. non-financial) and the acquirer's geographic location (i.e., cross-border vs. domestic). Our study's findings suggest that family firm value is driven not only by the characteristics of the family firms that become acquired but also by the characteristics of the acquirers as they influence the effectiveness of the family firm signal. [ABSTRACT FROM AUTHOR]

This study analyzes how family control influences firms' acquisition activity using a socioemotional wealth (SEW) approach and discusses their anticipated SEW gains and losses when making acquisition decisions. Data collected from Spanish public companies from 2010 to 2015 indicates that family firms are more reticent about undertaking acquisitions than nonfamily firms, and their lower propensity is more pronounced when there are no former politicians on the board of directors whose presence could reduce potential SEW losses. Furthermore, the benefits of former politicians on the board of family firms in terms of acquisition activity only occur in low-velocity industries. [ABSTRACT FROM AUTHOR]

Mergers and Acquisitions (M&A) is a popular investment strategy used by many companies to develop or maintain the company's performance and existence. M&A is also a trend in the development of the accommodation service business that occurs in non-star hotels in Bali, including the sub-district of Ubud, Gianyar. M&A is an important event for employees that can affect employees job stress levels. The purpose of this study is to look at the phenomena that occurs in employee job stress conditions through individual differences owned at non-star hotels in Ubud sub-district that have been acquired through management or ownership. This study uses a quantitative approach by collecting data through the distribution of questionnaires to 153 employees in 30 non-star hotels in Ubud sub-district. Analysis of the data used is PLS. The results showed that individual differences are the full mediator between the relationship between management acquisition and ownership acquisition on employee job stress.Based on the results of the study, individual differences are variables that have an important role in the influence of management acquisition and ownership acquisition on employee job stress in 30 non-star hotels in Ubud sub-district. M&A event which is an important event for employees and causes changes in the organization. These changes will be faced in different ways because individuals have their own uniqueness.

Cash ownership emits a powerful positive signal. We examine four sources of cash in firms, i.e., cash flows, cash holdings, cash proceeds from debt, and cash proceeds from equity. We examine the effects of cash ownership for firms growing by disruption, and firms growing by acquisition. Information signaling theory maintains that free cash flows may be used to increase shareholder wealth. Two-stage least squares regressions determined the impact of cash funding on disruptors and size of acquisition in the first stage, and cash-funded disruption or cash-funded acquisition in the second stage, for a US sample of 832 disruptor firms and 924 acquirers, from 2000–2020. Disruptions funded by cash holdings, cash flow, and cash proceeds from debt, significantly increased stock returns. A size effect was observed, with small disruptors showing significant effects. Acquisitions funded by cash holdings, cash flow, and cash proceeds from debt, significantly increased stock returns and return on assets. Agency costs significantly reduced returns and profits. Results for disruptions and acquisitions support signaling theory with free cash flows signaling higher share prices for both disruptors and acquirers, and higher profits for acquirers. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to identify the chances that a certain type of investor will purchase a stake in an industry target company, considering the accounting practices and / or the audit opinion, to which certain financial information is added, related to size and profitability. The influence of these factors on the acquisition decision, reflected in the deal value, is also analyzed. Methodology – For testing and validation of working hypotheses, multinomial logistic regression, generalized linear models and multiple correspondences analysis are used, considering a sample of 631 acquisitions from the Bucharest Stock Exchange (BSE). Results – The undisclosed investors (in most cases, individuals) are interested in the size of the company, while companies consider the quality of the information provided by the target company, which applies IFRS and has the financial statements accompanied by the opinion of an auditor. Profitability is a significant factor for unlisted investors. As for the price that these investors decide to pay in the transaction, it is positively influenced by all the factors mentioned above. Originality – The study provides an overview of the types of investors who acquire stakes on the BSE and of the factors that influence the chances that they will pay a certain price for equity stakes.

At the present stage of development of the world economy - the stage of globalization, a significant role is played by transnational corporations, which become leading trading companies, investors, distributors of modern technologies, scientific and technological progress, stimulators of international labor migration. It was multinational corporations that laid the foundation for interdependent economic activity around the world, and later became the foundation of the global economy. Today, multinational corporations are not only the main actors in the world, but also an important part of the national economy, whose role is growing every year. In the context of the rapid development of globalization processes in the world economic space, an important trend is the development of TNCs. It is obvious that in today's conditions TNCs allow them to accumulate financial and investment flows in host and home countries, create incentives for innovative technologies and new products, introduce new methods and principles of effective management and promote competitiveness of the national economy. The purpose of this work is to study the competitive influence of TNCs on the development of national economies, the prospects of their activities in the growing globalization of world economic relations. In the process of research general and specific economic methods were used, namely abstract, logical, method of combining historical and logical, analysis and synthesis, calculation of absolute and relative values. Research has shown that TNCs are the largest players in the world economy, the efficiency of the national economy, its participation in WFP, the level of integration and international competitiveness depend more on the success of TNCs based in the country. The scientific novelty of the obtained results is that, the author proved, the key role of TNCs as the largest actor in the world economy, the level of integration and international competitiveness largely depend on the successful operation of TNCs. The practical significance of the results is that formulated and substantiated scientific findings, conclusions can be used to increase the international competitiveness of the national economy through the use of investment activities of TNCs in the deepening globalization.

The process of globalization in the banking sector has been an integral part of international economic and financial relations over the last few decades and has been growing rapidly ever since. Globalization offers opportunities for various integration processes in the regions, one of which is the consolidation process. Mergers and acquisitions banking is one of the means for banks to consolidate their processes, to manage their resources more efficiently, to gain a more competitive advantage and increase their profits by entering foreign capital markets. The ongoing consolidation processes in the banking sector are affecting economic growth and stability, and with the constant changes of the global economic climate, the banking sector is adapting, hence it is important to assess the factors behind the consolidation process and identify further developments in bank consolidation. In the article the following tasks were to be accomplished: 1) based on the analysis of the scientific literature, to identify the factors and reasons that promote the consolidation process, the execution of mergers and acquisitions in a global environment; 2) to perform a comparative analysis of the ratio of the share price and the value of tangible assets of banks of different regions engaged in mergers and acquisitions; 3) after evaluating the results of the comparative analysis, indicate further directions for mergers and acquisitions in different regions. After accomplishing the specified tasks, the most important factors were identified, which were attributed to internal and external motives, and the possibilities for consolidation processes in the banking regions were presented. The following research methods are used in the article – analysis of scientific literature, comparative analysis, analysis and evaluation of financial statements. Article in Lithuanian. Globalizacijos įtaka konsolidacijos procesams bankiniame sektoriuje Santrauka Bankinio sektoriaus globalizacijos procesas per pastaruosius kelis dešimtmečius buvo neatsiejama tarptautinių ekonominių ir finansinių ryšių dalis, sparčiai didėjanti iki šiol. Globalizacija sukuria galimybes vykti įvairiems integracijos procesams regionuose, vienas iš jų – konsolidacijos procesas. Susiliejimų ir įsigijimų sandorių sudarymas yra būdas bankams konsoliduoti savo veiklą, leidžiantis neatsilikti nuo pokyčių, efektyviau valdyti turimus išteklius, įgyti konkurencinį pranašumą bei padidinti savo pelną, įsitraukiant į užsienio kapitalo rinkas. Bankiniame sektoriuje vykstantys konsolidacijos procesai turi įtakos ekonomikos augimui ir stabilumui, o sparčiai keičiantis globalios ekonomikos klimatui bankinis sektorius prisitaiko, todėl svarbu įvertinti konsolidacijos procesą lėmusius veiksnius bei nustatyti tolesnę bankų konsolidacijos plėtrą. Straipsnyje išsikelti uždaviniai: 1) remiantis atlikta mokslinės literatūros analize nustatyti veiksnius ir priežastis, skatinančius konsolidacijos procesą, susiliejimų ir įsigijimų sandorių vykdymą globalioje aplinkoje; 2) atlikti skirtingų regionų bankų, vykdančių susiliejimų ir įsigijimų sandorius, akcijos kainos ir materialiojo turto vertės santykio lyginamąją analizę; 3) įvertinus lyginamosios analizės rezultatus, nurodyti tolesnes kryptis vykti susiliejimo ir įsigijimo sandoriams skirtinguose regionuose. Straipsnyje identifikuoti svarbiausi veiksniai, kurie buvo priskirti į vidinius ir išorinius motyvus, bei pateiktos tolesnės konsolidacijos procesų bankų regionuose tendencijos. Straipsnyje taikyti šie tyrimo metodai – mokslinės literatūros analizė, lyginamoji analizė, finansinių ataskaitų analizė ir vertinimas. Reikšminiai žodžiai: bankų konsolidacija, globalizacija, susiliejimai, įsigijimai, bankų sektorius, bankinė rinka.

This paper examines startups' positioning within technological cycles. We use patent text to measure whether innovation pertains to a technological area that is rapidly evolving or stable. We show that innovation in rapidly evolving areas (i.e., early in the cycle) substitute for existing technologies, whereas innovation in stable areas (i.e., later in the cycle) complement them. Our new measure is distinct from existing characterizations of innovation and is economically important. We find that startups in rapidly evolving areas tend to exit via initial public offering, thus remaining independent, consistent with technological substitution. In contrast, startups in stable areas tend to sell out, consistent with technological complementarity and synergies. This paper was accepted by Gustavo Manso, finance. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4362. [ABSTRACT FROM AUTHOR]

The study investigated the inhibiting factors of selection and acquisition of grey literature in universities libraries. In carrying out this study four research questions were posed. The study employed a descriptive research design with a questionnaire as the research instrument. The study was carried out using Statistical Package for the Social Sciences (SPSS) application software. The findings of this study show that, grey literature contributed greatly to national development since they sometimes originate from scholars and grey literature are publications which served as important materials to users of academic libraries, among others. It also show that libraries select and acquire grey literature for academics research purposes, such as civil society or non-governmental organizations reports, academic works, research records, project, research reports, conference papers, and theses, dissertation and government documents, government reports, white papers, memoranda, conference proceedings, technical specifications, bibliographies and maps and evaluations, among others. The findings indicates that, academics libraries were facing numerous obstacles in selection and acquisition of grey literature such as grey literature is not accessible through the normal distribution channels, and grey literatures are hard to locate but which in most cases contain relevant and important data. Recommendations were proffered. [ABSTRACT FROM AUTHOR]

Te Papa Museum's International History Collection comprises about 6,000 collection items, around 1,000 of which are associated with South Africa. This article provides a brief overview of the development of the collection. The authors also present a small study of the collection, focusing on provenance details of acquisitions, objects and key historical events. The article traces important historical connections between South Africa and New Zealand in the 19th century to contextualise the objects held in Te Papa's collection. It introduces the 2021 project undertaken to increase public awareness of Te Papa's South Africa collection. Five significant donors and their contribution to the museum are explored, as well as a further two objects of unknown provenance to direct future aims of building international institutional relationships. [ABSTRACT FROM AUTHOR]

The process of globalization in the banking sector has been an integral part of international economic and financial relations over the last few decades and has been growing rapidly ever since. Globalization offers opportunities for various integration processes in the regions, one of which is the consolidation process. Mergers and acquisitions banking is one of the means for banks to consolidate their processes, to manage their resources more efficiently, to gain a more competitive advantage and increase their profits by entering foreign capital markets. The ongoing consolidation processes in the banking sector are affecting economic growth and stability, and with the constant changes of the global economic climate, the banking sector is adapting, hence it is important to assess the factors behind the consolidation process and identify further developments in bank consolidation. In the article the following tasks were to be accomplished: 1) based on the analysis of the scientific literature, to identify the factors and reasons that promote the consolidation process, the execution of mergers and acquisitions in a global environment; 2) to perform a comparative analysis of the ratio of the share price and the value of tangible assets of banks of different regions engaged in mergers and acquisitions; 3) after evaluating the results of the comparative analysis, indicate further directions for mergers and acquisitions in different regions. After accomplishing the specified tasks, the most important factors were identified, which were attributed to internal and external motives, and the possibilities for consolidation processes in the banking regions were presented. The following research methods are used in the article - analysis of scientific literature, comparative analysis, analysis and evaluation of financial statements. [ABSTRACT FROM AUTHOR]

Copyright of Sociedad y Economia is the property of Universidad del Valle and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Tendencias: Revista de la Facultad de Ciencias Económicas y Administrativas is the property of Universidad de Narino, Facultad de Ciencias Economics y Administrativas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Entrepreneurship; Education / Przedsiebiorczość - Edukacja is the property of Press of Pedagogical University of Cracow and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Themis: Revista de Derecho is the property of Themis Asociacion and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A primary concern in mergers and acquisitions is the risk the deal may be cancelled before it is completed. We document that "interim risk" varies asymmetrically with the aggregate market return. Deals tend to be renegotiated when the market rises, but cancelled when the market crashes. These effects are conditional on the method of payment and the contracting stage of the deal, consistent with a mechanism of ex post renegotiation. Variation in interim risk over time alters the method of payment in mergers and the firms that are targeted and acquired. This paper was accepted by Victoria Ivashina, finance. Supplemental Material: The e-companion and data are available at https://doi.org/10.1287/mnsc.2022.4315. [ABSTRACT FROM AUTHOR]

Having analysed the history of acquisitions by public Chinese companies over the period of 1996–2020, we document no persistent statistically significant short-term market reaction upon deal completion. Short-term cumulative abnormal returns are non-different from zero regardless of whether the acquisition is the first or one of many on acquirers' record, whether it is domestic or cross-border or whether it is vertical or horizontal as well as regardless of industry and declared purpose of acquisition. In the overwhelming majority of cases, acquirers' prior acquisition experience plays no role in shaping short-term post-acquisition returns. Lower returns are associated with serial acquirers especially if the series of acquisitions occurs within the same industry. Likewise, significantly lower cumulative returns are observed if the acquiree is a state-owned entity. Overall, the markets appear to attach no abnormal returns to firms' inorganic growth regardless of its span across geographies, industries and time. [ABSTRACT FROM AUTHOR]

This study aims to show the financial performance of companies listed on the Indonesian stock exchange before and after mergers and acquisitions. This study uses a quantitative approach, with the population being all companies listed on the Indonesian stock exchange. The sampling technique uses purposive sampling to obtain a total sample of 45 companies. This study uses six financial ratios, namely, return on equity (ROA), net profit margin (NPM), quick ratio (QR), debt to asset ratio (DAR), total asset turnover (TATO), and price earning ratio (PER). Data analysis using the Wilcoxon rank test. The results showed significant differences in the ROA and NPM values before and after mergers and acquisitions were carried out. Then the value of QR, DAR, TATO, and PER is no significant difference before and after mergers and acquisitions. This study can be a reference for company owners in making decisions for mergers and acquisitions of companies.

In the continuity of a subsequent research work relating to hybrid teaching in FLE license, the present article attempts to remedy the shortcomings encountered, case of the University of Bejaia, Algeria. The latter is based on the principle of the flipped classroom. Its main purpose is to focus on course models and activities to be worked on in continuity (online and face-to-face) and takes a great interest in the knowledge taught and its acquisition on the methodological and linguistic level within the framework of a formative evaluation.

Research question: The purpose of this paper is twofold: first, to examine the effects of acquisitions on organizational culture in terms of the degree of change in certain organizational culture dimensions, and second, to examine effects of organizational culture differences on the acquired company’s performance. Motivation: Although many studies have examined the relationships among acquisitions, organizational culture and performance, especially the relationship between organizational culture differences and company performance in developed economies (Chatterjee et al., 1992; Weber & Camerer, 2003; Krishnan et al., 1997), little attention has been paid to the research into these relationships in the emerging economies. Understanding the cultural issues in the context of acquisition in the emerging economy will contribute to the literature and enable comparison of research results with results obtained in developed economies. Idea: The core idea of this paper was to empirically evaluate the relationship among acquisitions, organizational culture and performance on the example of an acquired company in the Republic of Serbia, as the emerging economy. The paper focuses on exploring the employees' perceptions of organizational culture change in the period after the acquisition, as well as managers’ perceptions of the acquired company’s performance. Data: The survey was conducted in the company operating in the Republic of Serbia which was the subject of cross-border acquisition. The sample consists of 344 respondents (managers and employees) from the acquired company. Tools: Descriptive statistical analysis, Mann-Whitney U-test and regression analysis were applied in the study. Findings: The results of the research demonstrate that innovation as a dimension of organizational culture has changed to a greatest extent. Further, the results show that there are no statistically significant differences in the ways of how managers and employees perceive changes in organizational culture. Additionally, the results of the research show that organizational cultural differences have a positive influence on performance of the acquired company. Contribution: This paper contributes to a better understanding of the significance of organizational culture changes in an acquired company in the emerging economy and formulates practical suggestions for the managers in future acquisitions.

How do incumbent firms respond over time to a potentially disruptive technology? This article documents the strategies of 12 large pharmaceutical firms over 25 years as they addressed the opportunity/threat of biotechnology. All showed awareness of biotechnology’s potential, but their response profiles varied dramatically in terms of timing (early/late) and focus (external/internal). Late movers mostly made large acquisitions to “catch up,” but early movers maintained their lead in terms of biotechnology-based drug sales and profitability, and those with a more “open” response profile performed better. This response involves a three-step process: building awareness (sensing), building capability (responding), and building commitment (scaling). [ABSTRACT FROM AUTHOR]

Over the last two decades global economy and financial markets have seen many crises with an increasing frequency. Many of them were either unexpected or their effects were unpredictable. Therefore, a lot of conventional and popular investment opportunities have shortened or became less attractive for either private or institutional investors leaving a room for new instruments and products to gain popularity. Unlike new volatile and uncertain markets like cryptocurrency, there are potentially more stable processes such as M&A activity, which can be predicted to earn abnormal returns. In this paper, we study various financial and non-financial indicators of acquired and non-acquired companies to provide a set of variables that can describe a company from different perspectives. Next, M&A prediction model is designed. Then, techniques are discovered to increase its explanatory and predictive power, and flexibility making it applicable for different economic environments without being harder to implement it by a potential user. In the end, its efficiency is measured on a real data to compare it with a result of methods found in earlier papers. [ABSTRACT FROM AUTHOR]

We show that opportunistic insiders can be identified through the profitability of their trades prior to quarterly earnings announcements (QEAs) and that opportunistic trading is associated with various kinds of firm or managerial misconduct. A value-weighted trading strategy based on (not necessarily pre-QEA) trades of opportunistic insiders earns monthly four-factor alphas of over 1%, which is much higher than in past insider trading literature and substantial and significant even on the short side. Firms with opportunistic insiders have higher levels of earnings management, restatements, US Securities and Exchange Commission enforcement actions, shareholder litigation, and executive compensation. These findings suggest that opportunism is a domain-general trait.

The US banking sector has consolidated through acquisitions in recent decades, resulting in a significant decrease in the number of lending institutions. Agricultural commercial banks have been preferred target of such acquisitions, representing 15%–40% of all acquisitions between 1994 and 2018. In this study, we examine the postacquisition performance of banks that acquire agricultural banks in terms of profitability, bankruptcy risk, and loan monitoring process between 1994 and 2018. We also test whether the shared knowledge between the acquiring bank and the target bank in terms of geography, product, and culture affect the postacquisition outcomes. While we document improved profitability from agricultural bank acquisitions, the improvement is rather short‐lived without long‐term benefits. Also, we do not find improvement in other performance measures. Also, we find a negative effect of cultural knowledge, highlighting the complex implications of acquisitions. [EconLit Citations: G21, G34, Q1]. [ABSTRACT FROM AUTHOR]

The paper aims to find the best practices of print book procurement in select central university libraries in northern India, including getting maximum discounts and supply of ordered books, and empanelling vendors. Through online questionnaires, selected libraries' book procurement procedures have been surveyed. Further, acquisition staff were consulted, and websites were accessed to learn book procurement procedures at central universities. Data collected from select seven university libraries were recorded in Microsoft Excel worksheets, aggregated, and summarized to create consolidated datasets for analysis. It is found that five universities buy books from empanelled vendors by setting minimum and maximum discount rates on print books. Vendors are increasingly being asked for discount quotes through expressions of interest. University libraries don't seem to buy books through tendering process or through government e-market place (GeM). [ABSTRACT FROM AUTHOR]

Small and startup IT (SSIT) firms are responsible for a lot of important IT innovations in the IT industry. Several SSIT firms are then bought by larger, more established IT companies that want to drive their innovation, add new product and service lines, or limit competition. However, because SSIT firms are often small and difficult to find, it is hard for many of them to show acquiring firms how good they are. We discuss three "information chasms" to explain why it is difficult for SSIT firms to show how good they are, and we suggest that the SSIT firms that successfully cross these "information chasms" can become acquired for a higher price. Using a dataset of over two hundred acquisitions of SSIT firms in the IT industry from the mid-2000s to the mid-2010s, we find that our hypotheses are confirmed. When SSIT firms invest in activities that eliminate uncertainty about the firm's knowledge resources and promote the firm, they are acquired at a higher price. In addition, purchasers pay a premium for SSIT firms that continue to utilize mature IT during acquisitions. [ABSTRACT FROM AUTHOR]

Research question: The purpose of this paper is twofold: first, to examine the effects of acquisitions on organizational culture in terms of the degree of change in certain organizational culture dimensions, and second, to examine effects of organizational culture differences on the acquired company's performance. Motivation: Although many studies have examined the relationships among acquisitions, organizational culture and performance, especially the relationship between organizational culture differences and company performance in developed economies (Chatterjee et al., 1992; Weber & Camerer, 2003; Krishnan et al., 1997), little attention has been paid to the research into these relationships in the emerging economies. Understanding the cultural issues in the context of acquisition in the emerging economy will contribute to the literature and enable comparison of research results with results obtained in developed economies. Idea: The core idea of this paper was to empirically evaluate the relationship among acquisitions, organizational culture and performance on the example of an acquired company in the Republic of Serbia, as the emerging economy. The paper focuses on exploring the employees' perceptions of organizational culture change in the period after the acquisition, as well as managers' perceptions of the acquired company's performance. Data: The survey was conducted in the company operating in the Republic of Serbia which was the subject of cross-border acquisition. The sample consists of 344 respondents (managers and employees) from the acquired company. Tools: Descriptive statistical analysis, Mann-Whitney U-test and regression analysis were applied in the study. Findings: The results of the research demonstrate that innovation as a dimension of organizational culture has changed to a greatest extent. Further, the results show that there are no statistically significant differences in the ways of how managers and employees perceive changes in organizational culture. Additionally, the results of the research show that organizational cultural differences have a positive influence on performance of the acquired company. Contribution: This paper contributes to a better understanding of the significance of organizational culture changes in an acquired company in the emerging economy and formulates practical suggestions for the managers in future acquisitions. [ABSTRACT FROM AUTHOR]

Global industry has been undergoing changes in the concentration of brand ownership and production, with acquisitions and closures being a major factor in this evolution. The impacts of such activities are commonly studied from an economic perspective and from the perspective of internal firm-level and deal-level factors, while the influence of external geographical factors is largely neglected. Our research focuses mainly on the importance of geographical cultural factors affecting beer brands whose production location was moved after the closure of the original breweries. The research includes a complete sample of 30 brands from recently closed breweries across Europe. Brands are divided into seven categories according to how their marketing strategy has (or has not) changed in terms of exploiting regional and national identity. The overall success of these brands is then measured in terms of the development of their share in the home countries’ markets. Differences in brands’ strategies and successes are explained through a wide range of country-level factors and the individual characteristics of the breweries. It is shown that the level of beer tradition or identity in the countries, as well as the country’s beer life-cycle position, plays a crucial role in the evolution of the studied brands.

Orientation: In business rescue, when pursuing the sale of the business to a third party, the business rescue practitioner (BRP) may use different bidding processes to interact with and select buyers. Research purpose: This study aimed to provide a framework to classify and describe the various bidding processes, including identifying the factors that would preserve value to the benefit of creditors and shareholders. Motivation for the study: Chapter 6 of the Companies Act is silent on the requirements regarding bidding processes. Therefore, the industry and legislator may benefit from guidance from industry experts. Research approach/design and method: Qualitative exploratory, using semi-structured interviews with 11 South African senior business rescue practitioners. Main findings: Three types of bidding processes were identified. In a sophisticated bidding process, information is communicated to buyers using a virtual data room. The second bidding process is less sophisticated; printed document packs are provided to bidders, and bids are submitted in tender boxes. Thirdly, the private bid-out process, where preferred bidders compete against each other in a closed envelope boardroom auction. The findings also revealed that deal certainty is more important in business rescue than ordinary mergers and acquisitions. Moreover, an equitable value, rather than a general market value, is often applied because of the bidding process. Lastly, the study identified a need for the pre-involvement of the BRP before a company files for business rescue, an aspect not currently allowed by the Companies Act. Practical/managerial implications: BRPs can benefit from the explication of the types and detailed steps of bidding processes. Moreover, the findings fill the void of limited guidance in the Companies Act. Contribution/value-add: The classification and description of the various bidding processes and key considerations in the context of a business rescue will assist BRPs in South Africa in preserving value under business rescue and guide the legislator in amending the Companies Act.

In 2020, a survey was conducted of timberland investment professionals. The focus of the survey was collecting and examining transaction cost data within the timberland investment space. The data collected were generally lacking in the public domain, as well as academic literature, yet it provides insight into the significant costs that are involved in timberland investing. The survey revealed that the U.S. South and the Pacific Northwest have significant differences in investor expectations for transaction costs. The objective of the current study was to explore the differences in transaction costs for the two regions and to uncover the relationships between (1) timberland transaction costs; (2) investment interest; and (3) prior experience in owning, investing, or managing timberland in either region. The findings of this work confirmed that transaction costs were a statistically significant predictor of investor interest in the U.S. South and the Pacific Northwest. The findings also showed that prior ownership, investment, or management experience in either region were a statistically significant predictor of investor interest in the U.S. South and the Pacific Northwest. Furthermore, this work explores factors that appear to rationalize the high investor interest in the Pacific Northwest, despite investor expectations of much higher transaction costs associated with timberland acquisition within this region.

The emergence and spread of the COVID-19 pandemic have significantly changed the way commerce processes have been carried out over the last two years. Considering the development of the Internet and the increasing use of digitalization in recent years, electronic commerce has become an important part of the global retail framework. Accordingly, mobile commerce has emerged and developed through various applications as a modern alternative for buying and selling products and/or services using only mobile devices. This paper aims to identify and analyze several key factors that influence students' perceptions regarding m-commerce acquisitions. It also attempts to illustrate some of the main advantages and disadvantages of m-commerce acquisition and to investigate its influence on students' perceptions regarding m-commerce purchases. In order to achieve these objectives, the authors gathered data through a quantitative research method by using a questionnaire. The data were analyzed and interpreted through a factorial analysis that uses the presentation of the main components as an extraction method, with the varimax rotation method adopting Kaiser normalization, and processed with SPSS statistical software. The results of this research show that mobile-commerce acquisitions are influenced by five factors (social, political-legislative, technological, financial, and economic). In this respect, social and political-legislative factors influence, at a moderate level, the general frequency of m-commerce acquisition, while the economic factor does not influence the general frequency of m-commerce purchases. The study provides a theoretical model that takes into account the factors that influence m-commerce acquisition, including the influence of the perceived advantages and disadvantages on m-commerce purchase. The paper also displays the way in which these items influence students' perception on m-commerce acquisitions. [ABSTRACT FROM AUTHOR]