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Cezhraničné fúzie a akvizície v kontexte vnímania faktorov ich realizácie v pred- a postfúzijnom a akvizičnom procese
[Cross-border Mergers and Acquisitions in the Context of Perception of the Factors of Their Implementation in the Pre- and-Post-Merger-and-Acquisition Process]

Author

Listed:
  • Jaroslava Hečková
  • Miroslav Frankovský
  • Zuzana Birknerová
  • Alexandra Chapčáková

Abstract

The paper aims at the issue of perception of the factors of implementation of the pre- and post-merger-and-acquisition process. The original methodologies aDM&A (ante-Determinants of Mergers and Acquisitions) and pDM&A (post-Determinants of Mergers and Acquisitions) were verified on the basis of an analysis of the views of managers from 120 companies. The factor analysis of the data obtained enabled extraction of the key factors of implementation of the pre- and post-merger-and-acquisition process. The paper also presents the basic parameters of the methodology aDM&A Eigenvalues and pDM&A Eigenvalues, the percentage of the variance explained, Cronbach's alpha, inter-correlations of the extracted factors, and the results of the analysis of differences in the assessment of the extracted factors by managers. The extracted factors were Synergy potential, Business environment, Investment benefit, and Financial management in the context of the pre-merger-and-acquisition process, and Unification strategy, Business management, Internal business environment, Business identity, and Strategic intent in the post-merger-and-acquisition process.

Suggested Citation

  • Jaroslava Hečková & Miroslav Frankovský & Zuzana Birknerová & Alexandra Chapčáková, 2018. "Cezhraničné fúzie a akvizície v kontexte vnímania faktorov ich realizácie v pred- a postfúzijnom a akvizičnom procese [Cross-border Mergers and Acquisitions in the Context of Perception of the Fact," Politická ekonomie, Prague University of Economics and Business, vol. 2018(5), pages 609-632.
    • Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1213:p:609-632
    DOI: 10.18267/j.polek.1213
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    References listed on IDEAS

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    1. Marc Goergen & Luc Renneboog, 2004. "Shareholder Wealth Effects of European Domestic and Cross‐border Takeover Bids," European Financial Management, European Financial Management Association, vol. 10(1), pages 9-45, March.
    2. John G. Matsusaka, 1993. "Takeover Motives during the Conglomerate Merger Wave," RAND Journal of Economics, The RAND Corporation, vol. 24(3), pages 357-379, Autumn.
    3. Rikard Larsson & Sydney Finkelstein, 1999. "Integrating Strategic, Organizational, and Human Resource Perspectives on Mergers and Acquisitions: A Case Survey of Synergy Realization," Organization Science, INFORMS, vol. 10(1), pages 1-26, February.
    4. Schuler, Randall & Jackson, Susan, 2001. "HR issues and activities in mergers and acquisitions," European Management Journal, Elsevier, vol. 19(3), pages 239-253, June.
    5. Kathleen Fuller & Jeffry Netter & Mike Stegemoller, 2002. "What Do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions," Journal of Finance, American Finance Association, vol. 57(4), pages 1763-1793, August.
    6. Angwin, Duncan, 2004. "Speed in M&A Integration:: The First 100 Days," European Management Journal, Elsevier, vol. 22(4), pages 418-430, August.
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    Cited by:

    1. Jaroslava Hečková & Róbert Štefko & Miroslav Frankovský & Zuzana Birknerová & Alexandra Chapčáková & Lucia Zbihlejová, 2019. "Cross-Border Mergers and Acquisitions as a Challenge for Sustainable Business," Sustainability, MDPI, vol. 11(11), pages 1-13, June.

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    More about this item

    Keywords

    cross-border mergers and acquisitions; pre-merger management; pre-acquisition management; post-merger management; post-acquisition acquisition; methodology aDM& A management; A;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • M19 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Other

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