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The variegated role of proximities in acquisitions by domestic and international companies in different phases of economic cycles

Author

Listed:
  • KvÄ•toň, Viktor
  • BÄ•lohradský, AleÅ¡
  • Blažek, Jiří

Abstract

This paper aims at an understanding of acquisition processes in a strongly industrialized and export†oriented economy in Central Europe. Drawing on a proximity framework and behaviour theory, the paper investigates that the geographical proximity dimension is more influential than the cognitive proximity dimension. At the same time, cognitive proximity matters more for foreign firms investing into the economy than for domestic acquisitions. While the role of cognitive proximity diminished during the economic crisis, geographical proximity keeps its importance throughout the economic cycle. Moreover, cognitive proximity has become more important for acquisitions of large companies and less for SMEs.

Suggested Citation

Handle: RePEc:eee:paresc:v:99:y:2020:i:3:p:583-602
DOI: 10.1111/pirs.12506
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JEL classification:

  • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
  • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
  • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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