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Cross-border acquisitions and shareholder wealth: Evidence from the energy and industry in Central and Eastern Europe


  • Tomasz P. Bednarczyk
  • Dirk Schiereck
  • Hardrik N. Walter


We look at the wealth generated for shareholders of energy assets in Central and Eastern Europe (CEE) by the announcement of cross-border mergers or acquisitions involving a bidder from a Western industrialized country between 1995 and 2005. The impact on both the performance improvements at the firm level as well as on an industry and economic level of foreign ownership of the energy assets in CEE are discussed. The main driver behind the positive effect is the industrial relatedness in acquiring CEE energy assets, while bidder experience and the relative size of the acquired stake do not impact the results significantly.

Suggested Citation

  • Tomasz P. Bednarczyk & Dirk Schiereck & Hardrik N. Walter, 2010. "Cross-border acquisitions and shareholder wealth: Evidence from the energy and industry in Central and Eastern Europe," Journal of East European Management Studies, Rainer Hampp Verlag, vol. 15(2), pages 106-127.
  • Handle: RePEc:rai:joeems:doi_10.1688/1862-0019_jeems_2010_02_bednarczyk

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    Cited by:

    1. repec:eee:enepol:v:107:y:2017:i:c:p:258-277 is not listed on IDEAS
    2. Gamal Atallah & Yang Zhou, 2017. "Performance of Cross-Border Acquisitions: Evidence from Canadian Firms Acquired by Emerging Market Firms," Working Papers 1710E, University of Ottawa, Department of Economics.
    3. Lebedev, Sergey & Peng, Mike W. & Xie, En & Stevens, Charles E., 2015. "Mergers and acquisitions in and out of emerging economies," Journal of World Business, Elsevier, vol. 50(4), pages 651-662.
    4. Evgenii Monastyrenko, 2016. "Cross-Border M&As and Eco-Environmental Performance of European Energy Utilities," FIW Working Paper series 169, FIW.

    More about this item


    cross-border mergers and acquisitions; capital market integration; corporate control; energy industry;

    JEL classification:

    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L94 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Electric Utilities
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • P10 - Economic Systems - - Capitalist Systems - - - General
    • P12 - Economic Systems - - Capitalist Systems - - - Capitalist Enterprises
    • P31 - Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions


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