Cross-border acquisitions and shareholder wealth: Evidence from the energy industry in Central and Eastern Europe
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 fir...
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| Veröffentlicht in: | Journal for East European management studies 2010-01, Vol.15 (2), p.106-127 |
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| creator | Bednarczyk, Tomasz P Schiereck, Dirk Walter, Hendrik N |
| description | 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.
Wir betrachten die Werteffekte nach Ankündigungen von grenzüberschreitenden Akquisitionen von Unternehmen der Energiewirtschaft in Mittel- und Osteuropa zwischen 1995 und 2005, bei denen jeweils ein westeuropäischer Bieter einbezogen war. Sowohl der Einfluss auf die Unternehmensperformance als auch auf den ausländischen Anteilsbesitz auf Branchenebene wird diskutiert. Als Haupttreiber des positiven Werteffekts kann die Branchenbeziehung ausgemacht werden, während M&A-Erfahrung und die relative Größe des Kaufobjekts keinen signifikanten Einfluss aufweisen. |
| doi_str_mv | 10.5771/0949-6181-2010-2-106 |
| format | Article |
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Wir betrachten die Werteffekte nach Ankündigungen von grenzüberschreitenden Akquisitionen von Unternehmen der Energiewirtschaft in Mittel- und Osteuropa zwischen 1995 und 2005, bei denen jeweils ein westeuropäischer Bieter einbezogen war. Sowohl der Einfluss auf die Unternehmensperformance als auch auf den ausländischen Anteilsbesitz auf Branchenebene wird diskutiert. Als Haupttreiber des positiven Werteffekts kann die Branchenbeziehung ausgemacht werden, während M&A-Erfahrung und die relative Größe des Kaufobjekts keinen signifikanten Einfluss aufweisen.</description><identifier>ISSN: 0949-6181</identifier><identifier>EISSN: 1862-0019</identifier><identifier>DOI: 10.5771/0949-6181-2010-2-106</identifier><language>eng</language><publisher>Mering: Rainer Hampp Verlag</publisher><subject>Acquisitions ; Acquisitions & mergers ; Business structures ; Capital expenditures ; capital market integration ; Capital markets ; Central Europe ; corporate control ; Corporate mergers ; Cross border transactions ; cross-border mergers and acquisitions ; Cross-national analysis ; Eastern Europe ; Economic concentration ; Economic performance ; Efficiency ; Electricity ; Energy ; Energy industry ; Industry ; Investors ; Market positioning ; Mergers ; Ownership ; Privatization ; Regulated industries ; Shareholders ; Shareholders wealth ; Stockholders ; Studies ; Suppliers ; Target companies ; Tender offers ; Transition economies ; Transitional economies ; Transnationalism ; Wealth</subject><ispartof>Journal for East European management studies, 2010-01, Vol.15 (2), p.106-127</ispartof><rights>Copyright Nomos Verlagsgesellschaft mbH und Co KG 2010</rights><rights>Copyright Rainer Hampp Verlag 2010</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c458t-4688dc86fa802b230e4e8e14983f2fe485ec56cf4c127a10c006bdcd8bade4cb3</citedby></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/23281860$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/23281860$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,803,27924,27925,58017,58250</link.rule.ids></links><search><creatorcontrib>Bednarczyk, Tomasz P</creatorcontrib><creatorcontrib>Schiereck, Dirk</creatorcontrib><creatorcontrib>Walter, Hendrik N</creatorcontrib><title>Cross-border acquisitions and shareholder wealth: Evidence from the energy industry in Central and Eastern Europe</title><title>Journal for East European management studies</title><description>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.
Wir betrachten die Werteffekte nach Ankündigungen von grenzüberschreitenden Akquisitionen von Unternehmen der Energiewirtschaft in Mittel- und Osteuropa zwischen 1995 und 2005, bei denen jeweils ein westeuropäischer Bieter einbezogen war. Sowohl der Einfluss auf die Unternehmensperformance als auch auf den ausländischen Anteilsbesitz auf Branchenebene wird diskutiert. Als Haupttreiber des positiven Werteffekts kann die Branchenbeziehung ausgemacht werden, während M&A-Erfahrung und die relative Größe des Kaufobjekts keinen signifikanten Einfluss aufweisen.</description><subject>Acquisitions</subject><subject>Acquisitions & mergers</subject><subject>Business structures</subject><subject>Capital expenditures</subject><subject>capital market integration</subject><subject>Capital markets</subject><subject>Central Europe</subject><subject>corporate control</subject><subject>Corporate mergers</subject><subject>Cross border transactions</subject><subject>cross-border mergers and acquisitions</subject><subject>Cross-national analysis</subject><subject>Eastern Europe</subject><subject>Economic concentration</subject><subject>Economic performance</subject><subject>Efficiency</subject><subject>Electricity</subject><subject>Energy</subject><subject>Energy industry</subject><subject>Industry</subject><subject>Investors</subject><subject>Market positioning</subject><subject>Mergers</subject><subject>Ownership</subject><subject>Privatization</subject><subject>Regulated industries</subject><subject>Shareholders</subject><subject>Shareholders wealth</subject><subject>Stockholders</subject><subject>Studies</subject><subject>Suppliers</subject><subject>Target companies</subject><subject>Tender offers</subject><subject>Transition economies</subject><subject>Transitional 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energy industry in Central and Eastern Europe</atitle><jtitle>Journal for East European management studies</jtitle><date>2010-01-01</date><risdate>2010</risdate><volume>15</volume><issue>2</issue><spage>106</spage><epage>127</epage><pages>106-127</pages><issn>0949-6181</issn><eissn>1862-0019</eissn><abstract>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.
Wir betrachten die Werteffekte nach Ankündigungen von grenzüberschreitenden Akquisitionen von Unternehmen der Energiewirtschaft in Mittel- und Osteuropa zwischen 1995 und 2005, bei denen jeweils ein westeuropäischer Bieter einbezogen war. Sowohl der Einfluss auf die Unternehmensperformance als auch auf den ausländischen Anteilsbesitz auf Branchenebene wird diskutiert. Als Haupttreiber des positiven Werteffekts kann die Branchenbeziehung ausgemacht werden, während M&A-Erfahrung und die relative Größe des Kaufobjekts keinen signifikanten Einfluss aufweisen.</abstract><cop>Mering</cop><pub>Rainer Hampp Verlag</pub><doi>10.5771/0949-6181-2010-2-106</doi><tpages>22</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0949-6181 |
| ispartof | Journal for East European management studies, 2010-01, Vol.15 (2), p.106-127 |
| issn | 0949-6181 1862-0019 |
| language | eng |
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| source | Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Acquisitions Acquisitions & mergers Business structures Capital expenditures capital market integration Capital markets Central Europe corporate control Corporate mergers Cross border transactions cross-border mergers and acquisitions Cross-national analysis Eastern Europe Economic concentration Economic performance Efficiency Electricity Energy Energy industry Industry Investors Market positioning Mergers Ownership Privatization Regulated industries Shareholders Shareholders wealth Stockholders Studies Suppliers Target companies Tender offers Transition economies Transitional economies Transnationalism Wealth |
| title | Cross-border acquisitions and shareholder wealth: Evidence from the energy industry in Central and Eastern Europe |
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