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Post-acquisition performance of firms acquired in cross-border acquisitions: Theoretical considerations and empirical evidence / CIR Analyses 9 « Back

Jože Damijan, Črt Kostevc, Matija Rojec

Obseg: 69 strani / vezava: e knjiga / leto izida: 2011

ISBN: 978-961-235-572-2

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The monograph presents an overview of theoretical and empirical literature on the post-acquisition performance of firms acquired by foreign investors, i.e. on what happens to the level and growth of productivity of companies, and of activity in terms of sales, employment, R&D and innovation, etc. after being acquired by foreign investors. The objective of the overview is to identify relevant propositi¬ons for empirical analysis of acquired companies` post-acquisition performance. Two streams of literature are relevant for this task. The first is the literature on the performance, mostly productivity, of foreign affiliates as such and in comparison with domestic firms. From foreign affiliate`s performance point of view, there is no difference between greenfield and acquisition in the longer run. Therefore, the findings and propositions arising from general literature on foreign affiliates` per¬formance can also be applied to foreign acquisitions. The second, in our case the main stream of literature, is the one on post-acquisition performance of acquired firms, especially in the part which distinguishes between cross-border and dome¬stic acquisitions

Monografija predstavlja pregled teoretične in empirične literature o uspešnosti podjetij po prevzemih, ki so jih izvedli tuji investitorji. Predstavi, kaj se po tujem prevzemu zgodi z obsegom in rastjo produktivnosti prevzetih podjetij ter z obse¬gom in rastjo različnih kazalcev njihove aktivnosti, kot so prodaja, zaposlenost, raziskave in razvoj, inovacije itd. Cilj pregleda je identificirati relevantne hipo¬teze za empirično analizo po-prevzeme uspešnosti podjetij, ki so jih prevzeli tuji investitorji. Za to nalogo sta pomembni dve smeri literature. Prva je literatura o uspešnosti, predvsem produktivnosti, tujih podružnic kot takih in v primerjavi z domačimi podjetji. Z vidika uspešnosti tujih podružnic na daljši rok ni razlike med novimi (‘greenfield’) tujimi investicijami in tujimi akvizicijami. Torej lahko ugotovitve in hipoteze, ki izhajajo iz splošne literature o uspešnosti tujih podru¬žnic, apliciramo tudi na tuje prevzeme. Druga in v našem primeru glavna smer literature pa je tista o po-prevzemni uspešnosti prevzetih podjetij, še posebej v tistem delu, ki razlikuje med preko-mejnimi in domačimi prevzemi.

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