Strategy researchers believe that the better the strategic fit or relatedness between the bidding and acquired firms, the greater should be the economic gain from the merger. Although merger performance has been widely researched we recognized that empirical results on merger performance are inconclusive and that there are research gaps related to geographical settings, time frame and methodological approach. Thus, the research question examined in our study was to find out if acquisition strategy or relatedness of merging companies increases performance of the bidding company. Also we considered moderating effect of premerger bidder profitability on the performance of the merger. Our study predicts that relatedness between merging companies has a positive impact on the merger's performance. Results of 49 mergers completed in 2008 in EU member countries and Switzerland show that related mergers have better merger scores than unrelated mergers. We also predict that the impact of the related acquisition strategy becomes more positive as bidder premerger performance decreases.
Purpose -The purpose of this paper is to present the idea that CSR needs to be communicated from four different levels -government, community, company, and the individual. It also aims to stress that women managers in Croatia are still discriminated against and to show that managers in SMEs in Croatia need to become more aware of the importance of CSR.Design/methodology/approach -This paper is based on several different researches conducted on different populations -those of women managers and of SME managers.Findings -The findings of this paper show that, for the improvement of CSR awareness in general, the CSR idea needs to be communicated on four different levels simultaneously. Even though there are more women managers in higher positions in Croatia, they are still discriminated against. Managers of small and medium-sized enterprises are still not thinking enough about all stakeholders when making decisions.Practical implications -This paper shows that, in practice, government, community, companies and individuals should be consistent in communicating and working on the CSR idea for the general welfare and advancement of society. Originality/value -The main value of the paper is that it provides the newest results on CSR for companies in Croatia. This paper also gives a new perspective on the importance of simultaneous attempts to communicate the CSR idea for the advancement of society.
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