This paper develops a theoretical framework which combines ideas underlying new public management (NPM) with new institutional sociology (NIS) to explore the development of performance management during a period of healthcare reform. The framework distinguishes three categories of explanatory variables; NPM antecedents, the institutional environment and institutional elements within a three tier level of analysis; economic/political, organisational field and organisational unit level. Evidence to support the relevance and appropriateness of this framework is gathered within the Irish health service using in‐depth interviews, a questionnaire and documentary data. The application of the framework highlights that all antecedents of NPM can be influential and that all institutional elements can play a role at the three different levels of analysis.
We investigate the determinants of short term wealth effects for both public acquiring and target shareholders following the announcement of UK acquisitions over the period 1990-2005. Regardless of their nationality, overall acquirers incur losses, with domestic acquirers underperforming cross-border acquirers in general. For the latter no differences in returns between regions are found once the differences in corporate governance regimes are controlled for.Instead it is firm characteristics and in particular firm leverage that largely explains acquirers returns. All targets gain significantly but the higher returns associated with international deals disappear once bid characteristics are controlled for.
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