An analysis of the impact of economic context of selected determinants of cross-border mergers and acquisitions in the EU

Štefko, Róbert; Hečková, Jaroslava; Gavurová, Beata; Valentiny, Tomas; Chapčáková, Alexandra; Kaščáková, Dagmara Ratnayake

doi:10.1080/1331677x.2022.2048200

Cited by 10 publications

(9 citation statements)

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“…On the other hand, the stability in the legal environment (Stefko et al, 2021) and the quality of the institutional environment are very crucial for the development of some industries (Stefko et al, 2022d). In this regard, the costs of borrowing for innovative initiatives and R&D activities can be reduced by the regulations of governments to increase the innovativeness of competitive industries or some sectors that have imperfect competition causing limited financing options (Stefko et al, 2018).…”

Section: Discussionmentioning

confidence: 99%

The differences in the impact of entrepreneurial abilities of various European SMEs on their financial risk perceptions

Civelek¹,

Durda²,

Vincúrová³

et al. 2022

EBER

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The objective of the article is to investigate whether the impact of innovativeness and competitiveness of small and medium-sized enterprises (SMEs) on their financial risks differ depending on the countries where SMEs are located. Research Design & Methods:The researchers created an online questionnaire and gained data from 1221 Czech, Slovak, and Hungarian SMEs. Moreover, the researchers applied ordinal logistic regression analyses to achieve the goal of this study. Findings: According to the results, the impact of competitiveness on the bankruptcy risk perception of SMEs differ depending on the countries where they operate. Concerning the impact of innovativeness on financial performance and financial risk management, this article also proves that international differences between SMEs exist. Implications & Recommendations:The developments in the financial literacy of company executives and their managerial experiences and the improvements in credit access conditions, intellectual property rights, and tax legislation can make SMEs reduce their concerns about their financial risks. Thus, policymakers' implementations are crucial to providing equal opportunities for SMEs even if they operate in various markets. Contribution & Value Added: This current research does not only make international comparisons among the investigated variables but also analyses the impacts of entrepreneurial competencies on various indicators of financial risk. These facts not only make this research become a unique study in the literature but also the reason why it should garner the interest of prospective readers such as policymakers, academicians, and SME owners.

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Section: Discussionmentioning

confidence: 99%

The differences in the impact of entrepreneurial abilities of various European SMEs on their financial risk perceptions

Civelek¹,

Durda²,

Vincúrová³

et al. 2022

EBER

View full text Add to dashboard Cite

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“…Government measures like investment Moreover, the creation of industrial zones by governments might also enable businesses to apply more crossborder activities, including increases in export (Navickas et al, 2021), merger and acquisition actions (Ključnikov et al, 2021(Ključnikov et al, , 2022 since those zones also enable foreign businesses to operate in such regions (Civelek et al, 2021). Firms can also closely follow other companies' technologies and use those technologies for their internationalization process (Stefko et al, 2022). The results of the research carried out by us presented in this contribution in the investigated period of 1998 to 2021 as well as in our previous studies Hečková, et al (2016), Hečková et al (2018) with a narrow view of the selected predictors confirm that European integration in general, and EMU, in particular, have stimulated intra-EU cross-border M&A activity and to have enhanced the attractiveness of European companies.…”

Section: Discussionmentioning

confidence: 99%

“…They are an essential source of value creation and provide the means to access new jurisdictions and take advantage of different economic, market and consumer dynamics. Thus, they provide social and economic benefits (Stefko et al, 2022). They are also critical for the sustainable and profitable growth of corporations, even today, for their core business activities and future value-generating activities.…”

Section: Introductionmentioning

confidence: 99%

An analysis of the impact of selected predictors for cross-border M&A activity within the European area

Chapčáková¹,

Hečková²,

Gombár³

et al. 2022

JESI

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This paper provides a comprehensive overview of European M&A activity from 1998-2021. It examines trends and drivers of cross-border mergers and acquisitions, examining how European integration has affected M&A activity and the critical characteristics of M&As in the European Area. The ambition is to contribute to the existing literature on M&A activity in Europe. The paper aims to analyze the impact of advancing integration processes in Europe through our selected predictors on capital reallocation through cross-border M&As as a whole and also separately in the manufacturing sector and the service sector in the examined period in the countries of the European area through a generalized regression model and identify peculiarities in both industries. To achieve this goal, we investigated a new dataset of all completed M&A between 1998 and 2021 in 19 sources and 28 target countries of the European Area.

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“…Based on the review of the existing literature, the authors of this paper conclude that, firstly, in view of the economic consequences of financialization, current researchers mainly conduct research from the macro view, and pay relatively less attention to the phenomenon of financialization phenomenon within companies, and they ignore the impact of corporate financialization on corporate governance (Stefko et al 2022). Companies are the main actors in economic activities, and the agency costs have a significant impact on corporate value.…”

Section: Review Of Existing Literaturesmentioning

confidence: 99%

Will the luxury culture of the financial industry spread to non-financial companies? Based on empirical evidence of corporate financialization

Gao

Šuleř

Tang

2022

Journal of International Studies

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China is the second-largest economy in the world. Recently it has shown a significant trend of financialization. The financial industry is becoming increasingly influential across the whole country. However, there is much negative information about its prevalent luxurious lifestyle. According to the finding presented in this paper, corporate financialization may cause the luxury culture of the financial industry to spread to non-financial companies, and the excessive perquisites reflect the luxury consumption of non-financial companies’ managers. This paper aims to determine the relationship between corporate financialization and excessive perquisites, as well as explore the mutual relationship between the two, in particular the role of luxury culture. Based on a sample of A-share companies listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2021, this paper uses the difference between the total perquisites and the expected normal perquisites determined by economic factors to identify excessive perquisites. The Penman-Nissim framework is employed to measure corporate financialization and OLS regression analysis is performed. The empirical results show that the phenomenon of corporate financialization has a significant positive impact on excessive perquisites. Further research shows that such an impact is only evident during the period associated with established luxury culture excessive perquisites. This relationship can also be influenced by the skills and professional experience of managers, the level of corporate cash holdings, and investment income. This paper confirms the effect of luxury culture on firms’ financial behaviour and identifies new factors influencing excessive perquisites.

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An analysis of the impact of economic context of selected determinants of cross-border mergers and acquisitions in the EU

Cited by 10 publications

References 50 publications

The differences in the impact of entrepreneurial abilities of various European SMEs on their financial risk perceptions

The differences in the impact of entrepreneurial abilities of various European SMEs on their financial risk perceptions

An analysis of the impact of selected predictors for cross-border M&A activity within the European area

Will the luxury culture of the financial industry spread to non-financial companies? Based on empirical evidence of corporate financialization

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