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3 Ekonomický časopis (Journal of Economics)
1 Právny obzor. Teoretický časopis pre otázky štátu a práva (Juridical Review. Theoretical journal for the questions of state and law)

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CROSS-BORDER MERGERS AND ACQUISITIONS IN THE CONTEXT OF EVALUATION OF THE ATTRIBUTES OF THEIR FUTURE IMPLEMENTATION

100%

Hečková J. , Birknerová Z. , Chapčáková A. , Zbihlejová L.

Ekonomický časopis (Journal of Economics)

2021

tom 69

nr 2

204 – 219

Identification and specification of the key attributes influencing the considerations about implementation of a future cross-border merger or acquisition (M&A) are the main objective of the paper. Based on the views of managers from 165 international corporations located in 45 EEA countries that had previously been the subject of a cross-border M&A, significant attributes relating to their experience from its implementation were extracted. By means of the Principal Component Analysis with Varimax Rotation, three key attributes of implementation of a potential M&A process were extracted and labelled as Aims, Concerns, and Reasons. The content specification of the individual attribute items, as well as the basic parameters of the AFM&A (Attributes of Future Mergers and Acquisitions) methodology – Eigenvalues, Cronbach’s alpha values, and percentage of the variance explained, and the results of an analysis of differences in the assessment of the extracted factors by managers – are further presented in the proposed contribution. In terms of the gender-based differences, female managers scored higher in the Concerns attribute, whereas male managers reached higher scores in the attribute of Reasons, which represents the importance they attach to these attributes in terms of a future cross-border M&A process.

INSTITUTIONAL QUALITY AS A DETERMINANT OF GROWTH EFFECTS OF CROSS-BORDER MERGERS AND ACQUISITIONS IN THE EUROPEAN TRANSITION COUNTRIES

88%

Zvezdanovic Lobanova J. , Kračun D. , Kavkler A. , Lobanov M.

Ekonomický časopis (Journal of Economics)

2016

tom 64

nr 8

780 – 794

The aim of this empirical study is to evaluate the influence of the inter dependence of cross-border mergers and acquisitions and the quality of the institutional setting on GDP per capita using dynamic panel data analysis for 22 European transition countries from 2000 to 2014. Our empirical results suggest that current cross-border mergers and acquisitions have a negative effect on GDP per capita in the year of merger or acquisition, but the influence of their lagged level has a strong positive effect one year later. All governance indicators are found to have a significant effect on GDP per capita while the only significant interaction term between cross-border mergers and acquisitions and control of corruption is negative. This implies that the higher level of cross-border mergers and acquisitions with its negative impact offset the positive effect of control of corruption on economic growth in current period.

OSOBITNÉ MAJETKOVOPRÁVNE NÁROKY MINORITNÝCH AKCIONÁROV PRI CEZHRANIČNÝCH ZLÚČENIACH A SPLYNUTIACH PODĽA SLOVENSKÉHO PRÁVA

75%

Mašurová A. , Patakyová M.

Právny obzor. Teoretický časopis pre otázky štátu a práva (Juridical Review. Theoretical journal for the questions of state and law)

2015

tom 98

nr 4

365 – 380

This article deals with two specific claims of minority shareholders according to Slovak law that are connected with the process of cross-border mergers. On the one hand, this article deals with the claim for an appropriate additional monetary payment if the exchange ratio of shares and any additional payments in money, determined by the agreement on a cross-border merger, were not stipulated appropriately. On the other hand, it deals with the claim for an appropriate monetary consideration if the minority shareholders exercise their right to withdraw from the company. The Cross-Border Merger Directive does not regulate the conditions for the rise and for the exercise of these specific proprietary claims. Therefore, these legal institutions are not unified within the European Union. The article points out that Slovak law is on the one hand distinctive, based on the fact that it provides these claims both to the shareholders of the companies being dissolved and the shareholders of the successor company in the case of fulfilment of the basic legal conditions. Apart from this, Slovak law guarantees that also in the case of export mergers the shareholders can exercise these claims at Slovak court according to Slovak law. On the other hand, the institutions of procedural law were not adjusted to this legal situation, which makes the specific proprietary claims hardly enforceable. This fact causes legal uncertainty – not only for the shareholders but also for the company that became the legal successor of the merging companies.

ASPECTS OF CROSS-BORDER MERGERS OF CZECH ENTERPRISES WITHIN THE VISEGRAD GROUP

75%

Gláserová J. , Otavová M.

Ekonomický časopis (Journal of Economics)

2019

tom 67

nr 8

837 – 856

The paper deals with the cross-border mergers of Czech enterprises within the Visegrad Group countries. It contains an analysis of the total number of cross-border mergers carried out in the years 2008 – 2016. This analysis has become the starting point for assessing the development of cross-border mergers in the years mentioned above, i.e. since the introduction of the Business Transformation Act into Czech law. An investigation was also made into whether there is an outflow of companies from the Czech Republic or whether the Czech Republic becomes the principal place of business for the successor company. The identified motives for mergers were verified through some indicators of the financial analysis of data about the merging companies. The issue of cross-border mergers is largely related to tax and accounting implications, which can be looked upon as motives for or barriers to merger implementation. In terms of taxes, the issue of transferring tax losses is examined as one of the motives for conducting mergers. In terms of accounting, some new items added to the final accounts are studied, and their impact on the balance sheet, profit and loss, and owner’s equity is evaluated.