Mergers and acquisitions announcement effects to bidding company shareholders : the case of European Union during 2004–2011

Abstract

Straipsnyje nagrinejama, kaip tarptautine pletra, isigijimo pobudis, kulturiniai bei instituciniai skirtumai bei tradiciniai kontroliniai kintamieji itakoja trumpalaikius isigijimus/susijungimus paskelbiančios imones akcininku disponuojamo turto vertę. Analizuojamos skirtingos ekonomines teorijos, nagrinejančios bendroviu susijungimu bei isigijimu metu imoniu akcininku disponuojamo turto vertes pokyčius. Atlikta ivykiu studija ižvelgia, jog senuju Europos Sąjungos šaliu listinguojamu bendroviu isigijimai bei susijungimai su nauju ES šaliu imonemis sukuria pridetinę vertę susijungimus/isigijimus skelbiančios imones akcininkams

The article discusses effects of international expansion, type of an acquisition, cultural and institutional distance as well as traditional control variables in order to investigate short term wealth effects for acquiring company shareholders. According to the collected theoretical and practical material, it analyzes how do economic theories explain acquisition returns. The research supports that international expansion by companies from Old EU Member States to New Member States is found to result in a a positive shareholder wealth effect