Growth Effects of Cross-border Mergers and Acquisitions in European Transition Countries

Jelena Zvezdanović Lobanova; Davorin Kračun; Alenka Kavkler

Jelena Zvezdanović Lobanova
Davorin Kračun
Alenka Kavkler

Keywords: cross-border mergers and acquisitions, institutions, GDP per capita, transition countries

Abstract

This paper deals with the economic effect of cross-border mergers and acquisitions on GDP per capita in European transition countries for the 2000– 2014 period. Our analysis shows that cross-border mergers and acquisitions have a negative effect on GDP per capita in the current period, whereas their lagged level positively impacts output performance. We found that transition countries characterized by a higher quality of institutional setting have achieved a positive impact on GDP per capita.

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Author Biographies

Jelena Zvezdanović Lobanova

Centre for Economic Research, Institute of Social Sciences, Serbia
E-mail: jzvezdanovic@idn.org.rs

Jelena Zvezdanović Lobanova is a doctoral student of economic and business sciences at the Faculty of Economics and Business, University of Maribor. She earned her master’s degree in economic policy and development at the Faculty of Economics, University of Belgrade. She currently works as a research assistant at the Centre for Economic Research, Institute of Social Sciences in Belgrade. Named the Best Graduate Economist at the University of Niš in 2007–2008 for faculties in socio-humanistic sciences, Lobanova received the University Silver Sign on the Day of the University. Her research interests include international capital flows, cross-border mergers and acquisitions, and quality of institutional setting.

Davorin Kračun

University of Maribor, Faculty of Economics and Business, Slovenia
E-mail: davorin.kracun@um.si

Davorin Kračun, Ph.D., is a professor of economics at the Faculty of Economics and Business, University of Maribor. He received his Ph.D. in economics from the University of Zagreb, Croatia. He was the vice-dean of the School of Business and Economics and the academic chairman. Today he is the chair of the Department for Political Economy and the acting dean of the faculty. In the government of the Republic of Slovenia, professor Kračun was the Minister of Foreign Affairs, Deputy Prime Minister and Minister of Economic Relations and Development, and Minister of Planning. He served as Slovenia’s ambassador to the United States. He was also the chairman of the Supervisory Boards of Nova Kreditna Banka Maribor, the corporation Terme Maribor and the chairman of the Supervisory Board of Pošta Slovenije. His scientific bibliography consists of more than 500 subjects.

Alenka Kavkler

University of Maribor, Faculty of Economics and Business, Slovenia
E-mail: alenka.kavkler@um.si

Alenka Kavkler is an associate professor of quantitative methods in business science at the Faculty of Economics and Business, University of Maribor. She received her M.Sc. in mathematics from the University of Ljubljana and her Ph.D. from the Vienna University of Technology. Her research is mainly focused on nonlinear econometric models, especially smooth transition regression models. She is currently the head of the Institute of Operations Research at the Faculty of Economics and Business.

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