The methodology choice with analyzing cross-border mergers and acquisitions

Anita  Maček; Rasto  Ovin

Anita Maček
Rasto Ovin

Keywords: statistical analysis of questionnaire variables, foreign direct investment, cross- border mergers and acquisitions

Abstract

In this article the authors present methodological steps with the research for which statistical data are non-existent. At the same time, primary data from transaction participants are also not obtainable. The empirical phenomena were cross-border mergers and acquisitions. The article presents the original solution, which helped the authors avoid this problem. The simplicity of the innovative method was compensated for by using several statistical tests. Results were obtained using basic methods of statistical tests, which led to the conclusion that the estimation of stylized facts on the basis of the fundamental method (poll) was reliable enough.

Downloads

Download data is not yet available.

Author Biographies

Anita Maček

Researcher at Doba Faculty, Maribor, Slovenia
E-mail: anita.macek@net.doba.si

Anita Maček defended her Ph.D. in 2009 at the University of Maribor, Faculty of Economics and Business. She previously served as a research assistant at the Insti- tute for Economic Law and at the Institute for Economic and Corporate Government (IECG) in Maribor as well as an advisor at the consulting company Ferk & Partner. She is currently an independent researcher and assistant professor at the Doba Faculty in Maribor. The focus of her research, which has published in numerous national and international journals, is cross-border mergers and acquisitions.

Rasto Ovin

Faculty of Economics and Business, University of Maribor, Slovenia
E-mail: rasto.ovin@doba.si

Rasto Ovin is a full professor at the University of Maribor, Faculty of Economics and Business. At his home university as well as foreign universities, he has to date delivered courses on economic theory and policy. Professor Ovin has also been ac- tive outside the university circles, such as his membership in the Slovenian Fiscal Council and the Supervisory Board of the Nova Ljubljanska Banka, Ljubljana. With his comments on economic developments in Slovenia, he has broadly established himself as a public opinion maker. In recent years, his research has focused on cross- border mergers and acquisitions, and the results have been published and presented at numerous national and international journals and conferences.

References

Bertrand, O., in Zitouna, H. (2006). Trade liberalizati- on and industrial restructuring: the role of cross-border mergers and acquisitions. Journal of Economics and Management Strategy 15: 479–515.

Bertrand, O., in Zuniga, P. (2006). R&D and M&A: Are cross-border M&A different? An investigation on OECD countries. International Journal of Industrial Organiza- tion 24 (2): 401–423.

Davis, E., Shore, G., in Thompson, D. (1993). Continental Mergers Are Different. V: European Mergers and Merger Policy Bishop, ur. M. J. Kay. Cambridge: Cambridge University Press.

EGIP. European Group for investor protection. (2005). Dosegljivo 22. septembra 2007 na: http://www.egip.org/root/index.php?page_id=128.

Field, A. P. (2005). Discovering statistics using SPSS. London: Sage.

Finkelstein, S. (1999). Safe ways to cross the merger minefield. Financial Times Mastering Global Business: The Complete MBA Companion in Global Business. London: Financial Times Pitman Publishing: 199–123.

Gallagher, K. P., in Zarsky, L. (2006). Rethinking Fore- ign Investment for Development. Post-autistic Econo- mics review 37.

Garson, G. D. (2002). Reliability Analysis. Statnotes: Topics in Multivariate Analysis [online]. Dosegljivo 2. septembra 2006 na: http://www2.chass.ncsu.edu/garson/pa765/statnote.htm.

GFC/Net. Global Financial Communication Network. (2007). Economic Patriotism/Nationalism Likely to Intensify According to Business Journalists Worldwide. Business Wire. Dosegljivo 12. septembra 2007 na: http://www.allbusiness.com/trade-development/trade-development-finance/5420005-1.html.

Maček, A., in Ovin, R. (2011). Does economic nationalism help strategic industries? The European case. V: Global conference on business and finance proceedings, Las Vegas, Nevada, 2.–5. januar, 6 (1), 368–372.

Neto, P., Brandao, A., in Cerqueira, A. (2008). The im- pact of FDI, Cross-Border Mergers & Acquisitions and Greenfield Investment on Economic Growth. FEP working paper 291.

Gorsuch, R. L. (1983). Factor analysis. Lawrence Erlbaum Associates.

Gujarati, D. N. (2003). Basic Econometrics. Fourth edi- tion. McGraw-Hill.

Hair, J. F., Anderson, R. E., Tatham, R. L., in Black, W.

C. (1984). Multivariate Data Analysis with Readings (4th edition 1995). Prentice-Hall, New York: Engel- wood Cliffs.

Jolliffe, I. T. (1972). Discarding variables in principal component analysis, I: Artificial data. Applied Statistics 21, 160–173.

Kaiser, H. F. (1960). The application of electronic computers to factor analysis. Educational and psychological measurement (20), 141–151.

Maček, A., in Ovin, R. (2007). Stilizirana dejstva o učinkih čezmejnih združitev in prevzemov na gospodarsko rast in razvoj v evropskih državah. V: Znanstvena konferenca »Gospodarski razvoj – odprta vprašanja teorije in politike«, Maribor, 25. okt., Naše gospodarstvo, 54 (1/2), 70–76.

Nunnally, J. C., in Bernstein, I. H. (1994). Psychometric Theory. New York: McGraw-Hill.

Ovin, R., in Maček, A. 2010. How beneficial are inward C-B M&A for European countries?. European journal of international management, 4 (5), 488–505.

Rummel, R. J. (1970). Understanding factor analysis. Dosegljivo 25. septembra 2008 na: http://www.hawaii.edu/powerkills/UFA.HTM.

UNCTAD. United Nations Conference on Trade and Development. (2008). The Inward FDI Potential Index – Methodology. Dosegljivo 9. septembra 2008 na: http://www.unctad.org/Templates/WebFlyer.asp?ntItemID=2470&lang=1.

Vaara, E, Tienari, J., Sauri, N., in Bjoerkman, I. (2001). Global Capitalism Meets National Spirit: Discourses in Media Texts on a Cross-Border Acquisition. Paper presented at the 2nd Critical Studies Conference, Manchester. Dosegljivo 9. novembra 2004 na: http://www.mngt.waikato.ac.nz/ejrot/cmsconference/2001/Papers/Lanaguage%20of%20New%20Capitalism/Vaara.pdf.