Metrika

  • citati u SCIndeksu: 0
  • citati u CrossRef-u:0
  • citati u Google Scholaru:[]
  • posete u poslednjih 30 dana:2
  • preuzimanja u poslednjih 30 dana:1

Sadržaj

članak: 7 od 17  
Back povratak na rezultate
2018, vol. 46, br. 3, str. 7-22
Karakteristike ciljnih preduzeća u preuzimanju - primer prehrambene industrije u Srbiji
Univerzitet u Novom Sadu, Ekonomski fakultet, Subotica, Srbija

e-adresajelenadj@ef.uns.ac.rs
Sažetak
U ovom radu, analizirane su karakteristike ciljnih preduzeća koja su preuzeta od strane stranih investitora na tržištu Srbije. Cilj ove studije jeste da utvrdi: Da li se budući targeti mogu predvideti na osnovu karakteristika preduzeća koja su već preuzeta na tržištu Srbije? Studija poredi pokazatelje profitabilnosti, likvidnosti, zaduženosti i efikasnosti 30 ciljnih preduzeća iz prehrambene industrije sa prosekom privredne grane. Studija uključuje multivarjantnu analizu varijanse (MANOVA) i diskriminativnu analizu kako bi se identifikovala razlika između posmatranih pokazatelja. Kod pokazatelja likvidnosti i leveridža utvrđena je statistički značajna razlika u odnosu na prosečne vrednosti. Klasifikacija grupa je na nivou od 95% i homogenost uzorka 90% što upućuje na zaključak da se ciljna preduzeća mogu predvideti sa izuzetno visokom pouzdanošću.
Reference
Aharony, J., Barniv, R. (2004) Using financial accounting information in the governance of takeovers: An analysis by type of acquirer. Journal of Accounting and Public Policy, 23(5): 321-349
Ahern, K.R., Daminelli, D., Fracassi, C. (2015) Lost in translation? The effect of cultural values on mergers around the world. Journal of Financial Economics, 117(1): 165-189
Akhigbe, A., Martin, A.D., Whyte, A.M. (2007) Partial acquisitions, the acquisition probability hypothesis, and the abnormal returns to partial targets. Journal of Banking & Finance, 31(10): 3080-3101
Alhenawi, Y., Stilwell, M. (2017) Value creation and the probability of success in merger and acquisition transactions. Review of Quantitative Finance and Accounting, 49(4): 1041-1085
Alimov, A., Officer, M.S. (2017) Intellectual property rights and cross-border mergers and acquisitions. Journal of Corporate Finance, 45: 360-377
Ambrose, B.W., Megginson, W.L. (1992) The Role of Asset Structure, Ownership Structure, and Takeover Defenses in Determining Acquisition Likelihood. Journal of Financial and Quantitative Analysis, 27(4): 575
Andrašić, J., Milenković, I., Milenković, N. (2017) Analysis of the external growth factors in the selected countries of Southeast Europe. Anali Ekonomskog fakulteta u Subotici, br. 38, str. 173-185
Baker, G.P. (2002) Survivorship and the Economic Grim Reaper. Journal of Law, Economics, and Organization, 18(2): 324-361
Berger, P.G., Ofek, E. (2012) Bustup Takeovers of Value-Destroying Diversified Firms. Journal of Finance, 51(4): 1175-1200
Bevan, A., Estrin, S., Meyer, K. (2004) Foreign investment location and institutional development in transition economies. International Business Review, 13(1): 43-64
Branch, B., Yang, T. (2003) Predicting Successful Takeovers and Risk Arbitrage. Quarterly Journal of Business and Economics, 3-18; 42
Brouthers, K.D., Brouthers, L.E. (2000) Acquisition or greenfield start-up?, Institutional, cultural and transaction cost influences. Strategic Management Journal, 89-97; 21
Campa, J.M., Kedia, S. (2002) Explaining the Diversification Discount. Journal of Finance, 57(4): 1731-1762
Chamber of commerce and industry of Serbia (2017) http. //www. pks. rs/PrivredaSrbije. aspx?id=17&p=2&, taken 10. 04. 2017
Clark, K., Ofek, E. (1994) Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation. Journal of Financial and Quantitative Analysis, 29(4): 541
Contractor, F.J., Lahiri, S., Elango, B., Kundu, S.K. (2014) Institutional, cultural and industry related determinants of ownership choices in emerging market FDI acquisitions. International Business Review, 23(5): 931-941
d'Souza Juliet,, Megginson, W.L., Ullah, B., Wei, Z. (2017) Growth and growth obstacles in transition economies: Privatized versus de novo private firms. Journal of Corporate Finance, 42: 422-438
Eichholtz, P.M.A., Kok, N. (2008) How Does the Market for Corporate Control Function for Property Companies?. Journal of Real Estate Finance and Economics, 36(2): 141-163
Frésard, L., Hege, U., Phillips, G. (2017) Extending Industry Specialization through Cross-Border Acquisitions. Review of Financial Studies, 30(5): 1539-1582
Gogan, P.A. (2004) Mergers, acquisitions, and Corporate Restructurings. New York: John Wiley&Sons, Inc
Gorton, G., Kahl, M., Rosen, R. (2005) Eat or be eaten. A theory of merger waves. u: NBER Working paper, No. 11364
Graham, J., Lemmon, M., Wolf, J. (2001) Does corporate diversification destroy value?. u: Working paper Duke University
Harford, J., Humphery-Jenner, M., Powell, R. (2012) The sources of value destruction in acquisitions by entrenched managers. Journal of Financial Economics, 106(2): 247-261
Harrison, J.S., Hart, M., Oler, D.K. (2014) Leverage and acquisition performance. Review of Quantitative Finance and Accounting, 43(3): 571-603
Humphery-Jenner, M., Powell, R. (2014) Firm size, sovereign governance, and value creation: Evidence from the acquirer size effect. Journal of Corporate Finance, 26: 57-77
Jakšić, D., Mijić, K., Zekić, S., Poljašević, J. (2015) Comparative profitability analysis of milk production companies to milk processing companies. Custos e @gronegócio, 11(3); 206-226
Jensen, M.C. (1986) Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 323-329; 76
Mahmoodi, M., Mahmoodi, E. (2016) Foreign direct investment, exports and economic growth: evidence from two panels of developing countries. Economic Research-Ekonomska Istraživanja, 29(1): 938-949
Masulis, R.W., Wang, C., Xie, F. (2007) Corporate Governance and Acquirer Returns. Journal of Finance, 62(4): 1851-1889
Meeks, G. (1977) Dissapointing Marriage. A study of the Gains from Merger. Cambridge: Cambridge University Press
Moeller, S.B., Schlingemann, F.P., Stulz, R.M. (2004) Firm size and the gains from acquisitions. Journal of Financial Economics, 73(2): 201-228
Mudambi, R., Mudambi, S. (2002) Diversification and market entry choices in the context of foreign direct investment. International Business Review, 11(1): 35-55
Nikolić, I., Zubović, J. (2013) Structural changes in Serbian industry during transition. Industrija, vol. 41, br. 2, str. 67-79
North, D. (2001) The role of managerial incentives in corporate acquisitions: The 1990s evidence. Journal of Corporate Finance, vol. 7, str. 125-149
Offenberg, D. (2009) Firm size and the effectiveness of the market for corporate control. Journal of Corporate Finance, 15(1): 66-79
Officer, M. (2003) Termination fees in mergers and acquisitions. Journal of Financial Economics, 69, 431-467
Palepu, K.G. (1986) Predicting takeover targets: A methodological and empirical analysis. Journal of Accounting and Economics, vol. 8, str. 3-35
Peng, M.W. (2006) Making M&A fly in China. Harvard Business Review, 84(3); 26-27
Savoiu, G., Dinu, V., Ciuca, S. (2013) Foreign Direct Investment based on country risk and other macroeconomic Factors. Econometric Models for Romanian Economy. Romanian Journal of Economic Forecasting, 39-61; 1
Schwert, G. (2002) Hostility in Takeovers: In the Eyes of the Beholder?. Journal of Finance, 55(6): 2599-2640
Singh, R. (1997) Mergers, acquisitions and corporate restructurings. John Wiley&Sons
Song, M.H., Walkling, R.A. (1993) The Impact of Managerial Ownership on Acquisition Attempts and Target Shareholder Wealth. Journal of Financial and Quantitative Analysis, 28(4): 439
Wruck, K. (1990) Financial distress, reorganization and organizational efficiency. Journal of Financial Economics, Vol. 27:419-444
 

O članku

jezik rada: engleski
vrsta rada: izvorni naučni članak
DOI: 10.5937/industrija46-14975
objavljen u SCIndeksu: 22.11.2018.
metod recenzije: dvostruko anoniman
Creative Commons License 4.0

Povezani članci

Nema povezanih članaka