THE DOMESTIC AND FOREIGN INVESTORS TAKEOVER BID DECISION: CASE OF ROMANIA

Laura Brad, Radu Ciobanu (), Anca Munteanu and Florin Dobre
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Laura Brad: Bucharest University of Economic Studies
Anca Munteanu: Bucharest University of Economic Studies
Florin Dobre: Bucharest University of Economic Studies

Theoretical and Applied Economics, 2013, vol. XX, issue Special I, 131-137

Abstract: The aim of this study is to identify whether foreign and domestic investors have different interests when it comes to acquiring a company. Our database consists of all takeover bids on the Romanian capital market made between 2004 and 2011.The results of our analysis show that while domestic investors look after a quick and profitable business, the foreigners search for long sustainability and long-term profitability elements than can influence the audited process and the way financing is obtained. Another main finding is that domestic investors focus their capital on companies in services or food and agriculture industries while the foreign investors are looking for obtaining profit by investing in companies from industry or construction areas.

Keywords: takeover bid; domestic investor; foreign investor; performance. (search for similar items in EconPapers)
Date: 2013
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