Cross-border acquisitions and shareholder wealth: Evidence from the energy and industry in Central and Eastern Europe

Tomasz Bednarczyk, Dirk Schiereck and Hardrik N. Walter

Journal of East European Management Studies, 2010, vol. 15, issue 2, 106-127

Abstract: We look at the wealth generated for shareholders of energy assets in Central and Eastern Europe (CEE) by the announcement of cross-border mergers or acquisitions involving a bidder from a Western industrialized country between 1995 and 2005. The impact on both the performance improvements at the firm level as well as on an industry and economic level of foreign ownership of the energy assets in CEE are discussed. The main driver behind the positive effect is the industrial relatedness in acquiring CEE energy assets, while bidder experience and the relative size of the acquired stake do not impact the results significantly.

Keywords: cross-border mergers and acquisitions; capital market integration; corporate control; energy industry (search for similar items in EconPapers)
JEL-codes: L20 L94 M10 P10 P12 P31 (search for similar items in EconPapers)
Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.hampp-verlag.de/hampp_e-journals_JEMS.htm#210 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rai:joeems:doi_10.1688/1862-0019_jeems_2010_02_bednarczyk

Ordering information: This journal article can be ordered from
Rainer Hampp Verlag, Journals, Vorderer Lech 35, 86150 Augsburg, Germany. A subscripton is required to access pdf files. Pay per article is available at
http://www.hampp-verlag.de/Hampp_Recherche_e.htm

Access Statistics for this article

Journal of East European Management Studies is currently edited by Thomas Steger, editor-in chief

More articles in Journal of East European Management Studies from Rainer Hampp Verlag
Bibliographic data for series maintained by Rainer Hampp ( this e-mail address is bad, please contact ).