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The Institutional Quality as a Determinant of Growth Effects of Cross-border Mergers and Acquisitions in the European Transition Countries

In: Ekonomický časopis/Journal of Economics, vol. 64, no. 8
Jelena Zvezdanovic Lobanova - Davorin Kračun - Alenka Kavkler - Mikhail Lobanov
Detaily:
Rok, strany: 2016, 780 - 794
Kľúčové slová:
cross-border mergers and acquisitions; institutional setting; GDP per capita; transition countries JEL Classification: E22; F21; F23; O52
Typ článku: Vedecký / Article
O článku:
The aim of this empirical study is to evaluate the influence of the interde-pendence of cross-border mergers and acquisitions and the quality of the insti¬tutional setting on GDP per capita using dynamic panel data analysis for 22 European transition countries from 2000 to 2014. Our empirical results suggest that current cross-border mergers and acquisitions have a negative effect on GDP per capita in the year of merger or acquisition, but the influence of their lagged level has a strong positive effect one year later. All governance indicators are found to have a signi¬ficant effect on GDP per capita while the only significant interaction term between cross-border mergers and acquisitions and control of corruption is negative. This implies that the higher level of cross-border mergers and acquisitions with its negative impact offset the positive effect of control of corruption on economic growth in current period.
The aim of this empirical study is to evaluate the influence of the interde-pendence of cross-border mergers and acquisitions and the quality of the insti¬tutional setting on GDP per capita using dynamic panel data analysis for 22 European transition countries from 2000 to 2014. Our empirical results suggest that current cross-border mergers and acquisitions have a negative effect on GDP per capita in the year of merger or acquisition, but the influence of their lagged level has a strong positive effect one year later. All governance indicators are found to have a signi¬ficant effect on GDP per capita while the only significant interaction term between cross-border mergers and acquisitions and control of corruption is negative. This implies that the higher level of cross-border mergers and acquisitions with its negative impact offset the positive effect of control of corruption on economic growth in current period.
Ako citovať:
ISO 690:
Zvezdanovic Lobanova, J., Kračun, D., Kavkler, A., Lobanov, M. 2016. The Institutional Quality as a Determinant of Growth Effects of Cross-border Mergers and Acquisitions in the European Transition Countries. In Ekonomický časopis/Journal of Economics, vol. 64, no.8, pp. 780-794. 0013-3035.

APA:
Zvezdanovic Lobanova, J., Kračun, D., Kavkler, A., Lobanov, M. (2016). The Institutional Quality as a Determinant of Growth Effects of Cross-border Mergers and Acquisitions in the European Transition Countries. Ekonomický časopis/Journal of Economics, 64(8), 780-794. 0013-3035.