Post-crisis market realities in Greece are expected to lead to increased M&A activity in the coming years, little evidence is provided in the academic literature on Greek M&A post-acquisition performance and its driving factors. The overall aim of this thesis is to complement and enhance the existing M&A literature by examining the impact of two post-acquisition actions, of asset divestiture and resource redeployment on the long-term performance of Greek M&A deals over the period 2005-2009. The conceptual framework of this thesis draws on the strategic management perspective. Using the cost efficiencies argument, the thesis examines how cost savings, due to asset divestiture affect the post-acquisition performance of both the target and the acquiring firm. In addition, by drawing on the resource-based view of the firm and the dynamic capabilities perspective, the thesis explores the effects of post-acquisition resource redeployment from acquirers to targets and vice versa, on revenue-enhancing capabilities. The findings revealed that the divestiture of the acquirers’ assets does not reduce costs. In addition, the importance of revenue-based synergies was shown, through the mediating variables of market coverage and innovation capabilities. Finally, acquirer’s resource redeployment has a positive and significant effect on cost savings and the same holds true for the resource redeployment to the target. These results indicate that resource redeployment contributes in achieving higher cost efficiency. The originality of this study is that it tries to obtain new insights on the subject of the post-acquisition performance using arguments from the cost-based and resourcebased synergies, the resource-based view (RBV) of the firm and the dynamic capabilities perspective. In addition, this is a large-scale empirical study conducted in Greece drawing on detailed primary data on a high range of post-acquisition actions followed by the managers of the acquiring companies rather than secondary data.

This thesis examines the bank efficiency and the impact of the regulatory and supervisory instruments on the efficiency of banks actively performing on the financial markets in the countries of European Union. Our analysis concerns 8-year time period, covering also the period of global financial crisis with the aim to determine possible changes in the relationship regulation versus efficiency. We apply SFA Fourier-flexible model for estimation of profit and cost efficiency scores. Consequently we use GLS panel data estimation in order to test for the regulatory determinants of efficiency, we have specified 6 various models with the focus on different regulatory instruments. Results firstly suggest that high cost efficiency does not necessarily imply high bank profit efficiency. Secondly, we uncovered the negative relation between market concentration, the level of development of financial market and the cost efficiency of foreign banks. Thirdly, we also found evidence supporting the assumption of positive impact of private monitoring and the independence of supervisory authority implying the increasing of transparency in the market. Additionally, we uncovered support for negative effect of activity and diversification restrictions. However, the results concerning the financial crisis period are...

Submitted by Cláudia Bueno (claudiamoura18@gmail.com) on 2015-11-03T18:52:54Z No. of bitstreams: 2 Tese - Eveline Borges Vilela Ribeiro - 2015.pdf: 2989262 bytes, checksum: e7887d3b2aa4fba8291e3929d95308a3 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Approved for entry into archive by Luciana Ferreira (lucgeral@gmail.com) on 2015-11-04T09:41:29Z (GMT) No. of bitstreams: 2 Tese - Eveline Borges Vilela Ribeiro - 2015.pdf: 2989262 bytes, checksum: e7887d3b2aa4fba8291e3929d95308a3 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) / Made available in DSpace on 2015-11-04T09:41:29Z (GMT). No. of bitstreams: 2 Tese - Eveline Borges Vilela Ribeiro - 2015.pdf: 2989262 bytes, checksum: e7887d3b2aa4fba8291e3929d95308a3 (MD5) license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Previous issue date: 2015-09-25 / Fundação de Amparo à Pesquisa do Estado de Goiás - FAPEG / This thesis is based on Pierre Bourdieu’s theories about scholar reproduction and in a dialectical conception of world. The aim of this research was to analyze how the crisis of efficiency can be understood from analysis of cultural, social and economic capitals and not as a productivity crisis often debated in the literature. To do this, we analyzed if the cultural, social and economic capitals of secondary students affect theirs school achievement in science / chemistry in different scales (global, national and local). For this, on the global scale (using PISA-2009 data) and national (using ENEM-2009 data), evaluated through Quantile Regression, how the cultural, social and economic capital are related to student achievement in science. We also analyzed the partial and combined effect of different capitals on student performance from a partial regression, followed by a path analysis. These analyzes showed us that, regardless of the context, cultural and social capital have a positive relationship with student achievement in science. Economic capital also has a positive relationship with the school achievement of students in science, however, has different slope coefficients for different quantiles. For the national context, we investigated further how the educational institution the student is in (whether state, federal, municipal or private) affects their school achievement in science, for this we proceed with an ANOVA followed by a Planned Comparison Test. These tests indicated that students in federal and private schools have better achievement than those from the municipal and state schools. To justify our results, we research in a local context (in public and private schools of Jataí-GO and Goiânia-GO) how the student's capitals affect their achievement in chemistry. We elaborated and applied a didactic strategy about “waste and physical and chemistry transformations”, a socio-economic-cultural survey and an interview with responsible for those students. In this context, we could deep the discussions that we had realized in global and national context. Our results provided subsides to affirm that the efficiency crisis of school is configured in a context of crisis of capitalist society. The school crisis is multifaceted and it is a mistake condemns only schools and teachers about the learning problems in science because the social, cultural and economic capital of the students can explain some of these achievement issues. The school is in crisis, but the school's crisis is not a crisis of efficiency, is a societal crisis permeated with ideological aspects, as well as other crises that today's society confronts. / Este trabalho está fundamentado nas teorias de Pierre Bourdieu sobre a reprodução escolar e em uma concepção dialética de mundo. O objetivo desta tese consistiu em analisar como a crise de eficiência da escola pode ser compreendida a partir da análise dos capitais cultural, econômico e social dos partícipes da escola e não tão somente como uma crise de produtividade e eficiência humana. Para isso, analisamos se os capitais social, cultural e econômico dos estudantes afetam o desempenho escolar em ciências/química de estudantes do Ensino Médio em diferentes amostras (global, nacional e local). Para isso, na escala global (utilizando dados do PISA-2009) e nacional (utilizando dados do ENEM-2009), avaliamos, através de Regressão Quantil, de que maneira os capitais cultural, social e econômico estão relacionados ao desempenho dos estudantes em ciências. Avaliamos também o efeito parcial e combinado dos diferentes capitais no desempenho dos estudantes a partir de uma regressão parcial, seguida por uma análise de caminho (path analysis). As análises nos mostraram que, independente do contexto, os capitais cultural e social possuem uma relação positiva com o desempenho dos estudantes em ciências, assim como o capital econômico, que, no entanto, possui diferentes coeficientes angulares para distintos quantis. Para o contexto nacional, investigamos ainda como o estabelecimento de ensino que o estudante frequenta (estadual, federal, municipal ou privado) afeta o seu desempenho escolar em ciências. Para isso, fizemos uma Análise de Variância seguida de um Teste de Comparação Planejada, que nos indicou que os estudantes das escolas federal e privada possuem melhor desempenho que aqueles oriundos das escolas municipal e estadual. A fim de fundamentar tais resultados, investigamos em um recorte local (em escolas públicas e privadas nas cidades de Goiânia-GO e Jataí-GO) como os capitais dos estudantes afetavam seu desempenho em química. Para isso, elaboramos e aplicamos uma estratégia didática cujo tema foi “Lixo e as Transformações Físicas e Químicas”, bem como um questionário socioeconômico-cultural, além de realizarmos entrevistas com os responsáveis de alguns estudantes. Nesse contexto, pudemos aprofundar as discussões que realizamos nos recortes global e nacional. Nossos resultados nos fornecem subsídio para afirmarmos que a crise de eficiência da escola se configura em um contexto de crise da sociedade capitalista e que tem relação não apenas com os problemas de ordem econômica da escola, mas também com os aspectos sociais, culturais e econômicos que permeiam a vida dos estudantes fora do ambiente escolar. A escola está em crise, mas não de eficiência, tal como predita pelo modelo capitalista; é uma crise societária permeada de aspectos ideológicos, assim como os demais flagelos que a sociedade atual enfrenta. A crise escolar é multifacetada, e constitui equívoco responsabilizar unicamente as escolas e professores sobre os problemas de aprendizagem em ciências, uma vez que os capitais sociais, culturais e econômicos dos estudantes conseguem explicar parte desses problemas de desempenho. Logo, é necessária atuação conexa entre o Estado e a escola para a disposição de serviços essenciais para a população.