Cross-border mergers and acquisitions (M&As) are strategic business expansions across national boundaries, which provide bundle of resources and opportunity for growth strategies, however can prove rather problematic and complex. One of the most complex stages in cross-border M&As is when two firms are in the integration process. The most challenging part in a cross-border M&A, is the integration of two different firms that feature different management styles and organizational cultures. Once the integration seeps deeper into functional levels, the strategic level M&A commitment is faced with operational implementation issues. The marketing department is usually heavily involved in this integration process. These are the people who create and generate the sales which thereby increase the income of the combined firm. However, research on marketing integration related to M&As has paid little attention to the amalgamation of similar resources from two similar departments, particularly in the cross-border M&A context. Furthermore, the existing research does not clearly demonstrate the success factors that contribute to the marketing integration process in cross-border M&As. Hence, this thesis explores the role of the antecedents that influence the marketing integration process in cross-border M&As. Results indicate a significant impact on integration from marketing synergy and the redeployment of marketing resources. Meanwhile there is a striking result pertaining to the relationship between interaction and the speed of integration which is significant but negatively to influence the marketing integration process. In addition, cost savings and relationship effectiveness among the marketers of both the acquirer and the acquired firms are found to be highly significant and to positively support the M&A performance. This means that the commitment of the marketers from both firms relies on a close relationship in order to uphold the integration synergy while at the same time reducing cost and improving M&A performance.

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Yes / This paper examines stock market reaction to cross-border acquisition announcements that involve Eastern European emerging-market targets. Using a unique and a manually collected dataset, we identify 125 cross-border acquisitions in which developed-market firms from France, Germany, Netherlands, and the United Kingdom acquire ownership stakes in emerging as well as developed-markets in Europe during the period January 2000 through December 2011. In line with previous findings on foreign cross-border merger and acquisitions (M&As) in emerging- markets, evidence suggests that when the target firm is located in either the Czech- Republic, Hungary, Poland, or Russia, cumulative abnormal return (CAR) to the acquiring developed-market firm shows a statistically significant increase of 1.26% over a three day event window, following the announcement. Thereby, the relative size of the acquirer to the target appears to be the only significant factor that contributes to positive acquirer returns. The result is robust to the inclusion of controls for country, industry, as well as acquirer, target, and firm specific characteristics. Moreover, cross-border M&As involving an emerging-market target result in higher value creation for the acquiring shareholders than cross-border transactions into developed-markets.

This thesis provides four contributions to the literature on the productivity- internationalization nexus by considering some recent developments in the literature. A well-established stylized fact is reported by this literature, which is that exporters are more productive and larger than non-exporters, and two hypotheses attempt to explain this finding. The first, often referred to as the self-selection hypothesis, suggests that more productive firms select themselves into export markets, while the learning-by-exporting hypothesis highlights the role of learning from exporting. In this thesis, first, the self-selection hypothesis is revisited, and it is shown that evidence against self-selection exists in some UK industries. Second, it is demon- strated that some UK firms experience rising marginal costs, although both tra- ditional and new trade theories assume constant marginal cost. It is then shown that the evidence against self-selection that we report can be best explained by the existence of increasing, rather than constant, marginal costs. Third, the learning by exporting hypothesis is tested empirically for UK firms. Highlighting the importance of the scale effect in total factor productivity growth, it is shown that any learning by exporting effects are predominantly attributable to a change in scale efficiency. Unlike Melitz (2003), some recent studies consider some other strategies to access foreign markets, such as foreign direct investment, and cross-border mergers. Finally, following this new branch of the literature, the productivity-internationalization nexus is examined by utilizing a two-country oligopolistic model. It is shown that more productive firm might prefer greenfield investment over cross-border merger, which contradicts the findings provided by the relevant literature.

Graduation theses deal with solution of cross-border mergers from the legal, accounting and marginally tax point of view. Solution of cross-border mergers from the above mentioned three points of view are analyzed firstly on the European Union level, then on the level of the Czech Republic and Slovak Republic. The subject of the graduation theses is accounting solution of the cross-border mergers according to Czech trade-law legislation and comparison of their reflection in the Czech and Slovak legislation. The graduation theses contain also an analysis of the cross-border mergers from the accounting point of view according to International Financial Reporting Standards.

Cross-border Merger and Acquisitions (M&As) are an increasingly important strategy adopted by firms in order to create value in fiercely competitive global markets. Cross-border M&A value creation, that is, wealth creation for shareholders from cross-border M&As, is therefore of considerable theoretical and practical importance. However, our understanding of the sources of cross-border M&A value creation remains limited. Researchers have found that the most commonly researched variables have little effect on cross-border M&A value creation. We therefore still do not understand the processes behind cross-border M&As. In this is dissertation I examine the main effects of host country regulatory, economic and physical infrastructure institutions on cross-border M&A value creation. I further examine the moderating effects of host country political institutions on the relationship between host country regulatory institutions and cross-border M&A value creation. Moreover, I investigate the effects of institutional distance between host and home country on cross-border M&A value creation. I argue that the effects of institutional distance (regulatory and economic distance) on cross-border M&A value creation are not symmetric, but rather the effects are contingent upon the direction of the distance. My hypotheses are tested on a sample of 6141 cross-border M&As between 1995 and 2003. Results of this analysis show that acquirers are more likely to create value by acquiring targets in countries with less advanced regulatory institutions. Further, my results indicate that host country political institutions positively moderate the relationship between host country regulatory institutions and cross-border M&A value creation. Host country economic institutions have an inverted U-shaped relationship with cross-border M&A value creation, and host country physical infrastructure institutions have a positive relationship with cross-border M&A value creation. Additionally, results show that there is an inverted U-shaped relationship between institutional distance and cross-border M&A value creation. The findings suggest that the effects of regulatory and economic institutional distance on cross-border M&A value creation are not symmetric. The effects are contingent upon the direction of the distance. That is whether the level of host country institutions is higher or lower than that of home country institutions. Implications for management and public policy are discussed.

The research examines what drives Mergers and Acquisitions (M&As) using a theoretical and empirical approach. The theoretical part uses flexible optimal policies which adjust to changes in the market structure following a merger. The empirical part tests the major theoretical predictions to identify determinants of M&As in advanced economies. Chapters 1 and 2 consider M&As among firms in a pollution-intensive sector. Chapter 1 shows that identical polluting firms engage in M&As only if environmental policies are flexible. Chapter 2 shows that the flexibility of environmental policy increases the incentive to merge among heterogeneous firms. In addition, with flexible policy highly polluting firms have the highest incentive to merge than less polluting firms in a given sector. The empirical evidence suggests that the decision of manufacturing firms to engage in M&As is affected by environmental policy and firms may engage in merger deals in anticipation of a change in policy. Chapter 3 shows that with a flexible consumption tax firms in a bigger, more efficient country takeover firms in a smaller, less efficient country. The incentive to merge increases with the efficiency and market size of the host country. The empirical result obtained from 7 OECD countries shows that market size and firm efficiency play a major role in triggering international mergers.

La reprise des opérations de rapprochements entre des groupes bancaires européens a suscité un questionnement quant aux justifications d’un mouvement vers une consolidation bancaire paneuropéenne. Cette recherche s’inscrit dans le cadre des essais d’analyse des logiques des fusions et acquisitions (F&A) bancaires paneuropéennes en examinant la pertinence des arguments de l’analyse traditionnelle de ce processus. Dans une perspective de renouvellement des concepts d’analyse de ces stratégies bancaires, les sources classiques de création de valeur sont remises en cause, particulièrement, dans le cas des fusions et des acquisitions bancaires paneuropéennes. Cette critique est au cœur de notre problématique. Nous cherchons, dès lors, à mieux appréhender la logique des fusions bancaires transfrontalières dans l’UE en prenant en considération les spécificités de ces opérations et l’évolution du cadre conceptuel des approches d’analyse des métiers de la banque. Nous proposons une grille d’analyse des déterminants de F&A transfrontalières dans l’UE qui permet de focaliser les analyses sur deux principaux critères en faisant référence à leurs cadres théoriques respectifs. Le premier critère d’analyse de ces stratégies bancaires concerne l’aspect géographique relatif aux marchés d’expansion transnationale. Le deuxième critère est lié à la nature des métiers bancaires des parties engagées dans une opération de F&A transfrontalière. L’idée est d’évaluer la pertinence des stratégies de diversification des activités bancaires et de type géographique dans le cas européen. L’apport de notre étude est de valider cette grille en adoptant trois approches différentes. Dans un premier lieu, nous proposons d’appliquer cette grille au cas européen dans le cadre d’une approche analytique des deux critères à la fois. Ensuite, nous voudrions évaluer empiriquement le cadre théorique de chaque critère d’analyse des raisons des F&A transfrontalières des banques de l’UE, séparément, en envisageant deux essais empiriques. Dans un premier essai, nous analysons les déterminants d’une activité de consolidation bancaire paneuropéenne selon une approche macroéconomique. L’idée principale est d'identifier certains pays et leurs caractéristiques qui affecteront la tendance des F&A transfrontalières bancaires dans l’UE. Cette identification nous permet de vérifier les hypothèses d’internationalisation dans le cas européen. Dans le second essai, nous évaluons empiriquement la pertinence des arguments de performance en envisageant une analyse microéconomique des logiques stratégiques des F&A transfrontalières sur un échantillon des principales banques de l’UE. Nos essais empiriques permettent de mettre en évidence les deux critères d’analyse des raisons des F&A transfrontalières et paneuropéennes tout en prenant en considération leurs logiques stratégiques de diversification. / Considering the acceleration in the process of European banking integration, an important concern arises about the driving forces behind the current banking consolidation wave in Europe in the context of international banking expansion. This dissertation spans the fields of the literature on banking internationalisation and cross-border M&A to consider the specific features of these strategies considering the explanations provided by the traditional analysis of banking consolidation. In prospect of proposing new concepts to analyse the patterns of cross-border banking activities in European Union, we identify other vectors in international banking business that create value for shareholders besides economies of scale, with regard to the difficulties to generate cost cuttings in the case of transnational deals. We suggest focusing the analyses of the determinants of cross-border banking mergers and acquisitions (M&As) in the European Union that will allow focusing the analyses on two main criteria regarding their respective theoretical framework. The first criterion of analyzing cross-border banking M&As is related to characteristics of market expansion. The second criterion is linked to the features of cross-border banking activities. These criteria are identified as the variables that affect the banking internationalization. The purpose is to assess the validity of strategic arguments of diversification as the determinants of cross-border banking M&As in Europe. This approach allows us to validate our proposal criteria using three different approaches. First, we provide empirical evidence about both criteria by considering analyses banking structures and characteristics of banking activities in Europe. Then we examine macroeconomic determinants of cross-border banking activities in European countries. We identify receiving and investing countries of cross-border banking investments in Europe, considering the characteristics of countries. Our results allow us to test if the arguments of banking internationalization theories will be sufficient to explain the pan European consolidation. On the other hand, we analyze the strategic motivations of cross-border banking M&As and performance arguments of these transactions by considering a microeconomic analysis on a sample of major banks in the European Union. We provide empirical evidence on theoretical framework of each analysis criterion of cross-border banking M&A in the EU considering their strategic motivations.

Diploma thesis deals with analysis of legal and accounting requirements for mergers in Russia and comparison of conditions on M&A markets of Russia and the European Union. After description of essentials of M&A theory in the first part of the thesis the description of European and Russian regulations of mergers is performed. The final part of the thesis is devoted to the analysis of an example of the merger implemented in Russia.

The aim of the cross-border mergers thesis is to analyze cross-border mergers involving companies from the Czech Republic in years 2008-2015. First part is theoretical and is dedicated to legal, accounting and taxation regultion of cross-border mergers in the Czech Republic. Second part is devoted to the analysis of cross-border mergers in years 2008-2015, in more details to years 2014 and 2015. At the end, there is a practical example of Czech -Slovak merger.