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In 2019 there were a total of 1090 mergers and acquisitions, more commonly known as M&As made in Sweden. The value of these were around 60 million euro. This compared to the 1990s where the number of M&A transactions were around half of what it is today. There is no doubt that M&As have become a popular strategy for companies to create added value. However, there are some uncertainties regarding if companies benefit from these kinds of transactions. Many of the previous studies point out that companies have had difficulties integrating the merged companies to create added value. This is also the case with financial measurements. The aim of this study was to analyse if there is a significant relationship between acquisitions and financial performance measured with ROE, ROA and EBITDA-margin for Swedish companies during the period 2013–2018. Data on 27 acquisitions were collected from Orbis and Retriever Business. This study uses a quantitative method and a deductive approach. A paired t-test has been used to analyse if there is a significant relationship between acquisitions and financial performance. The result of this study shows that there is no significant relationship between acquisitions and financial performance measured in ROE, ROA and EBITDA-margin. This study concludes that there could be other motives than to create financial added value for the merged companies. It is possible that the decisions of the managers to acquire may have been inspired by motives such as increased independency or empire building. / Under år 2019 genomfördes det i Sverige totalt 1090 fusioner och förvärv, mer känt under begreppet M&A. Det sammanlagda värdet låg på ungefär 60 miljoner euro. Detta är tillskillnad från 90-talet där antalet fusioner och förvärvtransaktioner per år var runt hälften mot var det är idag. Det råder ingen tvekan om att fusioner och förvärv har blivit en alltmer populär strategi för svenska företag i ett försök att skapa värde. Det finns en del otydligheter kring ifall företag faktiskt gynnas av sådana transaktioner. Mycket av den tidigare forskningen menar att företagen har svårigheter att integreras och skapa ett mervärde av de sammanslagna bolagen. Detta gäller även för de finansiella måtten. Studiens syfte var att analysera om det finns ett statistiskt signifikant samband mellan förvärv och finansiell prestation mätt i ROE, ROA samt EBITDA-marginal för svenska företag under 2013–2018. Data för 27 förvärv har samlats in genom Orbis samt Retriever Business. Studien använder sig av en kvantitativ metod och deduktiv ansats. Ett beroende t-test har genomförts med syfte att undersöka om det finns ett statistiskt signifikant samband mellan förvärv och finansiell prestation. Studiens resultat tyder på att det inte finns ett samband mellan förvärven och finansiell prestation mätt i varken ROE, ROA eller EBITDA-marginal. Slutsatserna var att det kan finnas andra motiv än att skapa ett finansiellt mervärde för de ihopsatta bolagen. Det är möjligt att besluten av företagsledare att förvärva kan ha varit inspirerade av motiv såsom ökad självständighet eller imperiebyggande.

Title: M&A activity and the macroeconomic environment - a quantitative study on the impact of the macroeconomic environment on aggregate merger and acquisition activity in the US Background: There is a lack of established theories on what drives M&A activity. A subject that has received much attention in literature but produced few compelling results. The full explanation of the dynamics of aggregate M&A activity has yet to be captured. An explanation which could provide useful insights for central banks, corporate managers and any other parties affected by this prominent feature of the US economy which have come to shape and dominate the corporate landscape. Purpose: The purpose of this thesis is to investigate the relationship between the dynamics of aggregate M&A activity and macroeconomic variables representing the state of the economy in the US. Method: The methodology that is used in the thesis is based on a deductive research approach with a quantitative research design. In addition, the thesis has also made use of a longitudinal panel research. The thesis hypotheses have been formulated using earlier research and existing theories about the subject of mergers and acquisitions as well as macroeconomic factors. Further on, the data set that has been analyzed consisted of 73137 transactions during the time period January 1, 1980 - January 1, 2020. Conclusion: The study finds that there are signs of relationships between macroeconomic variables and aggregate M&A activity, although the precise characteristics of these relationships has not been established. The result of the study indicates that the macroeconomic environment as a whole affects aggregate M&A activity and that it can be an important part of the explanation for the dynamics of aggregate M&A activity. It cannot be established that macroeconomic variables can be used to predict M&A activity, however there are interesting indications suggesting this might be the case.

Submitted by Daniele Santos (danielesantos.htl@gmail.com) on 2017-02-23T14:57:58Z No. of bitstreams: 1 Mateo Diaz.pdf: 3502647 bytes, checksum: 19648edcb9982335125316c718b7fe21 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2017-02-23T20:45:37Z (GMT) No. of bitstreams: 1 Mateo Diaz.pdf: 3502647 bytes, checksum: 19648edcb9982335125316c718b7fe21 (MD5) / Made available in DSpace on 2017-03-03T14:34:25Z (GMT). No. of bitstreams: 1 Mateo Diaz.pdf: 3502647 bytes, checksum: 19648edcb9982335125316c718b7fe21 (MD5) Previous issue date: 2016-11-11 / The M&A phenomenon has been study for over three decades, yet over this period, there was been modest improvements in M&A success rate. Many scholars estimate that more than 50% of all M&A deals fail to achieve success and many had cited successful integration as key to avoiding the risk of failure. Why so many M&As fail? What are criteria behind achieving a successful integration? Answering those questions encouraged this investigation. The following is an exploratory study of the positive and negative effects of the integration phase on European logistic firms in Belgium, Poland, and The United Kingdom. The study reveals the importance of having a dedicated M&A integration team that can deal with the most common integration issues such as: effective communication, issues with IT platform and its processes, cultural differences, and dealing with the speed of the integration phase.

Bakgrund och syfte: Tidigare studier visar att internationella M&A:s ofta misslyckas med att uppnå uppsatta mål. En anledning till misslyckande kan vara svårigheten att integrera företagskulturen i den nya verksamheten. Studiens syfte är att öka förståelsen för integration av företagskultur efter internationella M&A:s utifrån svenska företags perspektiv.   Metod: Studien har en kvalitativ metod med en abduktiv forskningsansats. Studien har en hermeneutisk och socialkonstruktivistisk utgångspunkt. Den empiriska datainsamlingen införskaffades genom semistrukturerade intervjuer med elva stycken personer vilka samtliga haft en roll i respektive företags M&A. Vår teoretiska referensram innefattar tidigare forskning och det empiriska underlaget bygger på intervjuerna. Analysen ställer empiri mot teori för att hitta likheter och skillnader och addera nya synvinklar.   Resultat & slutsats: Denna studie åskådliggör hur företag efter internationell M&A ser på, och arbetar med, integration av företagskultur. Med hjälp av den teoretiska referensramen skapade vi en uppfattning om vilka delar som behövdes för att framgångsrikt integrera företagskulturen, främst kommunikation. Det empiriska materialet adderade sedermera nyckelpersoner och ekonomisk rapportering.   Förslag till vidare forskning: Bristfälligheten i tidigare forskning vad gäller omställning i och med ökad ekonomisk rapportering ger upphov till framtida studier som kan studera hur ökad ekonomisk rapportering påverkar de uppsatta målen. Vidare föreslår vi att framtida forskning studerar om det skiljer sig mellan tjänsteföretag och producerande företag och benägenheten för dessa att byta ut nyckelpersoner efter en M&A.   Uppsatsens bidrag: Studiens teoretiska bidrag innefattar huvudsakligen ökad förståelse för problematiken kring nyckelpersoner, involverande kommunikation och ekonomisk rapportering. Det praktiska bidraget ger rådet till företag att överbemanna främst ekonomiavdelningen med kompetent personal efter en M&A för att underlätta integrationen. / Aim: Previous studies have shown that international M&A:s has high failure rates. One reason for failures has been shown to be the difficulty and lack of knowledge to integrate corporate culture.  The aim for this study is therefore to increase the understanding of corporate culture integration after international M&A:s through the perspective of Swedish businesses.   Method: This study has a qualitative research design with an abductive approach. The study has both a hermeneutic and social constructionist perspective, which it’s being influenced by. The empirical data collection was gained by semi-structured interviews with eleven respondents with previous experience of M&A:s. Our theoretical framework includes previous research and the empirical compilation is based on the interviews. The analysis is where the theoretical framework and empirical compilation is analyzed together to find similarities and differences but also new aspects on the subject.  Result and conclusions: This study illustrates how businesses look at international M&A:s and how they work with the integration of corporate culture in that context. With the theoretical framework we could estimate what was necessary to integrate corporate culture successfully, which was mainly communication. The empirical compilation later added key personnel and financial reporting to this.  Suggestions for future research: The deficiency of previous research regarding the impact of increased financial reporting after M&A:s cause us to enquire future research on how it affects businesses and the integration of corporate culture. We also suggest that future research on key personnel is needed and how their importance differs between the service sector and industrial sector.  Contributions of the thesis: From the theoretical viewpoint the study contributes in further understanding of key personnel, communication and financial reporting in the context of international M&A:s. From the practical viewpoint we advise businesses to first and foremost overstaff the financial department with qualified personnel after M&A:s to facilitate corporate culture integration.

隨著台灣加入WTO的無關稅障礙及全球化的無國界政策，台灣傳統產業面臨的營業環境，將從國內轉變為國際化的競爭，企業體不能奢望在政府的保護傘下從事營利活動，應順應時代的潮流，從事合併的工作，從世界著名重電機廠商ABB及Schneider最近幾年相繼併購小廠，證明傳統產業為了生存，併購是必經的途徑。 本文以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，實證結果發現： （一）提高資產週轉率、降低進貨成本，確有助創造企業價值提升。 （二）銷售成長率、加權平均資金成本與企業價值不相關。 （三）現金稅率愈高，企業價值愈高。 （四）增加投入資本反而有損企業價值，爰此引證，傳統產業應注重資產的管理，而不是一昧的追求營收的成長，對於未能賺取正的超額報酬率的產業，不當的投資及營收成長，反而造成企業價值的不增反減效果。 本研究再以能增加企業價值的財務因子，以進貨/營收作規模經濟效益分析及以資產週轉率作效率分析發現，與樂士電機、東元電機、亞力電機、士林電機公司合併後，分別增加的營運綜效為102%、65%、17%、4%，爰此證明，合併確能增加綜效，也是目前環境下企業價值創造必經的過程。 從財務報表發現，最近三年重電機產業營運紛紛虧損、投資報酬率低於資金成本、產能過剩、資產週轉率偏低的情況下，如維持現況即是在耗損企業價值，企業應將價值納入規劃中，瞭解價值驅動因子，建立以價值導向的管理系統，朝向內部改善及外部改善，以水平合併的方式，勿支付超額成交溢酬，管理併購後的整合工作，創造潛在的企業價值。 / Joins WTO along with the non-customs duty barrier and the globalization non-national boundary policy, the business running environment for Taiwanese traditional industry will extend from domestic to global competitions. The enterprises cannot hope to seek and make profit under government's protection. They should follow the trend to engage in the merger work. Within these several years the world famous heavy electric machinery companies ABB and Schneider continue to merge and acquire the small factories and companies, which proved that merger and acquisition are the essential ways for the traditional industry to survive. This paper based on the viewpoint of the value measuring, and used Economic Value Added (EVA) as the benchmark. The study results are: 1. Increasing asset turnover and reducing costs is helpful to create the enterprise value. 2. Sales growth rate, the weighted average cost of capital (WACC), and the enterprise value are not related. 3. The higher the tax rate, the greater the enterprise value. 4. Rising invested capital will harm the enterprise value. The evidences show that the traditional industry must pay great attention to the asset management, not only focus on sales growth. Regarding those unable to earn economic profit industries, the improper investments and the sales growths will cause the destroying the enterprise value instead of enhancing. Our studies also use the financial factors to increase the enterprise value. Using cost/sales to do economic scale and benefit analyses and using asset turnover to do efficiency analyses, we discovered that after merged and acquired with LUX Electric Co., TECO Electric Co., ALEX Electric Co., and Shih-Lin Electric Co, the operating synergies for each company grow up 102%, 65%, 17%, and 4% individually. The evidences prove that merger could increase the synergies. It is the path for the value creation under the present environment. From the financial statement we could find out that in the pass three years heavy electric machinery industry companies lost money one after another. The return on invested capital is lower than cost of capital. Because of surplus production and low asset turnover, to maintain the companies’ present situation is consuming the enterprise value. The enterprise should put the value into planning, understand the drivers of value, and develop value-oriented management system for the internal and external improvements. Enterprises could use horizontal mergers, not over premiums paid, to manage post-merger integration and create the potential value.

Purpose: The purpose of this study is to examine whether the awareness of social- and environmental factors could be beneficial within M&A transactions in such that companies tend to obtain a higher success in such transactions if they are aware of these factors. The study also examines whether the actual return by the event date strikes higher for the social- and environmental aware companies than the unaware companies, where the event date is when the M&A transaction was due. Method: The authors have chosen to use two different methods; the Event Study- and Panel Study methods. The event window consists of five days before- and five days after the due date of the M&A, which makes it a total of 11 days. The estimation window is based on the 30 days before the event window and is examined in order to obtain an expected return of which is not affected by the event. The sample is based on international, Swedish companies which has undergone a M&A with a non- Swedish company, and is connected to the UN’s initiative Global Compact. Theory: The authors have chosen to apply the Efficient Market Hypothesis and besides that, a developed model based on a current one, the Merger Management Model. The difference between the models is that the Merger Management Model is based on tangible factors whereas the developed model, Social and Environmental Merger Management Model, is based on intangible factors. The chapter starts with the Efficient Market Hypothesis and then continues with the Merger Management Model and an explanation of the social- and environmental factors. The chapter ends with an explanation of the factors’ impact on companies and culminates onto the developed model. Conclusion: The outcome shows that companies of which are aware of social- and environmental risks, have incentives to a higher success rate in M&A transactions than companies that are unaware of these risks. The results of the hypothesis test made in this study strengthens the conclusion since the outcome of the p-value almost reached 64 percent, which means that there most likely is a correlation between the companies’ awareness of the social- and environmental factors and their success in M&A transactions.

Entre os séculos III e IV d.C., no Período Imperial, Quinto de Esmirna compôs uma epopeia posteriormente intitulada Pós-Homéricas. Dentre as quatorzes partes que compõem o poema, os Livros V (O julgamento das armas) e XII (O cavalo de madeira) enaltecem a atuação da μῆτις em relação ao ambiente bélico, bem como exibem a depreciação acerca de seu modo de operação. Entretanto, ela se revela como uma habilidade vantajosa aos guerreiros por seu caráter múltiplo, capaz de mudar situações, sair de impasses e assegurar o sucesso àquele que for mais πολύμητις nas interações sociais e estratégicas. Desse modo, Odisseu torna-se um líder vital para que a guerra troiana chegue ao fim e, essencialmente, garante a vitória ao exército aqueu. Nesse sentindo, o trabalho pretende examinar o quanto a μῆτις e o herói astucioso são componentes imprescindíveis para o curso das ações. Ademais, a tradução dos Livros V e XII complementam o estudo e promovem o conhecimento sobre parte da obra. / Between the 3rd and 4th centuries A.D., during the Empire Period, Quintus of Smyrna composed an epic poem later called Posthomerica. Among the fourteen parts that compose the poem, Books V (The judgement of the arms) and XII (The wooden horse) praise the action of μῆτις in the war environment, while also depreciating its modus operandi. However, μῆτις reveals itself as an advantageous skill for warriors due to its varied character, capable of changing situations, escape impasses, and assure the success of the one who is better πολύμητις in the social and strategic interactions. Thus, Odysseus becomes an essential leader for the Trojan War to meet its end and is the primary responsible for the Achaean armys victory. In this sense, this study aims to examine how μῆτις and the astute hero are indispensable for the course of actions throughout the poem. Furthermore, the translations of Books V and XII complement the study and foster knowledge on part of the poem.

Bakgrund: Det blir allt vanligare att banker vänder sig till förvärv och sammanslagningar för en internationell tillväxt. Då banker inte enbart agerar som en finansiell intermediär samtidigt som globaliseringen skapar allt större bolag ställs högre krav på banker, där dessa utvecklas mot att vara universella med bl.a. bredare produktutbud och kundsegment. Storbankerna är centrala för det finansiella ståndet och är hårt övervakade och komplexa varelser. Förvärv och sammanslagningar kan inneha en stor påverkan på en storbank vilket kan påverka samhället i en större grad än vid andra branscher. Internationell etablering med förvärv är generellt snabbare och innebär fler konkurrensfördelar än en organisk tillväxt. Dock tilltalar många studier att en extern tillväxtmetod sällan är lönsam och organisk tillväxt bör följaktligen föredras. Erkända forskare hävdar även att finansiella nyckeltal även inte förbättras i de flesta fall. Dock tas ingen hänsyn till om målen bakom M&A är direkt finansiella eller ej. Syfte: Att identifiera de effekter som uppstår vid internationella förvärv och sammanslagningar, mätt i finansiella nyckeltal samt att skapa en fördjupad förståelse för vilka bakomliggande faktorer, motiv och målsättningar anses vara viktigast för Handelsbanken och Nordea vid valet av att utföra en internationellt horisontell M&A. Metod: Metodtriangulering tillämpats vilket innebär att både en kvalitativ- samt kvantitativ ansats appliceras. Samtliga globala M&A mellan 1995-2013 har observerats och bearbetats med kvartalsrapporter i kvantitativ metod, där ROE, ROA, ETA samt ETR beräknats med kvartalsrapporter. Öppna intervjuer med väsentliga respondenter från Handelsbanken och Nordea tillämpas för att besvara delsyftet med kvalitativ metod. Slutsats: Inom Sveriges storbanker kan det inte med säkerhet konstateras att varken aktieägare eller ledningen gynnas av M&A. Räntabiliteten på det egna kapitalet och tillgångarna tenderar att avta snarare än tillta, samtidigt som det motsatta förhållandet upplevs inom kostnadseffektivisering. Ses bankerna över individuellt står Nordea för den större delen av en försvagning i nyckeltalen, men detta är eftersom Nordea prioriterar en starkare förhandlingsstyrka och större marknadsandelar, vilket innebär tillväxtförklaringar som önskad synergi och följaktligen är målen mer långsiktiga än Svenska Handelsbankens där dessa önskar en finansiell förbättring omedelbart. Generellt förbättras kostnadseffektiviteten men inte räntabilitet på eget kapital samt tillgångar i samband med M&A. Individuellt skiljer dock resultaten åt p.g.a. bankernas olika strategier. De banker som dock förbättrar nyckeltalen avsevärt är SEB samt Swedbank. / Background: It is becoming increasingly common for banks to turn on acquisitions and mergers for global growth. Since banks are acting much more than only financial intermediary, while globalization is making large companies even greater, the demands are becoming higher on banks where they develop towards being universal, including broader range of products and customer segments. Great banks are central to the financial state and are tightly monitored and complex creatures. Acquisitions and mergers are likely to possess a large impact on a major bank, which later can affect the community in a greater degree than in other industries. International establishment of acquisition is generally faster and offers a more competitive edge than organic growth. However, many studies and scholars claim that an external growth method is rarely profitable and organic growth should therefore be preferred. Many scholars also argue that financial ratios do not improve in most cases. However, no consideration is taken if the goals behind M&A are directly financial or not. Purpose: To identify the effects that arise in international M&A, measured in financial ratios and to create a deeper understanding of the underlying factors, motives and objectives that are considered to be most important for Handelsbanken and Nordea in the choice of performing an internationally horizontal M&A. Method: Method triangulation is applied, which means that both a qualitative- and quantitative approach is applied. Global M&A between 1995-2013 preformed by Swedish banks have been observed and processed with quarterly reports in the quantitative method, in which ROE, ROA, ETA and ETR are calculated quarterly. Open interviews with essential respondents from Handelsbanken and Nordea are applied to answer the second aim in the study with a qualitative method. Conclusion: In Sweden's major banks, it cannot be stated with certainty that shareholders or management benefit from M&A. The return on equity and assets tend to diminish rather than grow, while the opposite occurs in the cost efficiency. If we analyse the banks individually, then Nordea stands for the most of a weakening in the financial ratios, but this is because Nordea prioritize a stronger bargaining power and a larger market share. This means growth explanations is the desired synergy effects and therefore financial targets are more long term than the Swedish Handelsbanken's where they want a financial improvement immediately. Generally, the cost efficiency does improve, but not the return on equity and assets. Individually, however, the results differ due to the banks different strategies and goals. However, the banks that improve the ratios most significantly are SEB and Swedbank.

改革開放以來，跨境併購成為中國經濟發展的重要力量。越來越多的外國投資者通過併購中國企業股權和資産，以利用中國的低廉勞動生産力或取得巨大的市場空間，各種跨境併購活動方興未艾。 上市公司併購是一個複雜的過程，從控股股東的併購動機，到整個交易過程中的各個具體環節所發生的變化，都會最終影響到併購重組的效果和利益在各方的分配。而過程中所產生的風險及問題，都顯示出外資在大陸執行併購時的「如履薄冰」。外資併購大陸公司的每個案例都如同一場商業諜戰，而法律正是這場戰役中，每個人所握有的重要武器。本文期能以外資的角度爲出發點，以外資併購大陸上市企業的併購管理流程爲軸，以大陸外資併購的相關法律規範爲緯，從併購管理流程的角度，思考過程中相關的法律操作實務，協助實務工作者瞭解整體併購過程的相關併購規範，並於執行併購中，能按圖索驥，按步執行併購作業，避免投資中國的徒勞無功。 本研究共分為五章，首先說明中國經濟體制及法律變革。第二章主要說明外資在大陸特殊政經情勢下的併購發展及所適用的相關法律。第三章主要說明外資併購中國上市公司時的操作流程，並且從企業管理的角度及法律角度說明兩者的差異。本研究最終歸納外資併購大陸上市公司流程區分為併購的預備、調查、簽約及履約四大階段及十個流程。第四章則針對上述每個階段的流程，分析一併購交易中會面臨的法律風險及問題，並於行文中，說明相關參考案例。第五章則說明本文的結論及重要觀察。 / Since the reform and opening-up policy , the Cross-border M&A plays the important role in China. In order to take advantage of lower cost productivity or grab the attractive market shares, more and more foreign investors use the M&A to obtain the stocks or assets. The M&A in listed companies is a complicated processdures. Each segments of the M&A processdures has different impacts for the effects of the M&A. Foreign investors faced lots of the risks and challengeswhile they try to initiate the M&A plan. M&A cases seems like the spy games in the business war filed and law is the major weapon during the attacts and defenses. The research is based on the foreign investors view and constructs the thesis by M&A processdures and M&A regulations. From the perspectives of the M&A processdures, the research will build the step-by-step processes and assist the practioniers to execute the M&A effectively. The rewearch has five chapters. The first chapter is to introducethe economical mechanisms and the regulation systems in China. The second chapter is to deliberate the major M&A cases in China and explore the M&A related regulations. The third chapter is focus on the analysisM&A prcessdures and construct the specific processdures, including four processes (M&A preparation, M&A investigation, M&A contract and M&A execution) and ten segments. Specifically, the fourth chapter covers the analysis of the business and law insights for each segment. Finally, the fiveth chapter concludes the observations.