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This thesis deals with the subject of mergers and acquisitions in the information and communication technologies industry. The first part contains general definition and classification of mergers and acquisitions and defines the generic process of mergers and acquisitions both theoretically and with practical suggestions. The second part includes the particularities of the information and communication technologies industry itself and an analysis of world-wide and Czech Republic’s transactional data.

Do renminbi (RMB) exchange rate fluctuations affect cross-border M&A activities of enterprises at the micro level? This paper centers on this major issue, and we study and analyze the impacts of RMB internationalization on the magnitude and success of cross-border M&As. We investigate the impacts of exchange rate changes on the magnitude and success of enterprise-level cross-border M&As by developing nominal exchange rate (NER) and real exchange rate (RER) volatility indicators using data from the Thomson Financial SDC Platinum Merger and Acquisitions database. By applying a variety of indicators and subsample estimates in the study, we find that exchange rate volatility (of either NER or RER) is significantly negatively correlated with enterprise-level cross-border M&As, suggesting that RMB exchange rate movements deter cross-border M&As to some extent; fluctuations in RMB exchange rate have a significant negative impact on the success of cross-border M&As, and the exchange rate risk induced by exchange rate changes increases the risk of cross-border M&As; meanwhile, exchange rate fluctuations have a significant inhibitory effect on conglomerate M&As in addition to horizontal cross-border M&As. In addition, exchange rate fluctuations have a significant inhibitory effect on the profit-oriented cross-border M&As of enterprises in non-state-owned-or-controlled industries. Therefore, we should take prudent actions to prevent the impacts of RMB exchange rate movements on cross-border M&As, actively tap the potential of bilateral investment treaties in securing cross-border M&As, promote coordination between RMB exchange rate regulation iimechanisms and the “go global” strategy, and improve the level of internationalization and competitiveness of Chinese enterprises. / Business Administration/Finance

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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.