This study presents a rigorous exploration of the effects of single versus multiple M&A deals on the performance of acquiring firms. A pooled ordinary least squares (OLS) regression analysis was employed to examine our key performance indicators: Value at Risk (VaR), Value of Return (VoR), and Returns across year, month, and week time frames. Findings reveal that multiple M&A deals can enhance stock performance and VoR, while also increasing VaR, indicating higher potential for downside risk. This research enriches the M&A literature by focusing on the differential impacts of single and multiple acquisitions on these crucial financial metrics. Its insights guide firms and investors in understanding the delicate interplay between the number of acquisitions, prospective gains, and related risks.

This study examines the influence of host country economic development and cultural distance on the creation of firm value by UK-based firms through cross-border acquisitions, analyzing the announcement effect. To assess the announcement effect, the cumulative abnormal returns (CAR) of a seven-day trading window around the announcement date are used. The sample consists of 839 acquisitions by 280 firms in 41 countries from 1997-2019. The results show that more value is created when acquiring a target firm from a developing country and cultural distance negatively influences value creation. Further research is required to investigate if cultural distance has a moderating effect on the relationship between host country economic development and value creation.

Titel: Försäljning av sitt livsverk - En kvalitativ studie av entreprenörers upplevelser  Ämne: Självständigt uppsatsarbete inom företagsekonomi inriktning revisor och bank, 30 hp Författare: Andreas Petersson och Felix Ottosson  Handledare: Kjell Johansson, Jur. Dr i Redovisningsrätt och Universitetslektor i Företagsekonomi  Syfte: Syftet med denna uppsats är att bidra till förståelse för vad en bolagsförsäljning kan innebära i form av för- och nackdelar för bolaget och entreprenören själv efter försäljningen samt vad som krävs för att affären ska bli lyckad.  Problemformulering: Vad innebär en försäljning av ett bolag ur en entreprenörs perspektiv?  Metod: I denna studie har en kvalitativ forskningsmetod med abduktiv forskningsansats använts. Semistrukturerade intervjuer har utförts med nio respondenter, vilka alla har sålt en majoritetsandel i sitt aktiebolag. Intervjufrågorna har dels operationaliserats med hjälp av en teoretisk referensram som grund och dels bestått av icke-teoriberoende frågor.  Slutsats: Studien finner att entreprenörer gynnas av att anlita M&A-rådgivare under försäljningsprocessen och att de bör överväga fler faktorer än enbart pengar vid försäljningen. Dessutom dras slutsatsen att en försäljning innebär en emotionell berg-och-dalbana, men att det operationellt inte behöver innebära så stora förändringar eller utmaningar. Av studien framgår även att säljaren gynnas av att vara väl förberedd inför processen och att målbolaget kan räkna med ökad rapportering och kontroll. / Title: Selling One's Life's Work - A Qualitative Study of Entrepreneurs' Experiences  Field of studies: Independent thesis in Business Administration, specializing in Auditing and Banking, 30 credits  Authors: Andreas Petersson and Felix Ottosson Supervisor: Kjell Johansson, Doctor in Accounting law and Assistant professor in Business administration  Purpose: The purpose of this thesis is to contribute to the understanding of what a company sale can entail in terms of advantages and disadvantages for both the company and the entrepreneur after the sale, as well as what is required for the deal to be successful. Research Question: What does a company sale mean from an entrepreneur's perspective?  Method: In this study a qualitative research method with an abductive research approach has been applied. Semi-structured interviews were conducted with nine respondents, all of whom have sold a majority stake in their limited liability company. The interview questions were operationalized using a theoretical framework and included both theory-driven and non-theory- driven questions.  Conclusion: The study finds that entrepreneurs benefit from hiring M&A advisors during the sales process and should consider factors beyond financial when making the sale. Furthermore, the conclusion is drawn that selling a company is an emotional rollercoaster but operationally does not necessarily entail significant changes or challenges. The study also reveals that sellers benefit from being well-prepared for the process and that the acquired company can expect increased reporting and control.

Syfte: En ökad konkurrens mellan företag och ökad diversifiering har lett till ett ökat intresse av olika tillväxtstrategier, där företagsförvärv är en vanlig strategi med synergieffekter som motiv. Flera faktorer påverkar synergieffekter och tidigare studier brister i att ge konkreta och enhetliga svar. Syftet är att undersöka om det finns ett samband mellan hur koncernens dotterbolag påverkas av synergieffekter och något av kriterierna: storlek (omsättning) eller bransch.Metod: Studien tar en deduktiv ansats och har en kvantitativ karaktär med tvärsnittsdesign för datainsamling, med redovisningsdata från svenska icke-noterade aktiebolag där urval har gjorts på omsättning och bransch. Redovisningsdatan är från senaste räkenskapsåret och är hämtad från databasen Retriever Business. Efter insamling har datan analyserats genom statistikprogrammet Minitab 21.Resultat & slutsats: Resultatet stödjer idén att synergieffekter kan identifieras hos dotterbolagen inom koncerner. Resultaten indikerar att såväl bransch som omsättning påverkar synergieffekten. Det är möjligt att identifiera en bransch eller nedre gräns av omsättning hos företag för att uppnå synergieffekter. Studiens slutsats är att företagens motiv till koncernbildning kan bero på synergieffekter hos dotterföretagen.Examensarbetets bidrag: Studien bidrar till att komplettera tidigare litteratur om synergieffekter där nya ingångsvinklar testats.Förslag till fortsatt forskning: Förslag till fortsatt forskning är att undersöka fler branscher, att undersöka mindre aktiebolag eller andra ägandeförhållande som komplement till urvalet.

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During 2021, mergers and acquisitions (also known as M&A) experienced record-breaking numbers. In line with there being an array of M&As having been realized, there also exist various and multiple reasons for the company owners to go through with the process - or to decline the offer. As such, the motives and reasoning steering the owner’s decision regarding offers from external actors constitute a fascinating research area. Thus, out of interest of the aforementioned, the aim of this study is to provide a deeper understanding of the motives driving the decision-making of family-owned business owners in times of external offers being put on the table. Undertaking this endeavor, the frameworks of Socioemotional Wealth Theory (SEW) and Agency Theory (Economic-Rational) constitute key theoretical concepts. More specifically, we ask: how does the family who owns the business value an external offer - and why do they reason the way they do? Conducting semi structured interviews with four owners of small family companies located in Småland, this thesis provides insights and interpretations generated by a qualitative research design and abductive data collection. The conclusion drawn is that motives differ greatly. More specifically, the evaluation of external offers is generally impacted by values and priorities associated with SEW. However, in connection to suboptimal change-of-generation possibilities, the economic-rational reasoning receives greater attention. Thus, recognizing the importance of change-of-generation, future research should explore this factor more extensively.

Background: For decades, CSR has been a central issue in the academic literature regarding how corporate, social and environmental responsibility affects investment. According to the literature, continuing to invest in CSR activities can be seen as a global trend and the opportunities it can generate continue to receive attention among most of the world's largest economies. Despite the level of popularity of CSR among various practitioners, researchers have still not reached a unified perspective on whether CSR actually improves companies' financial results and thus creates value, but also how to value sustainability aspects in the acquisition process. Purpose: The purpose of the thesis is to create an understanding of how the acquirer handles sustainability aspects in acquisitions and investments. Method: The thesis has been carried out via an interview study where the acquirer within M&A has been the primary main focus. The thesis has adopted a qualitative research strategy with semi-structured interviews. The method describes how the collection of the empirical material has been carried out. Conclusion: The acquirer's corporate strategy affects the management and valuation of sustainability aspects within the M&A process. If M&A is an additional value driver, sustainability aspects are handled after a completed M&A transaction. If, on the other hand, it is an investment company, the aspects are dealt with on an ongoing basis. The target company should have a strong financial background and well-functioning management, as this is important to be considered actively working with the sustainability aspects. The thesis also demonstrates the lack of complete information and tools regarding sustainability aspects. This is something that is still being developed, which makes it difficult to evaluate sustainability at present. Instead, they act based on a future growth opportunity.